DOCSLIB.ORG

Credit Derivatives

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Credit Derivatives 3 Credit Derivatives CHAPTER 7 Credit derivatives Collaterized debt obligation Credit default swap Credit spread options Credit linked notes Risks in credit derivatives Credit Derivatives •A credit derivative is a financial instrument whose value is determined by the default risk of the principal asset. •Financial assets like forward, options and swaps form a part of Credit derivatives •Borrowers can default and the lender will need protection against such default and in reality, a credit derivative is a way to insure such losses Credit Derivatives •Credit default swaps (CDS), total return swap, credit default swap options, collateralized debt obligations (CDO) and credit spread forwards are some examples of credit derivatives •The credit quality of the borrower as well as the third party plays an important role in determining the credit derivative’s value Credit Derivatives •Credit derivatives are fundamentally divided into two categories: funded credit derivatives and unfunded credit derivatives. •There is a contract between both the parties stating the responsibility of each party with regard to its payment without resorting to any asset class Credit Derivatives •The level of risk differs in different cases depending on the third party and a fee is decided based on the appropriate risk level by both the parties. •Financial assets like forward, options and swaps form a part of Credit derivatives •The price for these instruments changes with change in the credit risk of agents such as investors and government Credit derivatives Collaterized debt obligation Credit default swap Credit spread options Credit linked notes Risks in credit derivatives Collaterized Debt obligation •CDOs or Collateralized Debt Obligation are financial instruments that banks and other financial institutions use to repackage individual loans into a product sold to investors on the secondary market. Collaterized Debt obligation •A collateralized debt obligation (CDO) is an example of structured asset- backed security (ABS). •Different assets which generate cash can be pooled together and then repackaged into various discrete tranches in order to sell it to the investors •The junior tranches offer higher coupon rates because of the high risk involved. Collaterized Debt obligation •With the help of CDOs banks can give more loans because of greater liquidity. This happens because of more cash at their disposal Collaterized Debt obligation •One of the major advantages of CDO was its ability to provide liquidity to the economy and therefore they were a welcomed innovation in finance •With the help of CDOs, banks and corporations had more money at their disposal which helped them to invest and give loan Collaterized Debt obligation •CDOs are created with the help of a computer model •An asset bubble was created because of the extra liquidity in the market •Banks went on selling CDOs without thinking too much about the payments because they had sold these loans to investors and they were the one who would be affected if people default Credit derivatives Collaterized debt obligation Credit default swap Credit spread options Credit linked notes Risks in credit derivatives Credit Default Swaps A credit default swap is the most common form of credit derivative and may involve municipal bonds, emerging market bonds, mortgage-backed securities or corporate bonds Credit Default Swaps •Swap sellers use diversification to protect themselves •They provide as sellers in different industries so that even if one of them defaults entirely they will be getting annual payments from the other industries to make up for the losses Credit Default Swaps •Until 2009 swaps were not regulated. It led to a situation where there was no one to see if the person selling the CDS even had enough money to pay the CDS buyer in case the bond had defaulted Credit derivatives Collaterized debt obligation Credit default swap Credit spread options Credit linked notes Risks in credit derivatives Credit Spread Options •Yield difference between the U.S. Treasury bond and a debt security with the same maturity but with not so good quality is known as credit spread Credit spread options •. A strategy of buying low premium option and selling high premium option also comes under credit spread •. Credit spreads are measured in basis points Credit derivatives Collaterized debt obligation Credit default swap Credit spread options Credit linked notes Risks in credit derivatives Credit linked notes •A credit linked note (CLN) is a type of funded credit derivative •. It is prepared as a security with an embedded credit default swap which helps the issuer in transferring credit risks to the investors Credit linked notes •The difference here is that the issuer is not under any obligation to repay the debt in case of a specified event. Credit linked notes •The motive of the deal is to pass the danger of specific default onto investors eager tolerate that danger in exchange for the higher earnings it makes obtainable. •The CLNs themselves are typically backed by very highly rated collateral, such as U.S. Treasury securities. Credit derivatives Collaterized debt obligation Credit default swap Credit spread options Credit linked notes Risks in credit derivatives Risks in credit derivatives •Credit derivatives are popular in the financial world where there is a lot of risk and where the yield is low •Commercial banks, hedgers as well as insurance company show a lot of interest on credit derivates Risks in credit derivatives •While on one hand they provide high yield returns to a seller, on the other hand they help the buyer to manage portfolio risk •Some insurance companies and commercial banks have the tendency to be too aggressive which leads to distortion of the prices Risks in credit derivatives •Many people entire the market because of the attractive high yield and they feel that they can absorb the risk but only a few of them are able to survive in the market and understand the risk of the credit derivates. Risks in credit derivatives •The increasing use of credit derivatives have increased the risk because many banks and insurance companies are taking on risks which they are not able to understand properly •In contrast to other loans, the credit derivatives hold a vast number of debts from various organizations Risks in credit derivatives •In order to get more returns, some companies have focused the most on the most risky segment and thereby creating the probability of huge losses at the same time. Risks in credit derivatives Investors need to be able to understand the likelihood of default by individual companies so that they know the total loss amount which they can incur. The situation is unsettling because insurance companies do not face the rigorous capital requirements. “Too many people spend money they haven't earned, to buy things they don't want, to impress people that they don't like.” - Will Rogers THANK YOU.
Load more

Recommended publications
  • The TIPS-Treasury Bond Puzzle
    The TIPS-Treasury Bond Puzzle Matthias Fleckenstein, Francis A. Longstaff and Hanno Lustig The Journal of Finance, October 2014 Presented By: Rafael A. Porsani The TIPS-Treasury Bond Puzzle 1 / 55 Introduction The TIPS-Treasury Bond Puzzle 2 / 55 Introduction (1) Treasury bond and the Treasury Inflation-Protected Securities (TIPS) markets: two of the largest and most actively traded fixed-income markets in the world. Find that there is persistent mispricing on a massive scale across them. Treasury bonds are consistently overpriced relative to TIPS. Price of a Treasury bond can exceed that of an inflation-swapped TIPS issue exactly matching the cash flows of the Treasury bond by more than $20 per $100 notional amount. One of the largest examples of arbitrage ever documented. The TIPS-Treasury Bond Puzzle 3 / 55 Introduction (2) Use TIPS plus inflation swaps to create synthetic Treasury bond. Price differences between the synthetic Treasury bond and the nominal Treasury bond: arbitrage opportunities. Average size of the mispricing: 54.5 basis points, but can exceed 200 basis points for some pairs. I The average size of this mispricing is orders of magnitude larger than transaction costs. The TIPS-Treasury Bond Puzzle 4 / 55 Introduction (3) What drives the mispricing? Slow-moving capital may help explain why mispricing persists. Is TIPS-Treasury mispricing related to changes in capital available to hedge funds? Answer: Yes. Mispricing gets smaller as more capital gets to the hedge fund sector. The TIPS-Treasury Bond Puzzle 5 / 55 Introduction (4) Also find that: Correlation in arbitrage strategies: size of TIPS-Treasury arbitrage is correlated with arbitrage mispricing in other markets.
    [Show full text]
  • The Valuation of Credit Default Swap with Counterparty Risk and Collateralization Tim Xiao
    The Valuation of Credit Default Swap with Counterparty Risk and Collateralization Tim Xiao To cite this version: Tim Xiao. The Valuation of Credit Default Swap with Counterparty Risk and Collateralization. 2019. hal-02174170 HAL Id: hal-02174170 https://hal.archives-ouvertes.fr/hal-02174170 Preprint submitted on 5 Jul 2019 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. The Valuation of Credit Default Swap with Counterparty Risk and Collateralization Tim Xiao1 ABSTRACT This article presents a new model for valuing a credit default swap (CDS) contract that is affected by multiple credit risks of the buyer, seller and reference entity. We show that default dependency has a significant impact on asset pricing. In fact, correlated default risk is one of the most pervasive threats in financial markets. We also show that a fully collateralized CDS is not equivalent to a risk-free one. In other words, full collateralization cannot eliminate counterparty risk completely in the CDS market. Key Words: valuation model; credit risk modeling; collateralization; correlation, CDS. 1 Email: [email protected] Url: https://finpricing.com/ 1 Introduction There are two primary types of models that attempt to describe default processes in the literature: structural models and reduced-form (or intensity) models.
    [Show full text]
  • How Much Do Banks Use Credit Derivatives to Reduce Risk?
    How much do banks use credit derivatives to reduce risk? Bernadette A. Minton, René Stulz, and Rohan Williamson* June 2006 This paper examines the use of credit derivatives by US bank holding companies from 1999 to 2003 with assets in excess of one billion dollars. Using the Federal Reserve Bank of Chicago Bank Holding Company Database, we find that in 2003 only 19 large banks out of 345 use credit derivatives. Though few banks use credit derivatives, the assets of these banks represent on average two thirds of the assets of bank holding companies with assets in excess of $1 billion. To the extent that banks have positions in credit derivatives, they tend to be used more for dealer activities than for hedging activities. Nevertheless, a majority of the banks that use credit derivative are net buyers of credit protection. Banks are more likely to be net protection buyers if they engage in asset securitization, originate foreign loans, and have lower capital ratios. The likelihood of a bank being a net protection buyer is positively related to the percentage of commercial and industrial loans in a bank’s loan portfolio and negatively or not related to other types of bank loans. The use of credit derivatives by banks is limited because adverse selection and moral hazard problems make the market for credit derivatives illiquid for the typical credit exposures of banks. *Respectively, Associate Professor, The Ohio State University; Everett D. Reese Chair of Banking and Monetary Economics, The Ohio State University and NBER; and Associate Professor, Georgetown University. We are grateful to Jim O’Brien and Mark Carey for discussions.
    [Show full text]
  • Credit-Market Sentiment and the Business Cycle
    Credit-Market Sentiment and the Business Cycle David L´opez-Salido∗ Jeremy C. Stein† Egon Zakrajˇsek‡ First draft: April 2015 This draft: December 2016 Abstract Using U.S. data from 1929 to 2015, we show that elevated credit-market sentiment in year t−2 is associated with a decline in economic activity in years t and t + 1. Underlying this result is the existence of predictable mean reversion in credit-market conditions. When credit risk is aggressively priced, spreads subsequently widen. The timing of this widening is, in turn, closely tied to the onset of a contraction in economic activity. Exploring the mechanism, we find that buoyant credit-market sentiment in year t−2 also forecasts a change in the composition of exter- nal finance: Net debt issuance falls in year t, while net equity issuance increases, consistent with the reversal in credit-market conditions leading to an inward shift in credit supply. Unlike much of the current literature on the role of financial frictions in macroeconomics, this paper suggests that investor sentiment in credit markets can be an important driver of economic fluctuations. JEL Classification: E32, E44, G12 Keywords: credit-market sentiment; financial stability; business cycles We are grateful to Olivier Blanchard, Claudia Buch, Bill English, Robin Greenwood, Sam Hanson, Oscar` Jord`a, Larry Katz, Arvind Krishnamurthy, H´el`ene Rey, Andrei Shleifer, the referees, and seminar participants at numerous institutions for helpful comments. Miguel Acosta, Ibraheem Catovic, Gregory Cohen, George Gu, Shaily Patel, and Rebecca Zhang provided outstanding research assistance. The views expressed in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Board of Governors of the Federal Reserve System or of anyone else associated with the Federal Reserve System.
    [Show full text]
  • Implied Volatility Modeling
    Implied Volatility Modeling Sarves Verma, Gunhan Mehmet Ertosun, Wei Wang, Benjamin Ambruster, Kay Giesecke I Introduction Although Black-Scholes formula is very popular among market practitioners, when applied to call and put options, it often reduces to a means of quoting options in terms of another parameter, the implied volatility. Further, the function σ BS TK ),(: ⎯⎯→ σ BS TK ),( t t ………………………………(1) is called the implied volatility surface. Two significant features of the surface is worth mentioning”: a) the non-flat profile of the surface which is often called the ‘smile’or the ‘skew’ suggests that the Black-Scholes formula is inefficient to price options b) the level of implied volatilities changes with time thus deforming it continuously. Since, the black- scholes model fails to model volatility, modeling implied volatility has become an active area of research. At present, volatility is modeled in primarily four different ways which are : a) The stochastic volatility model which assumes a stochastic nature of volatility [1]. The problem with this approach often lies in finding the market price of volatility risk which can’t be observed in the market. b) The deterministic volatility function (DVF) which assumes that volatility is a function of time alone and is completely deterministic [2,3]. This fails because as mentioned before the implied volatility surface changes with time continuously and is unpredictable at a given point of time. Ergo, the lattice model [2] & the Dupire approach [3] often fail[4] c) a factor based approach which assumes that implied volatility can be constructed by forming basis vectors. Further, one can use implied volatility as a mean reverting Ornstein-Ulhenbeck process for estimating implied volatility[5].
    [Show full text]
  • Module 6 Option Strategies.Pdf
    zerodha.com/varsity TABLE OF CONTENTS 1 Orientation 1 1.1 Setting the context 1 1.2 What should you know? 3 2 Bull Call Spread 6 2.1 Background 6 2.2 Strategy notes 8 2.3 Strike selection 14 3 Bull Put spread 22 3.1 Why Bull Put Spread? 22 3.2 Strategy notes 23 3.3 Other strike combinations 28 4 Call ratio back spread 32 4.1 Background 32 4.2 Strategy notes 33 4.3 Strategy generalization 38 4.4 Welcome back the Greeks 39 5 Bear call ladder 46 5.1 Background 46 5.2 Strategy notes 46 5.3 Strategy generalization 52 5.4 Effect of Greeks 54 6 Synthetic long & arbitrage 57 6.1 Background 57 zerodha.com/varsity 6.2 Strategy notes 58 6.3 The Fish market Arbitrage 62 6.4 The options arbitrage 65 7 Bear put spread 70 7.1 Spreads versus naked positions 70 7.2 Strategy notes 71 7.3 Strategy critical levels 75 7.4 Quick notes on Delta 76 7.5 Strike selection and effect of volatility 78 8 Bear call spread 83 8.1 Choosing Calls over Puts 83 8.2 Strategy notes 84 8.3 Strategy generalization 88 8.4 Strike selection and impact of volatility 88 9 Put ratio back spread 94 9.1 Background 94 9.2 Strategy notes 95 9.3 Strategy generalization 99 9.4 Delta, strike selection, and effect of volatility 100 10 The long straddle 104 10.1 The directional dilemma 104 10.2 Long straddle 105 10.3 Volatility matters 109 10.4 What can go wrong with the straddle? 111 zerodha.com/varsity 11 The short straddle 113 11.1 Context 113 11.2 The short straddle 114 11.3 Case study 116 11.4 The Greeks 119 12 The long & short straddle 121 12.1 Background 121 12.2 Strategy notes 122 12..3 Delta and Vega 128 12.4 Short strangle 129 13 Max pain & PCR ratio 130 13.1 My experience with option theory 130 13.2 Max pain theory 130 13.3 Max pain calculation 132 13.4 A few modifications 137 13.5 The put call ratio 138 13.6 Final thoughts 140 zerodha.com/varsity CHAPTER 1 Orientation 1.1 – Setting the context Before we start this module on Option Strategy, I would like to share with you a Behavioral Finance article I read couple of years ago.
    [Show full text]
  • Tax Treatment of Derivatives
    United States Viva Hammer* Tax Treatment of Derivatives 1. Introduction instruments, as well as principles of general applicability. Often, the nature of the derivative instrument will dictate The US federal income taxation of derivative instruments whether it is taxed as a capital asset or an ordinary asset is determined under numerous tax rules set forth in the US (see discussion of section 1256 contracts, below). In other tax code, the regulations thereunder (and supplemented instances, the nature of the taxpayer will dictate whether it by various forms of published and unpublished guidance is taxed as a capital asset or an ordinary asset (see discus- from the US tax authorities and by the case law).1 These tax sion of dealers versus traders, below). rules dictate the US federal income taxation of derivative instruments without regard to applicable accounting rules. Generally, the starting point will be to determine whether the instrument is a “capital asset” or an “ordinary asset” The tax rules applicable to derivative instruments have in the hands of the taxpayer. Section 1221 defines “capital developed over time in piecemeal fashion. There are no assets” by exclusion – unless an asset falls within one of general principles governing the taxation of derivatives eight enumerated exceptions, it is viewed as a capital asset. in the United States. Every transaction must be examined Exceptions to capital asset treatment relevant to taxpayers in light of these piecemeal rules. Key considerations for transacting in derivative instruments include the excep- issuers and holders of derivative instruments under US tions for (1) hedging transactions3 and (2) “commodities tax principles will include the character of income, gain, derivative financial instruments” held by a “commodities loss and deduction related to the instrument (ordinary derivatives dealer”.4 vs.
    [Show full text]
  • Credit Default Swap in a Financial Portfolio: Angel Or Devil?
    Credit Default Swap in a financial portfolio: angel or devil? A study of the diversification effect of CDS during 2005-2010 Authors: Aliaksandra Vashkevich Hu DongWei Supervisor: Catherine Lions Student Umeå School of Business Spring semester 2010 Master thesis, one-year, 15 hp ACKNOWLEDGEMENT We would like to express our deep gratitude and appreciation to our supervisor Catherine Lions. Your valuable guidance and suggestions have helped us enormously in finalizing this thesis. We would also like to thank Rene Wiedner from Thomson Reuters who provided us with an access to Reuters 3000 Xtra database without which we would not be able to conduct this research. Furthermore, we would like to thank our families for all the love, support and understanding they gave us during the time of writing this thesis. Aliaksandra Vashkevich……………………………………………………Hu Dong Wei Umeå, May 2010 ii SUMMARY Credit derivative market has experienced an exponential growth during the last 10 years with credit default swap (CDS) as an undoubted leader within this group. CDS contract is a bilateral agreement where the seller of the financial instrument provides the buyer the right to get reimbursed in case of the default in exchange for a continuous payment expressed as a CDS spread multiplied by the notional amount of the underlying debt. Originally invented to transfer the credit risk from the risk-averse investor to that one who is more prone to take on an additional risk, recently the instrument has been actively employed by the speculators betting on the financial health of the underlying obligation. It is believed that CDS contributed to the recent turmoil on financial markets and served as a weapon of mass destruction exaggerating the systematic risk.
    [Show full text]
  • Credit Derivative Handbook 2003 – 16 April 2003
    16 April 2003 Credit Derivative CREDIT Chris Francis (44) 20 7995-4445 [email protected] Handbook 2003 Atish Kakodkar (44) 20 7995-8542 A Guide to Products, Valuation, Strategies and Risks [email protected] Barnaby Martin (44) 20 7995-0458 [email protected] Europe The Key Piece In The Puzzle V ol a Risk til t ity Managemen rate rpo Co ds Bon Capital Structure CreditCredit DerivativesDerivatives Arbitrage F irst D To efa dit ult Cre ed Link tes No Convertible Bonds Derivatives Refer to important disclosures at the end of this report. Merrill Lynch Global Securities Research & Economics Group Investors should assume that Merrill Lynch is Global Fundamental Equity Research Department seeking or will seek investment banking or other business relationships with the companies in this report. RC#60910601 Credit Derivative Handbook 2003 – 16 April 2003 CONTENTS n Section Page Market Evolution: Going 1. Market growth, importance and prospects 3 Mainstream? Credit Default Swap Basics 2. The basic concepts 10 Valuation of Credit Default 3. Arbitrage relationship and an introduction to survival probabilities 13 Swaps Unwinding Default Swaps 4. Mechanics for terminating contracts 19 Valuing the CDS Basis 5. Comparing CDS with the cash market 29 What Drives the Basis? 6. Why do cash and default market yields diverge? 35 CDS Investor Strategies 7. Using CDS to enhance returns 44 CDS Structural Roadmap 8. Key structural considerations 60 What Price Restructuring? 9. How to value the Restructuring Credit Event 73 First-to-Default Baskets 10. A guide to usage and valuation 84 Synthetic CDO Valuation 11. Mechanics and investment rationale 95 Counterparty Risk 12.
    [Show full text]
  • Credit Derivatives Handbook
    08 February 2007 Fixed Income Research http://www.credit-suisse.com/researchandanalytics Credit Derivatives Handbook Credit Strategy Contributors Ira Jersey +1 212 325 4674 [email protected] Alex Makedon +1 212 538 8340 [email protected] David Lee +1 212 325 6693 [email protected] This is the second edition of our Credit Derivatives Handbook. With the continuous growth of the derivatives market and new participants entering daily, the Handbook has become one of our most requested publications. Our goal is to make this publication as useful and as user friendly as possible, with information to analyze instruments and unique situations arising from market action. Since we first published the Handbook, new innovations have been developed in the credit derivatives market that have gone hand in hand with its exponential growth. New information included in this edition includes CDS Orphaning, Cash Settlement of Single-Name CDS, Variance Swaps, and more. We have broken the information into several convenient sections entitled "Credit Default Swap Products and Evaluation”, “Credit Default Swaptions and Instruments with Optionality”, “Capital Structure Arbitrage”, and “Structure Products: Baskets and Index Tranches.” We hope this publication is useful for those with various levels of experience ranging from novices to long-time practitioners, and we welcome feedback on any topics of interest. FOR IMPORTANT DISCLOSURE INFORMATION relating to analyst certification, the Firm’s rating system, and potential conflicts
    [Show full text]
  • YOUR QUICK START GUIDE to OPTIONS SUCCESS.Pages
    YOUR QUICK START GUIDE TO OPTIONS SUCCESS Don Fishback IMPORTANT DISCLOSURE INFORMATION Fishback Management and Research, Inc. (FMR), its principles and employees reserve the right to, and indeed do, trade stocks, mutual funds, op?ons and futures for their own accounts. FMR, its principals and employees will not knowingly trade in advance of the general dissemina?on of trading ideas and recommenda?ons. There is, however, a possibility that when trading for these proprietary accounts, orders may be entered, which are opposite or otherwise different from the trades and posi?ons described herein. This may occur as a result of the use of different trading systems, trading with a different degree of leverage, or tes?ng of new trading systems, among other reasons. The results of any such trading are confiden?al and are not available for inspec?on. This publica?on, in whole or in part, may not be reproduced, retransmiDed, disseminated, sold, distributed, published, broadcast or circulated to anyone without the express prior wriDen permission of FMR except by bona fide news organiza?ons quo?ng brief passages for purposes of review. Due to the number of sources from which the informa?on contained in this newsleDer is obtained, and the inherent risks of distribu?on, there may be omissions or inaccuracies in such informa?on and services. FMR, its employees and contributors take every reasonable step to insure the integrity of the data. However, FMR, its owners and employees and contributors cannot and do not warrant the accuracy, completeness, currentness or fitness for a par?cular purpose of the informa?on contained in this newsleDer.
    [Show full text]
  • Federal Register/Vol. 84, No. 215/Wednesday, November 6
    Federal Register / Vol. 84, No. 215 / Wednesday, November 6, 2019 / Notices 59849 respect to this action, see the each participant will speak, and the SECURITIES AND EXCHANGE application for license amendment time allotted for each presentation. COMMISSION dated October 23, 2019. A written summary of the hearing will [Release No. 34–87434; File No. SR– Attorney for licensee: General be compiled, and such summary will be NYSEArca–2019–12] Counsel, Tennessee Valley Authority, made available, upon written request to 400 West Summit Hill Drive, 6A West OPIC’s Corporate Secretary, at the cost Self-Regulatory Organizations; NYSE Tower, Knoxville, TN 37902. of reproduction. Arca, Inc.; Notice of Filing of NRC Branch Chief: Undine Shoop. Amendment No. 2 and Order Granting Written summaries of the projects to Accelerated Approval of a Proposed Dated at Rockville, Maryland, this 31st day be presented at the December 11, 2019, of October 2019. Rule Change, as Modified by Board meeting will be posted on OPIC’s Amendment No. 2, To List and Trade For the Nuclear Regulatory Commission. website. Kimberly J. Green, Shares of the iShares Commodity Senior Project Manager, Plant Licensing CONTACT PERSON FOR INFORMATION: Curve Carry Strategy ETF Under NYSE Branch II–2, Division of Operating Reactor Information on the hearing may be Arca Rule 8.600–E obtained from Catherine F. I. Andrade at Licensing, Office of Nuclear Reactor I. Introduction Regulation. (202) 336–8768, via facsimile at (202) [FR Doc. 2019–24198 Filed 11–5–19; 8:45 am] 408–0297, or via email at On March 1, 2019, NYSE Arca, Inc.
    [Show full text]