New York Stock Exchange Price List 2021
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Short Sellers and Financial Misconduct 6 7 ∗ 8 JONATHAN M
jofi˙1597 jofi2009v2.cls (1994/07/13 v1.2u Standard LaTeX document class) June 25, 2010 19:56 JOFI jofi˙1597 Dispatch: June 25, 2010 CE: AFL Journal MSP No. No. of pages: 35 PE: Beetna 1 THE JOURNAL OF FINANCE • VOL. LXV, NO. 5 • OCTOBER 2010 2 3 4 5 Short Sellers and Financial Misconduct 6 7 ∗ 8 JONATHAN M. KARPOFF and XIAOXIA LOU 9 10 ABSTRACT 11 12 We examine whether short sellers detect firms that misrepresent their financial state- ments, and whether their trading conveys external costs or benefits to other investors. 13 Abnormal short interest increases steadily in the 19 months before the misrepresen- 14 tation is publicly revealed, particularly when the misconduct is severe. Short selling 15 is associated with a faster time-to-discovery, and it dampens the share price inflation 16 that occurs when firms misstate their earnings. These results indicate that short sell- 17 ers anticipate the eventual discovery and severity of financial misconduct. They also convey external benefits, helping to uncover misconduct and keeping prices closer to 18 fundamental values. 19 20 21 22 SHORT SELLING IS A CONTROVERSIAL ACTIVITY. Detractors claim that short sell- 23 ers undermine investors’ confidence in financial markets and decrease market 24 liquidity. For example, a short seller can spread false rumors about a firm 25 in which he has a short position and profit from the resulting decline in the 1 26 stock price. Advocates, in contrast, argue that short selling facilitates market 27 efficiency and the price discovery process. Investors who identify overpriced 28 firms can sell short, thereby incorporating their unfavorable information into 29 market prices. -
Financial Statements of the Budapest Stock Exchange for the Year 2016 Table of Contents
FINANCIAL STATEMENTS OF THE BUDAPEST STOCK EXCHANGE FOR THE YEAR 2016 TABLE OF CONTENTS BALANCE SHEET 3 INCOME STATEMENT 5 NOTES TO THE 2016 FINANCIAL STATEMENTS 6 BUSINESS REPORT 33 Statistical Code 12853812-6611-114-01 Company’s Reg. Num. 01-10-044764 BALANCE SHEET Budapest, 18 April, 2017 Richárd Végh Ildikó Auguszt Chairman-CEO Financial Director 3 | Financial statements of the Budapest Stock Exchange for the year 2016 Statistical Code 12853812-6611-114-01 Company’s Reg. Num. 01-10-044764 Budapest, 18 April, 2017 Richárd Végh Ildikó Auguszt Chairman-CEO Financial Director 4 | Financial statements of the Budapest Stock Exchange for the year 2016 Statistical Code 12853812-6611-114-01 Company’s Reg. Num. 01-10-044764 INCOME STATEMENT Budapest, 18 April, 2017 Richárd Végh Ildikó Auguszt Chairman-CEO Financial Director 5 | Financial statements of the Budapest Stock Exchange for the year 2016 NOTES TO THE 2016 ANNUAL REPORT GENERAL COMPANY INFORMATION Name of Company: Budapesti Értéktőzsde Zártkörűen Működő Részvénytársaság Address of Company: H-1054 Budapest, Szabadság tér 7. Company’s Registration No.: Cg. 01-10-044764 Data of persons authorised to Richárd Végh, Chairman-CEO sign the report on behalf of the Address: H-2010 Budaörs, Kálvária utca 7. Company: Ildikó Auguszt, Financial Director Address: H-1138 Budapest, Róbert Károly krt. 18/C The person charged with the management of bookkeeping tasks and the preparation of the annual report: Ildikó Auguszt (address: H-1138 Budapest, Róbert Károly krt. 18/C, registration No. 120433). Statutory audit is obligatory for the Company. Data of the Auditor KPMG Hungary, Audit, Tax and Advisory Services Limited Liability Company HU-1134 Budapest, Váci út 31. -
NYSE American Options Customer Best Execution (“CUBE”) Mechanism Frequently Asked Questions
NYSE American Options Customer Best Execution (“CUBE”) Mechanism Frequently Asked Questions GENERAL INFORMATION 1. What is CUBE? CUBE is NYSE American Options’ (the “Exchange”) electronic crossing price improvement auction mechanism. CUBE is available for single-leg orders (“Single-Leg CUBE”) and complex orders (“Complex CUBE”) and offers exchange participants (“Participants”) the ability to seek price improvement for paired orders of any size. Additional information can be found in NYSE American Rules 971.1NY for Single-Leg CUBE and Rule 971.2NY for Complex CUBE. 2. What is a CUBE ‘Paired’ order? Paired orders are comprised of an ‘Initiating’ order -- i.e., the CUBE Order -- and a ‘Contra’ order. The orders may be made up of principal or solicited interest and are sent to the Exchange in a single CUBE order message; both the Initiating order and Contra order components are required to constitute a valid CUBE order, which is then evaluated for auction eligibility. Except for AON CUBE, where both Initiating and Contra orders may be canceled in certain circumstances where the AON order contingency is not met (see below), the Contra order guarantees execution of the Initiating order within an allowable execution range. 3. What is AON CUBE? AON CUBE provides All-or-None (“AON”) functionality for CUBE orders with a minimum of 500 contracts for Single-Leg AON CUBE, and with a minimum of 500 contracts on the smallest leg for a Complex AON CUBE. For additional information on AON CUBE, please see the ‘AON CUBE Supplemental Information’ section below. 4. How does the CUBE auction operate? On receipt of a valid CUBE/Contra order pairing, the Exchange broadcasts the auction via a Request for Quote (“RFQ”) message to subscribers of the Exchange’s market data (“XDP”) feeds. -
Asset Securitization
L-Sec Comptroller of the Currency Administrator of National Banks Asset Securitization Comptroller’s Handbook November 1997 L Liquidity and Funds Management Asset Securitization Table of Contents Introduction 1 Background 1 Definition 2 A Brief History 2 Market Evolution 3 Benefits of Securitization 4 Securitization Process 6 Basic Structures of Asset-Backed Securities 6 Parties to the Transaction 7 Structuring the Transaction 12 Segregating the Assets 13 Creating Securitization Vehicles 15 Providing Credit Enhancement 19 Issuing Interests in the Asset Pool 23 The Mechanics of Cash Flow 25 Cash Flow Allocations 25 Risk Management 30 Impact of Securitization on Bank Issuers 30 Process Management 30 Risks and Controls 33 Reputation Risk 34 Strategic Risk 35 Credit Risk 37 Transaction Risk 43 Liquidity Risk 47 Compliance Risk 49 Other Issues 49 Risk-Based Capital 56 Comptroller’s Handbook i Asset Securitization Examination Objectives 61 Examination Procedures 62 Overview 62 Management Oversight 64 Risk Management 68 Management Information Systems 71 Accounting and Risk-Based Capital 73 Functions 77 Originations 77 Servicing 80 Other Roles 83 Overall Conclusions 86 References 89 ii Asset Securitization Introduction Background Asset securitization is helping to shape the future of traditional commercial banking. By using the securities markets to fund portions of the loan portfolio, banks can allocate capital more efficiently, access diverse and cost- effective funding sources, and better manage business risks. But securitization markets offer challenges as well as opportunity. Indeed, the successes of nonbank securitizers are forcing banks to adopt some of their practices. Competition from commercial paper underwriters and captive finance companies has taken a toll on banks’ market share and profitability in the prime credit and consumer loan businesses. -
Membership Application for New York Stock Exchange LLC and NYSE
Membership Application for New York Stock Exchange LLC1 and NYSE American LLC 1 NYSE membership permits the Applicant Firm, upon approval of membership, to participate in the NYSE Bonds platform. TABLE OF CONTENTS Page Application Process and Fees 2-3 Information and Resources 3 Explanation of Terms 4-5 Section 1 – Organizational Profile 6 Section 2 – Applicant Firm Acknowledgement 7 Section 3 – Application Questions 8-9 Section 4 – Floor Based Business 10 Section 5 – Key Personnel 11 Section 6 – Additional Required Documentation and Information 12-14 Section 7 – Designation of Accountant 15 Section 8 – Required Organizational Documents and Language Samples / References 16 NYSE and NYSE American Equities Membership Application - October 2019 1 APPLICATION PROCESS Filing Requirements Prior to submitting the Application for New York Stock Exchange LLC (“NYSE”) and/or NYSE American LLC (“NYSE American”) membership, an Applicant Firm must file a Uniform Application for Broker-Dealer Registration (Form BD) with the Securities and Exchange Commission and register with the FINRA Central Registration Depository (“Web CRD®”). Application Submission Applicant Firm must complete and submit all applicable materials addressed within the application as well as the additional required documentation noted in Section 6 of the application. Application and supplemental materials should be sent electronically to [email protected]. Please ensure all attachments are clearly labeled. NYSE Applicant Firm pays one of the below application fees (one-time fee and non-refundable): Clearing Firm $20,000 (Self-Clearing firm or Clears for other firms) Introducing Firm $ 7,500 (All other firms fall within this category) Non-Public Firm $ 2,500 (On-Floor firms and Proprietary firms) Kindly make check payable to “NYSE Market (DE), Inc.” and submit the check with your initial application. -
“Dividend Policy and Share Price Volatility”
“Dividend policy and share price volatility” Sew Eng Hooi AUTHORS Mohamed Albaity Ahmad Ibn Ibrahimy Sew Eng Hooi, Mohamed Albaity and Ahmad Ibn Ibrahimy (2015). Dividend ARTICLE INFO policy and share price volatility. Investment Management and Financial Innovations, 12(1-1), 226-234 RELEASED ON Tuesday, 07 April 2015 JOURNAL "Investment Management and Financial Innovations" FOUNDER LLC “Consulting Publishing Company “Business Perspectives” NUMBER OF REFERENCES NUMBER OF FIGURES NUMBER OF TABLES 0 0 0 © The author(s) 2021. This publication is an open access article. businessperspectives.org Investment Management and Financial Innovations, Volume 12, Issue 1, 2015 Sew Eng Hooi (Malaysia), Mohamed Albaity (Malaysia), Ahmad Ibn Ibrahimy (Malaysia) Dividend policy and share price volatility Abstract The objective of this study is to examine the relationship between dividend policy and share price volatility in the Malaysian market. A sample of 319 companies from Kuala Lumpur stock exchange were studied to find the relationship between stock price volatility and dividend policy instruments. Dividend yield and dividend payout were found to be negatively related to share price volatility and were statistically significant. Firm size and share price were negatively related. Positive and statistically significant relationships between earning volatility and long term debt to price volatility were identified as hypothesized. However, there was no significant relationship found between growth in assets and price volatility in the Malaysian market. Keywords: dividend policy, share price volatility, dividend yield, dividend payout. JEL Classification: G10, G12, G14. Introduction (Wang and Chang, 2011). However, difference in tax structures (Ho, 2003; Ince and Owers, 2012), growth Dividend policy is always one of the main factors and development (Bulan et al., 2007; Elsady et al., that an investor will focus on when determining 2012), governmental policies (Belke and Polleit, 2006) their investment strategy. -
BROKER‐DEALER MEMBERSHIP APPLICATION The
BROKER‐DEALER MEMBERSHIP APPLICATION The Nasdaq Stock Market (“NQX”), Nasdaq BX (“BX”), Nasdaq PHLX (“PHLX”), Nasdaq ISE (“ISE”), Nasdaq GEMX (“GEMX”), Nasdaq MRX (“MRX”) (Collectively “Nasdaq”) A. Applicant Profile Full legal name of Applicant Organization (must be a registered broker dealer with the Securities and Exchange Commission): Date: CRD No. SEC No. 8‐ Main office address: Type of Main phone: Organization Corporation Partnership LLC Name of individual completing application: Email Address: Phone: Application Type Initial Nasdaq Application Amendment Add Nasdaq affiliated exchange/trading platform Change in business activity Full Membership ‐ Applicant is seeking membership Waive‐In Membership ‐ Applicant must be approved to a Nasdaq affiliated exchange for the first time. Refer to on at least one Nasdaq affiliated exchange or FINRA required supplemental material in Section M NOTE: FINRA members applying to Nasdaq for the first time are eligible to waive‐in on NQX, BX, ISE, GEMX and MRX. Approved members of NQX, BX, PHLX, ISE, GEMX or MRX may be eligible for waive‐in on additional Nasdaq affiliated exchanges. Indicate which Nasdaq SRO(s) Applicant is seeking membership on (check all that apply): The Nasdaq Stock Market Nasdaq BX Nasdaq PHLX ISE Equity Equity Equity GEMX Options Options Options MRX Indicate Nasdaq SRO(s) on which Applicant is an approved member, if applicable: The Nasdaq Stock Market Nasdaq BX Nasdaq PHLX ISE Equity Equity Equity GEMX Options Options Options MRX If Applicant is applying to PHLX, will PHLX be the Designated Examining Authority (“DEA”)? Yes ~ Must provide ALL required supplemental material with this application as outlined in Sections M and N No ~ Provide the SRO assigned as DEA for Applicant Organization ________________________________ Nasdaq Exchange Broker Dealer Membership Application 6/2021 1 | Page B. -
Execution Venues List
Execution Venues List This list should be read in conjunction with the Best Execution policy for Credit Suisse AG (excluding branches and subsidiaries), Credit Suisse (Switzerland) Ltd, Credit Suisse (Luxembourg) S.A, Credit Suisse (Luxembourg) S.A. Zweigniederlassung Österreichand, Neue Aargauer Bank AG published at www.credit-suisse.com/MiFID and https://www.credit-suisse.com/lu/en/private-banking/best-execution.html The Execution Venues1) shown enable the in scope legal entities to obtain on a consistent basis the best possible result for the execution of client orders. Accordingly, where the in scope legal entities may place significant reliance on these Execution Venues. Equity Cash & Exchange Traded Funds Country/Liquidity Pool Execution Venue1) Name MIC Code2) Regulated Markets & 3rd party exchanges Europe Austria Wiener Börse – Official Market WBAH Austria Wiener Börse – Securities Exchange XVIE Austria Wiener Börse XWBO Austria Wiener Börse Dritter Markt WBDM Belgium Euronext Brussels XBRU Belgium Euronext Growth Brussels ALXB Czech Republic Prague Stock Exchange XPRA Cyprus Cyprus Stock Exchange XCYS Denmark NASDAQ Copenhagen XCSE Estonia NASDAQ Tallinn XTAL Finland NASDAQ Helsinki XHEL France EURONEXT Paris XPAR France EURONEXT Growth Paris ALXP Germany Börse Berlin XBER Germany Börse Berlin – Equiduct Trading XEQT Germany Deutsche Börse XFRA Germany Börse Frankfurt Warrants XSCO Germany Börse Hamburg XHAM Germany Börse Düsseldorf XDUS Germany Börse München XMUN Germany Börse Stuttgart XSTU Germany Hannover Stock Exchange XHAN -
Slowing Down High-Speed Trading: Why the SEC Should Allow a New Exchange a Chance to Compete*
Slowing Down High-Speed Trading: Why the SEC Should Allow a New Exchange a Chance to Compete* Julie St. John† I. OVERVIEW ........................................................................................ 207 II. BACKGROUND .................................................................................. 210 A. Issues with High-Speed Trading ...................................... 210 B. How the IEX Delay Technology Combats High- Frequency Trading ............................................................ 211 III. THE CONTROVERSY .......................................................................... 214 A. Regulation National Market System ................................ 214 B. Fairness in the Market ...................................................... 217 IV. WHAT THE SEC SHOULD DO ........................................................... 218 V. CONCLUSION .................................................................................... 220 APPENDIX .................................................................................................. 221 I. OVERVIEW Investors’ Exchange (IEX) is to public stock exchanges what Uber and Lyft are to traditional taxi companies, and what Airbnb is to hotel chains.1 The exchange uses technology called a magic shoebox—thirty- eight miles of fiber-optic cable coiled inside of a box.2 This magic * The SEC made its decision and approved IEX as a public exchange on June 17, 2016. Press Release, U.S. Sec. & Exch. Comm’n, SEC Approves IEX Proposal to Launch Nat’l Exch., Issues Interpretation -
Review of Actions Taken by CAT LLC and Certain Sros
UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION In The Matter of: The Application of SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION, Admin. Proc. File No. _______ For Review of Action Taken by CAT LLC and Certain Self-RegulatorySelf-Regulatory Organizations in Violation of Exchange Act Sections 19(d) and 19(f) CERTIFICATE OF SERVICE I, Jeffrey J. Recher, hereby certify that on April 22, 2020, I caused true and correct copies of the following documents to be delivered to the recipients listed below in the manner indicated: (1) Application for Review of SRO Action That Violates Exchange Act Sections 19(d) and 19(f); (2) Declaration of Lorin L. Reisner In Support of SIFMA’sSIFMA's Application Pursuant To Exchange Act Sections 19(d) and 19(f); (3) Appendix of Exhibits to Declaration of Lorin L. Reisner In Support of SIFMA’sSIFMA's Application Pursuant To Exchange Act Sections 19(d) and 19(f); (4) SIFMA’sSIFMA's Motion to Stay SRO Action Pending Commission Review of SIFMA’sSIFMA's Application Pursuant to Exchange Act Sections 19(d) and 19(f) and Incorporated Memorandum of Law; (5) Certificate of Compliance with Word Limit; and (6) Notice of Appearance on Behalf of SIFMA. By Hand Delivery and Electronic Mail Ms. Vanessa Countryman Secretary Securities and Exchange Commission 100 F Street, N.E. Washington, DC 20549 [email protected] By FedEx and Electronic Mail Consolidated Audit Trail, LLC doc/o Mr. Michael Simon Chair, Operating Committee 1100 New York Ave, NW, Suite 310 Washington, DC 20005-6145 [email protected] By FedEx BOX Exchange, LLC MIAX PEARL, LLC doc/o Mr. -
Ladies of the Ticker
By George Robb During the late 19th century, a growing number of women were finding employ- ment in banking and insurance, but not on Wall Street. Probably no area of Amer- ican finance offered fewer job opportuni- ties to women than stock broking. In her 1863 survey, The Employments of Women, Virginia Penny, who was usually eager to promote new fields of employment for women, noted with approval that there were no women stockbrokers in the United States. Penny argued that “women could not very well conduct the busi- ness without having to mix promiscuously with men on the street, and stop and talk to them in the most public places; and the delicacy of woman would forbid that.” The radical feminist Victoria Woodhull did not let delicacy stand in her way when she and her sister opened a brokerage house near Wall Street in 1870, but she paid a heavy price for her audacity. The scandals which eventually drove Wood- hull out of business and out of the country cast a long shadow over other women’s careers as brokers. Histories of Wall Street rarely mention women brokers at all. They might note Victoria Woodhull’s distinction as the nation’s first female stockbroker, but they don’t discuss the subject again until they reach the 1960s. This neglect is unfortu- nate, as it has left generations of pioneering Wall Street women hidden from history. These extraordinary women struggled to establish themselves professionally and to overcome chauvinistic prejudice that a career in finance was unfeminine. Ladies When Mrs. M.E. -
Frequently Asked Questions About the 20% Rule and Non-Registered Securities Offerings
FREQUENTLY ASKED QUESTIONS ABOUT THE 20% RULE AND NON-REGISTERED SECURITIES OFFERINGS issuance, equals or exceeds 20% of the voting power understanding the 20% Rule outstanding before the issuance of such stock; or (2) the number of shares of common stock to be issued is, or will be upon issuance, equal to or in excess What is the 20% rule? of 20% of the number of shares of common stock The “20% rule,” as it is often referred to, is a corporate outstanding before the transaction. “Voting power governance requirement applicable to companies listed outstanding” refers to the aggregate number of on nasdaq, the nYSe or the nYSe American LLC votes that may be cast by holders of those securities (“nYSe American”) (collectively, the “exchanges”). outstanding that entitle the holders thereof to vote each exchange has specific requirements applicable generally on all matters submitted to the issuer’s to listed companies to receive shareholder approval securityholders for a vote. before they can issue 20% or more of their outstanding common stock or voting power in a “private offering.” However, under nYSe Rule 312.03(c), the situations The exchanges also require shareholder approval in in which shareholder approval will not be required connection with certain other transactions. Generally: include: (1) any public offering for cash, or (2) any issuance involving a “bona fide private financing,1” if • Nasdaq Rule 5635(d) requires shareholder approval such private financing involves a sale of: (a) common for transactions, other than “public offerings,”