Dark Pool Trends: 2008 in Review A Year of Growth and Transformation. January 29, Joe Gawronski Justin Schack Rosenblatt Securities Inc.
|
|
|
- Martha Booth
- 6 years ago
- Views:
Transcription
1 Dark Pool Trends: 2008 in Review A Year of Growth and Transformation January 29, 2009 Joe Gawronski Justin Schack Rosenblatt Securities Inc.
2 2 The Top 8 of 08: Trends That Shaped the Dark-Pool Landscape 1. Impressive Volume Growth Driven by new venues, internalization and buy-side demand 2. No Consolidation of Pools Despite pundit predictions ECN comparison flawed 3. IOIs and Other Linkages Exploded Not inherently evil, but can degrade execution quality and thus require disclosure, monitoring and opt-out 4. Dark and Light Joined Forces Exchange routing/solicitation to and from dark pools 5. Algo-Friendly Pools Dominated Fundamentally transformed space 6. Block Venues Court Algo Flow Response to losing market share to fast, cheap, small-size pools run by brokers and market-makers 8. Algo-Friendly Pools Pursued Blocks Addressing buy-side frustration over declining average trade size in nondisplayed venues Likely to accelerate in Dark Pools Invaded Europe Capitalizing on MiFID rules that open incumbent exchanges to competition for first time
3 3 Impressive Volume Growth in % 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Dark Pools as % of Consolidated Volume
4 4 Why Consolidation of Dark Pools Didn t Occur, and Likely Won t Flawed Comparison With ECNs in late 1990s/early 2000s Category dominated by broker internalization pools that have no incentive to combine Independent pools charge relatively high commissions and not subject to margin pressure that drove ECN consolidation A few weak pools may go out of business or sell, but we won t see ECN-like winnowing through M&A
5 5 Use of IOIs and Other Linkages Exploded, in Part to Address Fragmentation IOIs and IOCs Outbound IOIs solicit flow into dark pools Inbound IOIs alert pools to external matches IOCs used to respond to inbound IOIs Dark Pool Aggregators Problems: latency, adverse selection, restriction from juiciest flow Linkages and Reciprocal Algo Access Goldman-Morgan Stanley-UBS Credit Suisse-Instinet
6 6 Dark and Light Markets Joined Forces NYSE Arca, Nasdaq and BATS dark routing/solicitation programs Follows on success of Direct Edge ELP program Helps dark pools broaden reach to increase match rates Allows exchanges to cut costs Routing unmatched orders to other exchanges/ecns = 30 mil fee Routing unmatched orders to certain dark pools = free/de minimis charge
7 7 Broker/Market-Maker and Exchange Pools Gained Market Share at the Expense of Independent/Agency Pools 1000 Average Daily Volume, Millions of Shares JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Broker/Market-Maker Exchange Independent/Agency Consortium
8 8 Dark Pools: 2008 in Review Change in Share of Dark Pool Volume by Category Consortium 7% Consortium 8% August Independent/ Agency 24% Independent/ Agency 14% Consortium 8% Broker/ MarketMaker 58% Exchange 10% Exchange 15% Independent/ Agency 18% Exchange 11% April Broker/ Market-Maker 64% Broker/MarketMaker 63% December
9 9 Growth of Individual Pools: Algo-Friendly Venues Dominate
10 10 Convergence of Block Crossing and Algo-Friendly Approaches: A 2008 Trend That Will Be Even Bigger in 2009 Block Pools Courting Algo Flow Response to stagnating block volumes/losing share to algo-friendly pools Liquidnet H2O/Supernatural Pipeline Algorithm Switching Engine Algo-Friendly Pools Courting Blocks Response to buy-side frustration with declining size in dark pools Goldman point-in-time cross, Block Signal product LeveL block order type planned; Instinet block pool forthcoming New York Block Exchange Joint venture of BIDS and NYSE Euronext launched 1/29/09 Integrates block orders with public and reserve books on NYSE
11 11 Convergence in Action: As Dark Pool Landscape Transformed, Volatility Had Less Effect on Volumes, But Extreme Levels Still A Drag JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 10.00% 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% Dark Pools as % of Consolidated Volume VIX Average Close
12 12 Dark Pools Invaded Europe EU s MiFID opens incumbent exchanges to competition Some pools in Europe for many years Liquidnet, Posit Wave of 2008/pending 2009 launches to capitalize on MiFID NYFIX Euro Millennium Knight Link ICAP BlockCross Incumbents and challengers alike recognize power of light-dark integration Turquoise NYSE Euronext SmartPool
European Equity Markets Loss of trading since the Lehman bankruptcy
FESE Convention Session I - Global challenges for regulators 2 nd December 2009 Judith Hardt Secretary General Federation of European Securities Exchanges European Equity Markets Loss of trading since
Fragmentation in Financial Markets: The Rise of Dark Liquidity
Fragmentation in Financial Markets: The Rise of Dark Liquidity Sabrina Buti Global Risk Institute April 7 th 2016 Where do U.S. stocks trade? Market shares in Nasdaq-listed securities Market shares in
XML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
Algo Trading System RTM
Year Return 2016 15,17% 2015 29,57% 2014 18,57% 2013 15,64% 2012 13,97% 2011 55,41% 2010 50,98% 2009 48,29% Algo Trading System RTM 89000 79000 69000 59000 49000 39000 29000 19000 9000 2-Jan-09 2-Jan-10
The prospects for capital markets in Southeast Europe organised by Bulgarian Stock Exchange Towards Efficient Global Markets Sofia, 16 September 2008
The prospects for capital markets in Southeast Europe organised by Bulgarian Stock Exchange Towards Efficient Global Markets Sofia, 16 September 2008 Judith Hardt Secretary General Federation of European
Spheria Australian Smaller Companies Fund
29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771
Hong Kong Market Report
Hong Kong Market Report Asia Securities Forum Jeffrey Chan Hong Kong Securities Association ECONOMIC PERFORMANCE 2 Key Economic Indicators 2011 2012 Q2 GDP (yoy, %) 4.9 1.5 2.9 1.8 CPI (yoy, %) 5.3 4.1
Knight Capital Group Analyst & Investor Meeting. November 2, 2006
Knight Capital Group Analyst & Investor Meeting November 2, 2006 Welcome Margaret E. Wyrwas Safe Harbor & Regulation G Safe Harbor Certain statements contained in this presentation, including without limitation,
Morgan Stanley s EMEA Equity Order Handling & Routing. Frequently Asked Questions. (Last Updated: February, 2017)
Morgan Stanley s EMEA Equity Order Handling & Routing Frequently Asked Questions (Last Updated: February, 2017) This document is part of Morgan Stanley International plc s ( Morgan Stanley ) ongoing efforts
Common stock prices 1. New York Stock Exchange indexes (Dec. 31,1965=50)2. Transportation. Utility 3. Finance
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 000 97 98 99 I90 9 9 9 9 9 9 97 98 99 970 97 97 ""..".'..'.."... 97 97 97 97 977 978 979 980 98 98 98 98 98 98 987 988
The Proven Retail Exchange Operator. Bill Cody Director, US Equity Sales Bats Global Markets
The Proven Retail Exchange Operator Bill Cody Director, US Equity Sales Bats Global Markets November 16, 2017 Global Exchange Operator Options #1 U.S. options market Trading home to SPX and VIX options
Technology and Models for Quantifying the Benefits and Costs of Trading in Dark Pools
Technology and Models for Quantifying the Benefits and Costs of Trading in Dark Pools Richard Coggins May, 2012 Overview Analysing infrastructure and modelling requirements for trading in the dark Qualifying
Market Structure: What we Know, and What we Need to Know
Market Structure: What we Know, and What we Need to Know Presented by Gregg E. Berman, Senior Advisor to Direct of SEC Division of Trading and Markets, 12th Annual SIFMA Market Structure Conference September
Review of Registered Charites Compliance Rates with Annual Reporting Requirements 2016
Review of Registered Charites Compliance Rates with Annual Reporting Requirements 2016 October 2017 The Charities Regulator, in accordance with the provisions of section 14 of the Charities Act 2009, carried
Executive Summary. July 17, 2015
Executive Summary July 17, 2015 The Revenue Estimating Conference adopted interest rates for use in the state budgeting process. The adopted interest rates take into consideration current benchmark rates
PRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. January 2019
7 March 2019 PRESS RELEASE Securities issued by Hungarian residents and breakdown by holding sectors January 2019 According to securities statistics, the amount outstanding of equity securities and debt
U.S. ETP MONTHLY FLASH
U.S. ETP MONTHLY FLASH JANUARY 2013 Source: NYSE Arca ETP Database and Arc vision. Statistics include only NYSE Arca listed ETPs which are derivatively priced securities that can trade intraday on a securities
ACQUISITION OF FASTMATCH
ACQUISITION OF FASTMATCH Expanding into a new asset class with the acquisition of a high-growth disruptive player in the FX marketplace 23 May, 2017 KEY HIGHLIGHTS OF THE TRANSACTION Transaction Overview
Equity Primary Markets and Trading Report
Equity Primary Markets and Trading Report European market data update Q4: 216 Association for Financial Markets in Europe www.afme.eu Table of Contents Table of Contents Highlights... 3 Year-on-year variation
Stock Market Briefing: Daily Global Indexes
Stock Market Briefing: June 3, 18 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-497-36 jabbott@ Please visit our sites at blog. thinking outside the box Table Of Contents Table Of Contents 1-2
DARK POOLS, INTERNALIZATION, AND EQUITY MARKET QUALITY
DARK POOLS, INTERNALIZATION, AND EQUITY MARKET QUALITY 2012 CFA Institute CFA Institute is the global association of investment professionals that sets the standard for professional excellence. We are
Financial & Business Highlights For the Year Ended June 30, 2017
Financial & Business Highlights For the Year Ended June, 17 17 16 15 14 13 12 Profit and Loss Account Operating Revenue 858 590 648 415 172 174 Investment gains net 5 162 909 825 322 516 Other 262 146
REVENUE RULE C.B. 3, I.R.B. 4. Internal Revenue Service
REVENUE RULE 90-60 1990-2 C.B. 3, 1990-30 I.R.B. 4. Internal Revenue Service Revenue Ruling LOW-INCOME HOUSING CREDIT; SATISFACTORY BOND Published: July 3, 1990 Section 42. - Low-Income Housing Credit
Business & Financial Services December 2017
Business & Financial Services December 217 Completed Procurement Transactions by Month 2 4 175 15 125 1 75 5 2 1 Business Days to Complete 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 217 Procurement
Weeden Market Structure Fact Book
Weeden Market Structure Fact Book June 2018 Updates The New York Stock Exchange criticized the SEC, claiming the proposed SEC fee plan would be too disruptive and could potentially cost investors $1 Billion.
Big Walnut Local School District
Big Walnut Local School District Monthly Financial Report for the month ended September 30, 2013 Prepared By: Felicia Drummey Treasurer BIG WALNUT LOCAL SCHOOL DISTRICT SUMMARY OF YEAR TO DATE FINANCIAL
July 2012 Chartbook The Halftime Report
Average Daily $VA LUE Traded ($Billions ) $Billions (212 ( US China Japan CHI-X London Hong Kong Germany France Canada Korea Australia Brazil Taiwan Spain India Italy $billions Switzerland Sweden Amsterdam
The Tipping Point for Alternative Liquidity in Asia. By Glenn Lesko, CEO of Asia, Instinet
The Tipping Point for Alternative Liquidity in Asia By Glenn Lesko, CEO of Asia, Instinet The Tipping Point of SOR in Asia Increasing adoption of alternative trading venues including dark pools and ATS
Equity Primary Markets and Trading Report
Equity Primary Markets and Trading Report European market data update Q3: 6 Association for Financial Markets in Europe www.afme.eu Table of Contents Table of Contents Highlights... 3 Year-to-date variation
Changing Market Structure in Asia The Role of HFTs
Changing Market Structure in Asia The Role of HFTs Ronald Gould CEO Chi-X Asia Pacific September 2010 Agenda Market structure leadership from US & Europe 15 years of fundamental change Changing landscape
WESTWOOD LUTHERAN CHURCH Summary Financial Statement YEAR TO DATE - February 28, Over(Under) Budget WECC Fund Actual Budget
WESTWOOD LUTHERAN CHURCH Summary Financial Statement YEAR TO DATE - February 28, 2018 General Fund Actual A B C D E F WECC Fund Actual Revenue Revenue - Faith Giving 1 $ 213 $ 234 $ (22) - Tuition $ 226
Government Bond Market Development in Myanmar
Government Bond Market Development in Myanmar Daw Si Si Pyone Deputy Director General Treasury Department 11-8-2017 Ministry of Planning and Finance 1 Outlines I. Key Milestones in Development of Treasury
TERMS OF REFERENCE FOR THE INVESTMENT COMMITTEE
I. PURPOSE The purpose of the Investment Committee (the Committee ) is to recommend to the Board the investment policy, including the asset mix policy and the appropriate benchmark for both ICBC and any
Who s Afraid of the Dark? Trading Off-Exchange
(1 ( Who s Afraid of the Dark? Trading Off-Exchange Ana Avramovic 1--48 ana.avramovic@credit-suisse.com Market Commentary 17 April 01 % of all consolidated volume % % 1% Key Points Dark pools may sound
Equity Primary Markets and Trading Report
Equity Primary Markets and Trading Report European market data update Q4: 2 Association for Financial Markets in Europe www.afme.eu Table of Contents Table of Contents Highlights... 3 European Equity activity
Regional overview Gisborne
Regional overview Purchasing intentions - additional income-related rent subsidy (IRRS) places Area District 1 2 3 4+ TOTAL 3 35 5 7 total 3 35 5 7 7 8 9 1 11 Purchasing intentions - change within the
Cost Estimation of a Manufacturing Company
Cost Estimation of a Manufacturing Company Name: Business: Date: Economics of One Unit: Manufacturing Company (Only complete if you are making a product, such as a bracelet or beauty product) Economics
Introduction to VIX Futures. Russell Rhoads, CFA Instructor The Options Institute
Introduction to VIX Futures Russell Rhoads, CFA Instructor The Options Institute CBOE Disclaimer Options and futures involve risks and are not suitable for all investors. Prior to buying or selling options,
Development of Economy and Financial Markets of Kazakhstan
Development of Economy and Financial Markets of Kazakhstan National Bank of Kazakhstan Macroeconomic development GDP, real growth, % 116 112 18 14 1 113,5 11,7 216,7223,8226,5 19,8 19,8 19,3 19,619,7 199,
CBK Weekly Statistical Bulletin of Key Monetary and Financial Indicators
JANUARY 13, 2017 Highlights The money market was relatively tight during the week ending January 11, 2017. The average interbank rate was stable at 7.54 percent in the week ending January 11, 2017 compared
Regional overview Hawke's Bay
Regional overview Purchasing intentions - additional income-related rent subsidy (IRRS) places Area Hastings Central 1 2 3 4+ TOTAL 5 5 25 125 3 3 1 7 total 8 8 35 195 7 8 9 1 11 Purchasing intentions
March U.S. ETP Monthly Flash
March 2016 U.S. ETP Monthly Flash NYSE Arca U.S. Exchange Traded Products (ETP) Highlights from March 2016 In March, 10 new ETPs listed on NYSE Arca At the end of March, 1,558 ETPs were listed on NYSE
ETFs: Regulatory (High) Impact. Commerzbank, leaders in ETF February 2018
ETFs: Regulatory (High) Impact Commerzbank, leaders in ETF February 2018 What are ETFs? Securities that track the value of an index, commodities or a basket of assets and trade like a stock on the exchange
Voya Indexed Universal Life-Protector
calculation examples Values as of 07/28/2018 Voya ed Universal Life-Protector Issued by Security Life of Denver Insurance Company Required training! VFA Registered Representatives must review the Required
PHOENIX ENERGY MARKETING CONSULTANTS INC. HISTORICAL NATURAL GAS & CRUDE OIL PRICES UPDATED TO July, 2018
Jan-01 $12.9112 $10.4754 $9.7870 $1.5032 $29.2595 $275.39 $43.78 $159.32 $25.33 Feb-01 $10.4670 $7.8378 $6.9397 $1.5218 $29.6447 $279.78 $44.48 $165.68 $26.34 Mar-01 $7.6303 $7.3271 $5.0903 $1.5585 $27.2714
Present situation of alternative markets and their control in the U.S.
Japanese FIX Steering Committee FPL Japan Electronic Trading Conference 2012 Royal Park Hotel October 2, 2012 Present situation of alternative markets and their control in the U.S. Yoko Shimizu The Department
ASF Hong Kong Market Report
HONG KONG ECONOMY ASF 2016 - Hong Kong Market Report Background As everyone knows, Hong Kong has a very good geographic location, it is surround by sea and backup by a huge China market. HK has taken a
Factor Leave Accruals. Accruing Vacation and Sick Leave
Factor Leave Accruals Accruing Vacation and Sick Leave Factor Leave Accruals As part of the transition of non-exempt employees to biweekly pay, the UC Office of the President also requires standardization
With greater regulatory focus on
Dark pools and internal crossing engines Assessing the value of trading in the dark Ian Salmon* With greater regulatory focus on the pre- and post-trade transparency of crossing networks and internal flow,
Stock Market Indicators: Historical Monthly & Annual Returns
Stock Market Indicators: Historical Monthly & Annual Returns December 1, 17 Dr. Edward Yardeni 51-97-73 eyardeni@ Joe Abbott 7397-53 jabbott@ Please visit our sites at blog. thinking outside the box Table
OTHER DEPOSITS FINANCIAL INSTITUTIONS DEPOSIT BARKAT SAVING ACCOUNT
WEIGHTAGES JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC ANNOUNCEMENT DATE 19.Dez.14 27.Jän.15 24.Feb.15 26.Mär.15 27.Apr.15 26.Mai.15 25.Jun.15 28.Jul.15 26.Aug.15 23.Sep.15 27.Okt.15 25.Nov.15 MUDARIB
Weeden Market Structure Fact Book
Weeden Market Structure Fact Book May 2018 Updates The Federal Reserve proposed in May easing the original Volcker rule set forth during the financial crisis. The proposal, known as Volcker 2.0, would
HUD NSP-1 Reporting Apr 2010 Grantee Report - New Mexico State Program
HUD NSP-1 Reporting Apr 2010 Grantee Report - State Program State Program NSP-1 Grant Amount is $19,600,000 $9,355,381 (47.7%) has been committed $4,010,874 (20.5%) has been expended Grant Number HUD Region
INVESTMENT BANKING AND CAPITAL MARKETS THE BOSTON CONSULTING GROUP
INVESTMENT BANKING AND CAPITAL MARKETS Market Report Fourth Quarter 23 Edition New York, Frankfurt March 2, 24 THE BOSTON CONSULTING GROUP TABLE OF CONTENTS Chapter Page Global Investment-Banking Outlook
Looking at a Variety of Municipal Valuation Metrics
Looking at a Variety of Municipal Valuation Metrics Muni vs. Treasuries, Corporates YEAR MUNI - TREASURY RATIO YEAR MUNI - CORPORATE RATIO 200% 80% 175% 150% 75% 70% 65% 125% Average Ratio 0% 75% 50% 60%
Morgan Stanley s EMEA Equity Order Handling & Routing. Frequently Asked Questions. (Last Updated: March, 2018)
Morgan Stanley s EMEA Equity Order Handling & Routing Frequently Asked Questions (Last Updated: March, 2018) This document is part of Morgan Stanley International plc s ( Morgan Stanley ) ongoing efforts
Fiscal Year 2018 Project 1 Annual Budget
Fiscal Year 2018 Project 1 Annual Budget Table of Contents Table Page Summary 3 Summary of Costs Table 1 4 Treasury Related Expenses Table 2 5 Summary of Full Time Equivalent Table 3 6 Positions Cost-to-Cash
Performance Report October 2018
Structured Investments Indicative Report October 2018 This report illustrates the indicative performance of all Structured Investment Strategies from inception to 31 October 2018 Matured Investment Strategies
HIPIOWA - IOWA COMPREHENSIVE HEALTH ASSOCIATION Unaudited Balance Sheet As of July 31
Unaudited Balance Sheet As of July 31 Total Enrollment: 407 Assets: Cash $ 9,541,661 $ 1,237,950 Invested Cash 781,689 8,630,624 Premiums Receivable 16,445 299,134 Prepaid 32,930 34,403 Assessments Receivable
HIPIOWA - IOWA COMPREHENSIVE HEALTH ASSOCIATION Unaudited Balance Sheet As of January 31
Unaudited Balance Sheet As of January 31 Total Enrollment: 371 Assets: Cash $ 1,408,868 $ 1,375,117 Invested Cash 4,664,286 4,136,167 Premiums Receivable 94,152 91,261 Prepaid 32,270 33,421 Assessments
Review of Membership Developments
RIPE Network Coordination Centre Review of Membership Developments 7 October 2009/ GM / Lisbon http://www.ripe.net 1 Applications development RIPE Network Coordination Centre 140 120 100 80 60 2007 2008
DKK: Unchanged appetite for Danish bonds among foreign investors in September
DKK: Unchanged appetite for Danish bonds among foreign investors in September Jens Nærvig Pedersen Analyst Danske Bank Markets jenpe@danskebank.dk +45 45 12 8 61 28 October 213 Important disclosures and
COPYRIGHTED MATERIAL. Index. JWBT786-bind JWBT786-Chan Printer: Courier Westford September 7, :9 Trim: 6in 9in
Index Aggressive Cross Finder, 42 All-Tech, 34 ARCA. See Archipelago ECN NYSE ARCA (P) Archipelago ECN NYSE ARCA (P), 18, 33 auction strategies and, 136 trading for rebates and, 87 Archipelago Securities
Market Fragmentation: Does It Really Matter?
Market Fragmentation: Does It Really Matter? Transaction Services Citi Transaction Services Introduction Trading environments have evolved considerably as advances in information technology, increased
QUESTION 2. QUESTION 3 Which one of the following is most indicative of a flexible short-term financial policy?
QUESTION 1 Compute the cash cycle based on the following information: Average Collection Period = 47 Accounts Payable Period = 40 Average Age of Inventory = 55 QUESTION 2 Jan 41,700 July 39,182 Feb 18,921
Trading in India. The Status Quo. Anshuman Jaswal Senior Analyst, Celent
Trading in India The Status Quo Anshuman Jaswal Senior Analyst, Celent Roadmap Brief look at equity, bond and derivative markets Level of electronic trading DMA and Algorithmic trading Industry evolution
DKK: foreign investors bought government bonds and treasury bills in August
DKK: foreign investors bought government bonds and treasury bills in August Jens Nærvig Pedersen Analyst Danske Bank Markets jenpe@danskebank.dk +45 45 12 8 61 27 September 213 Important disclosures and
2009 Reassessment As Impacted by Senate Bill 711
Saint Louis County 2009 Reassessment As Impacted by Senate Bill 711 Impacts of SB711 on the 2009 Reassessment Plan The County must notify property owners of changes in the projected tax liability resulting
Virtu Americas LLC Rule 606 Disclosure: Q1 2018
Virtu Americas LLC Rule 606 Disclosure: Q1 2018 Virtu Americas LLC ( VAL or the Firm ) has prepared this report for itself pursuant to a U.S. Securities and Exchange Commission rule requiring all brokerage
Japan Securities Finance Co.,Ltd
Japan Securities Finance Co.,Ltd \ mil ( )ratio of OR Mar-13 Mar-14 Securities Finance Bussiness 14,093 16,363 Margin Loan Business 6,625 9,240 (37.5%) (47.2%) Interest on Loans 1,760 4,012 Interest
Setting the Scene Electronic Trading and the FIX Protocol
Setting the Scene Electronic Trading and the FIX Protocol Topics Overview of FIX and connectivity Direct Market Access Algorithmic Trading Dark Pools and Smart Order Routing 2 FIX - Financial Information
Weeden Market Structure Fact Book
Weeden Market Structure Fact Book November 2018 Updates It was a volatile month in the energy markets as crude was down over 2 while natural gas was up over 4; the energy sector was down ~2%. The Russell
FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES
FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES Minneapolis Options Report Feb 1 th Median inflation expectations decreased over the two week period for both inflation tenors. The probability
August U.S. ETP Monthly Flash
August 2014 U.S. ETP Monthly Flash NYSE Arca U.S. Exchange Traded Products (ETP) Highlights from August 2014 In August, 13 new ETPs listed on NYSE Arca At the end of August, 1,477 ETPs were listed on NYSE
Murat Ozgul, CEO, Genel Energy plc 6 th Kurdistan-Iraq Oil & Gas Conference. London, 5 th December 2016
Murat Ozgul, CEO, Genel Energy plc 6 th Kurdistan-Iraq Oil & Gas Conference London, 5 th December 2016 These materials are being supplied to you by Genel Energy plc (the Company ) solely for your information
SmallBizU WORKSHEET 1: REQUIRED START-UP FUNDS. Online elearning Classroom. Item Required Amount ($) Fixed Assets. 1 -Buildings $ 2 -Land $
WORKSHEET 1: REQUIRED START-UP FUNDS Item Required Amount () Fixed Assets 1 -Buildings 2 -Land 3 -Initial Inventory 4 -Equipment 5 -Furniture and Fixtures 6 -Vehicles 7 Total Fixed Assets Working Capital
Big Walnut Local School District
Big Walnut Local School District Monthly Financial Report for the month ended September 30, 2012 Prepared By: Felicia Drummey Treasurer BIG WALNUT LOCAL SCHOOL DISTRICT SUMMARY OF YEAR-TO-DATE FINANCIAL
Market Structure Trends Brazil and Abroad
Market Structure Trends Brazil and Abroad Presented by Larry Tabb (Founder & CEO) ANCORD Sao Paulo, Brazil March 2015 Agenda Trading trends US/Europe 2 Competition Electronification HFT Institutional trading
Regional overview Auckland
Regional overview Purchasing intentions - additional income-related rent subsidy (IRRS) places Area North West Central South 1 2 3 4+ TOTAL 8 4 5 125 16 2 9 7 52 25 185 8 3 545 2 28 13 1 71 total 69 75
Transparency in the U.S. Repo Market
Transparency in the U.S. Repo Market Antoine Martin Federal Reserve Bank of New York October 11, 2013 The views expressed in this presentation are my own and may not represent the views of the Federal
Historical Pricing PJM COMED, Around the Clock. Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22
$50 Historical Pricing PJM COMED, Around the Clock $48 $46 $44 $42 $40 $38 $36 $34 $32 $30 $28 $26 Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22 The information presented above was gathered
Solutions to End of Chapter and MiFID Questions. Chapter 1
Solutions to End of Chapter and MiFID Questions Chapter 1 1. What is the NBBO (National Best Bid and Offer)? From 1978 onwards, it is obligatory for stock markets in the U.S. to coordinate the display
Isle Of Wight half year business confidence report
half year business confidence report half year report contents new company registrations closed companies (dissolved) net company growth uk company share director age director gender naming trends sic
April 2018 Data Release
April 2018 Data Release The Home Purchase Sentiment Index (HPSI) is a composite index designed to track consumers housing-related attitudes, intentions, and perceptions, using six questions from the National
LOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC
LOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC GLOBAL LOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC Secondary Market Bid Levels: Europe Slide 2 European CLO New Issue Volume Monthly Slide
INTRODUCTION TO CHI-X ASIA PACIFIC OCTOBER 2018
INTRODUCTION TO CHI-X ASIA PACIFIC OCTOBER 2018 2 Chi-X Asia Pacific Overview An Alternative Market Operator, Provider of Innovative Market Solutions Chi-X Australia The securities and derivatives exchange
1Q of FY ending December 31, (0.2) (1.9) 11.3 (0.2) (0.2) (0.2) (0.2) (1.2) (89.2) 0.1
August 6, ISEKI & CO., LTD. Supplementary Information to Consolidated Financial Results (April 1, June 30, ) I. Consolidated business results for the three months ended June 30, (Billions of yen, %) Year-on
Division of Bond Finance Interest Rate Calculations. Revenue Estimating Conference Interest Rates Used for Appropriations, including PECO Bond Rates
Division of Bond Finance Interest Rate Calculations Revenue Estimating Conference Interest Rates Used for Appropriations, including PECO Bond Rates November 16, 2018 Division of Bond Finance Calculation
Keefe, Bruyette & Woods Securities Brokerage & Market Structure Conference. November 2009
Keefe, Bruyette & Woods Securities Brokerage & Market Structure Conference November 2009 1 Disclaimer The following information contains certain forward-looking statements that reflect the Company's current
Earnings, Revenues, & Valuation: S&P 500/400/600
Earnings, Revenues, & Valuation: S&P 500/400/600 May 17, Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-5306 jabbott@ Please visit our sites at www. blog. thinking outside the box Table Of
SEC Rule 606 Report Interactive Brokers 1st Quarter 2018
SEC Rule 606 Report Interactive Brokers 1st Quarter 2018 Scottrade Inc. posts separate and distinct SEC Rule 606 reports that stem from orders entered on two separate platforms. This report is for Scottrade,
January 2018 Data Release
January 2018 Data Release The Home Purchase Sentiment Index (HPSI) is a composite index designed to track consumers housing-related attitudes, intentions, and perceptions, using six questions from the
Experience of Estonia in reforming public sector accounting and reporting in the context of broader public finance management reforms
Experience of Estonia in reforming public sector accounting and reporting in the context of broader public finance management reforms 6th of February 2013 Janne Kendla Head of State Budget Dep Topics Role
HSBC INVESTMENT FUNDS TRUST HSBC GLOBAL INVESTMENT TRUST AND HSBC COLLECTIVE INVESTMENT TRUST FUND HOLIDAY CALENDAR 2017
HSBC Global Asset Management (Singapore) Limited 21 Collyer Quay #06-01 HSBC Building Singapore 049320 T: 65 6658 2900 F: 65 6225 4324 www.assetmanagement.hsbc.com/sg HSBC INVESTMENT FUNDS TRUST HSBC GLOBAL
Capturing equity gains whilst protecting portfolios
Capturing equity gains whilst protecting portfolios Edward Park Q2 2018 MSCI North America Total Return in USD (2017 Discrete Calendar Months) 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0% 0.00% Jan-17
QUARTERLY REPORT AND CERTIFICATION OF THE COUNTY TREASURER For Quarter Ending June 30, 2009 COMPLIANCE CERTIFICATION
QUARTERLY REPORT AND CERTIFICATION OF THE COUNTY TREASURER For Quarter Ending June 30, 2009 The Government Code requires the County Treasurer to render a Quarterly Report to the County Administrator, the
Historical Pricing PJM PSEG, Around the Clock. Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22
$70 Historical Pricing PJM PSEG, Around the Clock $65 $60 $55 $50 $45 $40 $35 $30 $25 Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22 The information presented above was gathered and compiled
October 2018 Data Release
Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13
January 2019 Data Release
Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13
1.2 The purpose of the Finance Committee is to assist the Board in fulfilling its oversight responsibilities related to:
Category: BOARD PROCESS Title: Terms of Reference for the Finance Committee Reference Number: AB-331 Last Approved: February 22, 2018 Last Reviewed: February 22, 2018 1. PURPOSE 1.1 Primary responsibility