A common factor analysis for the US and the German stock markets
... tests from the classical perspective to a sample of this size is likely to indicate statistical significance for values that won’t be statistical significant otherwise. Since there is no general approach to tackle this issue and many analyses of highfrequency data are often conducted using conventio ...
... tests from the classical perspective to a sample of this size is likely to indicate statistical significance for values that won’t be statistical significant otherwise. Since there is no general approach to tackle this issue and many analyses of highfrequency data are often conducted using conventio ...
Revised Securities Trading Policy
... section 4.1. In determining whether to grant a Clearance to Trade, the Clearance Officer will take into consideration any exceptional circumstances that may apply to an individual. In this context, exceptional circumstances includes any financial hardship, compulsion by court order or any other circ ...
... section 4.1. In determining whether to grant a Clearance to Trade, the Clearance Officer will take into consideration any exceptional circumstances that may apply to an individual. In this context, exceptional circumstances includes any financial hardship, compulsion by court order or any other circ ...
Self Regulation - Superfinanciera
... 1938: Congress created the concept of national securities association ...
... 1938: Congress created the concept of national securities association ...
PART V - Georgia College & State University
... ownership of the underlying assets at the time the contract is initiated. A derivative represents an agreement to transfer ownership of underlying assets at a specific place, price, and time specified in the contract. Its value (or price) depends on the value of the underlying assets. The underlying ...
... ownership of the underlying assets at the time the contract is initiated. A derivative represents an agreement to transfer ownership of underlying assets at a specific place, price, and time specified in the contract. Its value (or price) depends on the value of the underlying assets. The underlying ...
Technical Analysis - SelectedWorks
... “Nevertheless, because they carried out more winning than losing trades overall, the traders were still profitable—earning more than $1.4 million in intraday trading profits over a 68-day trading period in a downward-trending market. The traders minimized their loss exposure by trading few shares, t ...
... “Nevertheless, because they carried out more winning than losing trades overall, the traders were still profitable—earning more than $1.4 million in intraday trading profits over a 68-day trading period in a downward-trending market. The traders minimized their loss exposure by trading few shares, t ...
Monetary Policy, Private Information, and
... These shocks are quantitatively important. For example, a shock of one standard deviation to private information about future U.S. interest rates is equivalent to almost 25 per cent of the standard deviation of the total factor driving weekly returns. A similar shock to private information about U.S ...
... These shocks are quantitatively important. For example, a shock of one standard deviation to private information about future U.S. interest rates is equivalent to almost 25 per cent of the standard deviation of the total factor driving weekly returns. A similar shock to private information about U.S ...
Market Segmentation, Information Asymmetry
... our focus on market reactions in both A- and B-shares of China around earnings announcements. If A-share investors have an information advantage over their B-market counterparts as the previous studies suggest, the price revision upon earnings announcements would be lower. When the market became les ...
... our focus on market reactions in both A- and B-shares of China around earnings announcements. If A-share investors have an information advantage over their B-market counterparts as the previous studies suggest, the price revision upon earnings announcements would be lower. When the market became les ...
Risk management through introduction of futures contracts in tea
... • The contract should be closed out either by actual delivery or by cash settlement. The goods supplied under the actual delivery option should be certified by an agency operating under the aegis of the futures market organizer, who could be the broker presently licensed by the auction organizer, wh ...
... • The contract should be closed out either by actual delivery or by cash settlement. The goods supplied under the actual delivery option should be certified by an agency operating under the aegis of the futures market organizer, who could be the broker presently licensed by the auction organizer, wh ...
Durability, Re-trading and Market Performance
... If a subject is found to be both buying and selling, a second question is whether she makes such decisions based upon her own dividend value. To create a measure on the adoption of such rule, we measure the average quantity that a subject type buys at prices above her dividend value or sells at pric ...
... If a subject is found to be both buying and selling, a second question is whether she makes such decisions based upon her own dividend value. To create a measure on the adoption of such rule, we measure the average quantity that a subject type buys at prices above her dividend value or sells at pric ...
Stock Markets
... • Operates as a broker-specialist market-maker system similar to NYSE Euronext • Pioneered exchange traded funds (ETFs) – ETFs are index funds that are listed on an exchange and can be traded intraday ...
... • Operates as a broker-specialist market-maker system similar to NYSE Euronext • Pioneered exchange traded funds (ETFs) – ETFs are index funds that are listed on an exchange and can be traded intraday ...
Table 1: Granger Causality Testing between Prices and Volumes
... optimists, resulting in higher volumes with price increases (optimists buying) than price decreases (pessimists selling). Further support is provided by Wang (1994) on the basis of the diversity associated with the availability of information to different investors. Similar to the winner’s curse ide ...
... optimists, resulting in higher volumes with price increases (optimists buying) than price decreases (pessimists selling). Further support is provided by Wang (1994) on the basis of the diversity associated with the availability of information to different investors. Similar to the winner’s curse ide ...
Problems of Using Technical and Fractal Analysis on FOREX
... not effective. Only deep scientific research of the market’s nature and study of the basic theories can give answer to the question. The question of using the technical and fundamental analyses is important today. All these approaches have strong and weak points. Some of these weak points can’t be c ...
... not effective. Only deep scientific research of the market’s nature and study of the basic theories can give answer to the question. The question of using the technical and fundamental analyses is important today. All these approaches have strong and weak points. Some of these weak points can’t be c ...
Paying for Market Quality
... We obtain from the SSE, the list of firms that contracted liquidity providers between September 2002 and March of 2004. There are 50 such firms which are listed in Table 1. The date the LP began making a market in a firm’s stock is later than the contract date. The SSE determined the actual date tha ...
... We obtain from the SSE, the list of firms that contracted liquidity providers between September 2002 and March of 2004. There are 50 such firms which are listed in Table 1. The date the LP began making a market in a firm’s stock is later than the contract date. The SSE determined the actual date tha ...
Liquidity risk and positive feedback
... market-makers ability and willingness to absorb volume in normal markets will undoubtedly generate erroneous implications about market liquidity in abnormal market conditions. The most important determinant of market liquidity in the event of abnormal market conditions is not market-makers, but valu ...
... market-makers ability and willingness to absorb volume in normal markets will undoubtedly generate erroneous implications about market liquidity in abnormal market conditions. The most important determinant of market liquidity in the event of abnormal market conditions is not market-makers, but valu ...
URNER BARRY MARKET REPORTING GUIDELINES
... of imported items and some “resale” quotations, product must be offered by or on behalf of the original producer. It must be of standard size and shape, unless otherwise specified, and in acceptable condition. It must also be delivered in a reasonable timeframe. No distressed product, or product off ...
... of imported items and some “resale” quotations, product must be offered by or on behalf of the original producer. It must be of standard size and shape, unless otherwise specified, and in acceptable condition. It must also be delivered in a reasonable timeframe. No distressed product, or product off ...
Slide 1
... In this market, the settlement cycle is 22 business days. Securities purchased by an investor are delivered to the authorized financier. Upon payment along with agreed mark-up, such securities are delivered to the investor or the investor may sale the said securities in the ready market resulting ...
... In this market, the settlement cycle is 22 business days. Securities purchased by an investor are delivered to the authorized financier. Upon payment along with agreed mark-up, such securities are delivered to the investor or the investor may sale the said securities in the ready market resulting ...
Effect of Nonbinding Price Controls In Double Auction Trading
... The research task is to isolate the treatment effect of nonbinding price controls on competitive market outcomes including market dynamics. The design used for this exercise has the following key features. 1. All experiments use an electronic (computerized) DA mechanism characterized by a bid/ask co ...
... The research task is to isolate the treatment effect of nonbinding price controls on competitive market outcomes including market dynamics. The design used for this exercise has the following key features. 1. All experiments use an electronic (computerized) DA mechanism characterized by a bid/ask co ...
contracts 9,899,780,283 traded
... exchange-traded futures and options are perfect vehicles for trading. In addition to commodity trading advisors, two groups that have been a major force in our markets have been hedge funds and long-only commodity funds. Both groups have attracted large amounts of money, and each has had a major inf ...
... exchange-traded futures and options are perfect vehicles for trading. In addition to commodity trading advisors, two groups that have been a major force in our markets have been hedge funds and long-only commodity funds. Both groups have attracted large amounts of money, and each has had a major inf ...
The information content of an open limit-order book
... informed traders use limit orders as part of their trading strategies. On the contrary, if informed traders prefer to use market orders over limit orders, it will be expected that their market orders may pick off any mis-priced limit orders until the book reflects all available information. The auth ...
... informed traders use limit orders as part of their trading strategies. On the contrary, if informed traders prefer to use market orders over limit orders, it will be expected that their market orders may pick off any mis-priced limit orders until the book reflects all available information. The auth ...
The Round-the-Clock Market for US Treasury Securities
... among the locations overlap somewhat: traders in London may continue to transact in their afternoon while morning activity picks up in New York. Traders may also transact from one location during another location’s business hours. In fact, some primary dealers have traders working around the clock, ...
... among the locations overlap somewhat: traders in London may continue to transact in their afternoon while morning activity picks up in New York. Traders may also transact from one location during another location’s business hours. In fact, some primary dealers have traders working around the clock, ...
Price Discovery and Trading After Hours
... time. Using the Lee and Ready (1991) algorithm, trades are classified as buyer initiated if the trade price is greater than the quote midpoint, and seller initiated if the trade price is less than the quote midpoint. Trades executed at the midpoint are classified with the tick rule; midpoint trades ...
... time. Using the Lee and Ready (1991) algorithm, trades are classified as buyer initiated if the trade price is greater than the quote midpoint, and seller initiated if the trade price is less than the quote midpoint. Trades executed at the midpoint are classified with the tick rule; midpoint trades ...
bid, ask and` transaction prices in a specialist
... specialist system. The welfare loss we have described is at least partly due to the requirement that the specialist must break even on each trade. Everyone could be made beter off in our example if the specialist were required to make losses on some trades and permitted to recoup the losses on other ...
... specialist system. The welfare loss we have described is at least partly due to the requirement that the specialist must break even on each trade. Everyone could be made beter off in our example if the specialist were required to make losses on some trades and permitted to recoup the losses on other ...
Informed Trading in Parallel Auction and Dealer Markets
... better able to identify informed traders. Gramming, Schiereck, and Theissen (2001) examine the relation of degree of trader anonymity and the probability of informed trading on the two parallel markets at the Frankfurt Stock Exchange. Both these studies are based on the concept that the non-anonymo ...
... better able to identify informed traders. Gramming, Schiereck, and Theissen (2001) examine the relation of degree of trader anonymity and the probability of informed trading on the two parallel markets at the Frankfurt Stock Exchange. Both these studies are based on the concept that the non-anonymo ...