MIT401 - Guide to Reference Data Services Issue 16 14 April 2021
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Trading Frictions and Market Structure: an Empirical Analysis
Trading Frictions and Market Structure: An Empirical Analysis Charlie X. Cai, David Hillier, Robert Hudson, and Kevin Keasey1 February 3, 2005 JEL Classi…cation: G12; G14; D23; L22. Keywords: SETS; SEAQ; Trading Friction; Market Structure. 1 The Authors are from the University of Leeds. Address for correspondence: Charlie X. Cai, Leeds University Business School, Maurice Keyworth Building, The University of Leeds, Leeds LS2 9JT, UK., e-mail: [email protected]. All errors are our own. Trading Frictions and Market Structure: An Empirical Analysis Abstract Market structure a¤ects the informational and real frictions faced by traders in equity markets. We present evidence which suggests that while real fric- tions associated with the costs of supplying immediacy are less in order driven systems, informational frictions resulting from increased adverse selection risk are considerably higher in these markets. Firm value, transaction size and order location are all major determinants of the trading costs faced by investors. Consistent with the stealth trading hypothesis of Barclay and Warner (1993), we report that informational frictions are at their highest for small trades which go through the order book. Finally, while there is no doubt that the total costs of trading on order-driven systems are lower for very liquid securities, the inherent informational ine¢ ciencies of the format should be not be ignored. This is particularly true for the vast majority of small to mid-size stocks that experience infrequent trading and low transac- tion volume. JEL Classi…cation: G12; G14; D23; L22. Keywords: SETS; SEAQ; Trading Friction; Market Structure. 1 Introduction Trading frictions in …nancial markets are an important determinant of the liquidity of securities and the intertemporal e¢ ciency of prices. -
Reverse Stock Split Faq
REVERSE STOCK SPLIT FAQ 1 What is a reverse stock split? A reverse stock split involves replacing, by exchange, a certain number of old shares (in the present case, 20) for one new share, without altering the amount of the company's capital. In practice such an operation creates the following mechanical effects: - the number of new shares in circulation on the market is reduced proportionally to the exchange ratio (several old shares are transformed into one new share); - the par value, and as a consequence, the market price, of each new share are raised proportionally to the exchange ratio. What is the goal of this reverse stock split? The reverse stock split forms part of Soitec’s desire to support its renewed profitable growth momentum, having refocused on its core electronics business. Moreover, the reverse stock split may reduce the volatility of the price of Soitec share caused by its current low price level. What is the proposed exchange ratio for this reverse stock split? The exchange ratio is 1 for 20. In other words, one new share with par value of €2.00 will be exchanged for 20 old shares with par value of €0.10. Why was this 1:20 ratio chosen? This exchange ratio has been chosen for the purpose of positioning the new shares in the average of the values of the shares listed on Euronext. When will the reverse stock split be effective? In accordance with the notice published in the Bulletin des Annonces Légales Obligatoires on 23 December 2016, the reverse stock split will take effect on 8 February 2017, i.e. -
The Future of Computer Trading in Financial Markets an International Perspective
The Future of Computer Trading in Financial Markets An International Perspective FINAL PROJECT REPORT This Report should be cited as: Foresight: The Future of Computer Trading in Financial Markets (2012) Final Project Report The Government Office for Science, London The Future of Computer Trading in Financial Markets An International Perspective This Report is intended for: Policy makers, legislators, regulators and a wide range of professionals and researchers whose interest relate to computer trading within financial markets. This Report focuses on computer trading from an international perspective, and is not limited to one particular market. Foreword Well functioning financial markets are vital for everyone. They support businesses and growth across the world. They provide important services for investors, from large pension funds to the smallest investors. And they can even affect the long-term security of entire countries. Financial markets are evolving ever faster through interacting forces such as globalisation, changes in geopolitics, competition, evolving regulation and demographic shifts. However, the development of new technology is arguably driving the fastest changes. Technological developments are undoubtedly fuelling many new products and services, and are contributing to the dynamism of financial markets. In particular, high frequency computer-based trading (HFT) has grown in recent years to represent about 30% of equity trading in the UK and possible over 60% in the USA. HFT has many proponents. Its roll-out is contributing to fundamental shifts in market structures being seen across the world and, in turn, these are significantly affecting the fortunes of many market participants. But the relentless rise of HFT and algorithmic trading (AT) has also attracted considerable controversy and opposition. -
Tony Ramirez, Et Al. V. Marathon Patent Group Inc, Et Al. 18-CV
Case 2:18-cv-06309-FMO-PLA Document 1 Filed 07/20/18 Page 1 of 11 Page ID #:1 Adam C. McCall (SBN 302130) 1 [email protected] 2 LEVI & KORSINSKY, LLP 445 South Figueroa Street, 31st Floor 3 Los Angeles, California 90025 4 Telephone: (213) 985-7290 5 Facsimile: (202) 333-2121 6 Attorneys for Plaintiff 7 [Additional counsel on signature page] 8 9 UNITED STATES DISTRICT COURT 10 11 CENTRAL DISTRICT OF CALIFORNIA 12 TONY RAMIREZ, ) Case No. 18-cv-06309 13 ) Plaintiff, ) CLASS ACTION COMPLAINT FOR 14 vs. ) VIOLATIONS OF FEDERAL 15 ) SECURITIES LAWS MARATHON PATENT GROUP INC., ) 16 DOUG CROXALL, EDWARD KOVALIK, ) JURY TRIAL DEMANDED 17 CHRISTOPHER ROBICHAUD, ) RICHARD TYLER, AND RICHARD ) 18 CHERNICOFF, ) 19 ) Defendants. ) 20 ) 21 22 23 24 25 26 27 28 30 31 32 Case 2:18-cv-06309-FMO-PLA Document 1 Filed 07/20/18 Page 2 of 11 Page ID #:2 1 Plaintiff Tony Ramirez (“Plaintiff”), by his undersigned attorneys, alleges the following 2 on information and belief, except as to those allegations pertaining to its own knowledge and 3 conduct, which is made on personal knowledge: 4 INTRODUCTION 5 1. Plaintiff asserts this action for violating federal securities laws to remedy false 6 and misleading disclosures made by Marathon Patent Group Inc. (“Marathon” or the 7 “Company”) and its Board of Directors (the “Board) in a proxy statement issued in connection 8 with the Company’s 2017 annual meeting of stockholders (the “Annual Meeting”). 9 2. On June 8, 2017, the Company filed a Schedule 14A Proxy Statement (the 10 “Proxy”) with the Securities and Exchange Commission (the “SEC”) for the Annual Meeting. -
Stock Split Quick Tips
Stock Splits Quick tip This “Quick tip” highlights how stock splits affect grants received through your company’s equity awards program. (Please refer to your official plan documents for the specific terms of your awards.) What is a stock split? A stock split is when a company issues additional shares of its stock to current stockholders. With a 2-for-1 stock split, for example, current shareholders receive one additional share for each share they hold as of the record date. When a company splits its stock, it has more shares outstanding. But its market value does not increase, as the price of its stock (after the split) reflects those additional shares. In the case of a 2-for-1 stock split, the stock price after the split would be half the price before the split (not including any normal market fluctuations). Generally, a company will split its stock to make its stock price appear more affordable to individual investors, as the share price after the split will be lower than before the split. How a stock split affects equity awards A stock split does not directly affect the potential value of any equity awards received through your company’s plan. However, both the grant price of a stock option and the number of stock options (or other awards) will be adjusted to reflect the split. This adjustment is made automatically; there is nothing you need to do. Here’s a stock option example, using a 2-for-1 stock split. Here’s a restricted award example, again using a 2-for-1 stock The number of options is adjusted upwards and the grant split. -
Refinitiv Corporate Actions Methodology
REFINITIV EQUITY INDICES Corporate Action Methodology April 2020 Published: April 6, 2020 © 2019 Refinitiv Limited. All Rights Reserved. Refinitiv Limited, by publishing this document, does not guarantee that any information contained herein is or will remain accurate or that use of the information will ensure correct and faultless operation of the relevant service or associated equipment. Neither Refinitiv Limited, nor its agents or employees, shall be held liable to any user or end user for any loss or damage (whether direct or indirect) whatsoever resulting from reliance on the information contained herein. This document may not be reproduced, disclosed, or used in whole or part without the prior written consent of Refinitiv. 1 Sensitivity: Confidential Contents Introduction ......................................................................................................................................... 3 Corporate Actions ............................................................................................................................... 4 1.1 Cash Dividend .......................................................................................................................... 4 1.2 Special Dividend ...................................................................................................................... 5 1.3 Cash Dividend with Stock Alternative ....................................................................................... 5 1.4 Stock Dividend ........................................................................................................................ -
Providing the Regulatory Framework for Fair, Efficient and Dynamic European Securities Markets
ABOUT CEPS Founded in 1983, the Centre for European Policy Studies is an independent policy research institute dedicated to producing sound policy research leading to constructive solutions to the challenges fac- Competition, ing Europe today. Funding is obtained from membership fees, contributions from official institutions (European Commission, other international and multilateral institutions, and national bodies), foun- dation grants, project research, conferences fees and publication sales. GOALS •To achieve high standards of academic excellence and maintain unqualified independence. Fragmentation •To provide a forum for discussion among all stakeholders in the European policy process. •To build collaborative networks of researchers, policy-makers and business across the whole of Europe. •To disseminate our findings and views through a regular flow of publications and public events. ASSETS AND ACHIEVEMENTS • Complete independence to set its own priorities and freedom from any outside influence. and Transparency • Authoritative research by an international staff with a demonstrated capability to analyse policy ques- tions and anticipate trends well before they become topics of general public discussion. • Formation of seven different research networks, comprising some 140 research institutes from throughout Europe and beyond, to complement and consolidate our research expertise and to great- Providing the Regulatory Framework ly extend our reach in a wide range of areas from agricultural and security policy to climate change, justice and home affairs and economic analysis. • An extensive network of external collaborators, including some 35 senior associates with extensive working experience in EU affairs. for Fair, Efficient and Dynamic PROGRAMME STRUCTURE CEPS is a place where creative and authoritative specialists reflect and comment on the problems and European Securities Markets opportunities facing Europe today. -
Creating an Ethical Stock Exchange
SKOLL CENTRE FOR SOCIAL ENTREPRENEURSHIP WORKING PAPER CREATING AN ETHICAL STOCK EXCHANGE JAMIE HARTZELL AUGUST 2007 2 CREATING AN ETHICAL STOCK EXCHANGE JAMIE HARTZELL 3 CONTENTS 5-13 SECTION 1 – WHY IS AN ETHICAL EXCHANGE NECESSARY? 22-26 SECTION 4 – THE STRUCTURE OF AN ETHICAL EXCHANGE 5 THE EXISTING MARKETS 22 THE STAKEHOLDERS EXECUTIVE SUMMARY 6 PRICE SETTING ON THE EXISTING MARKETS 22 THE FUNCTIONS OF THE ETHICAL EXCHANGE 7 UNSUITABILITY OF THE EXISTING MARKETS FOR 22 TRADE AND NEW INVESTMENT EXECUTION ETHICAL BUSINESSES 22 COMPLIANCE WITH THE FINANCIAL SERVICES 8 THE EXTENT OF ETHICAL PUBLIC OFFERINGS (EPOS) AND MARKETS ACT AND THE COMPANIES ACT 10 DEMAND FOR AN ETHICAL EXCHANGE FROM 22 MARKETING SOCIAL ENTERPRISES 23 OWNERSHIP AND CONTROL OF THE EXCHANGE 11 THE BENEFITS OF A WIDE PUBLIC SHAREHOLDER BASE 23 ELIGIBLE INVESTMENTS CREATING A 12 DEMAND FOR AN ETHICAL EXCHANGE FROM INVESTORS 24 PRICING SOCIAL AND ENVIRONMENTAL RETURNS 25 CRITERIA FOR MARKET LISTING 14-17 SECTION 2 – THE EVOLUTION OF AN ETHICAL EXCHANGE 25 FINANCIAL CRITERIA 14 HISTORY OF ETHICAL SHARE TRADING TO DATE 25 SOCIAL AND ENVIRONMENTAL CRITERIA MARKET FOR 15 WHAT WOULD AN ETHICAL EXCHANGE DO? 25 TRANSPARENCY AND THE PROVISION 15 GENERATE LIQUIDITY IN INVESTMENTS IN OF INFORMATION SOCIAL ENTERPRISES 15 BRING NEW ISSUES TO MARKET 27-29 SECTION 5 – PRICING SHARES AND BONDS ETHICAL CAPITAL 15 ATTRACT NEW INVESTORS 27 THE FIVE MODELS 16 SUPPORT SMALLER ENTERPRISES WITH 27 OPTION 1 – FIXED PRICE TRADING START-UP FINANCE 27 OPTION 2 – SET PRICE TRADING 16 CREATE NEW -
Accessing the U.S. Capital Markets
ACCESSING THE U.S. CAPITAL MARKETS SECURITIES PRODUCTS An Introduction to United States Securities Laws This and other volumes of Accessing the U.S. Capital Markets have been prepared by Sidley Austin LLP for informational purposes only, and neither this volume nor any other volume constitutes legal advice. The information contained in this and other volumes is not intended to create, and receipt of this or any other volume does not constitute, a lawyer-client relationship. Readers should not act upon information in this or any other volume without seeking advice from professional advisers. Sidley Austin LLP, a Delaware limited liability partnership which operates at the firm’s offices other than Chicago, London, Hong Kong, Singapore and Sydney, is affiliated with other partnerships, including Sidley Austin LLP, an Illinois limited liability partnership (Chicago); Sidley Austin LLP, a separate Delaware limited liability partnership (London); Sidley Austin LLP, a separate Delaware limited liability partnership (Singapore); Sidley Austin, a New York general partnership (Hong Kong); Sidley Austin, a Delaware general partnership of registered foreign lawyers restricted to practicing foreign law (Sydney); and Sidley Austin Nishikawa Foreign Law Joint Enterprise (Tokyo). The affiliated partnerships are referred to herein collectively as “Sidley Austin LLP,” “Sidley Austin” or “Sidley.” This volume is available electronically at www.accessingsidley.com. If you would like additional printed copies of this volume, please contact one of our lawyers or our Marketing Department at 212-839-5300, e-mail: [email protected]. For further information regarding Sidley Austin, you may access our web site at www.sidley.com Our web site contains address, phone and e-mail information for our offices and attorneys. -
The Analisys Impact of Stock Split and Reverse Stock Split on Stock Return and Volume the Case of Jakarta Stock Exchange
THE ANALISYS IMPACT OF STOCK SPLIT AND REVERSE STOCK SPLIT ON STOCK RETURN AND VOLUME THE CASE OF JAKARTA STOCK EXCHANGE Melinda Savitri and Dwi Martani* The research examines the impact of stock split and reverse stock split on stock return and trading volume on Jakarta Stock Exchange betweens 2001-2005. We analyze abnormal returns and volume during windows period around the split and relate stocks returns to profitability, leverage and volume.. We find that there is a significant abnormal return on the date of split on the fifth day before split. On the reverse stock split, there is a significant abnormal return between third days before to first day after split. The results reveal that reverse stock split have more effect to the stock return than stock split. There is a significant volume difference between the days before and after the stock split or reverse stock split Trading volume and return on asset have significant influence on market adjusted return but debt to equity ratio is not significant. Key word: market return, trading volume, stock split, reverse stock split Field Research: FINANCE For the past five years, there has been numbers of corporate actions affecting stock price that has had happened in Jakarta Stock Exchange (JSX). The conduct of stock split or reverse stock split may merely be cosmetic and is done only when the company wishes to increase or decrease its stock price. But often at times, during days before or after stock split or reverse stock split, there are irregular phenomenon found related to abnormal returns, liquidity, and volatility. -
Report of Organizational Actions Affecting Basis of Securities
Report of Organizational Actions Form 8937 (December 2017) Affecting Basis of Securities OMB No. 1545-0123 Department of the Treasury Internal Revenue Service ~See separate Instructions. Issuer 1 Issuer's name 2 Issuer's employer Identificationnumber (EIN} PIMCO CommoditiesPLUS• Strate Fund 27-2067579 3 Name of contact for addillonal Information 4 Telephone No. of contact 5 Email address of contact Erik Brown 888 877-4626 lmrunds@dsts stems.com 6 Number and street (or P.O. box If mall ls not delivered to street address) of contact 7 City, town, or post office, state, and ZIP code of contact 1633 Broadwa New York NV 10019 8 Date of action 9 Classification and description March 26 2021 Common Stock of a Re ulated Investment Com an 10 CUSIP number 11 Serial number(s) 12 Ticker symbol 13 Account number(s) Various - See attached Various - See attached Or anizational Action Attach additional statements if needed. See back of form for additional questions. 14 Describe the organizational action and, If applicable, the date of the action or the date against which shareholders' ownership is measured for the action~ On March 26, 2021, PIMCO Commodity RealReturn Strategy Fund effected a one-for-two reverse split or all classes or its outstanding common stock. 15 Describe the quantitative effect of the organizational action on the basis of the security In the hands of a U.S. taxpayer as an adjustment per share or as a percentage of old basis~ Under Internal Revenue Code (IRC) Section 305(a), the reverse stock split is a nontaxable transaction. -
Form 8-K Northern Oil and Gas, Inc
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 18, 2020 NORTHERN OIL AND GAS, INC. (Exact name of Registrant as specified in its charter) Delaware 001-33999 95-3848122 (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) 601 Carlson Parkway, Suite 990 Minnetonka, Minnesota 55305 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code (952) 476-9800 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 NOG NYSE American Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).