Traders' Guide 2016
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Molnár Melina – a Tőzsde És Ami Mögötte
A Tőzsde és ami mögötte van Molnár Melina Budapesti Értéktőzsde Zrt. Budapesti Corvinus Egyetem, 2015. szeptember 30. Gondolatmenet A tőkepiac A tőzsdék szerepe a gazdaságban A tőkepiac szereplői Mi mozgatja az árakat, és mi a befektetőket? Hozam vs. kockázat 623 milliárd USD (1.) GDP: 134 milliárd USD 16 milliárd USD 73 milliárd USD (3.) 421 milliárd USD (2.) 24 milliárd USD (29.) Mi a tőzsde, és miért alakult ki? 4 | Pénzügyi piacok PÉNZÜGYI KÖZVETÍTŐK MEGTAKARÍTÓK FORRÁSIGÉNYLŐK • Háztartások • Háztartások • Állam • Állam • Vállalatok • Vállalatok Vállalatok növekedési forrásai BELSŐ KÜLSŐ FORRÁSOK FORRÁSOK Stratégiai Nyereség Bankhitel befektető Tulajdonosi tőke Támogatás TŐKEPIAC 6 | Pénzügyi piacok PÉNZÜGYI KÖZVETÍTŐK MEGTAKARÍTÓK FORRÁSIGÉNYLŐK • Háztartások • Háztartások • Állam • Állam • Vállalatok • Vállalatok Pénzügyi piacok PÉNZÜGYI KÖZVETÍTŐK MEGTAKARÍTÓK FORRÁSIGÉNYLŐK • Háztartások • Háztartások • Állam • Állam • Vállalatok • Vállalatok Mi a tőzsde és miért alakult ki? . Nagy földrajzi felfedezések . Első részvénytársaságok Finanszírozás és Kockázatmegosztás 1553 – Oroszország Társ., 1600 – Kelet-Indiai Társ.,1602 – Holland Kelet-Indiai Társaság, Amszterdami Tőzsde . Tőzsdék megalakulása 1566 – London 1602 – Amszterdam 1817 – New York 1864 – Budapesti Áru és Értéktőzsde A tőkepiac felépítése A Másodlagos Elsődleges piac piac VÁLLALAT TŐZSDE OTC Részvények Kötvények Csak Új értékpapír adásvétel Erős gazdaság VS virágzó tőkepiac Source: World Bank , 2012 11 | Erős gazdaság VS virágzó tőkepiac Source: World Bank -
Reporting on the Reasons for the Acquisition of Own Shares1
REPORTING ON THE REASONS FOR THE ACQUISITION OF OWN SHARES Review Article Economics of Agriculture 3/2014 UDC: 347.728.2 REPORTING ON THE REASONS FOR THE ACQUISITION OF OWN SHARES1 Vladan Pavlović2, Janko Cvijanović3, Srećko Milačić4 Summary Mere knowledge that the company has acquired own shares is not always of great importance. Information on the acquisition of own shares from dissenting shareholders or the squeeze-out of minority shareholders is not of great importance to the users of financial statements. In the first case, it is far more significant to disclose the significant event that allowed dissenting shareholders to resign from the company. However, the purchase of own shares due to certain reasons, such as the purchase of own shares at a premium in order to influence the market value of shares, the repurchase focused on preventing greater harm to the company, which is especially true at a time of financial crisis, or the repurchase of own shares as a means of disbursing shareholders, is of great importance to the users of financial statements. Therefore, modern legislation in developed countries obliges companies to disclose a range of information regarding own shares, including the reasons for the acquisition. The above is also proscribed by the relevant EU directives and national legislation. The paper points out that the legal norms governing the obligation of reporting on own shares in Serbia are not harmonized and that most public companies in Serbia, despite the legal obligation, do not disclose the reasons for the acquisition of own shares. Key words: own shares, reporting, management report, notes to financial statements JEL: M41, G32, K22 1 This paper is a part of the results of the research on Project 179001 supported by the Ministry of Education and Science of the Republic of Serbia. -
Global Exchange Indices
Global Exchange Indices Country Exchange Index Argentina Buenos MERVAL, BURCAP Aires Stock Exchange Australia Australian S&P/ASX All Ordinaries, S&P/ASX Small Ordinaries, Stock S&P/ASX Small Resources, S&P/ASX Small Exchange Industriials, S&P/ASX 20, S&P/ASX 50, S&P/ASX MIDCAP 50, S&P/ASX MIDCAP 50 Resources, S&P/ASX MIDCAP 50 Industrials, S&P/ASX All Australian 50, S&P/ASX 100, S&P/ASX 100 Resources, S&P/ASX 100 Industrials, S&P/ASX 200, S&P/ASX All Australian 200, S&P/ASX 200 Industrials, S&P/ASX 200 Resources, S&P/ASX 300, S&P/ASX 300 Industrials, S&P/ASX 300 Resources Austria Vienna Stock ATX, ATX Five, ATX Prime, Austrian Traded Index, CECE Exchange Overall Index, CECExt Index, Chinese Traded Index, Czech Traded Index, Hungarian Traded Index, Immobilien ATX, New Europe Blue Chip Index, Polish Traded Index, Romanian Traded Index, Russian Depository Extended Index, Russian Depository Index, Russian Traded Index, SE Europe Traded Index, Serbian Traded Index, Vienna Dynamic Index, Weiner Boerse Index Belgium Euronext Belgium All Share, Belgium BEL20, Belgium Brussels Continuous, Belgium Mid Cap, Belgium Small Cap Brazil Sao Paulo IBOVESPA Stock Exchange Canada Toronto S&P/TSX Capped Equity Index, S&P/TSX Completion Stock Index, S&P/TSX Composite Index, S&P/TSX Equity 60 Exchange Index S&P/TSX 60 Index, S&P/TSX Equity Completion Index, S&P/TSX Equity SmallCap Index, S&P/TSX Global Gold Index, S&P/TSX Global Mining Index, S&P/TSX Income Trust Index, S&P/TSX Preferred Share Index, S&P/TSX SmallCap Index, S&P/TSX Composite GICS Sector Indexes -
Impact on Financial Markets of Dark Pools, Large Investor, and HFT
Impact on Financial Markets of Dark Pools, Large Investor, and HFT Shin Nishioka1, Kiyoshi Izumi1, Wataru Matsumoto2, Takashi Shimada1, Hiroki Sakaji1, and Hiroyasu Matushima1 1 Graduate School of Engineering, The University of Tokyo, 7-3-1 Hongo, Bunkyo, Tokyo, Japan 2 Nomura Securities Co., Ltd.? [email protected] Abstract. In this research, we expanded an artificial market model in- cluding the lit market, the dark pools, the large investor, and the market maker (HFT). Using the model, we investigated their influences on the market efficiency and liquidity. We found that dark pools may improve the market efficiency if their usage rate were under some threshold. Es- pecially, It is desirable that the main users of the dark pool are large investors. A certain kind of HFT such as the market making strategy may provide the market liquidity if their usage rate were under some threshold. Keywords: Artificial Market · Dark pool · Large investor. 1 Introduction Dark pools, private financial forums for trading securities, are becoming widely used in finance especially by institutional investors [15]. Dark pools allow in- vestors to trade without showing their orders to anyone else. One of the main advantages of dark pools is their function to significantly reduce the market impact of large orders. Large investors have to constantly struggle with the problem that the market price moves adversely when they buy or sell large blocks of securities. Such market impacts are considered as trading costs for large investors. Hiding the information of large orders in dark pools may decrease market impacts. Moreover, from the viewpoint of a whole market, dark pools may stabilize financial markets by reducing market impacts[7]. -
Investor Book (PDF)
INVESTOR BOOK EDITION OCTOBER 2016 Table of Contents Program 3 Venture Capital 10 Growth 94 Buyout 116 Debt 119 10 -11 November 2016 Old Billingsgate PROGRAM Strategic Partners Premium Partners MAIN STAGE - Day 1 10 November 2016 SESSION TITLE COMPANY TIME SPEAKER POSITION COMPANY Breakfast 08:00 - 10:00 CP 9:00 - 9:15 Dr. Klaus Hommels Founder & CEO Lakestar CP 9:15 - 9:30 Fabrice Grinda Co-Founder FJ Labs 9:35 - 9:50 Dr. Klaus Hommels Founder & CEO Lakestar Fabrice Grinda Co-Founder FJ Labs Panel Marco Rodzynek Founder & CEO NOAH Advisors 9:50 - 10:00 Chris Öhlund Group CEO Verivox 10:00 - 10:10 Hervé Hatt CEO Meilleurtaux CP Lead 10:10 - 10:20 Martin Coriat CEO Confused.com Generation 10:20 - 10:30 Andy Hancock Managing Director MoneySavingExpert K 10:30 - 10:45 Carsten Kengeter CEO Deutsche Börse Group 10:45 - 10:55 Carsten Kengeter CEO Deutsche Börse Group FC Marco Rodzynek Founder & CEO NOAH Advisors CP 10:55 - 11:10 Nick Williams Head of EMEA Global Market Solutions Credit Suisse 11:10 - 11:20 Talent 3.0: Science meets Arts CP Karim Jalbout Head of the European Digital Practice Egon Zehnder K 11:20 - 11:50 Surprise Guest of Honour 11:50 - 12:10 Yaron Valler General Partner Target Global Mike Lobanov General Partner Target Global Alexander Frolov General Partner Target Global Panel Shmuel Chafets General Partner Target Global Marco Rodzynek Founder & CEO NOAH Advisors 12:10 - 12:20 Mirko Caspar Managing Director Mister Spex 12:20 - 12:30 Philip Rooke CEO Spreadshirt CP 12:30 - 12:40 Dr. -
Organized Equity Markets in Germany Erik Theissen
No. 2003/17 Organized Equity Markets in Germany Erik Theissen Center for Financial Studies an der Johann Wolfgang Goethe-Universität C Taunusanlage 6 C D-60329 Frankfurt am Main Tel: (+49)069/242941-0 C Fax: (+49)069/242941-77 C E-Mail: [email protected] C Internet: http://www.ifk-cfs.de CFS Working Paper No. 2003/17 Organized Equity Markets in Germany Erik Theissen* March 2003 Abstract: The German financial system is the archetype of a bank-dominated system. This implies that organized equity markets are, in some sense, underdeveloped. The purpose of this paper is, first, to describe the German equity markets and, second, to analyze whether it is underdevel- oped in any meaningful sense. In the descriptive part we provide a detailed account of the microstructure of the German equity markets, putting special emphasis on recent develop- ments. When comparing the German market with its peers, we find that it is indeed underdeveloped with respect to market capitalization. In terms of liquidity, on the other hand, the German equity market is not generally underdeveloped. It does, however, lack a liquid market for block trading. JEL Classification: G 51 Keywords: Market size, liquidity, floor versus screen trading * Prof. Dr. Erik Theissen, Universität Bonn, BWL 1, Adenauerallee 24-42, 53113 Bonn, Germany Email: [email protected]. Forthcoming in: The German Financial System by Jan P. Krahnen and Reinhard H. Schmidt, Oxford University Press, August 2003 Organized Equity Markets Erik Theissen, University of Bonn March 2003 I. Introduction ........................................................................................................................ 2 II. The German Equity Market................................................................................................ 2 III. The (micro)structure of the German equity markets......................................................... -
Are Retail Investors Less Aggressive on Small Price Stocks?
Are retail investors less aggressive on small price stocks? Carole M´etais∗ Tristan Rogery January 13, 2021 Abstract In this paper, we investigate whether number processing impacts the limit orders of retail investors. Building on existing literature in neuropsychology that shows that individuals do not process small numbers and large numbers in the same way, we study the influence of nominal stock price level on order aggressiveness. Using a unique database that allows us to identify order and trade records issued by retail investors on Euronext Paris, we show that retail investors, when posting non-marketable orders, are less aggressive on small price stocks than on large price stocks. This difference in order aggressiveness is not explained by differences in liquidity and other usual drivers of order aggressiveness. We provide additional evidence by showing that no such difference exists for limit orders of high frequency traders (HFTs) over the same period and the same sample of stocks. This finding confirms that our results are driven by a behavioral bias and not by differential market dynamics between small price stocks and large price stocks. ∗LaRGE Research Center, University of Strasbourg { Mailing address: 61 Avenue de la For^etNoire, 67000 Strasbourg FRANCE { Email: [email protected]. I acknowledge support from the French State through the National Agency for Research under the program Investissements d'Avenir ANR-11-EQPX- 006. yDRM Finance, Universit´eParis-Dauphine, PSL Research University { Mailing address: Place du Mar´echal de Lattre de Tassigny, 75775 Paris Cedex 16 FRANCE { Email: [email protected] 1 1 Introduction While conventional finance theory posits that nominal stock prices are irrelevant for firm valuation, a number of papers provide empirical evidence that nominal prices do impact investor behavior. -
A Pecking Order of Trading Venues
Journal of Financial Economics 124 (2017) 503–534 Contents lists available at ScienceDirect Journal of Financial Economics journal homepage: www.elsevier.com/locate/jfec R Shades of darkness: A pecking order of trading venues ∗ Albert J. Menkveld a, Bart Zhou Yueshen b, Haoxiang Zhu c, a Vrije Universiteit Amsterdam and Tinbergen Institute, De Boelelaan 1105, Amsterdam 1081 HV, Netherlands b INSEAD, Boulevard de Constance, 77300 Fontainebleau, France c MIT Sloan School of Management and NBER, 100 Main Street E62-623, Cambridge, MA 02142, USA a r t i c l e i n f o a b s t r a c t Article history: We characterize the dynamic fragmentation of U.S. equity markets using a unique data Received 16 September 2015 set that disaggregates dark transactions by venue types. The “pecking order” hypothesis Revised 13 June 2016 of trading venues states that investors “sort” various venue types, putting low-cost-low- Accepted 22 June 2016 immediacy venues on top and high-cost-high-immediacy venues at the bottom. Hence, Available online 8 March 2017 midpoint dark pools on top, non-midpoint dark pools in the middle, and lit markets at the JEL classification: bottom. As predicted, following VIX shocks, macroeconomic news, and firms’ earnings sur- G12 prises, changes in venue market shares become progressively more positive (or less nega- G14 tive) down the pecking order. We further document heterogeneity across dark venue types G18 and stock size groups. D47 Published by Elsevier B.V. Keywords: Dark pool Pecking order Fragmentation 1. Introduction R For helpful comments and suggestions, we thank Bill Schwert (ed- A salient trend in global equity markets over the last itor), an anonymous referee, Mark van Achter, Jim Angel, Matthijs decade is the rapid expansion of off-exchange, or “dark” Breugem, Adrian Buss, Sabrina Buti, Hui Chen, Jean-Edourd Colliard, Ca- role Comerton-Forde, John Core, Bernard Dumas, Thierry Foucault, Frank trading venues. -
Alpha ELT Listing
Lienholder Name Lienholder Address City State Zip ELT ID 1ST ADVANTAGE FCU PO BX 2116 NEWPORT NEWS VA 23609 CFW 1ST COMMAND BK PO BX 901041 FORT WORTH TX 76101 FXQ 1ST FNCL BK USA 47 SHERMAN HILL RD WOODBURY CT 06798 GVY 1ST LIBERTY FCU PO BX 5002 GREAT FALLS MT 59403 ESY 1ST NORTHERN CA CU 1111 PINE ST MARTINEZ CA 94553 EUZ 1ST NORTHERN CR U 230 W MONROE ST STE 2850 CHICAGO IL 60606 GVK 1ST RESOURCE CU 47 W OXMOOR RD BIRMINGHAM AL 35209 DYW 1ST SECURITY BK WA PO BX 97000 LYNNWOOD WA 98046 FTK 1ST UNITED SVCS CU 5901 GIBRALTAR DR PLEASANTON CA 94588 W95 1ST VALLEY CU 401 W SECOND ST SN BERNRDNO CA 92401 K31 360 EQUIP FIN LLC 300 BEARDSLEY LN STE D201 AUSTIN TX 78746 DJH 360 FCU PO BX 273 WINDSOR LOCKS CT 06096 DBG 4FRONT CU PO BX 795 TRAVERSE CITY MI 49685 FBU 777 EQUIPMENT FIN LLC 600 BRICKELL AVE FL 19 MIAMI FL 33131 FYD A C AUTOPAY PO BX 40409 DENVER CO 80204 CWX A L FNCL CORP PO BX 11907 SANTA ANA CA 92711 J68 A L FNCL CORP PO BX 51466 ONTARIO CA 91761 J90 A L FNCL CORP PO BX 255128 SACRAMENTO CA 95865 J93 A L FNCL CORP PO BX 28248 FRESNO CA 93729 J95 A PLUS FCU PO BX 14867 AUSTIN TX 78761 AYV A PLUS LOANS 500 3RD ST W SACRAMENTO CA 95605 GCC A/M FNCL PO BX 1474 CLOVIS CA 93613 A94 AAA FCU PO BX 3788 SOUTH BEND IN 46619 CSM AAC CU 177 WILSON AVE NW GRAND RAPIDS MI 49534 GET AAFCU PO BX 619001 MD2100 DFW AIRPORT TX 75261 A90 ABLE INC 503 COLORADO ST AUSTIN TX 78701 CVD ABNB FCU 830 GREENBRIER CIR CHESAPEAKE VA 23320 CXE ABOUND FCU PO BX 900 RADCLIFF KY 40159 GKB ACADEMY BANK NA PO BX 26458 KANSAS CITY MO 64196 ATF ACCENTRA CU 400 4TH -
Press Release Paris – June 21St, 2021
Press Release Paris – June 21st, 2021 Europcar Mobility Group rejoins Euronext SBF 120 index Europcar Mobility Group, a major player in mobility markets, is pleased to announce that it has re-entered into the SBF 120 and CAC Mid 60 indices, in accordance with the decision taken by the Euronext Index Steering Committee. This re-entry, which took place after market close on Friday 18 June 2021, is effective from Monday 21 June 2021. The SBF 120 is one of the flagship indices of the Paris Stock Exchange. It includes the first 120 stocks listed on Euronext Paris in terms of liquidity and market capitalization. The CAC Mid 60 index includes 60 companies of national and European importance. It represents the 60 largest French equities beyond the CAC 40 and the CAC Next 20. It includes the 60 most liquid stocks listed in Paris among the 200 first French capitalizations. This total of 120 companies compose the SBF 120. Caroline Parot, CEO of Europcar Mobility Group, said: “Europcar Mobility Group welcomes the re-integration of the SBF 120 and CAC Mid 60. This follows the successful closing of the Group’s financial restructuring during Q1 2021, which allowed the Group to open a new chapter in its history. Europcar Mobility Group re-entry into the SBF 120 and CAC Mid 60 is an important step for our Group and recognizes the fact that we are clearly "back in the game”, in a good position to take full advantage of the progressive recovery of the Travel and Leisure market. In that perspective, our teams are fully mobilized for summer of 2021, in order to meet the demand and expectations of customers who are more than ever eager to travel”. -
Presentation
IMPORTANCE OF CAPITAL MARKETS RICHÁRD VÉGH CEO and Chairman of Budapest Stock Exchange IOSCO ANNUAL CONFERENCE Budapest, May 10, 2018 SUCCESSFUL AND DEVELOPED COUNTRIES HAVE STRONG CAPITAL MARKET 70 CH NOR 60 Reduces the cost of long-term funding. USD) AUT 50 DK FIN SWE Cost-effective way 40 ISR UK of transferring capital thousand KOR between industries. 30 HUN POL Supports 20 CHN innovation. IDN 10 GDP/CAPITA ( GDP/CAPITA A more stable and IND resilient monetary 0 0% 50% 100% 150% 200% 250% system. MARKET CAPITALIZATION/GDP Source: OECD (2016), World Bank (2016) 2 STRONG AND IMPROVING ECONOMY 1 YEAR CDS CURVE PERFORMANCE OF INDICES BUMIX 200 300% +203% BUX 260% CETOP BUX 150 BUMIX +133% 220% DJ STOXX 600 100 DAX 180% 140% 50 100% 0 60% 2013 2018 2015 2018 DEBT TO GDP (%) GDP GROWTH (%) CPI (%) UNEMPLOYMENT RATE (%) 76,6 76,7 76,0 4,3 6,2 73,6 4,0 4,1 4,0 2,9 3,0 2,5 5,1 3,2 2,4 4,2 MAIN MAIN 3,6 2,2 3,1 2,8 INDICATORS 0,9 0,5 14 15 16 17 15 16 17 18* 19* 20* 15 16 17 18* 19* 20* 15 16 17 18* 19* 20* 3 *Forecast Source: Bloomberg, MNB, AKK, MND STRONG GROWTH IN HOUSEHOLD WEALTH – BUT CONSERVATIVE SAVING STRUCTURE Institutional side Retail side ASSETS IN HUNGARIAN MUTUAL BREAKDOWN OF HUNGARIAN FUNDS 2018 Q1 HOUSEHOLD’S WEALTH (billion HUF) Other investment 18% (4% domestic, Shares in Stock Exchanges 14% foreign) 1,6% 48 000 Property Bank deposit 45 000 42 000 Stock T-bill 9266 39 000 billion HUF 36 000 Corp. -
Financial Market Data for R/Rmetrics
Financial Market Data for R/Rmetrics Diethelm Würtz Andrew Ellis Yohan Chalabi Rmetrics Association & Finance Online R/Rmetrics eBook Series R/Rmetrics eBooks is a series of electronic books and user guides aimed at students and practitioner who use R/Rmetrics to analyze financial markets. A Discussion of Time Series Objects for R in Finance (2009) Diethelm Würtz, Yohan Chalabi, Andrew Ellis R/Rmetrics Meielisalp 2009 Proceedings of the Meielisalp Workshop 2011 Editor Diethelm Würtz Basic R for Finance (2010), Diethelm Würtz, Yohan Chalabi, Longhow Lam, Andrew Ellis Chronological Objects with Rmetrics (2010), Diethelm Würtz, Yohan Chalabi, Andrew Ellis Portfolio Optimization with R/Rmetrics (2010), Diethelm Würtz, William Chen, Yohan Chalabi, Andrew Ellis Financial Market Data for R/Rmetrics (2010) Diethelm W?rtz, Andrew Ellis, Yohan Chalabi Indian Financial Market Data for R/Rmetrics (2010) Diethelm Würtz, Mahendra Mehta, Andrew Ellis, Yohan Chalabi Asian Option Pricing with R/Rmetrics (2010) Diethelm Würtz R/Rmetrics Singapore 2010 Proceedings of the Singapore Workshop 2010 Editors Diethelm Würtz, Mahendra Mehta, David Scott, Juri Hinz R/Rmetrics Meielisalp 2011 Proceedings of the Meielisalp Summer School and Workshop 2011 Editor Diethelm Würtz III tinn-R Editor (2010) José Cláudio Faria, Philippe Grosjean, Enio Galinkin Jelihovschi and Ri- cardo Pietrobon R/Rmetrics Meielisalp 2011 Proceedings of the Meielisalp Summer Scholl and Workshop 2011 Editor Diethelm Würtz R/Rmetrics Meielisalp 2012 Proceedings of the Meielisalp Summer Scholl and Workshop 2012 Editor Diethelm Würtz Topics in Empirical Finance with R and Rmetrics (2013), Patrick Hénaff FINANCIAL MARKET DATA FOR R/RMETRICS DIETHELM WÜRTZ ANDREW ELLIS YOHAN CHALABI RMETRICS ASSOCIATION &FINANCE ONLINE Series Editors: Prof.