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Chapter 259 South African Rand/US Dollar (ZAR/USD)
Chapter 259 South African Rand/US Dollar (ZAR/USD)

... Interpretations & Special Notices Section of Chapter 5. A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the Market Regulation Department on forms provided by the Exchange, and the Market Regulation Department may grant qualified exemptions in its s ...
Going Back to the Basics – Rethinking Market Efficiency
Going Back to the Basics – Rethinking Market Efficiency

... We mentioned that conventional economics makes its inferences on efficient markets on the basis of a model in which economic agents are entities that act according to the rational expectation strategy. Any differences in planning horizons, frequency of trading or institutional constraints are neglec ...
The future of corporate bond market liquidity
The future of corporate bond market liquidity

... focused, which only accentuates market movements. While investors might think these strategies are longterm focused, the actual management of the money is very short-term in nature. This is profoundly influencing financial markets, making them much more susceptible to extreme moves, which can be see ...
Sample Questions - U of L Class Index
Sample Questions - U of L Class Index

... declined to $69. The outlook for the stock is mixed, so she would cover her short position if the stock moves up as much as $1 but hold if it continues down. Ms. Brown should place a: a. sell stop order at $70. b. buy stop order at $70. c. sell limit order at $70. d. buy limit order at $70. 38- Mr. ...
Inflection Performance: January 2017
Inflection Performance: January 2017

... buy, and that they typically hold the bonds to maturity. These buyers typically do not have the time or resources to do a deep credit analysis of the bonds they buy and thus are often caught wrong-footed around credit rating events and other changes in fundamentals that create mismatches in supply a ...
Bolsa Comercio Santiago (Santiago Stock Exchange)
Bolsa Comercio Santiago (Santiago Stock Exchange)

... amounts, dividends, and other information. This system is operated over the telephone.  InfoMail, like FonoBolsa, offers access to some of the same information summarizing the market, its index as well as closing prices  Similarly StockView offered directly through the website allows the traders a ...
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Tom Lawless

... But as separate markets – Different rules and Members (brokers in equities, banks in bonds and derivatives) Recognise that trading and risk methodologies are not the same for each market ...
CME Group customer forum
CME Group customer forum

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Chapter 06

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Economic Insight The Market is Full of Sound and Fury

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November 2013 - Dana Investment Advisors
November 2013 - Dana Investment Advisors

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TO: NYSE Listed Company Executives FROM: NYSE Regulation, Inc

... Although trading on the Exchange stops at 4:00 p.m. ET, the order book for each listed security is manually closed by the security’s Designated Market Maker (“DMM”), a process that may, on occasion, take a brief period of time before the closing auction is completed. Because trading continues after ...
REITs` mean reversion presents trading opportunities
REITs` mean reversion presents trading opportunities

... The existence of excessive price instability provides us as an active manager with opportunities that more docile markets wouldn’t, given that we are willing to stomach these sharp movements and be opportunistic. While the preponderance of our efforts revolve around identifying only the best longert ...
my presentation - Fuller Treacy Money
my presentation - Fuller Treacy Money

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Role of Switzerland as a hub for commodity trading

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Optimal Portfolios under Worst Case Scenarios
Optimal Portfolios under Worst Case Scenarios

... assume that investors only look at the distributional properties of strategies and do not care about the states of the world in which the cash-flows are received. In a very interesting paper Dybvig (1988a, 1988b) essentially showed that in these instances optimal portfolios are decreasing in the sta ...
Can Asia`s financial markets continue to grow without AEV`s
Can Asia`s financial markets continue to grow without AEV`s

... Some AEV’s such as Chi-X are willing to share and provide technology solutions to Exchanges and Regulators – such as a Smart Order Router and market data management so that all market participants, including retail, can access the best price ...
Research Online Trading Sites and DRIPs you will evaluate the
Research Online Trading Sites and DRIPs you will evaluate the

... Research Online Trading Sites and DRIPs you will evaluate the choices in purchasing stock via online brokerage accounts (where you can buy and sell stock via the Internet) and the use of dividend reinvestment plans (known as DIPs and DRIPs) or mutual funds or index funds. For online brokers, you wil ...
European Commission
European Commission

... (the risk of default), linked to a debt obligation referenced in the contract. CDS are used by investors for hedging and investing. As a hedge a CDS provides protection against the credit risk arising from holding debt instruments. As an investment vehicle CDS can be used to express a view on the fu ...
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Secondary Market Regulations of Government Bonds

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Chapter 3: How Securities are Traded
Chapter 3: How Securities are Traded

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Market Capitalisation– The overall market capitalisation remained
Market Capitalisation– The overall market capitalisation remained

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Эффективные рынки

... Which country has the highest ratio of total fin assets to GDP? How does the ratio of bonds to stocks vary across the countries? What is the largest inst investor in the world judging by fin assets? What inst investor has the fastest growth of assets in the world? NES FF 2005/06 ...
implementing regulation to the exchange rules setting trading
implementing regulation to the exchange rules setting trading

... length of 60 minutes Spot Products At least 50% of the trading period within the continuous regime. ...
Chapter1
Chapter1

... *If Ingrid at Chase posts a quote of 125.00-.10 and is called by Taka at Sumitomo who wants to “hit her ask” and have her buy his yen for her dollars, she may wonder if Taka knows something she doesn’t *what private information could Taka have? order flow his bank receives from customers early infor ...
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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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