DOCSLIB.ORG

International Film Traders

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
International Film Traders THE MOVING PICTURE NEWS 45 ter with, and finally convinces himself. and brown-as brown as the study he Meantime, in the schoolroom. -M iss is in. We have said that spring's song Parker is diligently and delicately at­ was in the · air, spring's laughter in the INTER NATIONAL tempting to make something of her un­ things of earth and youth's robust promising pup il. He is about as hope­ gaiety in the hearts of man and maid­ less as despair, but Miss Parker per­ so what if they do walk . off together, FILM TRADERS severes-remember, she is a teacher. chatting, laughing, with many covert The 5 WEST 14TH ST., NEW YORK boy is just foolish enough to mis­ glances one at the other? construe interest and determination for Thereafter, they meet again. And Largest Dealers and Importers of Films attention and affection, and he falls thereafter, yet again. But what need in the United States. All films are im­ ported, bought outright and sold outright desperately in love with the little to apologize for them? Not the first to the purchaser, · school miss. Father and son proceed time that youth and ·youth have met and to love her, while she, unfortunately, mated! The friendship graduates into WE HANDLE NO DUPES is unaware of her dangerous popular­ intimacy, into sentiment, into a vast and ity and her duplex .desirability. vital love. Fred meets Marion's father, One Sunday afternoon it comes to a headstrong farmer with respect Siege of Calais-Colored ..... about 2000 ft. only Uncle Tom's Cabin ......... .' " 3000 " pass that father and son don their joy for those who dig for the things of the Notre Dame de Paris-Colored " 2700 " clothes, with the heroic determination soil. He frowns upon their romance, Life As It Is.. .. .. .. .. .. .. .. " 3000 " to call on the teacher and press their tells Fred his daughter Licu_t~na-nt Rose and tbe Royal " will marry a V1s1t . 1000 " suits-which. of course, they should farmer, not a paint-mixing canvas dec­ Still Alarm . - " 1000 " have done in advance. Both covertly orator. General Richelieu's Foe-Col- u and curiously· observe the other in his But know ye how ored .................. 2000" love chooseth !­ Judas Maccabees . " 1000 " 1"onsorial efforts with a little wonder she ignores her father's stern edict, and Brutus . " 1187 " and a little jealousy, and their labors goes away with the man she loves. In the Grip of Alcohol-Com• at last at an end, unknown to each Youth, and plete . .. ... ...... , . " 3000 " love, two fiery insurrec­ Golden Wedding . " 1500 " other, they set out to capture- the unani­ tionists whose moods and mysteries Tristan and Isolde-Colored.. " 2029 " mous prize. ever the old forget. But sometimes The Battle . " 1000 " They meet each other-and their love is more Battle of Trafalgar.......... " 1000 " than red roses-cold steel Back to the Primitive.. " 1000 " downfall--at the teacher's home. and thorns and a tear in the heart. Fools of Society. " 3200 " Amazed and amused at the twin pro­ She writes her father, but never an Delhi Durbar . " 1000 " posal, she solves the dilemma of a de­ answer comes, A Woman's J ealousy.... ... " 2400 " and the brave heart of The Countess de Chaillant.... " 1920 " cision bv introducing her sweetheart to the little rebel is filled with sorrow and Fighting Blood . " 1000 " the panic-stricken Rmnmy-eos. sighs, when Fred hits upon a plan! Ten Nights in a Barroom.... " 2000 " Sadder. but more foolish, they re­ goes to his father-in-law Duke of Grnnada, L ove Story ...... 1700 " He in the Courier of Lyons, Drama .......... 2700 " turn to their home. Morose and melan­ garb of a farm-hand, solicits and ob­ Married for Gold, Society Drama .. 1300 " cholv thev ruininate on the sad situa­ tains work. and wins the good g r aces Napoleon Burning of· Moscow (Gren• tion." Arid with the instinct of those and friendship of the adier Roland), Historical ...... .. 1400 " stern parent. Human Sacrifice, Ancient History . 1000 " with a common misery. they console Then Marion returns and tells her Arsene Lupin, Detective Story. Very each other in their grief. father she has left her husband to re­ Thrilling ....................... 1100 " turn to him Locus ta, or in. the Days of Nero, and his love; and just as· Colored ....... •y •••••••• ••••••• 1000 " THROUGH TWISTING LANES Thais, Colored Drama. 900 " Force of Destiny, Spanish Drama .. 1000 " Rex Release, February 11 Taking of Saragossa, Historical .... 1100 " Duchess of Messa via, Historical. 800 " That venerable and versatile expres­ Eugene Grandet, Historical. 900 " sion, ''Love will find a way," has been fOR S"Lf Russia, Land of Oppression, Jewish so overworked since some romantically Powers No. 5 Cameragraphs, Com- Drama . .... .................... 900 " plete .... .................. each $80.00 The optimistic person first foisted it that we Ghetto, Jewish Drama ........ 1000 " 1 Pa the Machine, Complete .. ...... Ruined by His Own Son, Society reallv think it ought to be retired on a 120.00 1 Pathe Machine, New ........ ... Dra1na ........ .. ....... ..... 1000 " pension-or suspension. But in this 135.00 Prince of India, or Golden Supper, 1 Powers Inductor, 220 Volt.. .... 35.00 Ancient Drama ................ 900 " narticular instance our pen cannot shun 1 Hallberg, llO V . Economizer ...... 35.00 Virginius, Historical Drama ........ 900 " it, because it is the most approprhte 1 Gen'] Elec. 22·0 Volt Economizer . 40.00 Merchant of Venice, Shakesperean phrase in our language to describe the Pure White Condensors, Guaran- Dra1na ... .. ......... .... ... 1000 " whys, wherefores and wherehys of the teed ....................... pair 1 .50 In Arizona, War Drama .. .. .. .... 1000 " Electra Carbons, Pink Label. .per C 1.90 Midsummer Night's ])ream, Shake- · events in the story. There are many per M 18.50 spearea n Drama .. ............. 1000 " tears in the heart that never reach the Bio Carbons ...... ..... .... per C 1.80 Jew's Gratitude, Jewish Story ...... 1000 " Violin Maker of Cremona, Histor- eyes; and with this philosophical re­ per M 17.50 ical ...... ...... ............. 1000 " mark we oroceed with the tale. Arco B. Carbons ........... per C 1.70 lliilitary Prison, Soldier Story . 800 " It is a day of sunshine and balm and per M 16.50 Assassination of Admiral Coligny, Stock Tickets, Asstd. Colors, 7½c per M Historical ...... .. .. .... .... 1000 " roses and peace. Every leaf is a 6c per M in lots of 100 M. East Lynne, Drama. 900 " psalm, every stone a sermon of old Flaming Arc Carbons, 10 hr. A. C. Saul and David, Religious ......... 1000 " earth's rei uvenescence. and the earth per 100 pair 8.00 Thread of Destiny, Drama ......... 1000 " laughs with g-lee in its vernal prime. Flaming Arc Carbons, 17 hr. A. C. Passing Shadows, Drama . .. ...... 1000 " per 100 pair 11. 00 Power of the Press, Soring is in the air, Drama ...... 1000 " and spring is in Flaming Arc Carbons, 10 hr. D. C. Sisters, Drama ....... ·........... 1000 " the hearts of-two. Electra, Drama, Ancient I-nstory .. .. 1000 " per 100 pair 9.00 Francesca de Remini, Historical Fred Blair. the artist, hears the call Flaming Arc Carbons, 17 hr. D. C. Drama ........ ... ...... .. .. 1000 " of balmy out-doors, and with easel, - · per 100 pair 12.00 Italian-Turkish War, 1-2·3 Series .. 1000 " brushes. pal ette and the season's inspir­ Announcement Slides .......... each .20 Falsely Accused, Drama ........... 1000 " Film Cement. .... .., ...... per bottle .05 Jane Eyre, Drama ................ 1000 " ation. resoonds to the summons Tension Springs for Powers' Ma- Life of Moses, Religious . ........ 4000 " And this ve ry spring clay fair Marion chines ........... ... .. per pair .15 Hold Up in Calabria ...... .. ... ... 1000 " fain would go a-walking. Wending her Stay-on Oil. ................ per can . 15 Three Musketeers . ..... .. ...... 1500 " Empice Oil. ................ per can .10 King Lear, Drama, Shakespearean .. 1000 " musing way along the country road­ Bride of Messin~, Drama .......... 1000 " side. she comes across Fred assidu­ All Ot her Mo ving Picture Washington Under the British Flag.1000 " ously violating Na tu re's copyright on Supplie s Equally as Low Soldiers of the Cross .... .......... 1000 " Parisina, or Rival of His Own one of her prettiest landscapes. The W hen ordering, kindly have certified Father, Drama .. ... .. ......... 1000 " ,girl stands watching- the industrious check or money order accompany the Every one of the above films is in first­ vouth. abso rbed in his colors. until­ order, class condition, Thousands of reels in hold, blue eyes dance up to meet two first-class condition always on hand, that 3.re shy with sweet modesty and We import any desired feature. All l:mpire film f xchanoe the Masterpieces of the World's Greatest filled with the wistful vearnitw and Producers, with Special Posters, Selected tender mysterv of youth: Tjie" girl's 150 EAST 14th STREET by our own European Agents. eyes are quickly averted ; but the blue NEW YORK CITY as quickly note that they are bright .
Load more

Recommended publications
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • Algorithmic Trading Strategies
    CSP050 MAY 2020 Algorithmic Trading Strategies ANZHELIKA ISHKHANYAN AND ASHER TRANGLE Memorandum TO: Special Counsel, CFTC Division of Market Oversight FROM: Director, CFTC Division of Market Oversight RE: Algorithmic Trading and Regulation Automated Trading DATE: January 9, 2020 Welcome to DMO. I’m confident that you’ll find the position a challenging one, and I’ve already got a meaty topic to get you started on. I recently received an email from the Chairman expressing his concerns regarding the negative effects of algorithmic trading on financial markets. The Chairman is convinced that the CFTC should have direct access to trading systems’ source code to prevent potential market abuses with systemic implications. To that end, the Chairman proposes we reconsider Regulation Automated Trading (“Regulation AT”) which would require all traders using algorithms to register with the CFTC and would give CFTC direct and unfettered access to their source code. Please find attached the Chairman’s email which outlines his priorities and main concerns pertaining to algorithmic trading. In addition, I have sketched out my own reactions to reconsidering Regulation AT in an informal memo, attached as Appendix I. In addition, you may find it useful to refer to a legal intern’s memoranda, attached as Appendix II, which offers a brief overview of Regulation AT, its history, and a short discussion of other regulators’ efforts to address algorithmic trading. After considering these materials, please come and brief me on the following questions: ● What, precisely, are the public policy challenges posed by the emergence of algorithmic trading, and does this practice pose any serious problems to U.S.
    [Show full text]
  • Hos Ho in Heatre Orty
    WHO’S WHO IN THEATRE FORTY BOARD OF DIRECTORS Jim Jahant, Chairperson Lya Cordova-Latta Dr. Robert Karns Charles Glenn Myra Lurie Frederick G. Silny, Treasurer David Hunt Stafford, Secretary Gloria Stroock Bonnie Webb Marion Zola ARTISTIC COMMITTEE Gail Johnston • Jennifer Laks • Alison Blanchard Diana Angelina • John Wallace Combs • Leda Siskind ADMINISTRATIVE STAFF David Hunt Stafford . .Artistic/Managing Director Jennifer Parsons . .Bookkeeper Richard Hoyt Miller . .Database Manager Philip Sokoloff . .Director of Public Relations Jay Bell . .Reservationist Dean Wood . .Box Office Manager Susan Mermet . .Assistant Box Office Manager Larry Rubinstein . .Technology Guru PRODUCTION STAFF Artistic/Managing Director David Hunt Stafford Set Design Jeff G. Rack Costume Design Michèle Young Lighting Design Ric Zimmerman Sound Design Joseph “Sloe” Slawinski Photograp her Ed Kreiger Program Design Richard Hoyt Miller Publicity Philip Sokoloff Reservations & Information Jay Bell / 310-364-0535 This production is dedicated to the memory of DAVID COLEMAN THEATRE FORTY PRESENTS The 6th Production of the 2017-2018 Season BY A.A. MILNE DIRECTED BY JULES AARON PRODUCED BY DAVID HUNT STAFFORD Set Designer..............................................JEFF G. RACK Costume Designer................................MICHÈLE YOUNG Lighting Designer................................RIC ZIMMERMAN Sound Designer .................................GABRIEAL GRIEGO Stage Manager ................................BETSY PAULL-RICK Assistant Stage Manager ..................RICHARD
    [Show full text]
  • Farmers, Traders, and Processors: Estimating the Welfare Loss from Double Marginalization for the Indonesian Rubber Sector
    FARMERS, TRADERS, AND PROCESSORS: ESTIMATING THE WELFARE LOSS FROM DOUBLE MARGINALIZATION FOR THE INDONESIAN RUBBER SECTOR Thomas Kopp1 & Richard J. Sexton2 [email protected] 1The University of Göttingen, Germany 2University of California, Davis, USA 2019 Vortrag anlässlich der 59. Jahrestagung der GEWISOLA (Gesellschaft für Wirtschafts- und Sozialwissenschaften des Landbaues e.V.) „Landwirtschaft und ländliche Räume im gesellschaftlichen Wandel“ Braunschweig, 25. bis 27. September 2019 Copyright 2019 by Thomas Kopp and Richard J. Sexton. All rights reserved. Readers may make verbatim copies of this document for non-commercial purposes by any means, provided that this copyright notice appears on all such copies. Farmers, Traders, and Processors: Estimating the Welfare Loss from Double Marginalization for the Indonesian Rubber Sector Abstract Reducing buyer market power over farmers is a key strategy to improve rural livelihoods in emerging economies. This paper focuses on implications for farm income and market efficiency of failure of a supply chain to coordinate vertically to eliminate a second stage of buyer power in the vertical market chain – the so-called “double marginalization” problem. Our specific application is to the Indonesian rubber industry. In the Jambi province production is mainly in the hands of smallholder farmers, who sell via spot transactions to a network of traders who in turn sell in spot exchanges to rubber processors. Processing is highly concentrated, and concentration among traders is also quite high in localized procurement markets. Barriers to buyer coordination are largely absent, and evidence indicates that both traders and processors exercise oligopsony power, a classic problem of double marginalization. We estimate the extent of buyer market power in farmer-trader and trader-processor interactions and then explore the nature of this market failure and quantify the extent of welfare loss and redistribution of income among market participants.
    [Show full text]
  • Citigroup Global Markets Inc. New York, NY
    , ("" ....... Flnra Financial Industry Regulatory Authority Examination Number: 20080128443 June 17, 2008 REPORT ON THE SPECIAL EXAMINATION OF Citigroup Global Markets Inc. New York, NY We have recently completed the Subprime Mortgage Special examination of your firm. Our examination is not an audit and is not designed to be a substitute for management's responsibility to comply with appropriate securities rules and regulations. The examination included reviews of the following regulatory areas: Financing and Collateral Management Independent Price Verification Valuation of Subprime Securities EXCEPTIONS: The following exceptions have been brought to the attention of the appropriate member organization personnel: 1. EXCEPTION: The firm was not in compliance with NYSE Rule 342.23 (Offices-Approval, Supervision and Control) and NYSE Rule 401 (a) (Business Conduct) with respect to internal controls and written policies and procedures over collateralized debt obligations (COO) price verification functions. DETAIL: a. The review of the July 31, 2007 independent price verification process for COOs revealed that COO Product Controllers ("Controllers") relied heavily on available market observables in their monthly price verification reviews. Since summer of 2007, market observables for COOs became nearly - and, for many positions, completely nonexistent. As a result, Controllers classified the firm's COO inventory as "l3 Unverified." Although the inventory positions were classified as l3 Unverified, Controllers maintained the responsibility for assessing the reasonableness of traders' marks. Controllers were unable to provide evidence to illustrate the steps taken to assess the reasonableness of COO traders' marks as of July 31, 2007. The lack of adequate documentation for the independent price verification function was an internal control CONFIDENnAL Page-1-of4 " t " -.
    [Show full text]
  • How Prosecutors Misconstrued OTC Market-Making Practices by Sujay Dave and George Oldfield (June 25, 2019, 5:24 PM EDT)
    Portfolio Media. Inc. | 111 West 19th Street, 5th Floor | New York, NY 10011 | www.law360.com Phone: +1 646 783 7100 | Fax: +1 646 783 7161 | [email protected] How Prosecutors Misconstrued OTC Market-Making Practices By Sujay Dave and George Oldfield (June 25, 2019, 5:24 PM EDT) Recent federal court cases highlight the challenges involved in judging acceptable market-making behavior in over-the-counter markets.[1] In these cases, prosecutors interpreted trader bluster and barter as fraud, customary prehedging of pending OTC block orders as front-running, and self-interested principal trading as a violation of a market maker's inferred duty to a counterparty. The standards applied to evaluate market-making behavior, however, should be consistent with established and customary protocols in OTC institutional markets. Sujay Dave In these markets, haggling is the norm, prepositioning and forward sales are risk management techniques, and market makers trade for their own accounts to earn a profit by making buys and sells. Here we describe how market makers work in various types of markets for financial instruments, and the reasons why mixing up exchange trading practices with well-established OTC trading protocols might be disruptive in OTC markets. George Oldfield Role of Market Makers In OTC markets, the market maker is a principal trader who buys from sellers at a “bid” price and sells to buyers at a higher “ask” price. The market maker's objective is to make a profit from the bid-ask spread. Principal-based market making is a basic financial service that provides transaction immediacy to other traders and liquidity in financial markets.
    [Show full text]