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Equity Trading in the 21St Century
Equity Trading in the 21st Century February 23, 2010 James J. Angel Associate Professor McDonough School of Business Georgetown University Lawrence E. Harris Fred V. Keenan Chair in Finance Professor of Finance and Business Economics Marshall School of Business University of Southern California Chester S. Spatt Pamela R. and Kenneth B. Dunn Professor of Finance Director, Center for Financial Markets Tepper School of Business Carnegie Mellon University 1. Introduction1 Trading in financial markets changed substantially with the growth of new information processing and communications technologies over the last 25 years. Electronic technologies profoundly altered how exchanges, brokers, and dealers arrange most trades. In some cases, innovative trading systems are so different from traditional ones that many political leaders and regulators do not fully appreciate how they work and the many benefits that they offer to investors and to the economy as a whole. In the face of incomplete knowledge about this evolving environment, some policymakers now question whether these innovations are in the public interest. Technical jargon such as “dark liquidity pools,” “hidden orders,” “flickering quotes,” and “flash orders” appear ominous to those not familiar with the objects being described. While professional traders measure system performance in milliseconds, others wonder what possible difference seconds—much less milliseconds—could have on capital formation within our economy. The ubiquitous role of computers in trading systems makes many people nervous, and especially those who remember the 1987 Stock Market Crash and how the failure of exchange trading systems exacerbated problems caused by traders following computer-generated trading strategies. Strikingly, the mechanics of the equity markets functioned very well during the financial crisis, despite the widespread use of computerized trading. -
The Lost & Found Children of Abraham in Africa and The
SANKORE' Institute of Islamic - African Studies International The Lost & Found Children of Abraham In Africa and the American Diaspora The Saga of the Turudbe’ Fulbe’ & Their Historical Continuity Through Identity Construction in the Quest for Self-Determination by Abu Alfa Umar MUHAMMAD SHAREEF bin Farid 0 Copyright/2004- Muhammad Shareef SANKORE' Institute of Islamic - African Studies International www.sankore.org/www,siiasi.org All rights reserved Cover design and all maps and illustrations done by Muhammad Shareef 1 SANKORE' Institute of Islamic - African Studies International www.sankore.org/ www.siiasi.org ﺑِ ﺴْ ﻢِ اﻟﻠﱠﻪِ ا ﻟ ﺮﱠ ﺣْ ﻤَ ﻦِ ا ﻟ ﺮّ ﺣِ ﻴ ﻢِ وَﺻَﻠّﻰ اﻟﻠّﻪُ ﻋَﻠَﻲ ﺳَﻴﱢﺪِﻧَﺎ ﻣُ ﺤَ ﻤﱠ ﺪٍ وﻋَﻠَﻰ ﺁ ﻟِ ﻪِ وَ ﺻَ ﺤْ ﺒِ ﻪِ وَ ﺳَ ﻠﱠ ﻢَ ﺗَ ﺴْ ﻠِ ﻴ ﻤ ﺎً The Turudbe’ Fulbe’: the Lost Children of Abraham The Persistence of Historical Continuity Through Identity Construction in the Quest for Self-Determination 1. Abstract 2. Introduction 3. The Origin of the Turudbe’ Fulbe’ 4. Social Stratification of the Turudbe’ Fulbe’ 5. The Turudbe’ and the Diffusion of Islam in Western Bilad’’s-Sudan 6. Uthman Dan Fuduye’ and the Persistence of Turudbe’ Historical Consciousness 7. The Asabiya (Solidarity) of the Turudbe’ and the Philosophy of History 8. The Persistence of Turudbe’ Identity Construct in the Diaspora 9. The ‘Lost and Found’ Turudbe’ Fulbe Children of Abraham: The Ordeal of Slavery and the Promise of Redemption 10. Conclusion 11. Appendix 1 The `Ida`u an-Nusuukh of Abdullahi Dan Fuduye’ 12. Appendix 2 The Kitaab an-Nasab of Abdullahi Dan Fuduye’ 13. -
ATLANTIC OCEAN INDIAN OCEAN S a H a R a Africa, 500 B.C.—A.D
190-191-0208co 10/11/02 3:44 PM Page 191 Page 2 of 3 Africa, 500 B.C.—A.D.700 15°W M e d i t e r r a n e a n S e a 30°N Alexandria Memphis Tropic of Cancer Thebes ARABIAN r e SAHARA v PENINSULA i R R e e d il NUBIA N S (KUSH) e a Meroë 15°N N i g 15°N Djenné-Djeno e r Adulis R Aden iv er NOK AKSUM ETHIOPIAN HIGHLANDS Gulf of Guinea 0° Equator ver Ri 0° o g n o C INDIAN OCEAN ATLANTIC OCEAN 15°S 15°S Z r a ive m R Aksum, A.D. 300-700 b ezi Nok, 500 B.C. - A.D. 200 Nubia (Kush), 590 B.C. - A.D. 350 po R o iv N 0500 1000 Miles Tropic of Capricorn p e im r L 0500 1000 Kilometers KALAHARI Robinson Projection DESERT 30°S 30°S 15°W 0° 15°E 30°E45°E60°E 500 B.C. 250 B.C. Djenné- A.D. 100s A.D. 303 King Ezana Nok people Djeno established in Bantu migrations rules Aksum. In time, he make iron tools. West Africa. under way. converts to Christianity. 364-365-0315co 10/11/02 4:02 PM Page 365 Page 2 of 3 EUROPE Africa, 800–1500 15°W M e d i Fez t e r r a n e Tripoli a n S e a 30°N Marrakech Cairo Tropic of Cancer Taghaza r e v R SAHARA i ARABIAN R e e d il PENINSULA N S e Kumbi Timbuktu a Se Saleh 15°N ne Gao g ° a N Adulis 15 N l i SUDAN R Djenné g Aksum e . -
What Can We Learn from the Gamestop Short-Selling Drama? Hedge Funds Are Alternative Broker and Then Sell the Shares
WINTER 2021 THE Wealth Management Strategies from Jentner Wealth Management What Can We Learn from the GameStop Short-Selling Drama? Hedge funds are alternative broker and then sell the shares. Then investments using pooled funds to they wait until the stock drops in employ different strategies to earn price, buy the shares back, return the active returns, or alpha, for their shares to the broker with interest, investors. Some of those strategies and keep the profit. Essentially, they are to sell stock short, use leveraged inverse the winning formula for and structured investments, and use stock picking: sell high and buy low. derivatives. There are stories of great success but also some spectacular Here’s the risk. If the speculators implosions. The recent controversy cannot buy the shares back at a INSIDE THIS ISSUE surrounding a retail video-game lower price, they are forced to store adds several more hedge funds buy the shares for more than they to the list of those who have lost sold the borrowed shares for. This billions of dollars. For the long-term is called a short squeeze. Enter a investor, this situation shows how little-known chat room on a blog What Can We Learn quickly information gets priced into site called Reddit. Here, millennial from the GameStop stocks and how the active stock investors grew angry that hedge picker can be taken by surprise. funds were targeting GameStop and Short-Selling collaborated to buy the stock in Drama? . 1-2 Around August of 2019, GameStop mass. They used a favorite trading announced its plan to restructure app among younger investors its organization. -
Bargaining with Arrival of New Traders∗
Bargaining with Arrival of New Traders∗ William Fuchs† Andrzej Skrzypacz‡ May 14, 2008 Abstract We study a general model of dynamic bargaining between a seller and a privately informed buyer, with arrival of exogenous events. Events can represent arrival of competing buyers (or sellers) or release of information. We characterize the unique limit of stationary equilibria of these games as the time between offers goes to zero. The possibility of arrivals leads to new equilibrium dynamics. First, the no-delay part of the Coase conjecture no longer holds: even in the limit, there is considerable delay of trade in equilibrium and the seller slowly screens out buyers with higher valuations. Second, the inability to commit to future prices (and hence the Coasian forces) drive the seller payoffs down to his outside option. The limit of equilibria is very tractable, allowing us to establish many comparative statics and utilize the model to answer many applied questions. For example, we show applications in which when buyer valuations fall, average transaction prices drop and the time on the market gets longer. Moreover, for high enough arrival rates, the division of surplus and equilibrium dynamics are driven more by the relative competition from new traders than on the relative discount factors. Finally, even when multiple buyers can arrive, the expected time to trade is a non-monotonic function of the arrival rate. In bargaining theory (and practice) outside options play an important role. Often, an important outside option is to wait for new developments. Maybe another agent will show up and offer better terms of trade, maybe new information will arrive reducing the information asymmetry, etc. -
25TH ANNUAL CANADIAN SECURITY TRADERS CONFERENCE Hilton Quebec, QC August 16-19, 2018 TORONTO STOCK EXCHANGE Canada’S Market Leader
25TH ANNUAL CANADIAN SECURITY TRADERS CONFERENCE Hilton Quebec, QC August 16-19, 2018 TORONTO STOCK EXCHANGE Canada’s Market Leader 95% 2.5X HIGHEST time at NBBO* average size average trade at NBBO vs. size among nearest protected competitor* markets* tmx.com *Approximate numbers based on quoting and trading in S&P/TSX Composite Stock over Q2 2018 during standard continuous trading hours. Underlying data source: TMX Analytics. ©2018 TSX Inc. All rights reserved. The information in this ad is provided for informational purposes only. This ad, and certain of the information contained in this ad, is TSX Inc.’s proprietary information. Neither TMX Group Limited nor any of its affiliates represents, warrants or guarantees the completeness or accuracy of the information contained in this ad and they are not responsible for any errors or omissions in or your use of, or reliance on, the information. “S&P” is a trademark owned by Standard & Poor’s Financial Services LLC, and “TSX” is a trademark owned by TSX Inc. TMX, the TMX design, TMX Group, Toronto Stock Exchange, and TSX are trademarks of TSX Inc. CANADIAN SECURITY TRADERS ASSOCIATION, INC. P.O. Box 3, 31 Adelaide Street East, Toronto, Ontario M5C 2H8 August 16th, 2018 On behalf of the Canadian Security Traders Association, Inc. (CSTA) and our affiliate organizations, I would like to welcome you to our 25th annual trading conference in Quebec City, Canada. The goal of this year’s conference is to bring our trading community together to educate, network and hopefully have a little fun! John Ruffolo, CEO of OMERS Ventures will open the event Thursday evening followed by everyone’s favourite Cocktails and Chords! Over the next two days you will hear from a diverse lineup of industry leaders including Kevin Gopaul, Global Head of ETFs & CIO BMO Global Asset Mgmt., Maureen Jensen, Chair & CEO Ontario Securities Commission, Kevan Cowan, CEO Capital Markets Regulatory Authority Implementation Organization, Kevin Sampson, President of Equity Trading TMX Group, Dr. -
Informational Inequality: How High Frequency Traders Use Premier Access to Information to Prey on Institutional Investors
INFORMATIONAL INEQUALITY: HOW HIGH FREQUENCY TRADERS USE PREMIER ACCESS TO INFORMATION TO PREY ON INSTITUTIONAL INVESTORS † JACOB ADRIAN ABSTRACT In recent months, Wall Street has been whipped into a frenzy following the March 31st release of Michael Lewis’ book “Flash Boys.” In the book, Lewis characterizes the stock market as being rigged, which has institutional investors and outside observers alike demanding some sort of SEC action. The vast majority of this criticism is aimed at high-frequency traders, who use complex computer algorithms to execute trades several times faster than the blink of an eye. One of the many complaints against high-frequency traders is over parasitic trading practices, such as front-running. Front-running, in the era of high-frequency trading, is best defined as using the knowledge of a large impending trade to take a favorable position in the market before that trade is executed. Put simply, these traders are able to jump in front of a trade before it can be completed. This Note explains how high-frequency traders are able to front- run trades using superior access to information, and examines several proposed SEC responses. INTRODUCTION If asked to envision what trading looks like on the New York Stock Exchange, most people who do not follow the U.S. securities market would likely picture a bunch of brokers standing around on the trading floor, yelling and waving pieces of paper in the air. Ten years ago they would have been absolutely right, but the stock market has undergone radical changes in the last decade. It has shifted from one dominated by manual trading at a physical location to a vast network of interconnected and automated trading systems.1 Technological advances that simplified how orders are generated, routed, and executed have fostered the changes in market † J.D. -
Chinese Tea and Gongfu Tea Ceremony
Chinese Tea and GOngfu Tea CergmOny ShinzO ShiratOri Chinese tea has alwγ s reSOnated w⒒ h Ime since a yOung chⅡ d9⒛d me grOⅥ泛ng up with the temple,I wOuld always gO see the mOnks tO haⅤ e tea w⒒h them。 They wOuld brew up h tea ca11ed Pu Erh,which there盯e twO types;ε md the One they wOuld brew would a1wE∷ 3厂 s be th0 ripe kind。 This,I assume because the taste of ripened Pu Erh is qu⒒ e sknⅡar tO the taste Of Tibetan yak butter tea,which is piping hOt strong r1pened Pu Erh Or Hei Cha blended w⒒h churn。 d thick yak butter。 This tea is incredib1y salty and is nOt rny免 ⅤOr⒒ e9but⒒ surely dOes its jOb in the¨ 40degree Imountains in Tibet!-ALs early as65]BC,the Ancient Tea HOrse R`Oad was taking place between China and Tibet, Bengal md Myaασ泛r。 It was Ⅴital,as rnany Of the ancient I3uddhist traditions were brOught back from Tbet⒛ d My汕 1mar。 The tea was c盯r忆 d in sh::l∷ )eS of l[∶ bricks, and were traded Off fOr Tibetan hOrses tO be used ih different wεrs。 SO therefore9the Imain st。 ple for the Tibetans were Chin0se Pu Erh tea mi)λ1ed with y。 k butter to w泛、1rm the bO(i圩 ⒗ also g缸n immense ,厂 ,盯 mount of calories。 As grOv注 ng up as a Tibe⒈ Ⅱ1buddhis1I see the inter- cOnnection Of China and Tibet,and hOw One needed⒛ Other tO surⅤ iVe。 Pu¨ Erh tea,ImiXed with hot butter was the deal for the cOld,hOweⅤ er,the hOt刁reas in China alsO reⅡ ed On teas tO cOOl dOWn。 The Chinese uses tea in a ⅤI〕1If忆ty Of ways,and prOduces η 。ny types tO s证 t the needs Of different indiⅤiduals。 In⒛cient China9peOple wOuld use hot and cOld as a Imeasurement Of how w泛〕1Ifming -
New Original Web Series CHATEAU LAURIER Gains 3 Million Views and 65,000 Followers in 2 Months
New Original Web Series CHATEAU LAURIER gains 3 million views and 65,000 followers in 2 months Stellar cast features Fiona Reid, Kate Ross, Luke Humphrey and the late Bruce Gray May 9, 2018 (Toronto) – The first season of the newly launched web series CHATEAU LAURIER has gained nearly 3 million views and 65,000 followers in less than 2 months, it was announced today by producer/director, James Stewart. Three episodes have rolled out on Facebook thus far, generating an average of nearly 1 million views per episode. In addition, it has been nominated for Outstanding Canadian Web Series at T.O. WEBFEST 2018, Canada's largest international Webfest. The charming web series consisting of 3 episodes of 3 minutes each features a stellar Canadian cast, including Fiona Reid (My Big Fat Greek Wedding), Kate Ross (Alias Grace), Luke Humphrey (Stratford’s Shakespeare in Love), and the late Bruce Gray (Traders) in his last role. Fans across the world—from Canada, the US, and UK—to the Philippines and Indonesia have fallen for CHATEAU LAURIER since the first season launched on March 13, 2018. Set in turn-of-the-century Ottawa's historic grand hotel on the eve of a young couple's arranged wedding, CHATEAU LAURIER offers a wry slice-of-life glimpse into romance in the early 1900s. Filmed in one day, on a low budget, the talent of the actors and the very high production value, stunning sets and lush costumes (with the Royal York standing in for the Chateau), make this series a standout in a burgeoning genre. -
The March of the Robo-Traders Sep 15Th 2005 from the Economist Print Edition
Economist.com http://www.economist.com/printedition/PrinterFriendly.cfm?story_i... REPORTS The march of the robo-traders Sep 15th 2005 From The Economist print edition Software: Programs that buy and sell shares are becoming ever more sophisticated. Might they replace human traders? IMAGINE the software equivalent of a golden goose: a program that continually produces money as its output. It sounds fanciful, but such software exists. Indeed, if you have a pension or endowment policy, or have money invested in share-based funds, the chances are that such a program—variously known as an “autonomous trading agent”, “algorithmic trading” system or simply as a “robo-trader”—has already been used to help your investments grow. Simple software-based traders have been around for many years, but they are now becoming far more sophisticated, and make trades worth tens of billions of dollars, euros and pounds every day. They are proving so successful that in the equity markets, where they are used to buy and sell shares, they already appear to be outperforming their human counterparts, and it now seems likely that their success will be repeated in foreign-exchange markets too. Proponents of robo-traders claim that, as well as making more money, they can also help to make markets more stable. And, of course, being made of software, they do not demand lunch breaks, holidays or bonuses. This has prompted an arms race as companies compete to develop the best sets of rules, or algorithms, to govern the behaviour of their robo-traders. “We live and die by how well they perform,” says Richard Balarkas, global head of advanced execution services at Credit Suisse First Boston, an investment bank. -
The Art and Science of Kashmir's Pink
9/22/2020 The Art and Science of Kashmir’s Pink Tea Advertisement Hirsh Industries Iron Horse Heavy... Hirsh Industries Riveted Steel... Hirsh Industries Riveted Steel... $111.95 $81.95 $92.95 Globa POCKET WORTHY The Art and Science of Kashmir’s Pink Tea Green tea becomes rosy with the addition of a special ingredient. Atlas Obscura | Sribala Subramanian Often, pink tea comes with a nutty garnish. Photo by Madiha Ali / Getty Images. https://getpocket.com/explore/item/the-art-and-science-of-kashmir-s-pink-tea?utm_source=pocket-newtab 1/6 9/22/2020 The Art and Science of Kashmir’s Pink Tea On chilly winter evenings in Lahore’s Lakshmi Chowk, a bustling marketplace famous for street food, tea vendors sell a pink beverage known as Kashmiri chai. Made with green tea, Kashmiri chai has a savory taste that belies its strawberry-milkshake appearance. The millennial-pink beverage is wildly popular, as both a drink and a color. In Pakistan, upscale cafes sell Kashmiri chai cheesecake, and “tea pink” is a trendy shade for wedding outfits, men’s shirts, and even lingerie. Originally a Himalayan drink, pink tea goes by many names across South Asia, some which reference its unusual color and flavor, from nun chai (salt tea) to gulabi chai (rose-hued tea). Salt and baking soda are key ingredients. Salt acts as an electrolyte to prevent dehydration at high altitudes, and baking soda is the catalyst that turns it pink. Infused with spices such as star anise and topped with crushed nuts, the tea is tailor-made for cold weather. -
West African Empires Before the Atlantic Slave Trade
A Hidden History: The West African Empires Before the Atlantic Slave Trade Linda Kaye Nwoke Fondren Middle School INTRODUCTION Fondren Middle School is located in the southwest section of Houston, Texas. It provides a rigorous curriculum that reaches beyond traditional boundaries. The magnet program offers exceptional opportunities, such as complete training laboratories where students learn graphics, digital imaging, and animation. Fondren is the only middle school in HISD to have an annual trip to Big Bend National Park every spring where the students can learn about ecology, biology, and geology. Fondren is a Title I school: 55% are African American, 41% Hispanic American, 2% Asian American, 1% white, and 1% other. 71% are at-risk, and 91% receive free/reduced lunch. We also have 81% in the Pre-AP program. OBJECTIVES SS.6.2B- Describe the economic, social, and/or political impact of individual and group achievement on the historical and contemporary countries or societies of a given region. SS.6.3B- View, determine the utility, and interpret various types of maps, graphs, charts, and other geographic tools to pose and answer questions about geographic distributions and patterns in world regions. SS. 6.5B Identify how human and physical geographic factors affect the ability of a country/group to control territory and shape domestic and foreign policy in a given region or country. SS.6.2A Explain the significant contributions of historic and contemporary individuals and groups from selected societies, cultures, or regions. SS. 6.18D Identify examples of art, music, and literature that have transcended the boundaries of societies and convey universal themes.