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IB Comment Letter to SEC Opposing New Margin Requirements for
IB Comment Letter to SEC Opposing New Margin Requirements for

... change in market conditions, an unexpectedly large gain or loss in the position, or because the trade was done to take advantage of an available arbitrage opportunity. By artificially constraining investors’ decisions, because those investors may fear being categorized as a “pattern day trader”, the ...
An Introduction to Hackney`s Markets
An Introduction to Hackney`s Markets

... Kingsland Waste is a general street market which operates on Saturdays only. The market is based on a historical site. Kings Road was originally a Roman road which extended north to Bishopgate and later became a cattle drover’s road. It is a busy market selling household items, bric-a-brac, tools, h ...
Chap. 5 How Securities are Traded Buying and Selling Securities
Chap. 5 How Securities are Traded Buying and Selling Securities

... • On the NYSE, etc., a price quote will appear to be a similar bid-ask from a dealer, but in fact will more likely reflect the best limit orders from other investors. • In the absence of reasonable limit orders, the price would reflect the specialist’s bid or ask price. • When you leave your securit ...
Investments, Mon. Feb. 4, `08
Investments, Mon. Feb. 4, `08

... Agents are equipped with initial portfolios and then they trade via a market maker. Equilibrium (”ligevægt”) is when no further trades can be made. ...
CBOE SYSTEMS ACRONYM DICTIONARY
CBOE SYSTEMS ACRONYM DICTIONARY

... FLEX – Flexible Options contracts: variable term contracts for which the specifications and trading procedures are provided under Chapter 24A of CBOE Rules. FLEX are traded on a stand-alone system that is not linked to the other floor-trading systems. GUI – Graphical User Interface: The windowed inf ...
Document
Document

... the informed-uninformed theory with a fast incorporation of information into price • Price formation is closer to a slow digestion process in which liquidity takers try to hide their intention and to minimize their impact; liquidity providers try to detect patterns created by liquidity takers making ...
Kevin Houstoun
Kevin Houstoun

... Examining one recommendation “New types of circuit breakers triggered by ex ante rather than ex post trading may be effective in dealing with periodic illiquidity.” “In times of overall market stress there is a need for coordination of circuit breakers across markets, and this could be a mandate fo ...
China Financial Market and Case Study for Capital Operation
China Financial Market and Case Study for Capital Operation

... o  A second board which is inferior to main board o  A NASDAQ-type exchange for high-growth, high-tech start-ups o  The youngest, started on October 23, 2009 o  Only on SZSE o  Only open to domestic investors ...
Full text
Full text

... exchange is defined as an organized marketplace, where stocks, bonds and common stocks equivalents are traded by brokers and traders. Electronic stock exchange involves the usage of electronic terminals by traders to place orders on an exchange through their brokers. Speculative traders or speculato ...
Alan Hull`s tutorials in technical analysis Pattern Recognition
Alan Hull`s tutorials in technical analysis Pattern Recognition

... Alan Hull is one of Australia’s leading Technical Analysts Alan has been trading and investing in Australian Blue Chip shares for decades and is one of Australia’s most respected Technical Analysts, Stockmarket expert and best selling author. He has appeared on Sky Business channel and is a keynote ...
Sentiment Analysis and Earnings
Sentiment Analysis and Earnings

... 4. A ratio of .85 is considered neutral sentiment because more people understand and use long calls and it is expected that there will be more orders for them. ...
iShares US Treasury Bond 7-10 Year JPY Hedged ETF
iShares US Treasury Bond 7-10 Year JPY Hedged ETF

... - Because ETFs invest in securities whose prices fluctuate, the market price or base value may decrease due to shifts in the underling index or foreign exchange market, fluctuations in the price of constituent securities, bankruptcy or deterioration in the financial conditions of constituent securit ...
extended hours trading disclosure
extended hours trading disclosure

... less liquidity, and wider bid/ask spreads than during regular market hours.  Prior to participating in this  unique extended hours session, you should review and be aware of the various risks and requirements  involved  with  extended  hours  trading.    For  your  convenience,  below  is  a  list  ...
Pengana Capital Funds
Pengana Capital Funds

... This alpha is far more stable, consistent and predictable, he says. The range of returns and maximum peak to trough loss (or maximum drawdown) is far narrower and the correlation with the equity market is negative in a number of periods. As to the cost, Crowley says ‘beta is cheap, but it isn’t fre ...
trading instructions
trading instructions

...  the value of securities trade divided by the number of possible trading days equal to or higher than 1,000 BAM;  the number of transactions in securities divided by the number of possible trading days equals to or higher than 3;  the number of days when security was traded divided by the number ...
M.I.T. 15.460 Sloan School of Management Financial Engineering
M.I.T. 15.460 Sloan School of Management Financial Engineering

... Financial Engineering Course Description This course provides an introduction to financial engineering. The course covers the following topics: asset pricing theory and its applications, financial optimization, market equilibrium, market frictions, dynamics trading strategies, risk management, and s ...
Guidance for Market Operators
Guidance for Market Operators

... There are now some additional powers that Local Authorities may adopt to control Markets and Car Boot Sales but regulations may vary from Borough to Borough in particular outside of the London Area. The Council's Street Enforcement Officer can be contacted by telephone if further details are require ...
Networking Solutions for the Financial Trading Industry
Networking Solutions for the Financial Trading Industry

... Despite their increased prominence and growing weight in the national GDP of many countries (US, Canada, etc.), the road ahead for financial institutions and the financial trading ecosystem that surrounds them is not without challenges. We will focus on three main areas of concern. First, government ...
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... The price computation proceeds in unit time steps of one day. For the sake of simplicity, only one stock is traded in the market. The system has three main degrees of freedom, i.e. three state variables: the amount of cash in the system, the number of stocks in the system and the price of the stock. ...
05 October 2012 Dear Sirs, FIA European Principal Traders
05 October 2012 Dear Sirs, FIA European Principal Traders

... Total facts and circumstances As we have stated above, FIA EPTA is currently concerned that the cost of complying with these exemption provisions is just as onerous as the cost of complying with the short-sale restrictions without the exemption. Because the burden on market makers to obtain the exem ...
March 2015 - Warnke/Nichols Ltd.
March 2015 - Warnke/Nichols Ltd.

... of 2000 has experienced zero return over the last 15 years. And, adjusted for inflation, he’d still be about 25% below the 2000 highs. This is what happens when markets get extremely overvalued. The year 2000 NASDAQ was being driven by a mania in technology companies, in which many were going public ...
Security Analysis and Portfolio Management
Security Analysis and Portfolio Management

... financial markets and exchanges representing a vast array of financial products. Some of these markets have always been open to private investors; others remained the exclusive domain of major international banks and financial professionals until the very end of the twentieth ...
Market Notice 178/10 – Corrected number of shares
Market Notice 178/10 – Corrected number of shares

... The last trading day with the Followit Holding BTA was July 26, ...
DOC - Europa.eu
DOC - Europa.eu

... OPCOM for discriminating against EU electricity traders The European Commission has imposed a fine of just over € 1 million on S.C. OPCOM S.A. for abusing its dominant position in the Romanian market for facilitating electricity spot trading, in breach of EU antitrust rules. OPCOM operates the only ...
Generali China - Unit Linked Growth
Generali China - Unit Linked Growth

... meanwhile the real estate market is still getting worse in short-term and moreover the finance data is much worse than expectation. Base on the high frequency data and also referred to the macro-economy data over July, the economy had not show the strong signs of internal demands recovery The struct ...
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High-frequency trading

High-frequency trading (HFT) is a type of algorithmic trading characterized by high speeds, high turnover rates, and high order-to-trade ratios that leverages high-frequency financial data[1] and electronic trading tools. While there is no single definition of HFT, among its key attributes are highly sophisticated algorithms, specialized order types, co-location, very short-term investment horizons, and high cancellation rates of orders. HFT can be viewed as a primary form of algorithmic trading in finance. Specifically, it is the use of sophisticated technological tools and computer algorithms to rapidly trade securities. HFT uses proprietary trading strategies carried out by computers to move in and out of positions in seconds or fractions of a second. It is estimated that as of 2009, HFT accounted for 60-73% of all US equity trading volume, with that number falling to approximately 50% in 2012.High-frequency traders move in and out of short-term positions at high volumes and high speeds aiming to capture sometimes a fraction of a cent in profit on every trade. HFT firms do not consume significant amounts of capital, accumulate positions or hold their portfolios overnight. As a result, HFT has a potential Sharpe ratio (a measure of reward to risk) tens of times higher than traditional buy-and-hold strategies. High-frequency traders typically compete against other HFTs, rather than long-term investors. HFT firms make up the low margins with incredibly high volumes of trades, frequently numbering in the millions.It has been argued that a core incentive in much of the technological development behind high-frequency trading is essentially front running, in which the varying delays in the propagation of orders is taken advantage of by those who have earlier access to information.A substantial body of research argues that HFT and electronic trading pose new types of challenges to the financial system. Algorithmic and high-frequency traders were both found to have contributed to volatility in the Flash Crash of May 6, 2010, when high-frequency liquidity providers rapidly withdrew from the market. Several European countries have proposed curtailing or banning HFT due to concerns about volatility. Other complaints against HFT include the argument that some HFT firms scrape profits from investors when index funds rebalance their portfolios.
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