Do retail traders suffer from high frequency traders?
... from (better priced) limit orders to market orders. Moreover, if the crowding-out phenomenon disproportionately affects a particular group of traders, such as unsophisticated retail traders, then one may worry that the implied redistribution has a negative impact on markets overall — even if standar ...
... from (better priced) limit orders to market orders. Moreover, if the crowding-out phenomenon disproportionately affects a particular group of traders, such as unsophisticated retail traders, then one may worry that the implied redistribution has a negative impact on markets overall — even if standar ...
KIMBERLY CLARK CORP - Investor Relations Solutions
... of March 31, 2016 and our consolidated balance sheet reflects the new guidance for classification of deferred taxes. Prior periods were not recasted. New Accounting Standards In 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718) . The new guidance simplifies several a ...
... of March 31, 2016 and our consolidated balance sheet reflects the new guidance for classification of deferred taxes. Prior periods were not recasted. New Accounting Standards In 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718) . The new guidance simplifies several a ...
Annual Consolidated Compliance Report 2016
... IIROC’s ongoing efforts to strengthen the culture of compliance among Dealer Members, set high standards of conduct and strengthen market integrity benefit Canadian capital markets and all stakeholders. As a public interest regulator, we will continue to oversee IIROCregulated Dealer Members proacti ...
... IIROC’s ongoing efforts to strengthen the culture of compliance among Dealer Members, set high standards of conduct and strengthen market integrity benefit Canadian capital markets and all stakeholders. As a public interest regulator, we will continue to oversee IIROCregulated Dealer Members proacti ...
The conceptual and empirical relationship between gambling
... investment, “problematic investing” is expected to be extremely rare, if it exists at all. That being said, within the financial sector there is a continuum between investment and more “speculative” activities that are shorter term, higher risk, and with a primary focus on making a monetary profit. Ex ...
... investment, “problematic investing” is expected to be extremely rare, if it exists at all. That being said, within the financial sector there is a continuum between investment and more “speculative” activities that are shorter term, higher risk, and with a primary focus on making a monetary profit. Ex ...
High frequency trading: assessing the impact on market
... in agency trading to achieve particular outcomes such as stealthily capturing liquidity, engaging in block trading in a manner that minimises information leakage, or simply minimising implementation shortfall, HFT is specific to proprietary traders. 6 It is characterised by rapid order submissions a ...
... in agency trading to achieve particular outcomes such as stealthily capturing liquidity, engaging in block trading in a manner that minimises information leakage, or simply minimising implementation shortfall, HFT is specific to proprietary traders. 6 It is characterised by rapid order submissions a ...
An Empirical Analysis of the Limit Order Book and the Order
... orders is very thick, the transmission of the orders and updating of the screen are slower, and the order of magnitude of the delay is approximately one minute. When it occurs, this type of overflow typically takes place just after the opening or just before the closing of the market, when the tradi ...
... orders is very thick, the transmission of the orders and updating of the screen are slower, and the order of magnitude of the delay is approximately one minute. When it occurs, this type of overflow typically takes place just after the opening or just before the closing of the market, when the tradi ...
Stock Splits, Liquidity and Limit Orders
... orders around stock splits. Since public market orders often trade against public limit orders, an increased cost to one trader may be a savings to another. Thus, even though spreads increase following stock splits, the overall effect on execution costs is not clear. This is particularly true on the ...
... orders around stock splits. Since public market orders often trade against public limit orders, an increased cost to one trader may be a savings to another. Thus, even though spreads increase following stock splits, the overall effect on execution costs is not clear. This is particularly true on the ...
Intraday Periodicity Adjustments of Transaction Duration and Their
... large-cap stocks, they are less frequent for small-cap stocks. We would also mention that there is some regularity in the occurrence of multiple trades. For example, many multiple trades occur on the hour. In particular, there are many multiple trades at time stamps 10:00 and 15:45. An important fea ...
... large-cap stocks, they are less frequent for small-cap stocks. We would also mention that there is some regularity in the occurrence of multiple trades. For example, many multiple trades occur on the hour. In particular, there are many multiple trades at time stamps 10:00 and 15:45. An important fea ...
Gains from Stock Exchange Integration: The
... Users face two types of trading costs: (a) explicit costs, such as, for example, exchange fees, commissions, and the costs of clearing and settlement; and (b) implicit costs, which include the bid-ask spread and the price impact of orders, to the extent that large orders cause an adverse change in s ...
... Users face two types of trading costs: (a) explicit costs, such as, for example, exchange fees, commissions, and the costs of clearing and settlement; and (b) implicit costs, which include the bid-ask spread and the price impact of orders, to the extent that large orders cause an adverse change in s ...
Corporate Actions-- a Concise Guide : an Introduction to Securities
... occurring suggest that industry practitioners and investing clients may be deluding themselves. Figures for the annual number of equity and debt security corporate actions stand at approximately one million and three million respectively.1 For equities it is estimated that corporate actions that can ...
... occurring suggest that industry practitioners and investing clients may be deluding themselves. Figures for the annual number of equity and debt security corporate actions stand at approximately one million and three million respectively.1 For equities it is estimated that corporate actions that can ...
Annual Information Form
... Investments Inc. (“National Bank Investments” or the “Manager”), the manager of the Meritage Portfolios. The head office of each Portfolio is located at 1100 Robert-Bourassa Blvd., 10th Floor, Montréal, Quebec H3B 2G7. We have retained National Bank Trust Inc. (“National Bank Trust”) as Portfolio Ma ...
... Investments Inc. (“National Bank Investments” or the “Manager”), the manager of the Meritage Portfolios. The head office of each Portfolio is located at 1100 Robert-Bourassa Blvd., 10th Floor, Montréal, Quebec H3B 2G7. We have retained National Bank Trust Inc. (“National Bank Trust”) as Portfolio Ma ...
About the prospectus supplement - corporate
... , 2017 and the first interest payment date will be May 15, 2017. We may redeem all or a part of the notes on or after May 15, 2022, on any one or more occasions, at the redemption prices set forth under “Description of notes—Optional redemption,” plus accrued and unpaid interest thereon, if any, to, ...
... , 2017 and the first interest payment date will be May 15, 2017. We may redeem all or a part of the notes on or after May 15, 2022, on any one or more occasions, at the redemption prices set forth under “Description of notes—Optional redemption,” plus accrued and unpaid interest thereon, if any, to, ...
The Impact of the French Securities Transaction Tax on Market
... capacity of the market to absorb exogenous supply risk, but at the same time it adds noise and endogenous trading risk. The competitive entry equilibrium is characterized by excessive market entry and excessively volatile prices. A positive tax on entrants can decrease trader participation and volat ...
... capacity of the market to absorb exogenous supply risk, but at the same time it adds noise and endogenous trading risk. The competitive entry equilibrium is characterized by excessive market entry and excessively volatile prices. A positive tax on entrants can decrease trader participation and volat ...
Issues in assessing trade execution costs
... benchmark quotes potentially captures the effect of systematic price movements ahead of trades. Researchers who have adopted the five second (or other fixed time) lag recommended by Lee and Ready generally use the adjustment both when inferring whether trades are buyer or seller-initiated and for sele ...
... benchmark quotes potentially captures the effect of systematic price movements ahead of trades. Researchers who have adopted the five second (or other fixed time) lag recommended by Lee and Ready generally use the adjustment both when inferring whether trades are buyer or seller-initiated and for sele ...
Interacting Limit Order Demand and Supply Curves
... Building upon these insights, we derive a second interaction between a stock’s demand and supply elasticities, which we call the asymmetric market depth effect. On one day, the draw of random variables might leave investor i privately valuing the stock above its price. On such a day, she contributes ...
... Building upon these insights, we derive a second interaction between a stock’s demand and supply elasticities, which we call the asymmetric market depth effect. On one day, the draw of random variables might leave investor i privately valuing the stock above its price. On such a day, she contributes ...
High-Frequency Trading in the US Treasury Market
... Menkveld, 2011; and Menkveld, 2013), but they are in line with others recording that HF market orders negatively impact liquidity when information uncertainty is high (Brogaard, Hendershott and Riordan, 2014). We also find, consistent with the predictions of the theoretical literature, that HF tradi ...
... Menkveld, 2011; and Menkveld, 2013), but they are in line with others recording that HF market orders negatively impact liquidity when information uncertainty is high (Brogaard, Hendershott and Riordan, 2014). We also find, consistent with the predictions of the theoretical literature, that HF tradi ...
Sample pages 1 PDF
... R workspace file in your working directory. Later, you can restart R and load this workspace image into memory by right-clicking on the R workspace file. When R starts, your working directory will be the folder containing the R workspace that was opened. A useful trick when starting a project in a new ...
... R workspace file in your working directory. Later, you can restart R and load this workspace image into memory by right-clicking on the R workspace file. When R starts, your working directory will be the folder containing the R workspace that was opened. A useful trick when starting a project in a new ...
Evidence about Bubble Mechanisms: Precipitating Event
... during 2005–2008. Between November 2005 and June 2007 18 Chinese companies issued put warrants with maturities of between six months and two years.2 These warrants gave their holders the right to sell the issuing companies’ stocks at predetermined strike prices during specified exercise periods. The ...
... during 2005–2008. Between November 2005 and June 2007 18 Chinese companies issued put warrants with maturities of between six months and two years.2 These warrants gave their holders the right to sell the issuing companies’ stocks at predetermined strike prices during specified exercise periods. The ...
Automated Trading Desk and Price Prediction in High
... take the term ‘fixed-role’ from Aspers, 2007, but employ it differently.)5 The New York Stock Exchange, as late as the 1990s, was an example of a fixedrole market. Even a sophisticated financial firm such as ATD could not trade directly on it, unless it bought an NYSE membership, which was very expe ...
... take the term ‘fixed-role’ from Aspers, 2007, but employ it differently.)5 The New York Stock Exchange, as late as the 1990s, was an example of a fixedrole market. Even a sophisticated financial firm such as ATD could not trade directly on it, unless it bought an NYSE membership, which was very expe ...
Liquidity Risk and Asset Pricing
... in a less than perfectly competitive environment since alternative trading partners are not immediately available. ...
... in a less than perfectly competitive environment since alternative trading partners are not immediately available. ...
NP 2012 COC 1 Q.
... stocks, global stocks, emerging market stocks, corporate bonds, long-term U.S. government bonds and Treasury bills, the number of input estimates would be reduced from 20,300 to 35. Given the importance of the asset mix decision and the significant reductions in required estimates obtainable by cons ...
... stocks, global stocks, emerging market stocks, corporate bonds, long-term U.S. government bonds and Treasury bills, the number of input estimates would be reduced from 20,300 to 35. Given the importance of the asset mix decision and the significant reductions in required estimates obtainable by cons ...
SEC Comment - The Committee For The Fiduciary Standard
... RAND. The SEC’s 2008 Rand Report, “Investor and Industry Perspectives on Investment Advisers and Broker Dealers,” is widely cited for revealing that investors are unaware of the basic different legal requirements of brokers and registered investment advisers. (h) “Overall, we found that many survey ...
... RAND. The SEC’s 2008 Rand Report, “Investor and Industry Perspectives on Investment Advisers and Broker Dealers,” is widely cited for revealing that investors are unaware of the basic different legal requirements of brokers and registered investment advisers. (h) “Overall, we found that many survey ...
How volatile are East Asian stocks during high volatility periods?*
... The results show that Indonesia has the highest volatility level relative to normal at 15.4 times. A look at the diagram for Indonesia in Figure 1 however reveals that this estimate may be due to a single event in 1988 when the Indonesian stock market was given a boost by new regulations that stimul ...
... The results show that Indonesia has the highest volatility level relative to normal at 15.4 times. A look at the diagram for Indonesia in Figure 1 however reveals that this estimate may be due to a single event in 1988 when the Indonesian stock market was given a boost by new regulations that stimul ...
Policy regarding treatment of Inactive/Dormant Account Objective
... supporting the financial status or the client needs to submit a request to reactivate his/her account. In case there is any change in the information such as; address, mobile number, email id, bank/demat account, financial disclosure provided in KYC at the time of registration as client, the same ha ...
... supporting the financial status or the client needs to submit a request to reactivate his/her account. In case there is any change in the information such as; address, mobile number, email id, bank/demat account, financial disclosure provided in KYC at the time of registration as client, the same ha ...