Seafaring Traders
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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. -
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. -
Seafaring Traders
3 Seafaring Traders MAIN IDEA WHY IT MATTERS NOW TERMS & NAMES ECONOMICS Trading societies Traders spread knowledge of • Minoans • King Minos extended the development of reading and writing, including • Aegean Sea • Phoenicians civilizations beyond the Fertile an ancient form of the alphabet • Knossos Crescent region. that we use today. SETTING THE STAGE Buddhism spread to Southeast Asia and to East Asia mainly through Buddhist traders. In the Mediterranean, the same process took place: traders in the region carried many new ideas from one society to another. They carried new ways of writing, of governing, and of worshiping their gods. Minoans Trade in the Mediterranean A powerful seafaring people, the Minoans (mih•NOH•uhnz) dominated trade in TAKING NOTES the eastern Mediterranean from about 2000 to 1400 B.C. They lived on Crete, a Use the graphic organizer large island on the southern edge of the Aegean Sea (ee•JEE•uhn). The Minoans online to take notes on produced some of the finest painted pottery of the time. They traded that pottery, the accomplishments of the Minoans and along with swords, figurines, and vessels of precious metals, over a large area. Phoenicians. Along with their goods, Minoans also exported their art and culture. These included a unique architecture, burial customs, and religious rituals. Minoan culture had a major influence on Greece, for example. Trading turned Crete into a “stepping stone” for cultural exchange throughout the Mediterranean world. Archaeologists in the Unearthing a Brilliant Civilization G R E A late 19th and early 20th centuries excavated Knossos, the e ANATOLIA E g C e a E n Minoan capital city. -
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. -
Classical Greece and the Hellenistic World
P a g e | 1 CLASSICAL GREECE AND THE HELLENISTIC WORLD Text prepared by Erdal Yavuz Ancient Greece as “the Ancestor”! "Yet this entire body of peoples(of the East) In the Greek city states by 5th century B.C. and in Rome by remains excluded from our conside 2nd century B.C. slavery became a dominant form. It was the ration, because hitherto it has not high number of slaves used in all production that permitted a appeared as an independent element in the "freedom" and "democracy" to a non-laboring population. series of phases that Reason has assumed However these systems couldn't reproduce themselves due to in the world" the lack of incentive for productivity and invention which also Hegel, The Philosophy of History. caused their rapid disintegration and evolution to other systems. Most historical observations as well as Classical Greece and the Hellenistic World: contemporary approaches revolve around the structural A Brief Survey as well as cultural and ideological differences between east “Classical Greece” till now is considered as a and west. Even today the prediction on a certain “clash of cultural ancestor of “the” Western Civilization. It is a civilizations” is somehow based on this long-lasting tradition continued by the Roman culture, Islamic approach to “the other”. science and philosophy, “rediscovered” by the From the start of history “the East” was the Renaissance and so forth. Greek culture itself was based advanced region with prosperous cities, developed on the heritage of Minoa, Mycenae as well as Egypt and economy within relatively centralized states. On the other the other Middle Eastern civilizations. -
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. -
ANCIENT TERRACOTTAS from SOUTH ITALY and SICILY in the J
ANCIENT TERRACOTTAS FROM SOUTH ITALY AND SICILY in the j. paul getty museum The free, online edition of this catalogue, available at http://www.getty.edu/publications/terracottas, includes zoomable high-resolution photography and a select number of 360° rotations; the ability to filter the catalogue by location, typology, and date; and an interactive map drawn from the Ancient World Mapping Center and linked to the Getty’s Thesaurus of Geographic Names and Pleiades. Also available are free PDF, EPUB, and MOBI downloads of the book; CSV and JSON downloads of the object data from the catalogue and the accompanying Guide to the Collection; and JPG and PPT downloads of the main catalogue images. © 2016 J. Paul Getty Trust This work is licensed under the Creative Commons Attribution 4.0 International License. To view a copy of this license, visit http://creativecommons.org/licenses/by/4.0/ or send a letter to Creative Commons, PO Box 1866, Mountain View, CA 94042. First edition, 2016 Last updated, December 19, 2017 https://www.github.com/gettypubs/terracottas Published by the J. Paul Getty Museum, Los Angeles Getty Publications 1200 Getty Center Drive, Suite 500 Los Angeles, California 90049-1682 www.getty.edu/publications Ruth Evans Lane, Benedicte Gilman, and Marina Belozerskaya, Project Editors Robin H. Ray and Mary Christian, Copy Editors Antony Shugaar, Translator Elizabeth Chapin Kahn, Production Stephanie Grimes, Digital Researcher Eric Gardner, Designer & Developer Greg Albers, Project Manager Distributed in the United States and Canada by the University of Chicago Press Distributed outside the United States and Canada by Yale University Press, London Printed in the United States of America Library of Congress Cataloging-in-Publication Data Names: J. -
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. -
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