For the last time: stock options are an expense.

PubMed

Bodie, Zvi; Kaplan, Robert S; Merton, Robert C

2003-03-01

Should stock options be recorded as an expense on a company's income statement and balance sheet, or should they remain where they are, relegated to footnotes? The extraordinary boom in share prices during the Internet bubble made critics of option expensing look like spoilsports. But since the crash, the debate has returned with a vengeance. And no wonder: The authors believe the case for expensing options is overwhelming. In this article, Nobel Iaureate Robert Merton, one of the inventors of the Black-Scholes option-pricing model; his coauthor on the classic textbook Finance, Zvi Bodie; and Robert Kaplan, creator of the Balanced Scorecard, examine and dismiss the principal claims put forward by those who continue to oppose options expensing. They demonstrate that stock-option grants do indeed have real cash-flow implications that need to be reported. They show that effective ways certainly exist to quantify those implications. They detail the distortions that relegating stock-option accounting to footnotes creates. And they show why reporting option costs should in no way hamper young companies in their efforts to provide incentives. Options are indeed a powerful incentive, the authors agree, and failing to record a transaction that creates such powerful effects is economically indefensible. Worse, it encourages companies to favor options over alternative incentive systems. It is not the proper role of accounting standards, the authors argue, to distort executive and employee compensation by subsidizing one particular form of compensation and no other. Companies should choose compensation methods according to their economic benefits--not the way they are reported.

78 FR 75657 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-12-12

... facility for executing and routing standardized equity and index options, to amend Routing Fees. While... other persons using any facility or system which NASDAQ operates or controls, and is not designed to...

Expensing options solves nothing.

PubMed

Sahlman, William A

2002-12-01

The use of stock options for executive compensation has become a lightning rod for public anger, and it's easy to see why. Many top executives grew hugely rich on the back of the gains they made on their options, profits they've been able to keep even as the value they were supposed to create disappeared. The supposed scam works like this: Current accounting regulations let companies ignore the cost of option grants on their income statements, so they can award valuable option packages without affecting reported earnings. Not charging the cost of the grants supposedly leads to overstated earnings, which purportedly translate into unrealistically high share prices, permitting top executives to realize big gains when they exercise their options. If an accounting anomaly is the problem, then the solution seems obvious: Write off executive share options against the current year's revenues. The trouble is, Sahlman writes, expensing option grants won't give us a more accurate view of earnings, won't add any information not already included in the financial statements, and won't even lead to equal treatment of different forms of executive pay. Far worse, expensing evades the real issue, which is whether compensation (options and other-wise) does what it's supposed to do--namely, help a company recruit, retain, and provide the right people with appropriate performance incentives. Any performance-based compensation system has the potential to encourage cheating. Only ethical management, sensible governance, adequate internal control systems, and comprehensive disclosure will save the investor from disaster. If, Sahlman warns, we pass laws that require the expensing of options, thinking that's fixed the fundamental flaws in corporate America's accounting, we will have missed a golden opportunity to focus on the much more extensive defects in the present system.

76 FR 78710 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-12-19

... stock interest \\7\\ strategies; and (v) firm facilitation transactions.\\8\\ The Subsidy applies to... dividend strategy is defined as transactions done to achieve a dividend arbitrage involving the purchase, sale and exercise of in-the-money options of the same class, executed the first business day prior to...

78 FR 6386 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-01-30

... for routing and executing certain orders in equity options to away markets. Currently, the fees for... plus the away market transaction fee as noted below. Today, the Exchange calculates Routing Fees by... routing orders to away markets plus the away market's transaction fee. With respect to the fixed costs...

26 CFR 1.422-2 - Incentive stock options defined.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 26 Internal Revenue 5 2010-04-01 2010-04-01 false Incentive stock options defined. 1.422-2 Section... (CONTINUED) INCOME TAXES Certain Stock Options § 1.422-2 Incentive stock options defined. (a) Incentive stock option defined—(1) In general. The term incentive stock option means an option that meets the...

What's your real cost of capital?

PubMed

McNulty, James J; Yeh, Tony D; Schulze, William S; Lubatkin, Michael H

2002-10-01

In valuing any investment project or corporate acquisition, executives must decide what discount rate to use in their estimates of future cash flows. The traditional approach is to apply the capital asset pricing model (CAPM), which has remained fundamentally unchanged for 40 years. But the formula--in particular, its beta element--has long been a source of frustration. In fact, corporate executives and investment bankers routinely fudge their CAPM estimates, say the authors, because experience and intuition tell them the model produces inappropriate discount rates. CAPM has three main problems: First, beta is a measure of both a stock's correlation and its volatility; second, beta is based on historical data; and third, CAPM rates don't take into account the term of the investment. These factors together result in discount rates that defy common sense. As an alternative to CAPM and its beta element, the authors developed a forward-looking approach to calculating a company's cost of capital, the market-derived capital pricing model (MCPM). It does not incorporate any measure of historical stock-to-market correlation, relying instead on estimates of future volatility derived from the options market. This is helpful since investor expectations from the options market are built into a company's current stock price. Using GE as an example, the authors give step-by-step instructions for how to calculate discount rates with MCPM. They also offer evidence from a range of industries to show that MCPM's discount rates are more realistic--especially from the corporate investor's perspective--than are CAPM's.

Above the glass ceiling? A comparison of matched samples of female and male executives.

PubMed

Lyness, K S; Thompson, D E

1997-06-01

In this study the authors compare career and work experiences of executive women and men. Female (n = 51) and male (n = 56) financial services executives in comparable jobs were studied through archival information on organizational outcomes and career histories, and survey measures of work experiences. Similarities were found in several organizational outcomes, such as compensation, and many work attitudes. Important differences were found, however, with women having less authority, receiving fewer stock options, and having less international mobility than men. Women at the highest executive levels reported more obstacles than lower level women. The gender differences coupled with women's lower satisfaction with future career opportunities raise questions about whether women are truly above the glass ceiling or have come up against a 2nd, higher ceiling.

75 FR 47057 - Self-Regulatory Organizations; NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-08-04

... Rule Change and Amendment Nos. 1 and 2 Thereto Relating to Fees for Routing to Away Markets July 29... assessed for options orders entered into NOM but routed to and executed on away markets (``routing fees... order router. Each time NOS routes to away markets NOS is charged a $0.06 clearing fee and, in the case...

26 CFR 1.422-3 - Stockholder approval of incentive stock option plans.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 26 Internal Revenue 5 2010-04-01 2010-04-01 false Stockholder approval of incentive stock option... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Certain Stock Options § 1.422-3 Stockholder approval of incentive stock option plans. This section addresses the stockholder approval of incentive stock option...

Who should set CEO pay? The press? Congress? Shareholders?

PubMed

Brownstein, A R; Panner, M J

1992-01-01

Populist fervor in an election year has transformed executive compensation from a business issue into a political one. Critics, led by Graef Crystal, author of In Search of Excess: The Overcompensation of American Executives, charge that CEOs are ripping off shareholders with their outrageous salaries while running U.S. corporations into the ground. Politicians claim overpaid CEOs are the root cause of the U.S. competitiveness problem. Add a recessionary business climate to the fact that some CEOs earn 130 times more than their lowest paid employees, and you have the makings of a populist rebellion. In a bid to appease voters, Congress is considering several bills that would limit the deductibility of "excessive executive salaries," the SEC has opened the issue to shareholder comment, and the Financial Accounting Standards Board is looking at new accounting standards for granting stock options to executives as part of company compensation schemes. Andrew R. Brownstein and Morris J. Panner say it's time to put the debate back where it belongs--in a business context. The real question is not are executives paid too much, but are shareholders getting their money's worth. Most U.S. corporations use stock compensation to link company long-term performance to executive salaries. And because of the staggering market performance of U.S. corporations in the 1980s, an overwhelming majority of CEOs are actually paid in line with their performance. Rather than cut executive pay, Brownstein and Panner suggest that corporations extend incentive-based compensation plans to all employees, thus narrowing the salary gap and establishing pay for performance at every level of the organization.

How to avoid deferred-compensation troubles.

PubMed

Freeman, Todd I

2005-06-01

Executive compensation packages have long included stock options and deferred compensation plans in order to compete for talent. Last year, Congress passed a law in response to the Enron debacle, in which executives were perceived to be protecting their deferred compensation at the expense of employees, creditors, and investors. The new law is designed to protect companies and their shareholders from being raided by the very executives that guided the company to financial ruin. Physicians who are part owners of medical practices need to know about the changes in the law regarding deferred compensation and how to avoid costly tax penalties. This article discusses how the changes affect medical practices as well as steps physician-owned clinics can take to avoid the risk of penalty, such as freezing deferred compensation and creating a new deferred compensation plan.

26 CFR 1.422-4 - $100,000 limitation for incentive stock options.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 26 Internal Revenue 5 2010-04-01 2010-04-01 false $100,000 limitation for incentive stock options... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Certain Stock Options § 1.422-4 $100,000 limitation for incentive stock options. (a) $100,000 per year limitation—(1) General rule. An option that otherwise...

13 CFR 107.250 - Exclusion of stock options issued by Licensee from Management Expenses.

Code of Federal Regulations, 2010 CFR

2010-01-01

... Sbic § 107.250 Exclusion of stock options issued by Licensee from Management Expenses. Stock options... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Exclusion of stock options issued by Licensee from Management Expenses. 107.250 Section 107.250 Business Credit and Assistance SMALL...

75 FR 54928 - Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-09-09

... (``LOC'') orders executed in the NYSE Closing Auction. For stocks with a per share stock price of $1.00... stocks with a per share stock price less than $1.00 per share, the fee will change from (A) the lesser of... LOC orders executed in the NYSE Closing Auction. For stocks with a per share stock price of $1.00 or...

76 FR 2931 - Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-01-18

... open additional series of stock options or ETF options under certain circumstances. The proposed change... series for each class of stock options or ETF options open for trading on the Exchange; and that the Exchange may open additional series of stock options or ETF options under certain circumstances. The...

26 CFR 1.58-8 - Capital gains and stock options.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 26 Internal Revenue 1 2010-04-01 2010-04-01 true Capital gains and stock options. 1.58-8 Section 1... Tax Preference Regulations § 1.58-8 Capital gains and stock options. (a) In general. Section 58(g)(2) provides that the items of tax preference specified in section 57(a)(6), and § 1.57-1(b) (stock options...

76 FR 7614 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-02-10

... of orderly markets by helping to mitigate the potential risks associated with legging stock option... orderly markets by helping to mitigate the potential risks associated with legging stock option orders, e... markets by helping to mitigate potential risks associated with the legging of stock-option orders...

12 CFR 221.119 - Applicability of plan-lender provisions to financing of stock options and stock purchase rights...

Code of Federal Regulations, 2010 CFR

2010-01-01

... experience that in some nonqualified plans, particularly stock purchase plans, the credit arrangement is... financing of stock options and stock purchase rights qualified or restricted under Internal Revenue Code... PURCHASING OR CARRYING MARGIN STOCK (REGULATION U) Interpretations § 221.119 Applicability of plan-lender...

26 CFR 1.1563-3 - Rules for determining stock ownership.

Code of Federal Regulations, 2010 CFR

2010-04-01

... acquire such stock. For example, assume Smith owns an option to purchase 100 shares of the outstanding stock of M Corporation. Under this subparagraph, Smith is considered to own such 100 shares. The result would be the same if Smith owned an option to acquire the option (or one of a series of options) to...

26 CFR 1.422-5 - Permissible provisions.

Code of Federal Regulations, 2010 CFR

2010-04-01

... reference to the fair market value of the stock at the time of exercise or to the option price. (d) Option... fair market value of the stock exceeds the exercise price of the option and the option is otherwise... disqualifying disposition of 75 shares is $1,500 (the difference between the fair market value of the stock on...

75 FR 56613 - Self-Regulatory Organizations; BATS Exchange, Inc.; NASDAQ OMX BX, Inc.; Chicago Board Options...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-09-16

... Stock Exchange, Inc.; EDGA Exchange, Inc.; EDGX Exchange, Inc.; International Securities Exchange LLC; The NASDAQ Stock Market LLC; National Stock Exchange, Inc.; New York Stock Exchange LLC; NYSE Amex LLC...''), NASDAQ OMX BX, Inc. (``BX''), Chicago Board Options Exchange, Incorporated (``CBOE''), Chicago Stock...

26 CFR 1.1092(c)-2 - Equity options with flexible terms.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Equity options with flexible terms. 1.1092(c)-2...) INCOME TAX (CONTINUED) INCOME TAXES Wash Sales of Stock Or Securities § 1.1092(c)-2 Equity options with... straddle exists if a taxpayer holds stock and writes a call option on that stock. Under section 1092(c)(4...

Implementation of power barrier option valuation

NASA Astrophysics Data System (ADS)

Cahyani, Agatha C. P.; Sumarti, Novriana

2015-09-01

Options are financial instruments that can be utilized to reduce risk in stock investment. Barrier options are one of the major types of options actively used in financial markets where its life period depends on the path of the underlying stock prices. The features of the barrier option can be used to modify other types of options. In this research, the barrier option will be implemented into power option, so it is called power barrier option. This option is an extension of the vanilla barrier options where the Call payoff being considered is defined as P C =max (STβ-Kβ,0 ) , and the Put payoff being considered is defined as P P =max (Kβ-STβ,0 ) . Here β > 0 and β ≠ 1, K is the strike price of the option, and ST is the price of the underlying stock at time maturity T. In this paper, we generate the prices of stock using binomial method which is adjusted to the power option. In the conclusion, the price of American power barrier option is more expensive than the price of European power barrier option.

12 CFR 221.121 - Extension of credit in certain stock option and stock purchase plans.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Extension of credit in certain stock option and stock purchase plans. 221.121 Section 221.121 Banks and Banking FEDERAL RESERVE SYSTEM (CONTINUED) BOARD... FOR THE PURPOSE OF PURCHASING OR CARRYING MARGIN STOCK (REGULATION U) Interpretations § 221.121...

76 FR 71413 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-11-17

....00 (for options whose underlying stock's previous trading day's last sale price was less than or equal to $100) and between $0.10 and $5.00 (for options whose underlying stock's previous trading day's... the time for series trading between $0.03 and $5.00 (for options whose underlying stock's previous...

Expensing stock options: a fair-value approach.

PubMed

Kaplan, Robert S; Palepu, Krishna G

2003-12-01

Now that companies such as General Electric and Citigroup have accepted the premise that employee stock options are an expense, the debate is shifting from whether to report options on income statements to how to report them. The authors present a new accounting mechanism that maintains the rationale underlying stock option expensing while addressing critics' concerns about measurement error and the lack of reconciliation to actual experience. A procedure they call fair-value expensing adjusts and eventually reconciles cost estimates made at grant date with subsequent changes in the value of the options, and it does so in a way that eliminates forecasting and measurement errors over time. The method captures the chief characteristic of stock option compensation--that employees receive part of their compensation in the form of a contingent claim on the value they are helping to produce. The mechanism involves creating entries on both the asset and equity sides of the balance sheet. On the asset side, companies create a prepaid-compensation account equal to the estimated cost of the options granted; on the owners'-equity side, they create a paid-in capital stock-option account for the same amount. The prepaid-compensation account is then expensed through the income statement, and the stock option account is adjusted on the balance sheet to reflect changes in the estimated fair value of the granted options. The amortization of prepaid compensation is added to the change in the option grant's value to provide the total reported expense of the options grant for the year. At the end of the vesting period, the company uses the fair value of the vested option to make a final adjustment on the income statement to reconcile any difference between that fair value and the total of the amounts already reported.

77 FR 11606 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Order Approving Proposed Rule Change Relating...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-02-27

... stock execution clerk from the Exchange's rules. Exchange Rule 1090 currently defines a stock execution... Rule 1090, Commentary .01(a). The Exchange has represented that this registration capacity is outdated...

A new perspective on Quantum Finance using the Black-Scholes pricing model

NASA Astrophysics Data System (ADS)

Dieng, Lamine

2007-03-01

Options are known to be divided into two types, the first type is called a call option and the second type is called a put option and these options are offered to stock holders in order to hedge their positions against risky fluctuations of the stock price. It is important to mention that due to fluctuations of the stock price, options can be found sometimes deep in the money, at the money and out of the money. A deep in the money option is described when the option's holder has a positive expected payoff, at the money option is when the option's holder has a zero expected payoff and an out of the money option is when the payoff is negative. In this work, we will assume the stock price to be described by the well known Black-Scholes model or sometimes called the multiplicative model. Using Ito calculus, Martingale and supermartingale theories, we investigated the Black-Scholes pricing equation at the money (X(stock price)= K (strike price)) when the expected payoff of the options holder is zero. We also hedged the Black-Scholes pricing equation in the limit when delta is zero to obtain the non-relativistic time independent Schroedinger equation in quantum mechanics. We compared the two equations and found the diffusion constant to be a function of the stock price in contrast to the Bachelier model we have worked on earlier. We solved the Schroedinger equation and found a dependence between interest rate, volatility and strike price at the money.

12 CFR 221.123 - Combined credit for exercising employee stock options and paying income taxes incurred as a...

Code of Federal Regulations, 2010 CFR

2010-01-01

... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Combined credit for exercising employee stock options and paying income taxes incurred as a result of such exercise. 221.123 Section 221.123 Banks and... (REGULATION U) Interpretations § 221.123 Combined credit for exercising employee stock options and paying...

76 FR 2183 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of a...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-01-12

... Electronic Complex Orders entered to the NYSE Arca System must comply with the order exposure requirements of... Complex Order, a Stock/ Option Order, or a Stock/Complex Order must be entered into the NYSE Arca System... Change Amending NYSE Arca Options Rule 6.62(h) to Define Stock/Complex Orders, Amending NYSE Arca Options...

A Path Integral Approach to Option Pricing with Stochastic Volatility: Some Exact Results

NASA Astrophysics Data System (ADS)

Baaquie, Belal E.

1997-12-01

The Black-Scholes formula for pricing options on stocks and other securities has been generalized by Merton and Garman to the case when stock volatility is stochastic. The derivation of the price of a security derivative with stochastic volatility is reviewed starting from the first principles of finance. The equation of Merton and Garman is then recast using the path integration technique of theoretical physics. The price of the stock option is shown to be the analogue of the Schrödinger wavefunction of quantum mechanics and the exact Hamiltonian and Lagrangian of the system is obtained. The results of Hull and White are generalized to the case when stock price and volatility have non-zero correlation. Some exact results for pricing stock options for the general correlated case are derived.

76 FR 5848 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-02-02

... component is the underlying stock or ETF to the functionality on its electronic trading platform for options... or sell a stated number of units of an underlying stock or ETF coupled with the purchase or sale of... underlying stock or Exchange Traded Fund Share (``ETF'') is also referred to as a stock-option order. 2...

Binomial tree method for pricing a regime-switching volatility stock loans

NASA Astrophysics Data System (ADS)

Putri, Endah R. M.; Zamani, Muhammad S.; Utomo, Daryono B.

2018-03-01

Binomial model with regime switching may represents the price of stock loan which follows the stochastic process. Stock loan is one of alternative that appeal investors to get the liquidity without selling the stock. The stock loan mechanism resembles that of American call option when someone can exercise any time during the contract period. From the resembles both of mechanism, determination price of stock loan can be interpreted from the model of American call option. The simulation result shows the behavior of the price of stock loan under a regime-switching with respect to various interest rate and maturity.

Modelling Limit Order Execution Times from Market Data

NASA Astrophysics Data System (ADS)

Kim, Adlar; Farmer, Doyne; Lo, Andrew

2007-03-01

Although the term ``liquidity'' is widely used in finance literatures, its meaning is very loosely defined and there is no quantitative measure for it. Generally, ``liquidity'' means an ability to quickly trade stocks without causing a significant impact on the stock price. From this definition, we identified two facets of liquidity -- 1.execution time of limit orders, and 2.price impact of market orders. The limit order is an order to transact a prespecified number of shares at a prespecified price, which will not cause an immediate execution. On the other hand, the market order is an order to transact a prespecified number of shares at a market price, which will cause an immediate execution, but are subject to price impact. Therefore, when the stock is liquid, market participants will experience quick limit order executions and small market order impacts. As a first step to understand market liquidity, we studied the facet of liquidity related to limit order executions -- execution times. In this talk, we propose a novel approach of modeling limit order execution times and show how they are affected by size and price of orders. We used q-Weibull distribution, which is a generalized form of Weibull distribution that can control the fatness of tail to model limit order execution times.

Stock and option portfolio using fuzzy logic approach

NASA Astrophysics Data System (ADS)

Sumarti, Novriana; Wahyudi, Nanang

2014-03-01

Fuzzy Logic in decision-making process has been widely implemented in various problems in industries. It is the theory of imprecision and uncertainty that was not based on probability theory. Fuzzy Logic adds values of degree between absolute true and absolute false. It starts with and builds on a set of human language rules supplied by the user. The fuzzy systems convert these rules to their mathematical equivalents. This could simplify the job of the system designer and the computer, and results in much more accurate representations of the way systems behave in the real world. In this paper we examine the decision making process of stock and option trading by the usage of MACD (Moving Average Convergence Divergence) technical analysis and Option Pricing with Fuzzy Logic approach. MACD technical analysis is for the prediction of the trends of underlying stock prices, such as bearish (going downward), bullish (going upward), and sideways. By using Fuzzy C-Means technique and Mamdani Fuzzy Inference System, we define the decision output where the value of MACD is high then decision is "Strong Sell", and the value of MACD is Low then the decision is "Strong Buy". We also implement the fuzzification of the Black-Scholes option-pricing formula. The stock and options methods are implemented on a portfolio of one stock and its options. Even though the values of input data, such as interest rates, stock price and its volatility, cannot be obtain accurately, these fuzzy methods can give a belief degree of the calculated the Black-Scholes formula so we can make the decision on option trading. The results show the good capability of the methods in the prediction of stock price trends. The performance of the simulated portfolio for a particular period of time also shows good return.

Stock price dynamics and option valuations under volatility feedback effect

NASA Astrophysics Data System (ADS)

Kanniainen, Juho; Piché, Robert

2013-02-01

According to the volatility feedback effect, an unexpected increase in squared volatility leads to an immediate decline in the price-dividend ratio. In this paper, we consider the properties of stock price dynamics and option valuations under the volatility feedback effect by modeling the joint dynamics of stock price, dividends, and volatility in continuous time. Most importantly, our model predicts the negative effect of an increase in squared return volatility on the value of deep-in-the-money call options and, furthermore, attempts to explain the volatility puzzle. We theoretically demonstrate a mechanism by which the market price of diffusion return risk, or an equity risk-premium, affects option prices and empirically illustrate how to identify that mechanism using forward-looking information on option contracts. Our theoretical and empirical results support the relevance of the volatility feedback effect. Overall, the results indicate that the prevailing practice of ignoring the time-varying dividend yield in option pricing can lead to oversimplification of the stock market dynamics.

17 CFR 229.402 - (Item 402) Executive compensation.

Code of Federal Regulations, 2013 CFR

2013-04-01

..., concise and understandable disclosure of all plan and non-plan compensation awarded to, earned by, or paid... stock units, phantom stock, phantom stock units, common stock equivalent units or any similar..., registrants may omit information regarding group life, health, hospitalization, or medical reimbursement plans...

17 CFR 229.402 - (Item 402) Executive compensation.

Code of Federal Regulations, 2012 CFR

2012-04-01

..., concise and understandable disclosure of all plan and non-plan compensation awarded to, earned by, or paid... stock units, phantom stock, phantom stock units, common stock equivalent units or any similar..., registrants may omit information regarding group life, health, hospitalization, or medical reimbursement plans...

17 CFR 229.402 - (Item 402) Executive compensation.

Code of Federal Regulations, 2010 CFR

2010-04-01

..., concise and understandable disclosure of all plan and non-plan compensation awarded to, earned by, or paid... stock units, phantom stock, phantom stock units, common stock equivalent units or any similar... to one person. Registrants may omit information regarding group life, health, hospitalization, or...

17 CFR 229.402 - (Item 402) Executive compensation.

Code of Federal Regulations, 2011 CFR

2011-04-01

..., concise and understandable disclosure of all plan and non-plan compensation awarded to, earned by, or paid... stock units, phantom stock, phantom stock units, common stock equivalent units or any similar... to one person. Registrants may omit information regarding group life, health, hospitalization, or...

78 FR 48744 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-08-09

...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of a...,\\2\\ notice is hereby given that, on July 26, 2013, The NASDAQ Stock Market LLC (``NASDAQ'' or..., Section 6 (Series of Options Contracts Open for Trading) of the rules of the NASDAQ Options Market (``NOM...

76 FR 44638 - Self-Regulatory Organizations; Chicago Stock Exchange, Incorporated; Notice of Filing of Proposed...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-07-26

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-64937; File No. SR-CHX-2011-17] Self-Regulatory Organizations; Chicago Stock Exchange, Incorporated; Notice of Filing of Proposed Rule Change Regarding the Submission by the Exchange of Clearing-Related Information for Trades Executed on the Exchange as Well as for Trades Executed Otherwise Than...

Pricing Employee Stock Options (ESOs) with Random Lattice

NASA Astrophysics Data System (ADS)

Chendra, E.; Chin, L.; Sukmana, A.

2018-04-01

Employee Stock Options (ESOs) are stock options granted by companies to their employees. Unlike standard options that can be traded by typical institutional or individual investors, employees cannot sell or transfer their ESOs to other investors. The sale restrictions may induce the ESO’s holder to exercise them earlier. In much cited paper, Hull and White propose a binomial lattice in valuing ESOs which assumes that employees will exercise voluntarily their ESOs if the stock price reaches a horizontal psychological barrier. Due to nonlinearity errors, the numerical pricing results oscillate significantly so they may lead to large pricing errors. In this paper, we use the random lattice method to price the Hull-White ESOs model. This method can reduce the nonlinearity error by aligning a layer of nodes of the random lattice with a psychological barrier.

Arbitrage and Volatility in Chinese Stock's Markets

NASA Astrophysics Data System (ADS)

Lu, Shu Quan; Ito, Takao; Zhang, Jianbo

From the point of view of no-arbitrage pricing, what matters is how much volatility the stock has, for volatility measures the amount of profit that can be made from shorting stocks and purchasing options. With the short-sales constraints or in the absence of options, however, high volatility is likely to mean arbitrage from stock market. As emerging stock markets for China, investors are increasingly concerned about volatilities of Chinese two stock markets. We estimate volatility's models for Chinese stock markets' indexes using Markov chain Monte Carlo (MCMC) method and GARCH. We find that estimated values of volatility parameters are very high for all data frequencies. It suggests that stock returns are extremely volatile even at long term intervals in Chinese markets. Furthermore, this result could be considered that there seems to be arbitrage opportunities in Chinese stock markets.

26 CFR 1.544-7 - Option rule in lieu of family and partnership rule.

Code of Federal Regulations, 2010 CFR

2010-04-01

... family relationship between A and AW. If A is considered as owning the stock of his wife by application... 26 Internal Revenue 7 2010-04-01 2010-04-01 true Option rule in lieu of family and partnership... in lieu of family and partnership rule. (a) If, in determining the ownership of stock, such stock may...

75 FR 1437 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving a...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-01-11

... ratio at the conclusion of COA, the order, or any remaining balance, will route to the CBOE's Complex... basis, to route the remaining balance of the option leg(s) of such an order to CBOE's Hybrid System for... remaining balance of the stock leg of such an order to the CBOE Stock Exchange (``CBSX''), CBOE's stock...

26 CFR 1.318-3 - Estates, trusts, and options.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 26 Internal Revenue 4 2010-04-01 2010-04-01 false Estates, trusts, and options. 1.318-3 Section 1... (CONTINUED) INCOME TAXES Definitions; Constructive Ownership of Stock § 1.318-3 Estates, trusts, and options... of section 318(a)(2)(B) stock owned by a trust will be considered as being owned by its beneficiaries...

26 CFR 1.1504-4 - Treatment of warrants, options, convertible obligations, and other similar interests.

Code of Federal Regulations, 2010 CFR

2010-04-01

... the option in absolute terms and in relation to the fair market value of the stock or the exercise... the option is subject (e.g., a public offering of the issuing corporation's stock or reaching a... income. It is anticipated that P, S, and T will continue their earnings histories for several more years...

Improving Government’s Retirement Plan Investments by Using Mining Tools for Discovery of Price Patterns and Combining Methods of Fundamental and Technical Analysis

DTIC Science & Technology

2008-06-01

stock market such as bonds, funds, stocks, commodities, futures, options, foreign exchange ( Forex ). These assets can be domestically or...such as forex , futures, options, etc. E. SCOPE AND LIMITATIONS The scope of this research is separated into two independent parts. The first part...stock data from Yahoo.com for January 3, 2005 until May 9, 2008. • Keep the stock data in a custom database . • Develop the trading systems that will

76 FR 51082 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-17

...., International Securities Exchange LLC, The NASDAQ Stock Market LLC, New York Stock Exchange LLC, NYSE Amex LLC... include all remaining National Market System (``NMS'') stocks (``Phase III Securities'').\\9\\ The new pilot... executions, so that the rule will continue to operate in the same manner after changes to the single stock...

Market impact and trading profile of hidden orders in stock markets.

PubMed

Moro, Esteban; Vicente, Javier; Moyano, Luis G; Gerig, Austin; Farmer, J Doyne; Vaglica, Gabriella; Lillo, Fabrizio; Mantegna, Rosario N

2009-12-01

We empirically study the market impact of trading orders. We are specifically interested in large trading orders that are executed incrementally, which we call hidden orders. These are statistically reconstructed based on information about market member codes using data from the Spanish Stock Market and the London Stock Exchange. We find that market impact is strongly concave, approximately increasing as the square root of order size. Furthermore, as a given order is executed, the impact grows in time according to a power law; after the order is finished, it reverts to a level of about 0.5-0.7 of its value at its peak. We observe that hidden orders are executed at a rate that more or less matches trading in the overall market, except for small deviations at the beginning and end of the order.

Market impact and trading profile of hidden orders in stock markets

NASA Astrophysics Data System (ADS)

Moro, Esteban; Vicente, Javier; Moyano, Luis G.; Gerig, Austin; Farmer, J. Doyne; Vaglica, Gabriella; Lillo, Fabrizio; Mantegna, Rosario N.

2009-12-01

We empirically study the market impact of trading orders. We are specifically interested in large trading orders that are executed incrementally, which we call hidden orders. These are statistically reconstructed based on information about market member codes using data from the Spanish Stock Market and the London Stock Exchange. We find that market impact is strongly concave, approximately increasing as the square root of order size. Furthermore, as a given order is executed, the impact grows in time according to a power law; after the order is finished, it reverts to a level of about 0.5-0.7 of its value at its peak. We observe that hidden orders are executed at a rate that more or less matches trading in the overall market, except for small deviations at the beginning and end of the order.

78 FR 75642 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-12-12

... Amending the NYSE Amex Options Fee Schedule To Include FLEX Option Transactions in the Strategy Execution...'') to include FLEX Option transactions in the strategy execution fee cap. The Exchange proposes to... Option transactions in the strategy execution fee cap. The Exchange proposes to implement the fee change...

78 FR 70085 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-11-22

... 1, Rule 1(jj) and the definition of ``Stock-Future'' from current Article 1, Rule 1(jj) to proposed... that ``Stock-Option'' is defined under proposed Article 1, Rule 1(jj) and ``Stock-Future'' is defined...

76 FR 46866 - Self-Regulatory Organizations; Chicago Stock Exchange, Incorporated; Notice of Filing of Proposed...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-03

... 20, Rule 9 (Cancellation of Transactions) and Interpretation and Policy .01 Thereunder Regarding the Cancellation of the Stock Leg of Stock- Option Transactions Done on the Exchange July 28, 2011. Pursuant to... Transactions) and Interpretation and Policy .01 thereunder regarding the cancellation of the stock leg of stock...

78 FR 62807 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-10-22

...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Schedule of Fees and Credits Applicable to Execution and Routing of... is hereby given that on September 27, 2013, The NASDAQ Stock Market LLC (``NASDAQ'' or ``Exchange...

76 FR 51094 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-17

... of extraordinary market volatility as a pilot in S&P 500 Index stocks (``Pause Pilot''), approved by...., International Securities Exchange LLC, The NASDAQ Stock Market LLC, New York Stock Exchange LLC, NYSE Amex LLC... Stock Exchange (``CBSX'', the CBOE's stock trading facility). In particular, the Exchange is seeking to...

76 FR 19165 - Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-04-06

...\\ Additionally, the Exchange proposes to increase the number of option classes on individual stocks for which the... underlying stock is traded. Currently, Exchange Rule 6.4 at Commentary .03 permits the listing of options... security and meet their investment, trading and risk management requirements. [[Page 19166

26 CFR 1.83-7 - Taxation of nonqualified stock options.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 26 Internal Revenue 2 2010-04-01 2010-04-01 false Taxation of nonqualified stock options. 1.83-7 Section 1.83-7 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Items Specifically Included in Gross Income § 1.83-7 Taxation...

26 CFR 1.83-7 - Taxation of nonqualified stock options.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 26 Internal Revenue 2 2011-04-01 2011-04-01 false Taxation of nonqualified stock options. 1.83-7 Section 1.83-7 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Items Specifically Included in Gross Income § 1.83-7 Taxation...

75 FR 21051 - Program for Allocation of Regulatory Responsibilities Pursuant to Rule 17d-2; Notice of Filing...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-04-22

... American Stock Exchange LLC, BATS Exchange, Inc., Chicago Board Options Exchange, Incorporated, Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., Financial Industry Regulatory Authority, Inc., International Securities Exchange, LLC, The NASDAQ Stock Market LLC, National Stock Exchange...

The European style arithmetic Asian option pricing with stochastic interest rate based on Black Scholes model

NASA Astrophysics Data System (ADS)

Winarti, Yuyun Guna; Noviyanti, Lienda; Setyanto, Gatot R.

2017-03-01

The stock investment is a high risk investment. Therefore, there are derivative securities to reduce these risks. One of them is Asian option. The most fundamental of option is option pricing. Many factors that determine the option price are underlying asset price, strike price, maturity date, volatility, risk free interest rate and dividends. Various option pricing usually assume that risk free interest rate is constant. While in reality, this factor is stochastic process. The arithmetic Asian option is free from distribution, then, its pricing is done using the modified Black-Scholes model. In this research, the modification use the Curran approximation. This research focuses on the arithmetic Asian option pricing without dividends. The data used is the stock daily closing data of Telkom from January 1 2016 to June 30 2016. Finnaly, those option price can be used as an option trading strategy.

75 FR 77021 - Self-Regulatory Organizations; NASDAQ OMX PHLX, LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-12-10

... options transactions executed or cleared by the member that are cleared by The Options Clearing... imposed upon all transactions executed by a member, even if such transactions do not take place on the Exchange.\\3\\ The ORF also includes options transactions that are not executed by an Exchange member but are...

75 FR 62443 - Self-Regulatory Organizations; NASDAQ Stock Market LLC; Order Approving a Proposed Rule Change To...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-10-08

...-Regulatory Organizations; NASDAQ Stock Market LLC; Order Approving a Proposed Rule Change To Adopt a..., Section 1 (Definitions) of the rules of the Nasdaq Options Market (``NOM'') to adopt a definition of... business days. This is similar to the process of other options exchanges that have adopted a Professional...

26 CFR 1.6039-2 - Statements to persons with respect to whom information is reported.

Code of Federal Regulations, 2010 CFR

2010-04-01

... THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Information Returns § 1.6039-2 Statements... incentive stock options under section 6039(b). (1) Every corporation filing a return under § 1.6039-1(a... to any person must be furnished to such person on Form 3921, Exercise of an Incentive Stock Option...

11 CFR 114.7 - Membership organizations, cooperatives, or corporations without capital stock.

Code of Federal Regulations, 2010 CFR

2010-01-01

... members and executive or administrative personnel, and their families, of the organization, cooperative... executive or administrative personnel, and their families. (f) There is no limitation under this section on... and executive or administrative personnel, and their families, under the provisions of § 114.3. (i) A...

76 FR 67239 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice and Order Granting...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-10-31

... submission pursuant to this rule must obtain documentary evidence of a non-Exchange trade execution no later... which entered the original submission provides documentary evidence that the original trade execution... entered on terms which differed from the reported trade execution, if provided with documentary evidence...

Comparison of advanced genetic loblolly pine planting stock

Treesearch

R.J. Rousseau; S.D. Roberts; B.L. Herrin

2012-01-01

Forest landowners have several options when it comes to selecting planting stock for loblolly pine plantations. The majority of plantations established over the past two decades have been planted with 2nd-Generation open-pollinated (2nd-Gen) seedling stock. Today, landowners can increase their yields using more sophisticated planting stock such as Mass Control...

78 FR 25327 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-04-30

... the purchase or sale of securities the execution of which would involve no change of beneficial... execute or cause to be executed or participate in an account for which there are executed purchases of any... purchase of such security with the knowledge that an order or orders of substantially the same size, and at...

26 CFR 1.1032-3 - Disposition of stock or stock options in certain transactions not qualifying under any other...

Code of Federal Regulations, 2010 CFR

2010-04-01

... issuing corporation's stock from the issuing corporation for fair market value with cash contributed to... difference between the fair market value of the issuing corporation stock and the amount of money or the fair... market value of $100. To effectuate Y's agreement with C, X transfers to Y the X stock in a transaction...

2009 Munitions Executive Summit

DTIC Science & Technology

2009-02-05

CURRENT OPERATIONS • Replenish stocks expended in operations • Build /Replenish War Reserve stocks • Modernize stocks in the process • Industrial Base...4 Steel-Consuming Markets Construction (40% - 45%) Appliances, Office Furniture (2.5%) Containers (4%) Industrial Equipment (15% - 18...Partnership - HPS for Bridges • U.S. Navy • FHWA • AISI Steel and Defense Industries Collaboration – High- Performance Steels 17 Major

78 FR 76347 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-12-17

... they remain in effect until executed or the end of either regular market hours at 4:00 p.m. or the end...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of...\\ thereunder, notice is hereby given that on November 29, 2013, The NASDAQ Stock Market LLC (``NASDAQ'' or...

Public option and private profits: what do markets expect?

PubMed

Milani, Fabio

2010-01-01

The debate on US healthcare reform has largely focused on the introduction of a public health plan option. While supporters stress various beneficial effects that would arise from increased competition in the health insurance market, opponents often contend that a public plan would drive insurers out of the market and potentially lead to the 'collapse' of the private health insurance industry. To contribute to the US healthcare reform debate by inferring, from financial market data, the effect that the public option is likely to have on the private health insurance market. The study utilized daily data on the price of a security that was traded in a prediction market from June 2009 and whose pay-off was tied to the event that a federal government-run healthcare plan - the 'public option' - would be approved by 31 December 2009 (100 daily observations). These data were combined with data on stock returns of health insurance companies (1500 observations from 100 trading days and 15 companies) to evaluate the expected effect of the public option on private health insurers. The impact on hospital companies (1000 observations) was also estimated. The results suggested that daily stock returns of health insurance companies significantly responded to the changing probability regarding the public option. A 10% increase in the probability that the public option would pass, on average, reduced the stock returns of health insurance companies by 1.28% (p < 0.001). Hospital company stock returns were also affected (0.9% reduction; p < 0.001). The results reveal the market expectation of a negative effect of the public option on the value of health insurance companies. The magnitude of the effect suggests a downward adjustment in the expected profits of health insurers of around 13%, but it does not support more calamitous scenarios.

77 FR 74530 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-12-14

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-68395; File No. SR-NASDAQ-2012-134] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change for the NASDAQ Options Market (``NOM'') With Respect to the Authority of the Exchange or Nasdaq Options Services LLC (``NOS'') To...

76 FR 45899 - Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-01

...-traded fund (``SPY ETF''),\\4\\ which list and trade under the option symbol SPY, and to update the names... 500 ETF represents ownership in the SPDR S&P 500 Trust, a unit investment trust that generally... Stock\\SM\\ (former option symbol QQQQ\\SM\\). NASDAQ, Nasdaq- 100 Index, Nasdaq-100 Index Tracking Stock...

26 CFR 1.423-2 - Employee stock purchase plan defined.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 26 Internal Revenue 5 2011-04-01 2011-04-01 false Employee stock purchase plan defined. 1.423-2 Section 1.423-2 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Certain Stock Options § 1.423-2 Employee stock purchase plan defined. (a) In general—(1) The term ...

76 FR 74080 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-11-30

... predetermined prices subject to various timing and other conditions. Like options, the price of rights and... volatility of the stock. As a consequence, the prices of rights and warrants may move more dramatically than the prices of the underlying stocks even when the rights and warrants (and the underlying stock) are...

76 FR 74111 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-11-30

... that CBSX is not currently the primary listing market for any stocks, and thus, will not be issuing any... Effectiveness of Proposed Rule Change Related to the Individual Stock Trading Pause Pilot Program November 23... Change The Exchange is proposing to amend CBOE Stock Exchange, LLC's (``CBSX'', the CBOE's stock trading...

78 FR 40252 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-07-03

... except for the Chief Executive Officer, the fair representation candidates must qualify as independent... remaining directors are comprised of the Chief Executive Officer of NYSE Regulation and members of the board.... The NYSE Regulation Bylaws do not require any affiliated directors other than the Chief Executive...

76 FR 38444 - [Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Order Granting Approval of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-06-30

... expiration month and series for each class of approved stock index options, and that the Exchange may open... to the rules in place for the listing of expiration months and series in stock or exchange-traded-fund (``ETF'') options.\\4\\ \\4\\ See Phlx Rule 1012(a)(1)(A); see also Nasdaq Rules Chapter IV, Section 6...

The modified Black-Scholes model via constant elasticity of variance for stock options valuation

NASA Astrophysics Data System (ADS)

Edeki, S. O.; Owoloko, E. A.; Ugbebor, O. O.

2016-02-01

In this paper, the classical Black-Scholes option pricing model is visited. We present a modified version of the Black-Scholes model via the application of the constant elasticity of variance model (CEVM); in this case, the volatility of the stock price is shown to be a non-constant function unlike the assumption of the classical Black-Scholes model.

76 FR 12178 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-03-04

... orders on the NOM book, last sale information for trades executed on NOM, and Order Imbalance Information... orders that appear on the feed, and subtracting individual orders that are executed. The Order Imbalance... trades executed on NOM, and Order Imbalance Information as set forth in NOM Rules Chapter VI, Section 8...

78 FR 29795 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc ; Notice of Filing of Proposed Rule Change for...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-05-21

... To Permit BX Options To Accept Inbound Options Orders From NASDAQ OMX PHLX LLC and NASDAQ Options... to permit the BX Options System to accept inbound options orders routed by Nasdaq Options Services LLC (``NOS'') from NASDAQ OMX PHLX LLC (``Phlx'') and The NASDAQ Stock Market LLC's NASDAQ Options...

75 FR 20649 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Granting...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-04-20

..., stock index futures contracts, options on futures, options on securities and indexes, equity caps... holding and/ or managing portfolios or baskets of securities, commodity futures contracts, options on commodity futures contracts, swaps, forward contracts and/or options on physical commodities and/or non-U.S...

75 FR 64755 - Program for Allocation of Regulatory Responsibilities Pursuant to Rule 17d-2; Notice of Filing...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-10-20

... American Stock Exchange LLC, BATS Exchange, Inc., BATS Y-Exchange, Inc., Chicago Board Options Exchange, Incorporated, Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., Financial Industry Regulatory Authority, Inc., International Securities Exchange, LLC, The NASDAQ Stock Market LLC, National...

A Non-Gaussian Stock Price Model: Options, Credit and a Multi-Timescale Memory

NASA Astrophysics Data System (ADS)

Borland, L.

We review a recently proposed model of stock prices, based on astatistical feedback model that results in a non-Gaussian distribution of price changes. Applications to option pricing and the pricing of debt is discussed. A generalization to account for feedback effects over multiple timescales is also presented. This model reproduces most of the stylized facts (ie statistical anomalies) observed in real financial markets.

5 CFR 2635.403 - Prohibited financial interests.

Code of Federal Regulations, 2011 CFR

2011-01-01

... Section 2635.403 Administrative Personnel OFFICE OF GOVERNMENT ETHICS GOVERNMENT ETHICS STANDARDS OF ETHICAL CONDUCT FOR EMPLOYEES OF THE EXECUTIVE BRANCH Conflicting Financial Interests § 2635.403... retaining his stock in the company. The agency can require the employee to sell his stock as a condition of...

75 FR 36456 - Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-06-25

... prices. See Exchange Rule 1079. FLEX Options are a trademark of the Chicago Board Options Exchange. While... transactions executed pursuant to Exchange Rule 1079 (``FLEX equity options''). The Exchange believes that the... options transactions executed pursuant to Exchange Rule 1079. \\11\\ 15 U.S.C. 78f(b). \\12\\ 15 U.S.C. 78f(b...

76 FR 28252 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-05-16

... liquidity provider rebate is $0.0020 per share executed for displayed quotes/orders and $0.0010 per share... determining whether a member qualifies for its highest rebate tier of $0.0015 per share executed for non-displayed quotes/orders and $0.00295 per share executed for displayed quotes/orders. Currently, a member's...

76 FR 75586 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-12-02

..., including the Chief Executive Officer, will resign from the Board and committees, as applicable, effective... include the Chief Executive Officer of the Exchange; at least 50% Non- Industry Directors (at least one of... Directors, the Chief Executive Officer of the Exchange shall be excluded.\\23\\ \\21\\ See A&R By-Laws Section 3...

77 FR 28909 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-05-16

... executions in securities priced at least one dollar in the Exchange's Automatic Execution Mode of order... securities priced at least one dollar in AutoEx. Third, SR-NSX-2012-06 amended the rebate tiers applicable to order executions in securities priced at least one dollar in the Exchange's Order Delivery Mode of order...

77 FR 6831 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-02-09

... correlation observed by NASDAQ between levels of liquidity provided during pre-market hours and levels... extra rebate with respect to all displayed liquidity provided through a designated MPID that executes at... Execution Ratio'' for the month is less than 10. The PMI Execution Ratio is defined as the ratio of (A) the...

77 FR 14843 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-03-13

... share executed for BTFY orders that execute at the New York Stock Exchange (``NYSE''), but NYSE charges... book for available shares only if so instructed by the entering firm and are thereafter routed out to... un-executed after routing, they are posted to the BX book and do not thereafter route out. The BTFY...

78 FR 9957 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-02-12

... that are not posting Protected Quotations within the meaning of Regulation NMS (i.e. ``dark venues'' or ``dark pools''). If shares remain un-executed after routing, they are posted on the book. Once on the... participants that seek to execute on Nasdaq or on dark pools without executing on another exchange. Members may...

Brokering in Money and Mathematics.

ERIC Educational Resources Information Center

Hilgart, Faye

1996-01-01

Profiles Loy Gotham, an investment executive at PaineWebber, and how she manages stock portfolios for her clients. Distinctions are made between bonds, dividends, mutual funds, profits, and shares. Provides worksheet for tracking a stock. Describes how business was conducted in the past and how basic principles of supply and demand still apply.…

77 FR 69673 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-11-20

... Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule... costs and burdens associated with handling and recording orders that were rarely executed. \\5\\ The... actually exacerbated the operational costs which the Exchange sought to avoid by creating the order...

26 CFR 1.544-4 - Options.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 26 Internal Revenue 7 2010-04-01 2010-04-01 true Options. 1.544-4 Section 1.544-4 Internal Revenue... (CONTINUED) Personal Holding Companies § 1.544-4 Options. The shares of stock which may be acquired by reason of an option shall be considered to be constructively owned by the individual having the option to...

75 FR 40005 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Granting...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-07-13

... including, but not limited to, stock index futures contracts, options on futures, options on securities and... holding and/ or managing portfolios or baskets of securities, commodity futures contracts, options on commodity futures contracts, swaps, forward contracts and/or options on physical commodities and/or non-U.S...

76 FR 76795 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-12-08

...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of...\\ notice is hereby given that on November 22, 2011, The NASDAQ Stock Market LLC (``NASDAQ'' or the... the proposal, market participants will be given the additional options of (1) assigning a group...

78 FR 60005 - Self-Regulatory Organizations; the NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-09-30

...-Regulatory Organizations; the NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of a... 12, 2013, The NASDAQ Stock Market LLC (``NASDAQ'' or ``Exchange'') filed with the Securities and... compute the numerator in the calculation of percentage of total industry customer equity and ETF option...

78 FR 23611 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-04-19

... simultaneously trade different asset classes within the same strategy. Because cash equities and options markets...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of a... April 1, 2013, The NASDAQ Stock Market LLC (``NASDAQ'' or ``Exchange'') filed with the Securities and...

Do Executives' Backgrounds Matter to IPO Investors? Evidence from the Life Science Industry

PubMed Central

Chok, Jay; Qian, Jifeng

2013-01-01

In this study, we focus on the impact of senior executives' industry backgrounds on the amount of capital raised in the stock market. The primary contribution of the study entails applying the upper echelon theory to the initial public offering (IPO) phenomenon. Specifically, we hypothesize that the industry backgrounds of corporate executives affect the amount of capital that the firm raised in the primary stock market. We argue that the firm's future investment strategies are unobserved by the investors ex-ante and investors expect firms' investment strategies to be based on the executives' industry backgrounds. As a result, the executives' industry backgrounds influence the investors' expectations about what investment strategies the firm is likely to deploy. Furthermore, the above logic also suggests that executives of different industry backgrounds should prefer different investment strategies corresponding with demand for different amount of capital. As a result, we expect the industry backgrounds to covary with the capital raised from both the supply and demand perspectives. To test the hypotheses, we ran a reduced econometric model wherein the executives' background predicts the amount of capital raised. Regression analyses suggest that the capital raised is negatively associated with the number of senior executives with prior career experience in the healthcare and genomic sectors but positively associated with the number of senior executives with prior career experience in regulatory affairs. The results provide tentative support for the notion that investors infer corporate strategies from senior executives' industry backgrounds. PMID:23690920

Do executives' backgrounds matter to IPO investors? Evidence from the life science industry.

PubMed

Chok, Jay; Qian, Jifeng

2013-01-01

In this study, we focus on the impact of senior executives' industry backgrounds on the amount of capital raised in the stock market. The primary contribution of the study entails applying the upper echelon theory to the initial public offering (IPO) phenomenon. Specifically, we hypothesize that the industry backgrounds of corporate executives affect the amount of capital that the firm raised in the primary stock market. We argue that the firm's future investment strategies are unobserved by the investors ex-ante and investors expect firms' investment strategies to be based on the executives' industry backgrounds. As a result, the executives' industry backgrounds influence the investors' expectations about what investment strategies the firm is likely to deploy. Furthermore, the above logic also suggests that executives of different industry backgrounds should prefer different investment strategies corresponding with demand for different amount of capital. As a result, we expect the industry backgrounds to covary with the capital raised from both the supply and demand perspectives. To test the hypotheses, we ran a reduced econometric model wherein the executives' background predicts the amount of capital raised. Regression analyses suggest that the capital raised is negatively associated with the number of senior executives with prior career experience in the healthcare and genomic sectors but positively associated with the number of senior executives with prior career experience in regulatory affairs. The results provide tentative support for the notion that investors infer corporate strategies from senior executives' industry backgrounds.

76 FR 47280 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Granting...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-04

...-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Granting Approval of Proposed Rule Change To List and Trade Single Stock Dividend Options July 29, 2011. On May 31, 2011, the Chicago Board Options Exchange, Incorporated (``Exchange'' or ``CBOE'') filed with the Securities and Exchange...

77 FR 22027 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving a...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-04-12

...-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving a Proposed Rule Change Relating to Stock- Option Orders April 6, 2012. I. Introduction On February 7, 2012, the Chicago Board Options Exchange, Incorporated (``CBOE'' or ``Exchange''), filed with the Securities and Exchange...

77 FR 10026 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-02-21

...-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of a Proposed Rule Change Related to Stock-Option Processing February 14, 2012. Pursuant to Section 19(b)(1) of the... on February 7, 2012, the Chicago Board Options Exchange, Incorporated (``Exchange'' or ``CBOE...

77 FR 76572 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-12-28

... Substance of the Proposed Rule Change NASDAQ proposes to modify Chapter XV, entitled ``Options Pricing,'' governing pricing for NASDAQ members using the NASDAQ Options Market (``NOM''), NASDAQ's facility for... modify Chapter XV, entitled ``Options Pricing,'' at Section 3 entitled ``NASDAQ Options Market--Access...

Valuing options in shot noise market

NASA Astrophysics Data System (ADS)

Laskin, Nick

2018-07-01

A new exactly solvable option pricing model has been introduced and elaborated. It is assumed that a stock price follows a Geometric shot noise process. An arbitrage-free integro-differential option pricing equation has been obtained and solved. The new Greeks have been analytically calculated. It has been shown that in diffusion approximation the developed option pricing model incorporates the well-known Black-Scholes equation and its solution. The stochastic dynamic origin of the Black-Scholes volatility has been uncovered. To model the observed market stock price patterns consisting of high frequency small magnitude and low frequency large magnitude jumps, the superposition of two Geometric shot noises has been implemented. A new generalized option pricing equation has been obtained and its exact solution was found. Merton's jump-diffusion formula for option price was recovered in diffusion approximation. Despite the non-Gaussian nature of probability distributions involved, the new option pricing model has the same degree of analytical tractability as the Black-Scholes model and the Merton jump-diffusion model. This attractive feature allows one to derive exact formulas to value options and option related instruments in the market with jump-like price patterns.

Optimal Demand Execution Strategy for the Defense Logistics Agency

DTIC Science & Technology

2014-12-01

PLT Production Lead-Time PTO Paid Time Off FSC Federal Stock /Supply Class NIIN National Item Identification Number S&OP Sales and Operations...new software sets a recommended inventory level that balances the risk of stock out with holding cost expenses and buys to the optimal level instead...when a PR should be generated. A Time Phased Inventory Plan (TPIP) is computed daily that accounts for the lead-time and current stock on the shelf

76 FR 76786 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-12-08

...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of... 29, 2011, The NASDAQ Stock Market LLC (the ``Exchange'' or ``NASDAQ'') filed with the Securities and... Options Market (``NOM'') to eliminate from its rules two order types and two data feeds that are not in...

76 FR 74099 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-11-30

... predetermined prices subject to various timing and other conditions. Like options, the price of rights and... volatility of the stock. As a consequence, the prices of rights and warrants may move more dramatically than the prices of the underlying stocks even when the rights and warrants (and the underlying stock) are...

76 FR 74093 - Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-11-30

.... Like options, the price of rights and warrants are affected by the price of the underlying stock as well as other factors, particularly the volatility of the stock. As a consequence, the prices of rights and warrants may move more dramatically than the prices of the underlying stocks even when the rights...

76 FR 74082 - Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-11-30

... predetermined prices subject to various timing and other conditions. Like options, the price of rights and... volatility of the stock. As a consequence, the prices of rights and warrants may move more dramatically than the prices of the underlying stocks even when the rights and warrants (and the underlying stock) are...

76 FR 74109 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-11-30

... predetermined prices subject to various timing and other conditions. Like options, the price of rights and... volatility of the stock. As a consequence, the prices of rights and warrants may move more dramatically than the prices of the underlying stocks even when the rights and warrants (and the underlying stock) are...

76 FR 36942 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Order Granting Approval of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-06-23

... on Nasdaq-100 Index[supreg] Tracking Stock (``QQQ SM '') \\5\\--to which, Phlx believes, SPY options...\\, Nasdaq-100[supreg], Nasdaq-100 Index[supreg], Nasdaq[supreg], and Nasdaq-100 Index Tracking Stock SM , are trademarks or service marks of The Nasdaq Stock Market, Inc. In particular, Phlx represents that...

75 FR 18250 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-04-09

...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Pricing for Option Orders Routed to Away Markets April 1, 2010. Pursuant...\\ notice is hereby given that on March 25, 2010, The NASDAQ Stock Market LLC (``NASDAQ'' or ``Exchange...

75 FR 39078 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-07-07

... index? If there are trading pauses in an ETF but not in the stocks that underlie that ETF, what... price discovery for the ETF, the underlying stocks and other products? Are there other market-based... Change Related to Individual Stock Trading Pauses Due to Extraordinary Market Volatility June 30, 2010...

75 FR 21688 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Granting Accelerated Approval...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-04-26

...-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Granting Accelerated Approval of Proposed Rule... 20, 2010. I. Introduction On March 11, 2010, The NASDAQ Stock Market LLC (``Nasdaq'' or ``Exchange.... Strike prices for ETF options are permitted in $1 or greater intervals where the strike price is $200 or...

75 FR 57310 - American Capital, Ltd.; Notice of Application

Federal Register 2010, 2011, 2012, 2013, 2014

2010-09-20

... markets for the common stock, the Fair Market Value will be determined in good faith by the Board, but in.... Under the Plan, a maximum of 750,000 shares of applicant's common stock, in the aggregate, may be issued to Non-employee Directors and options to purchase 93,750 shares of applicant's common stock may be...

77 FR 34453 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-06-11

...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Update the NASDAQ Options Market Message Traffic Mitigation Rule June 5, 2012...\\ thereunder, notice is hereby given that, on May 29, 2012, The NASDAQ Stock Market LLC (``NASDAQ'') filed with...

13 CFR 125.9 - Who does SBA consider to own an SDVO SBC?

Code of Federal Regulations, 2010 CFR

2010-01-01

.... Ownership by a trust, such as a living trust, may be treated as the functional equivalent of ownership by... unexercised stock options or similar agreements (including rights to convert non-voting stock or debentures into voting stock) held by non-service-disabled veterans sill be treated as exercised, except for any...

13 CFR 125.9 - Who does SBA consider to own an SDVO SBC?

Code of Federal Regulations, 2012 CFR

2012-01-01

.... Ownership by a trust, such as a living trust, may be treated as the functional equivalent of ownership by... unexercised stock options or similar agreements (including rights to convert non-voting stock or debentures into voting stock) held by non-service-disabled veterans sill be treated as exercised, except for any...

78 FR 69734 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-11-20

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-70881; File No. SR-NSX-2013-20] Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Exchange Rule 11.11 Regarding the Entry and Execution of Zero Display Reserve Orders...

75 FR 69491 - Self-Regulatory Organizations; Order Approving Proposed Rule Change by New York Stock Exchange...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-11-12

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-63266; File No. SR-NYSE-2010-67] Self-Regulatory Organizations; Order Approving Proposed Rule Change by New York Stock Exchange LLC Changing the NYBX Order Execution Sequence November 5, 2010. I. Introduction On September 9, 2010, the New York...

77 FR 63398 - Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-10-16

... trade, size of the trade, and any new product discounts that may be applicable. In 2009, OCC's... Change To Reduce the Per Contract Clearing Fee for Routing Trades Executed in Accordance With the Options... clearing fee for routing trades executed in accordance with the Options Order Protection and Locked/Crossed...

78 FR 37867 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Withdrawal of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-06-24

... Robert D. Shallish, Jr., Executive Vice President--Finance and Chief Financial Officer, CONMED..., President and Chief Executive Officer, Society of Corporate Secretaries & Governance Professionals, dated Mar. 29, 2013; Letter from Paul R. Oldham, Chief Financial Officer and Vice President Finance...

78 FR 24281 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Designation of a Longer...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-04-24

... Pharmaceuticals, Inc., dated March 28, 2013; Robert D. Shallish, Jr., Executive Vice President--Finance and Chief... Executive Officer, Society of Corporate Secretaries & Governance Professionals, dated March 29, 2013; Paul R. Oldham, Chief Financial Officer and Vice President Finance Administration, Electro Scientific Industries...

75 FR 71762 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-11-24

... commodities or commodity futures, options on commodities, or other commodity derivatives or Commodity-Based...) interest rate futures or options or derivatives on the foregoing in this subparagraph (b) (``Futures... options or other derivatives on any of the foregoing; or (b) interest rate futures or options or...

The true invariant of an arbitrage free portfolio

NASA Astrophysics Data System (ADS)

Schmidt, Anatoly B.

2003-03-01

It is shown that the arbitrage free portfolio paradigm being applied to a portfolio with an arbitrary number of shares N allows for the extended solution in which the option price F depends on N. However the resulting stock hedging expense Q= MF (where M is the number of options in the portfolio) does not depend on whether N is treated as an independent variable or as a parameter. Therefore the stock hedging expense is the true invariant of the arbitrage free portfolio paradigm.

Introduction to Econophysics

NASA Astrophysics Data System (ADS)

Mantegna, Rosario N.; Stanley, H. Eugene

2007-08-01

Preface; 1. Introduction; 2. Efficient market hypothesis; 3. Random walk; 4. Lévy stochastic processes and limit theorems; 5. Scales in financial data; 6. Stationarity and time correlation; 7. Time correlation in financial time series; 8. Stochastic models of price dynamics; 9. Scaling and its breakdown; 10. ARCH and GARCH processes; 11. Financial markets and turbulence; 12. Correlation and anti-correlation between stocks; 13. Taxonomy of a stock portfolio; 14. Options in idealized markets; 15. Options in real markets; Appendix A: notation guide; Appendix B: martingales; References; Index.

76 FR 72473 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Granting Approval of Proposed...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-11-23

... Expanding the Short Term Option Series Program November 17, 2011. I. Introduction On September 28, 2011, The...,\\2\\ a proposed rule change to expand the Short Term Option Program (``Program'') to allow the NASDAQ Options Market (``NOM'' or ``Exchange'') to: (1) Select up to 30 option classes on which Short Term Option...

Executive functioning in people with obsessive-compulsive personality traits: evidence of modest impairment.

PubMed

García-Villamisar, Domingo; Dattilo, John

2015-06-01

Investigations of executive dysfunctions among people with obsessive-compulsive personality disorders (OCPD) have yielded inconsistent results. The authors speculate that obsessive-compulsive personality traits (OCPT) from a nonclinical population may be associated with specific executive dysfunctions relative to working memory, attentional set-shifting, and planning. A sample consisting of 79 adults (39 females, 40 males) was divided into high and low scorers on the Personality Diagnostic Questionnaire-4 (PDQ-4; Hyler, 1994). In addition, these participants were interviewed using the SCID-II (First, Spitzer, Gibbon & Williams, 1997) to confirm the presence of symptoms of obsessive-compulsive personality. Participants completed a battery of executive tasks associated with the Cambridge Neuropsychological Test Automated Battery (CANTAB), including Spatial Working Memory, Intradimensional/Extradimensional (ID/ED), Attentional Set-Shifting, and Stockings of Cambridge. Also, self-report measures of executive functions as well as of anxiety and depressive symptoms were administered. The analysis of covariance revealed significant differences between participants with OCPT and controls on the Spatial Working Memory tasks, ID/ED tasks, Stockings of Cambridge, and the Dysexecutive Questionnaire (DEX). Nevertheless, there were no significant differences in the number of problems solved in minimum movements. These results suggest that executive dysfunctions are present in people with prominent OCPT and that there is a high convergence between clinical and ecological measures of executive functions in people with obsessive personality traits.

76 FR 24067 - Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-04-29

... Stock Market, LLC Relating to the $2.50 Strike Price Program April 22, 2011. Pursuant to Section 19(b)(1... ability to select option classes on individual stocks for which the intervals of strike prices will be $2... price of the underlying stock in the primary market.\\4\\ The Exchange currently list [sic] series at $2...

75 FR 16221 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-03-31

...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Proposed Rule Change To Establish Strike Price Intervals and Trading Hours for Options on Index-Linked Securities March 23, 2010. Pursuant... 19b-4 thereunder,\\2\\ notice is hereby given that on March 11, 2010, The NASDAQ Stock Market LLC...

78 FR 28267 - Self-Regulatory Organizations; The Options Clearing Corporation; Order Approving Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-05-14

... By-Laws To Facilitate the Use of the Stock Loan/Hedge Program by Canadian Clearing Members May 8...-Laws to define a Canadian Clearing Member approved to participate in the Stock Loan/Hedge Program as a... rule change is to add provisions to the By-Laws governing the OCC's Stock Loan/Hedge Program to...

26 CFR 20.2031-2 - Valuation of stocks and bonds.

Code of Federal Regulations, 2011 CFR

2011-04-01

..., that is given to the option or contract price in determining the value of the securities for estate tax... AND GIFT TAXES ESTATE TAX; ESTATES OF DECEDENTS DYING AFTER AUGUST 16, 1954 Gross Estate § 20.2031-2 Valuation of stocks and bonds. (a) In general. The value of stocks and bonds is the fair market value per...

26 CFR 20.2031-2 - Valuation of stocks and bonds.

Code of Federal Regulations, 2012 CFR

2012-04-01

..., that is given to the option or contract price in determining the value of the securities for estate tax... AND GIFT TAXES ESTATE TAX; ESTATES OF DECEDENTS DYING AFTER AUGUST 16, 1954 Gross Estate § 20.2031-2 Valuation of stocks and bonds. (a) In general. The value of stocks and bonds is the fair market value per...

26 CFR 20.2031-2 - Valuation of stocks and bonds.

Code of Federal Regulations, 2013 CFR

2013-04-01

..., that is given to the option or contract price in determining the value of the securities for estate tax... AND GIFT TAXES ESTATE TAX; ESTATES OF DECEDENTS DYING AFTER AUGUST 16, 1954 Gross Estate § 20.2031-2 Valuation of stocks and bonds. (a) In general. The value of stocks and bonds is the fair market value per...

26 CFR 20.2031-2 - Valuation of stocks and bonds.

Code of Federal Regulations, 2014 CFR

2014-04-01

..., that is given to the option or contract price in determining the value of the securities for estate tax... AND GIFT TAXES ESTATE TAX; ESTATES OF DECEDENTS DYING AFTER AUGUST 16, 1954 Gross Estate § 20.2031-2 Valuation of stocks and bonds. (a) In general. The value of stocks and bonds is the fair market value per...

76 FR 24951 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing of Proposed Rule Change To...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-05-03

... traditional SPDRs[supreg] ETF (SPDRs[supreg] Trust Series 1) holds a stake in the 500 stocks represented by... Stock (``QQQ \\SM\\''),\\6\\ the third most actively traded options, traded a total of 8,730,718 contracts...], Nasdaq[supreg], Nasdaq-100 Index Tracking Stock \\SM\\, and are trademarks or service marks of The Nasdaq...

26 CFR 1.421-2 - General rules.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 100 shares of X stock at $10 per share. On August 1, 2006, A exercises the option when the fair market... compensation income A must include in income is $1,000 ($2,000, the fair market value of X stock on transfer... in income is $2,000 ($3,000, the fair market value of Y stock on transfer, less $1,000, the exercise...

76 FR 602 - Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of Proposed...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-01-05

... member and guarantees the return of the loaned stock to the lending clearing member and the collateral to.... OCC's risk is, in turn, reduced by having the benefit of the hedge. \\3\\ With respect to both the Stock... net risk of all open positions carried in the account, including stock loan positions as well as...

Cash Management Improvement in the Navy Stock Fund.

DTIC Science & Technology

1986-03-01

Command, Aviation Supply Office, Fisca.l Ya 1,985 Material Budget Execution Plan , September 1984. 44 Naval Supply Systems Command, Code 60... Material . .. .. .. ... 57 3. Inventory Augmentation Appropriated Funds. .. .. ... 57 I V. CURRENT NAVY STOCK FUND CASH MANAGEMENT PRACTICES . ..59 A...Control Center, Mechanicsburg, Pennsylvania 13 * Fleet Material Support Office, Mechanicsburg, Pennsylvania Aviation Supply Off Ice, Philadelphia

76 FR 57088 - Self-Regulatory Organizations; Chicago Stock Exchange, Incorporated; Notice of Designation of a...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-09-15

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-65300; File No. SR-CHX-2011-17] Self-Regulatory Organizations; Chicago Stock Exchange, Incorporated; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change Regarding the Submission by the Exchange of Clearing-Related Information for Trades Executed on the Exchange...

77 FR 49034 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Approving a Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-08-15

... to react to the execution (an effect known as ``market impact'' or ``information leakage''). As a...' shares will avoid the deleterious effect of market impact discussed above and result in overall faster...-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Approving a Proposed Rule Change To Amend Rule...

77 FR 38875 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-06-29

... participants to react to the execution (an effect known as ``market impact'' or ``information leakage''). As a... available shares and routing to other venues' shares will avoid the deleterious effect of market impact...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Proposed Rule Change To Amend Rule...

Global socioeconomic carbon stocks in long-lived products 1900-2008

NASA Astrophysics Data System (ADS)

Lauk, Christian; Haberl, Helmut; Erb, Karl-Heinz; Gingrich, Simone; Krausmann, Fridolin

2012-09-01

A better understanding of the global carbon cycle as well as of climate change mitigation options such as carbon sequestration requires the quantification of natural and socioeconomic stocks and flows of carbon. A so-far under-researched aspect of the global carbon budget is the accumulation of carbon in long-lived products such as buildings and furniture. We present a comprehensive assessment of global socioeconomic carbon stocks and the corresponding in- and outflows during the period 1900-2008. These data allowed calculation of the annual carbon sink in socioeconomic stocks during this period. The study covers the most important socioeconomic carbon fractions, i.e. wood, bitumen, plastic and cereals. Our assessment was mainly based on production and consumption data for plastic, bitumen and wood products and the respective fractions remaining in stocks in any given year. Global socioeconomic carbon stocks were 2.3 GtC in 1900 and increased to 11.5 GtC in 2008. The share of wood in total C stocks fell from 97% in 1900 to 60% in 2008, while the shares of plastic and bitumen increased to 16% and 22%, respectively. The rate of gross carbon sequestration in socioeconomic stocks increased from 17 MtC yr-1 in 1900 to a maximum of 247 MtC yr-1 in 2007, corresponding to 2.2%-3.4% of global fossil-fuel-related carbon emissions. We conclude that while socioeconomic carbon stocks are not negligible, their growth over time is not a major climate change mitigation option and there is an only modest potential to mitigate climate change by the increase of socioeconomic carbon stocks.

75 FR 76500 - Self-Regulatory Organizations; NASDAQ OMX PHLX, LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-12-08

... routing certain equity and index option Customer orders to away markets for execution. \\3\\ For a complete..., 2009) (SR-Phlx-2009-32). The instant proposed fees will apply only to option orders entered into, and... and executing certain Customer orders in equity and index options to away markets. In May 2009, the...

76 FR 55998 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-09-09

... Effectiveness of a Proposed Rule Change To Delete Obsolete Language From the CBOE Stock Exchange Fees Schedule... obsolete language from the CBOE Stock Exchange (``CBSX'') Fees Schedule. The text of the proposed rule...

75 FR 33882 - Self-Regulatory Organizations; NYSE Amex LLC and NYSE Arca, Inc.; Order Granting Approval of...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-06-15

... contracts, options on commodity futures contracts, swaps, forward contracts and/or options on physical.... \\8\\ 17 CFR 242.600. \\9\\ NYSE Amex Rule 915 also includes stock index futures contracts and options on... Approval of Proposed Rule Changes Relating to Listing and Trading Options on the ETFS Palladium Trust and...

77 FR 22015 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-04-12

... Proposed Rule Change Relating to Customer Fees and Rebates in Penny Pilot Options April 6, 2012. Pursuant... proposes to amend the Penny Pilot \\3\\ Options (``Penny Options'') Customer Rebates to Add Liquidity and Penny Options Customer Fee for Removing Liquidity. The Exchange also proposes to make other minor...

26 CFR 1.355-6 - Recognition of gain on certain distributions of stock or securities in controlled corporation.

Code of Federal Regulations, 2011 CFR

2011-04-01

... following is treated as a new issuance or transfer of an existing option only if it materially increases the... treat such exchange as a new issuance or transfer of the existing option, the substituted option or...

26 CFR 1.355-6 - Recognition of gain on certain distributions of stock or securities in controlled corporation.

Code of Federal Regulations, 2013 CFR

2013-04-01

... following is treated as a new issuance or transfer of an existing option only if it materially increases the... treat such exchange as a new issuance or transfer of the existing option, the substituted option or...

26 CFR 1.355-6 - Recognition of gain on certain distributions of stock or securities in controlled corporation.

Code of Federal Regulations, 2012 CFR

2012-04-01

... following is treated as a new issuance or transfer of an existing option only if it materially increases the... treat such exchange as a new issuance or transfer of the existing option, the substituted option or...

26 CFR 1.355-6 - Recognition of gain on certain distributions of stock or securities in controlled corporation.

Code of Federal Regulations, 2014 CFR

2014-04-01

... following is treated as a new issuance or transfer of an existing option only if it materially increases the... treat such exchange as a new issuance or transfer of the existing option, the substituted option or...

78 FR 30378 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of a Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-05-22

...-affiliated directors. The remaining directors are comprised of the Chief Executive Officer of NYSE Regulation... NYSE Regulation.\\4\\ Finally, like all members of the NYSE Regulation Board except for the Chief Executive Officer, fair representation candidates must qualify as independent under the director...

78 FR 28671 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-05-15

... Exchange also proposes to make corresponding grammatical amendments and technical amendments to improve... categories, as proposed paragraphs (a)-(g): (a) General Order Types; (b) Order Execution Modifiers; (c) Order... grammatical amendments. The purpose of this amendment is to clarify that an order execution modifier is not a...

75 FR 10538 - Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-03-08

... Stock Exchange LLC To Amend the Exchange Price List March 1, 2010. Pursuant to Section 19(b)(1) of the..., on February 26, 2010, New York Stock Exchange LLC (``NYSE'' or the ``Exchange'') filed with the... Proposed Rule Change The Exchange proposes to amend its 2010 Price List to specify that executions of...

75 FR 81701 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-12-28

...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of... Fee Structure for Certain Bond Trades Executed on the NYSE Bonds System December 21, 2010. Pursuant to...\\ 15 U.S.C. 78s(b)(1). \\2\\ 17 CFR 240.19b-4. I. Self-Regulatory Organization's Statement of the Terms...

75 FR 40004 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-07-13

...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of... Structure for Certain Bond Trades Executed on the NYSE Bonds\\SM\\ System to December 31, 2010 July 6, 2010... interested persons. \\1\\ 15 U.S.C. 78s(b)(1). \\2\\ 17 CFR 240.19b-4. I. Self-Regulatory Organization's...

76 FR 20420 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-04-12

... Proposed Rule Change Relating to Rebates and Fees in Penny Pilot and Non-Penny Pilot Options April 6, 2011... Penny Pilot \\3\\ Options with respect to the Customer Rebate to Add Liquidity; \\4\\ and (ii) modify pricing for both Penny Pilot Options and All Other Options with respect to the Fees for Removing Liquidity...

77 FR 63384 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-10-16

... Proposed Rule Change Relating to Non-Penny Pilot and Penny Pilot Options October 10, 2012. Pursuant to.... Specifically, NOM proposes to amend the Non-Penny Pilot Options and Penny Pilot \\3\\ Options pricing. \\3\\ The... assessed for option orders entered into NOM. The Exchange is proposing to amend the Non- Penny Pilot...

77 FR 33794 - Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of Proposed...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-06-07

... to explicitly include index-linked securities.\\5\\ \\4\\ ``NMS stock'' is defined in Rule 600(b)(47) of... to Certain Rules Applicable to Stock Futures June 1, 2012. Pursuant to Section 19(b)(1) of the... [[Page 33795

78 FR 66791 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Order Approving a Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-11-06

...) defines ``Bona Fide Error'' as: (1) The inaccurate conveyance or execution of any term of an order... Participant that submitted the order to the Matching System or the customer of the Participant that submitted... the execution of customer orders that have been placed in error, provided that the following...

76 FR 80444 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-12-23

... Change Relating to Strategy Executions and the Monthly Cap December 19, 2011. Pursuant to Section 19(b)(1...\\ short stock interest \\5\\ and reversal \\6\\ and conversion \\7\\ strategies (collectively ``Strategy Executions'') from the Monthly Firm Fee Cap \\8\\ and the Monthly Cap.\\9\\ \\3\\ A dividend strategy is defined as...

78 FR 16561 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-03-15

... interest. Accordingly, at the $22.00 price point, both the entire amount of B4 and the remaining balance of...-side interest, Exchange systems would cancel the remaining balance of the incoming STPN order that... STPN could execute at multiple price points, the incoming STPN would execute at the multiple prices...

75 FR 18932 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-04-13

... for, the Proposed Rule Change 1. Purpose NASDAQ is making modifications to its pricing schedule for... venue. The change is designed to ensure that NASDAQ does not lose money on trade executions, as is... will eliminate circumstances in which NASDAQ loses money on order executions by paying a rebate that is...

77 FR 64571 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-10-22

... Change To Amend its Rules To Clarify the Handling of Zero Displayed Reserve Orders During Crossed Markets...) clarify that the Exchange's trading system (the ``System'' \\3\\) will not execute a Zero Display Reserve.... Purpose The Exchange is proposing to amend its rules to clarify that the System will not execute Zero...

75 FR 33878 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-06-15

... the Proposed Rule Change NASDAQ proposes to modify pricing for NASDAQ members using the NASDAQ Market... Statutory Basis for, the Proposed Rule Change 1. Purpose NASDAQ is making modifications to its pricing... for orders using the TFTY routing strategy that execute at the NYSE from $0.0017 per share executed to...

77 FR 1099 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing of Proposed Rule Change...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-01-09

... is currently defined in Exchange Rule 1090 as any clerk other than a specialist clerk on the Exchange... execution clerk.\\7\\ \\5\\ See Exchange Rule 1090, Commentary .01(a). Further, no stock execution clerk shall... or independent authority over any account or transaction. See Exchange Rule 1090, Commentary .01(d...

75 FR 36737 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-06-28

... Proposed Rule Change Amending Rule 1000 Regarding Order Size Eligible for Automatic Execution June 22, 2010... proposes to amend Exchange Rule 1000 regarding order size eligible for automatic execution. The text of the... Proposed Rule Change 1. Purpose The Exchange proposes to amend Rule 1000 to state that the order size...

78 FR 11258 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-02-15

....0022/share in all Derivative Securities Products priced $1.00/share or more executed in the Regular....0022/share in all Derivative Securities Products priced $1.00/share or more executed in the Regular... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-68894; File No. SR-CHX-2013-06] Self-Regulatory...

75 FR 47668 - Self-Regulatory Organizations; NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-08-06

... systems (``ATSs''), including dark pools and electronic communication networks (``ECNs''). Each SRO market...ECN, BATS Trading and Direct Edge. Today, BATS publishes certain data at no charge on its Web site and... resulting executions to maintain low execution charges for its users.\\11\\ A proliferation of dark pools and...

An ill-posed problem for the Black-Scholes equation for a profitable forecast of prices of stock options on real market data

NASA Astrophysics Data System (ADS)

Klibanov, Michael V.; Kuzhuget, Andrey V.; Golubnichiy, Kirill V.

2016-01-01

A new empirical mathematical model for the Black-Scholes equation is proposed to forecast option prices. This model includes new interval for the price of the underlying stock, new initial and new boundary conditions. Conventional notions of maturity time and strike prices are not used. The Black-Scholes equation is solved as a parabolic equation with the reversed time, which is an ill-posed problem. Thus, a regularization method is used to solve it. To verify the validity of our model, real market data for 368 randomly selected liquid options are used. A new trading strategy is proposed. Our results indicates that our method is profitable on those options. Furthermore, it is shown that the performance of two simple extrapolation-based techniques is much worse. We conjecture that our method might lead to significant profits of those financial insitutions which trade large amounts of options. We caution, however, that further studies are necessary to verify this conjecture.

78 FR 17985 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-03-25

... with customer bases of potential product users have indicated a preference that premium pricing for... options on the same security. In addition to giving market participants clarity as to the minimum pricing increments for Mini Options, the filing would harmonize penny pricing between Mini Options and standard...

76 FR 20063 - Self-Regulatory Organizations; The Options Clearing Corporation; Order Approving a Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-04-11

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-64181; File No. SR-OCC-2010-19] Self-Regulatory Organizations; The Options Clearing Corporation; Order Approving a Proposed Rule Change Relating to Stock Loan Programs April 5, 2011. I. Introduction On December 16, 2010, The Options Clearing Corporation (``OCC...

DOE Office of Scientific and Technical Information (OSTI.GOV)

Vanderbei, Robert J., E-mail: rvdb@princeton.edu; P Latin-Small-Letter-Dotless-I nar, Mustafa C., E-mail: mustafap@bilkent.edu.tr; Bozkaya, Efe B.

An American option (or, warrant) is the right, but not the obligation, to purchase or sell an underlying equity at any time up to a predetermined expiration date for a predetermined amount. A perpetual American option differs from a plain American option in that it does not expire. In this study, we solve the optimal stopping problem of a perpetual American option (both call and put) in discrete time using linear programming duality. Under the assumption that the underlying stock price follows a discrete time and discrete state Markov process, namely a geometric random walk, we formulate the pricing problemmore » as an infinite dimensional linear programming (LP) problem using the excessive-majorant property of the value function. This formulation allows us to solve complementary slackness conditions in closed-form, revealing an optimal stopping strategy which highlights the set of stock-prices where the option should be exercised. The analysis for the call option reveals that such a critical value exists only in some cases, depending on a combination of state-transition probabilities and the economic discount factor (i.e., the prevailing interest rate) whereas it ceases to be an issue for the put.« less

77 FR 28905 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-05-16

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-66964; File No. SR-NASDAQ-2012-057] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Proposed Rule Change With Respect to the Authority of NASDAQ or NASDAQ Execution Services To Cancel Orders When a Technical or System Issue Occurs and To Describe the Operation of...

76 FR 2176 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-01-12

... for routing orders to the New York Stock Exchange LLC and NYSE Amex LLC for execution on those markets... for routing orders to the New York Stock Exchange LLC (``NYSE'') and NYSE Amex LLC (``NYSE Amex'') for... to the new fees in place at the NYSE and NYSE Amex. \\6\\ See SR-NYSE-2010-87 (the ``NYSE Fee Filing...

12 CFR 221.123 - Combined credit for exercising employee stock options and paying income taxes incurred as a...

Code of Federal Regulations, 2013 CFR

2013-01-01

... options and paying income taxes incurred as a result of such exercise. 221.123 Section 221.123 Banks and... options and paying income taxes incurred as a result of such exercise. (a) Section 221.4(a) and (b), which.... Taking a position that might discourage the exercise of options because of tax complications would...

76 FR 44969 - Self-Regulatory Organizations; NYSE Arca Inc.; Notice of Filing and Immediate Effectiveness of...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-07-27

...[supreg] exchange-traded fund (``SPY ETF''),\\4\\ which list and trade under the option symbol SPY, and to.... The SPDR S&P 500 ETF represents ownership in the SPDR S&P 500 Trust, a unit investment trust that... volume of SPY options). \\7\\ QQQ options were formerly known as options on the Nasdaq-100 Tracking Stock...

State recovery and lockstep execution restart in a system with multiprocessor pairing

DOE Office of Scientific and Technical Information (OSTI.GOV)

Gara, Alan; Gschwind, Michael K; Salapura, Valentina

System, method and computer program product for a multiprocessing system to offer selective pairing of processor cores for increased processing reliability. A selective pairing facility is provided that selectively connects, i.e., pairs, multiple microprocessor or processor cores to provide one highly reliable thread (or thread group). Each paired microprocessor or processor cores that provide one highly reliable thread for high-reliability connect with a system components such as a memory "nest" (or memory hierarchy), an optional system controller, and optional interrupt controller, optional I/O or peripheral devices, etc. The memory nest is attached to a selective pairing facility via a switchmore » or a bus. Each selectively paired processor core is includes a transactional execution facility, whereing the system is configured to enable processor rollback to a previous state and reinitialize lockstep execution in order to recover from an incorrect execution when an incorrect execution has been detected by the selective pairing facility.« less

29 CFR 541.106 - Concurrent duties.

Code of Federal Regulations, 2010 CFR

2010-07-01

... DELIMITING THE EXEMPTIONS FOR EXECUTIVE, ADMINISTRATIVE, PROFESSIONAL, COMPUTER AND OUTSIDE SALES EMPLOYEES..., cooking food, stocking shelves and cleaning the establishment, but performance of such nonexempt work does...

12 CFR 575.8 - Contents of Stock Issuance Plans.

Code of Federal Regulations, 2010 CFR

2010-01-01

... stockholders' equity at the close of the proposed issuance. (7) Provide that an ESOP, a MRP or an Option Plan... ESOP, MRP, or Option Plan that are attributable to such persons shall not be counted as being acquired...

77 FR 75229 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Designation of a Longer...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-12-19

...-Located Clients December 12, 2012. On October 10, 2012, The NASDAQ Stock Market LLC (``Exchange'' or... change to establish fees for new optional wireless connectivity for co-located clients. The proposed rule... connectivity for co-located clients. [[Page 75230

78 FR 14867 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-03-07

... how the NSX System may execute certain types of Zero Display Reserve Orders \\4\\ that are pegged to the midpoint between the Protected BBO in subpennies. NSX Rule 11.3(c) provides that a Zero Display Reserve... the System rounds executions in securities priced less than $1.00 per share resulting from a Zero...

78 FR 19047 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-03-28

... Change To Provide the Ability To Prevent Zero Display Reserve Orders From Executing in a Locked Market... Exchange not to execute a Zero Display Reserve Order \\4\\ when the protected bid is equal to the protected offer (i.e., a locked market); (ii) clarify that a Zero Display Reserve Order will be eligible for...

75 FR 6423 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-02-09

... Orders of Securities Priced Under One Dollar in the Auto Execution Mode of Order Interaction to 0.25% of... for liquidity adding displayed orders of securities priced under one dollar in the Auto Execution mode of order interaction (``AutoEx'') \\3\\ to 0.25% of trade value. \\3\\ The Exchange's two modes of order...

76 FR 14111 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-03-15

... Options Series, adjusted option series and any options series until the time to expiration for such series... time to expiration for such series is less than nine months be treated differently. Specifically, under... until the time to expiration for such series is less than nine months. Accordingly, the requirement to...

78 FR 17962 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-03-25

... believes that, because SPX, SPXPM, and SPY options are ultimately derivative of the same benchmark--the S&P..., investors utilize SPX, SPXPM, and SPY options and their respective underlying instruments and futures to... of the Proposed Rule Change NASDAQ proposes to eliminate position limits for options on the SPDR...

Time-changed geometric fractional Brownian motion and option pricing with transaction costs

NASA Astrophysics Data System (ADS)

Gu, Hui; Liang, Jin-Rong; Zhang, Yun-Xiu

2012-08-01

This paper deals with the problem of discrete time option pricing by a fractional subdiffusive Black-Scholes model. The price of the underlying stock follows a time-changed geometric fractional Brownian motion. By a mean self-financing delta-hedging argument, the pricing formula for the European call option in discrete time setting is obtained.

76 FR 17727 - Self-Regulatory Organizations; The Options Clearing Corporation; Order Approving Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-03-30

... options on certain indexes measuring the relative performance of one reference security or reference index... one underlying stock and one underlying ETF, which are also traded on the Phlx.\\5\\ An Alpha Index is...-settled, European-style options. In the event of a corporate event that eliminates one of the underlying...

77 FR 21130 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-04-09

... proposes to modify Chapter XV, Options Pricing, Section 2, of the Options Rules portion of the NASDAQ Rulebook governing pricing for NASDAQ members using The NASDAQ Options Market (``NOM''), NASDAQ's facility... certain Customer Routing Fees to recoup costs incurred by the Exchange in routing to away markets. While...

77 FR 30562 - Self-Regulatory Organizations; The Options Clearing Corporation; Order Approving Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-05-23

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-67013; File No. SR-OCC-2012-04] Self-Regulatory Organizations; The Options Clearing Corporation; Order Approving Proposed Rule Change Relating to Stock Loan Buy-In and Sell-Out Rules May 17, 2012. I. Introduction On March 22, 2012, The Options Clearing Corporation (``OCC'') filed with the...

76 FR 52369 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-22

... Proposed Rule Change Relating to Customer Rebates in Penny Pilot Options August 15, 2011. Pursuant to... for the Penny Pilot \\3\\ Options (``Penny Options'') with respect to the Customer Rebate to Add Liquidity. \\3\\ The Penny Pilot was established in March 2008 and in October 2009 was expanded and extended...

77 FR 11177 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Order Granting Approval of a Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-02-24

... Indices) and Exchange Rules 1000 through 1094 (Rules Applicable to Trading of Options on Stocks, Exchange... to Trading of Options on Indices) and Exchange Rules 1000 through 1094 (Rules Applicable to Trading...

Valuation of Capabilities and System Architecture Options to Meet Affordability Requirement

DTIC Science & Technology

2014-04-30

is an extension of the historic volatility and trend of the stock using Brownian motion . In finance , the Black-Scholes equation is used to value...the underlying asset whose value is modeled as a stochastic process. In finance , the underlying asset is a tradeable stock and the stochastic process

77 FR 67037 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-11-08

... the CBOE Stock Exchange, LLC (``CBSX'') to delete references to the automatic quote regeneration and....24(b) (Automatic Quote Regeneration) and Rule 53.24(c) (Quote Risk Monitor Function) from CBOE Stock... the automatic quote regeneration nor the quote risk monitor function has been made available or been...

76 FR 27687 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Proposed...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-05-12

... extraordinary market volatility (``Trading Pause'') in all stocks included in the S&P 500 Index (``S&P 500... mechanism to address extraordinary market volatility, if adopted, applies to the Circuit Breaker Stocks. See... a limit up-limit down mechanism to address extraordinary market volatility, if adopted, applies to...

78 FR 71018 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-11-27

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-70915; File No. SR-NASDAQ-2013-140] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify NASDAQ Connectivity Options and Fees November 21, 2013. Pursuant to Section...

75 FR 168 - Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving Proposed Rule Change Amending...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-01-04

... lower the minimum component stock weight requirement from 90% to 70% of the weight of the underlying... component stock trading volumes are determined on a global basis. Finally, as an option for meeting the... minimize potential manipulation. The Commission also believes that the proposed use of minimum notional...

77 FR 48570 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Approving a Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-08-14

... Underlying Securities) of the NASDAQ Options Market rules.\\11\\ Additionally, the Target Component's and the...\\ Additionally, the Target Component's and the Benchmark Component's trading volume (in all markets in which the...-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Approving a Proposed Rule Change Relating to the...

50 CFR 648.96 - FMP review, specification, and framework adjustment process.

Code of Federal Regulations, 2011 CFR

2011-10-01

... Councils or the PDT may develop options for setting ABC, ACL, and OFL for each monkfish stock, as necessary... recommend to the SSC that ABC, ACL, and OFL are specified for each monkfish stock for multiple years as... not limited to, OFLs, ACLs, and management uncertainty. (ii) ACL recommendations. The Councils shall...

77 FR 15163 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-03-14

... troubling trend of reduced participation in the equity markets by individual investors, and that nearly 30... different asset classes within a single strategy. NASDAQ also notes that cash equities and options markets...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of...

Assessing potential genetic gains from varietal planting stock in loblolly pine plantations

Treesearch

Scott D. Roberts; Randall J. Rousseau; B. Landis Herrin

2013-01-01

Forest landowners have increasingly more options when it comes to loblolly pine (Pinus taeda L.) planting stock. The majority of plantations in recent decades have been established with seedlings produced from second-generation open-pollinated (second-Gen OP) seed. However, foresters have begun recognizing the increased gains obtainable from full-sib...

Option pricing: Stock price, stock velocity and the acceleration Lagrangian

NASA Astrophysics Data System (ADS)

Baaquie, Belal E.; Du, Xin; Bhanap, Jitendra

2014-12-01

The industry standard Black-Scholes option pricing formula is based on the current value of the underlying security and other fixed parameters of the model. The Black-Scholes formula, with a fixed volatility, cannot match the market's option price; instead, it has come to be used as a formula for generating the option price, once the so called implied volatility of the option is provided as additional input. The implied volatility not only is an entire surface, depending on the strike price and maturity of the option, but also depends on calendar time, changing from day to day. The point of view adopted in this paper is that the instantaneous rate of return of the security carries part of the information that is provided by implied volatility, and with a few (time-independent) parameters required for a complete pricing formula. An option pricing formula is developed that is based on knowing the value of both the current price and rate of return of the underlying security which in physics is called velocity. Using an acceleration Lagrangian model based on the formalism of quantum mathematics, we derive the pricing formula for European call options. The implied volatility of the market can be generated by our pricing formula. Our option price is applied to foreign exchange rates and equities and the accuracy is compared with Black-Scholes pricing formula and with the market price.

77 FR 39767 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-07-05

... has executed on average per trading day (excluding partial trading days) in AutoEx or Order Delivery... (``AutoEx'') shall mean only those executed shares of the ETP Holder that are submitted in AutoEx mode... period, a combined ADV in both AutoEx and Order Delivery of at least 11.5 million shares, of which at...

Granger Causality and National Procurement Spending: Applications to the CC130 Hercules Fleet Performance

DTIC Science & Technology

2011-09-01

intentionally left blank. ii DRDC CORA TM 2011-154 Dr aft Co py Executive summary Granger Causality and National Procurement Spending David W...à croire que la chaîne d’approvisionnement sous jacente est optimale - la résistance aux chocs de dépenses peut simplement s’expliquer par des stocks...i Executive summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . iii Sommaire

75 FR 8421 - Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-02-24

... $.0035 per contract to each member for all options transactions executed or cleared by the member that... Options Intermarket Linkage Plan (``Linkage'').\\3\\ The ORF is imposed upon all such transactions executed by a member, even if such transactions do not take place on the Exchange.\\4\\ The ORF also includes...

75 FR 47874 - Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-08-09

... decrease the current $.0035 per contract fee to each member for all options transactions executed or... exceed costs. The ORF is imposed upon all such transactions executed by a member, even if such transactions do not take place on the Exchange.\\3\\ The ORF also includes options transactions that are not...

76 FR 71092 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-11-16

... quoted prices in the respective SPX series at the time of execution, each constituent execution will be... Demeterfi, Emanuel Derman, Michael Kamal and Joseph Zou, Goldman Sachs Quantitative Strategies Research... series. The following table shows the SPX option mid-quote prices prevailing at the time of the S&P 500...

12 CFR 221.123 - Combined credit for exercising employee stock options and paying income taxes incurred as a...

Code of Federal Regulations, 2011 CFR

2011-01-01

... options and paying income taxes incurred as a result of such exercise. 221.123 Section 221.123 Banks and... income taxes incurred as a result of such exercise. (a) Section 221.4(a) and (b), which provides special... that might discourage the exercise of options because of tax complications would conflict with the...

12 CFR 221.123 - Combined credit for exercising employee stock options and paying income taxes incurred as a...

Code of Federal Regulations, 2012 CFR

2012-01-01

... options and paying income taxes incurred as a result of such exercise. 221.123 Section 221.123 Banks and... income taxes incurred as a result of such exercise. (a) Section 221.4(a) and (b), which provides special... that might discourage the exercise of options because of tax complications would conflict with the...

78 FR 50465 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-08-19

... Proposed Rule Change Relating to a Non-Penny Pilot Option Rebate To Add Liquidity August 13, 2013. Pursuant... proposes to offer an additional rebate for transacting certain Non-Penny Pilot Options. The text of the... option orders entered into NOM. The Exchange proposes to offer an additional $0.01 per contract Non-Penny...

78 FR 75949 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-12-13

... Proposed Rule Change Relating to NOM Penny and Non-Penny Pilot Options December 9, 2013. Pursuant to... proposes to amend the NOM Market Maker \\3\\ Non-Penny Pilot Options \\4\\ Fee for Removing Liquidity and the NOM Market Maker Rebate to Add Liquidity in Penny Pilot Options.\\5\\ \\3\\ The term ``NOM Market Maker...

77 FR 69685 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-11-20

... Proposed Rule Change Relating to Non-Penny Pilot and Penny Pilot Options November 14, 2012. Pursuant to.... Specifically, NOM proposes to amend the Non-Penny Pilot Options Fees for Removing Liquidity and the Customer... Removing Liquidity in Non-Penny Pilot Options would be operative on November 2, 2012. The text of the...

Quantized expected returns in terms of dividend yield at the money

NASA Astrophysics Data System (ADS)

Dieng, Lamine

2011-03-01

We use the Bachelier (additive model) and the Black-Scholes (multiplicative model) as our models for the stock price movement for an investor who has entered into an America call option contract. We assume the investor to pay certain dividend yield on the expected rate of returns from buying stocks. In this work, we also assume the stock price to be initially in the out of the money state and eventually will move up through at the money state to the deep in the money state where the expected future payoffs and returns are positive for the stock holder. We call a singularity point at the money because the expected payoff vanishes at this point. Then, using martingale, supermartingale and Markov theories we obtain the Bachelier-type of the Black-Scholes and the Black-Scholes equations which we hedge in the limit where the change of the expected payoff of the call option is extremely small. Hence, by comparison we obtain the time-independent Schroedinger equation in Quantum Mechanics. We solve completely the time independent Schroedinger equation for both models to obtain the expected rate of returns and the expected payoffs for the stock holder at the money. We find the expected rate of returns to be quantized in terms of the dividend yield.

D-brane solutions under market panic

NASA Astrophysics Data System (ADS)

Pincak, Richard

The relativistic quantum mechanic approach is used to develop stock market dynamics. The relativistic is conceptional here as the meaning of big external volatility or volatility shock on a financial market. We used a differential geometry approach with the parallel transport of prices to obtain a direct shift of the stock price movement. The prices are represented here as electrons with different spin orientation. Up and down orientations of the spin particle are likened here to an increase or a decrease of stock prices. The parallel transport of stock prices is enriched by Riemann curvature, which describes some arbitrage opportunities in the market. To solve the stock-price dynamics, we used the Dirac equation for bispinors on the spherical brane-world. We found out that when a spherical brane is abbreviated to the disk on the equator, we converge to the ideal behavior of financial market where Black-Scholes as well as semi-classical equations are sufficient. Full spherical brane-world scenarios can describe non-equilibrium market behavior where all arbitrage opportunities as well as transaction costs are taken into account. Real application of the model to the option pricing was done. The model developed in this paper brings quantitative different results of option pricing dynamics in the case of nonzero Riemann curvature.

Quantum Finance

NASA Astrophysics Data System (ADS)

Baaquie, Belal E.

2007-09-01

Foreword; Preface; Acknowledgements; 1. Synopsis; Part I. Fundamental Concepts of Finance: 2. Introduction to finance; 3. Derivative securities; Part II. Systems with Finite Number of Degrees of Freedom: 4. Hamiltonians and stock options; 5. Path integrals and stock options; 6. Stochastic interest rates' Hamiltonians and path integrals; Part III. Quantum Field Theory of Interest Rates Models: 7. Quantum field theory of forward interest rates; 8. Empirical forward interest rates and field theory models; 9. Field theory of Treasury Bonds' derivatives and hedging; 10. Field theory Hamiltonian of forward interest rates; 11. Conclusions; Appendix A: mathematical background; Brief glossary of financial terms; Brief glossary of physics terms; List of main symbols; References; Index.

75 FR 12588 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-03-16

... Interest Strategies Fee Cap Pilot Program March 9, 2010. Pursuant to Section 19(b)(1) \\1\\ of the Securities... short stock interest strategies fee cap program. The text of the proposed rule change is available on..., merger and short stock interest strategies, as described in Footnote 13 of the CBOE Fees Schedule...

76 FR 3682 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-01-20

... Change Relating to a Fee Cap on Dividend, Merger and Short Stock Interest Strategies January 12, 2011... equity option transaction charges on dividend,\\3\\ merger,\\4\\ and short stock interest \\5\\ strategies. \\3\\ For purposes of this proposal, the Exchange defines a ``dividend strategy'' as transactions done to...

76 FR 61416 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-10-04

... Methodology for Determining When to Halt Trading Due to Extraordinary Market Volatility September 28, 2011... determining when to halt trading in all stocks due to extraordinary market volatility. The proposal is made in... market volatility. The Exchange is proposing this rule change in consultation with other equity, options...

77 FR 58433 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change Proposes...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-09-20

... the Exchange to open additional series of individual stock options until the first calendar day of the... for market participants risk management needs in a stock. In these situations, the Exchange [[Page... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-67863; File No. SR-NYSEARCA-2012-94] Self...

77 FR 58429 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing of Proposed Rule Change Amending...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-09-20

... series of individual stock options and Exchange-Traded Fund Shares until the beginning of the month in... participants' risk management needs in a stock. In these situations, the Exchange has the ability to add... tailor their investment decisions and hedging decisions prior to expiration. The Exchange also believes...

77 FR 50745 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-08-22

... Effectiveness of a Proposed Rule Change To Amend the CBOE Stock Exchange Fees Schedule August 15, 2012. Pursuant... Schedule of its CBOE Stock Exchange (``CBSX''). The text of the proposed rule change is available on the... access. The Exchange made such a connection available to CBSX market participants, and wants to encourage...

77 FR 19743 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-04-02

.... The ORF is assessed to each member for all options transactions executed or cleared by the member that..., does not exceed regulatory costs. The ORF is imposed upon all transactions executed by a member, even if such transactions do not take place on the Exchange.\\3\\ The ORF also includes options transactions...

76 FR 77277 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-12-12

... the ORF will not exceed costs. The ORF is assessed to each member for all options transactions...] transactions executed by a member, even if such transactions do not take place on the Exchange.\\3\\ The ORF also includes options transactions that are not executed by an Exchange member but are ultimately cleared by an...

77 FR 9288 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-02-16

... electronic executions and to delete references to Royalty Fees for foreign currency options, which the... posted electronic executions and to delete references to Royalty Fees for foreign currency options, which....... -0.36 Threshold 3 More than 1,200,000.. -0.42 Threshold 4 More than 3,500,000.. -0.43 Royalty Fees...

41 CFR 101-26.302 - Standard and optional forms.

Code of Federal Regulations, 2013 CFR

2013-07-01

... forms. 101-26.302 Section 101-26.302 Public Contracts and Property Management Federal Property Management Regulations System FEDERAL PROPERTY MANAGEMENT REGULATIONS SUPPLY AND PROCUREMENT 26-PROCUREMENT SOURCES AND PROGRAM 26.3-Procurement of GSA Stock Items § 101-26.302 Standard and optional forms. Agencies...

41 CFR 101-26.302 - Standard and optional forms.

Code of Federal Regulations, 2011 CFR

2011-07-01

... forms. 101-26.302 Section 101-26.302 Public Contracts and Property Management Federal Property Management Regulations System FEDERAL PROPERTY MANAGEMENT REGULATIONS SUPPLY AND PROCUREMENT 26-PROCUREMENT SOURCES AND PROGRAM 26.3-Procurement of GSA Stock Items § 101-26.302 Standard and optional forms. Agencies...

41 CFR 101-26.302 - Standard and optional forms.

Code of Federal Regulations, 2012 CFR

2012-07-01

... forms. 101-26.302 Section 101-26.302 Public Contracts and Property Management Federal Property Management Regulations System FEDERAL PROPERTY MANAGEMENT REGULATIONS SUPPLY AND PROCUREMENT 26-PROCUREMENT SOURCES AND PROGRAM 26.3-Procurement of GSA Stock Items § 101-26.302 Standard and optional forms. Agencies...

41 CFR 101-26.302 - Standard and optional forms.

Code of Federal Regulations, 2010 CFR

2010-07-01

... forms. 101-26.302 Section 101-26.302 Public Contracts and Property Management Federal Property Management Regulations System FEDERAL PROPERTY MANAGEMENT REGULATIONS SUPPLY AND PROCUREMENT 26-PROCUREMENT SOURCES AND PROGRAM 26.3-Procurement of GSA Stock Items § 101-26.302 Standard and optional forms. Agencies...

41 CFR 101-26.302 - Standard and optional forms.

Code of Federal Regulations, 2014 CFR

2014-07-01

... forms. 101-26.302 Section 101-26.302 Public Contracts and Property Management Federal Property Management Regulations System FEDERAL PROPERTY MANAGEMENT REGULATIONS SUPPLY AND PROCUREMENT 26-PROCUREMENT SOURCES AND PROGRAM 26.3-Procurement of GSA Stock Items § 101-26.302 Standard and optional forms. Agencies...

An Evaluation of Rebuilding Policies for U.S. Fisheries.

PubMed

Benson, Ashleen Julia; Cooper, Andrew B; Carruthers, Thomas R

2016-01-01

Rebuilding depleted fish populations is a priority of modern fisheries management. In the U.S., strong statutory mandates extend to both the goals and process by which stocks are to be rebuilt. However, the National Standard Guidelines that govern the implementation of the Magnuson-Stevens Fishery Conservation and Management Act may change to increase flexibility in rebuilding requirements. In this study we evaluate performance of the status quo approach to fish stock rebuilding in the United States against 3 alternatives that have been proposed to improve rebuilding outcomes. These alternatives either simplify the analytical requirements of rebuilding analyses or apply 'best practices' in fisheries management, thereby avoiding the need for rebuilding analyses altogether. We use a Management Strategy Evaluation framework to evaluate rebuilding options across 6 fish life history types and 5 possible real-world fishery scenarios that include options for stock assessment quality, multiple fleets, and the degree to which the stocks are overfished at the start of the analysis. We show that the status quo rebuilding plan and a harvest control rule that reduces harvest rates at low stock size generally achieve the best rebuilding outcomes across all life-history types and fishery scenarios. Both approaches constrain fishing in the short term, but achieve high catches in the medium and long term as stocks rebuild to productive levels. These results support a growing body of literature that indicates that efforts to end overfishing early pay off in the medium- to long-term with higher cumulative catches than the alternative.

78 FR 13928 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-03-01

... C2 Options Exchange, Inc. (``C2''). The text of the proposed rule change is available on the Exchange... Rules in order to recoup costs applicable to the C2 Options Exchange, Inc. (``C2'') that the Exchange... NASDAQ OMX PHLX LLC (``PHLX'') and NASDAQ OMX BX, Inc. (``BX Options'') and a $0.11 per contract fixed...

77 FR 5862 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-02-06

... subscribers only): Per 64kb increase above $200/month. 128kb Tl base. Option 1, 2, or 3 with Fee for Option 1.../month. redundancy), dual hubs (one for redundancy), and dual router (one for redundancy). Option 3: Dual Tl lines (one for $2,500/month. redundancy), dual hubs (one for redundancy), and dual routers (one...

78 FR 68490 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Granting Approval of Proposed...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-11-14

... the options. Those premiums may be distributed to shareholders on a monthly basis or used to purchase... written by the Fund and (ii) U.S. exchange-traded puts on the Index that are purchased by the Fund. The... of purchase) and will consist of out-of-the-money Index put options. A put option will give the Fund...

78 FR 9756 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-02-11

... Permit (``ETP'') Holders \\3\\ for Double Play Orders \\4\\ that are executed at or above $1.00 on an away... at or above $1.00 on an away Trading Center. Clarifying Change Under Section I of the Fee Schedule... executed at or above $1.00 on an away Trading Center. The Double Play Order is a market or limit order that...

What Do Playing the Trombone, Becoming a Comedian and Teaching in Executive Education Programs Have in Common? (Reflections from Decades of Bad Jokes and Wrong Notes)

ERIC Educational Resources Information Center

Straussman, Jeffrey D.

2016-01-01

Repertoire: (1) a stock of plays, dances, or pieces that a company or a performer knows or is prepared to perform. (2) the whole body of items that are regularly performed. (3) a stock of skills or types of behavior that a person habitually uses. [https://www.google.com/#q=definition+of+repertoire.] Assessing the impact of teaching on student…

Exponential model for option prices: Application to the Brazilian market

NASA Astrophysics Data System (ADS)

Ramos, Antônio M. T.; Carvalho, J. A.; Vasconcelos, G. L.

2016-03-01

In this paper we report an empirical analysis of the Ibovespa index of the São Paulo Stock Exchange and its respective option contracts. We compare the empirical data on the Ibovespa options with two option pricing models, namely the standard Black-Scholes model and an empirical model that assumes that the returns are exponentially distributed. It is found that at times near the option expiration date the exponential model performs better than the Black-Scholes model, in the sense that it fits the empirical data better than does the latter model.

77 FR 34788 - Surrogate Foreign Corporations

Federal Register 2010, 2011, 2012, 2013, 2014

2012-06-12

... amount of stock treated as held by value; they do not address the effect of options on voting power. A comment suggested that if the general approach of the 2009 temporary regulations is retained, the effect... under section 7874. 3. Effect of Options on Equity Holders A comment requested clarification that if an...

77 FR 35448 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Granting...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-06-13

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-67152; File No. SR-CBOE-2012-013] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Granting Approval of a Proposed Rule Change To Adopt Self-Trade Prevention Modifiers on the CBOE Stock Exchange June 7, 2012. I...

75 FR 28847 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-05-24

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-62132; File No. SR-CBOE-2010-047] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of a Proposed Rule Change Related to Individual Stock Trading Pauses Due to Extraordinary Market Volatility May 19, 2010...

76 FR 9397 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-02-17

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-63900; File No. SR-NASDAQ-2011-026] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Offer Additional Routing Option February 14, 2011. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'')...

76 FR 50516 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-15

... Volatility, was approved by the Commission on June 10, 2010 on a pilot basis. The pilot is currently set to... extraordinary market volatility, if adopted, applies to the Circuit Breaker Stocks.\\5\\ The rule was developed in... individual stocks that experience rapid price movement.\\6\\ As the duration of the pilot expires on the...

76 FR 61425 - Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing of Proposed Rule Change by...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-10-04

... All Stocks Due to Extraordinary Market Volatility September 28, 2011. Pursuant to Section 19(b)(1) of... determining when trading in all stocks will be halted due to extraordinary market volatility. The text of the... volatility. The Exchange is proposing this rule change in consultation with other equity, options and futures...

78 FR 65741 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-11-01

... Effectiveness of a Proposed Rule Change To Adopt the Concept of a ``Responsible Person'' on the CBOE Stock... Exchange proposes to adopt the concept of a ``Responsible Person'' on its CBOE Stock Exchange (``CBSX... impediments to and perfect the mechanism of a free and open market and a national market system, and, in...

76 FR 73752 - Self-Regulatory Organizations; Options Clearing Corporation; Notice of Filing of Amendment No. 2...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-11-29

... measure the relative total returns of a stock or exchange-traded fund (``ETF'') against another stock or ETF, including where one of the reference ETFs measured by the index is a gold- or silver-based ETF.\\4... reference securities of an underlying relative performance index is an ETF designed to measure the return of...

76 FR 62891 - Self-Regulatory Organizations; Options Clearing Corporation; Notice of Filing of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-10-11

... relative total returns of a stock or exchange-traded fund (``ETF'') against another stock or ETF, including where one of the reference ETFs measured by the index is a gold- or silver-based ETF.\\3\\ Generally, a... of an underlying relative performance index is an ETF designed to measure the return of gold or...

76 FR 50521 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-15

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-65063; File No. SR-NASDAQ-2011-110] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding a Clerical Change to NASDAQ Options Market Rules August 9, 2011. Pursuant to Section 19(b)(1) of the Securities Exchange...

Releasing red oak reproduction using a growing season application of Oust

Treesearch

Jamie L. Schuler; John Stephens

2010-01-01

In most cases, newly harvested upland oak stands contain sufficient numbers of red oak stems to form a fully stocked oak stand in the future. Unfortunately, many stands will not reach full stocking of oak due to intense competition from other non-oak reproduction. There are few feasible options to release established oak reproduction from other broadleaf woody or non-...

76 FR 64984 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-10-19

... trading day's last sale price was greater than $100) in premium in each of the front two expiration months... options whose underlying stock's previous trading day's last sale price was greater than $100) in premium... other exchanges employing similar pricing schemes.\\18\\ \\18\\ The Boston Options Exchange currently...

76 FR 61772 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-10-05

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-65417; File No. SR-CBOE-2011-089] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Two-Day Settlement on CBOE Stock Exchange September 28, 2011...

77 FR 65600 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Granting...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-10-29

... activity in both options and underlying stocks.\\23\\ In addition, the Exchange states that its surveillance... exercise limits are designed to minimize the potential for mini-manipulations and for corners or squeezes... believes that this liquidity would lessen the opportunity for manipulation of this product and disruption...

78 FR 6382 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-01-30

... shares other than 100.\\8\\ Moreover, the concept of listing and trading parallel options products of... terms of the Options Disclosure Document. With regard to the impact of this proposal on system capacity... Authority (``OPRA'') have the necessary systems capacity to handle the potential additional traffic...

26 CFR 1.422-1 - Incentive stock options; general rules.

Code of Federal Regulations, 2010 CFR

2010-04-01

... an option ceased employment because of permanent and total disability, within the meaning of section... from the inclusion of that amount in A's gross income as compensation attributable to the exercise of... $225 (the $100 paid for the share plus the $125 increase in basis resulting from the inclusion of that...

User's Guide to the Stand Prognosis Model

Treesearch

William R. Wykoff; Nicholas L. Crookston; Albert R. Stage

1982-01-01

The Stand Prognosis Model is a computer program that projects the development of forest stands in the Northern Rocky Mountains. Thinning options allow for simulation of a variety of management strategies. Input consists of a stand inventory, including sample tree records, and a set of option selection instructions. Output includes data normally found in stand, stock,...

78 FR 19549 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-04-01

... position the Exchange as an attractive alternative when compared to other options exchanges. The Exchange... orders to the options exchange that they believe is the most attractive for their business. Accordingly... proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to...

78 FR 3479 - Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-01-16

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-68535; File No. SR-OCC-2012-24] Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Make Its By-Laws and Rules Consistent With Recent System Changes to the Stock Loan/Hedge...

Setting priorities for land management to mitigate climate change

PubMed Central

2012-01-01

Background No consensus has been reached how to measure the effectiveness of climate change mitigation in the land-use sector and how to prioritize land use accordingly. We used the long-term cumulative and average sectorial C stocks in biomass, soil and products, C stock changes, the substitution of fossil energy and of energy-intensive products, and net present value (NPV) as evaluation criteria for the effectiveness of a hectare of productive land to mitigate climate change and produce economic returns. We evaluated land management options using real-life data of Thuringia, a region representative for central-western European conditions, and input from life cycle assessment, with a carbon-tracking model. We focused on solid biomass use for energy production. Results In forestry, the traditional timber production was most economically viable and most climate-friendly due to an assumed recycling rate of 80% of wood products for bioenergy. Intensification towards "pure bioenergy production" would reduce the average sectorial C stocks and the C substitution and would turn NPV negative. In the forest conservation (non-use) option, the sectorial C stocks increased by 52% against timber production, which was not compensated by foregone wood products and C substitution. Among the cropland options wheat for food with straw use for energy, whole cereals for energy, and short rotation coppice for bioenergy the latter was most climate-friendly. However, specific subsidies or incentives for perennials would be needed to favour this option. Conclusions When using the harvested products as materials prior to energy use there is no climate argument to support intensification by switching from sawn-wood timber production towards energy-wood in forestry systems. A legal framework would be needed to ensure that harvested products are first used for raw materials prior to energy use. Only an effective recycling of biomaterials frees land for long-term sustained C sequestration by conservation. Reuse cascades avoid additional emissions from shifting production or intensification. PMID:22423646

Options for monitoring forest degradation in Northern Viet Nam: An assessment in systems design and capacity building needs in Con Cuong District, Nghe An Province

Treesearch

Patricia N. Manley; Leif Mortenson; James J. Halperin; Nguyen Hanh Quyen

2013-01-01

Changes in forest carbon stocks can be detected through monitoring of deforestation (conversion of| forests to some other cover type), forest degradation (forests that remain forests), and/or reforestation| (restoration of forests). Techniques for monitoring deforestation and resultant changes to forest carbon| stocks are widespread and well published. However,...

77 FR 40683 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-07-10

... evolution of the equities markets away from manual executions and manual enforcement of rules toward an... Exchange's current market structure and to reflect rapidly changing market technology and the development...

17 CFR 32.1 - Scope of part 32; definitions.

Code of Federal Regulations, 2010 CFR

2010-04-01

... OF COMMODITY OPTION TRANSACTIONS § 32.1 Scope of part 32; definitions. (a) Scope. The provisions of... commodity option transactions, shall apply to all commodity option transactions except for commodity option transactions conducted or executed on or subject to the rules of a contract market, or a foreign board of trade...

77 FR 67847 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-11-14

... ex-dividend.\\5\\ Dividend strategy transactions are only executed by Market-Makers. The Exchange... Sliding Scale volume thresholds. However, because only Market- Makers execute dividend strategy trades and... from the list of strategy executions for which fee caps apply. Under the Exchange's current Fees...

77 FR 57618 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-09-18

... Proposed Rule Change Relating to the Customer Rebate To Add Liquidity and Non-Customer Fees for Removing... routing standardized equity and index options. Specifically, NOM proposes to amend the Customer Rebate to Add Liquidity and Non-Customer Fees for Removing Liquidity in Penny Pilot \\3\\ Options. \\3\\ The Penny...

76 FR 6646 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-02-07

... Series, adjusted option series and any options series until the time to expiration for such series is... time to expiration for such series is less than nine months be treated differently. Specifically, under... series until the time to expiration for such series is less than nine months. Accordingly, the...

77 FR 45700 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-08-01

... and BONO Port fees will be assessed to non-NOM Participants and NOM Participants. * * * * * The text... NASDAQ ITCH to Trade Options (``ITTO'') \\4\\ ports to non-NOM Participants and NOM Participants for... options equivalent of the NASDAQ Basic data feed offered for equities under NASDAQ Rule 7047. See Chapter...

77 FR 11602 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-02-27

... offers various bandwidth options for connectivity to NASDAQ, including a 10Gb fiber connection, a 1Gb copper connection, and a 100 MB connection.\\3\\ In keeping with changes in technology, the Exchange now proposes to provide an enhanced bandwidth option to enable its clients a more efficient connection to the...

76 FR 74113 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-11-30

... options. Rights and warrants entitle owners to purchase shares of stock at predetermined prices subject to various timing and other conditions. Like options, the price of rights and warrants are affected by the... consequence, the prices of rights and warrants may move more dramatically than the prices of the underlying...

75 FR 34509 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-06-17

... Commission staff to provide for uniform market- wide trading pause standards for certain individual stocks..., consistent with its existing rotation processes, the Exchange would accept opening-only orders during the... reopening, a rotation shall be held in the options on CBOE in accordance with Rule 6.2B, Hybrid Opening...

76 FR 65765 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-10-24

... Proposed Rule Change Relating to the Establishment of a Direct Market Data Product, NASDAQ Options Trade... establish a direct market data product, NASDAQ Options Trade Outline (``NOTO''). The text of the proposed.... Purpose The purpose of the proposed rule change is to establish the NOTO market data product. NOTO is a...

76 FR 68798 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-11-07

... SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt a Market-Maker Trade Prevention Order on CBOE Stock Exchange November 1, 2011. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the `...

78 FR 11711 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-02-19

... Proposed Rule Change Relating to Rebates To Add Liquidity in Penny Pilot Options February 12, 2013.... Specifically, NOM proposes to amend its Customer and Professional Rebates to Add Liquidity in Penny Pilot... Professional Rebates to Add Liquidity in Penny Pilot Options by adding an additional rebate tier to attract...

78 FR 41455 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-07-10

... Proposed Rule Change Relating to Penny Pilot Option Rebates To Add Liquidity July 3, 2013. Pursuant to... proposes to amend certain Customer,\\3\\ Professional \\4\\ and NOM Market Maker \\5\\ Rebates to Add Liquidity..., Professional and NOM Market Maker Penny Pilot Options Rebates to Add Liquidity and make other technical...

78 FR 37858 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-06-24

... Proposed Rule Change Relating to Extension of the Exchange's Penny Pilot Program and Replacement of Penny... NASDAQ Options Market (``NOM'') to extend through December 31, 2013, the Penny Pilot Program in options classes in certain issues (``Penny Pilot'' or ``Pilot''), and to change the date when delisted classes may...

78 FR 77530 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-12-23

... Proposed Rule Change Relating to Extension of the Exchange's Penny Pilot Program and Replacement of Penny... the rules of the NASDAQ Options Market (``NOM'') to extend through June 30, 2014, the Penny Pilot Program in options classes in certain issues (``Penny Pilot'' or ``Pilot''), and to change the date when...

78 FR 24449 - Self-Regulatory Organizations; BOX Options Exchange, LLC; Order Approving a Proposed Rule Change...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-04-25

... proposed rule change to amend the rules governing the trading of Complex Orders on BOX Market LLC (``BOX... particular investment strategy.\\4\\ BOX notes that its proposed definition of Complex Order is consistent with.../Crossed National Market System Plan.\\5\\ BOX also proposes to delete references to Stock-Option Orders and...

17 CFR 240.15c3-1g - Conditions for ultimate holding companies of certain brokers or dealers (Appendix G to 17 CFR 240...

Code of Federal Regulations, 2011 CFR

2011-04-01

... that: (A) The stock does not have a maturity date; (B) The stock cannot be redeemed at the option of... G; (B) Subordinated debt if the original weighted average maturity of the subordinated debt is at... weighted average maturity of at least five years and that cannot be accelerated, except upon the occurrence...

77 FR 43636 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-07-25

... trade execution services are an example of `joint products' with `joint costs.'''), attachment at pg. 4... economic theory. See, e.g., F. W. Taussig, ``A Contribution to the Theory of Railway Rates,'' Quarterly...

78 FR 28692 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-05-15

... standard SPY options, (2) codify the minimum contract threshold requirement for the execution of Jumbo SPY... Fund (``IWM''). QQQQ, SPY and IWM are quoted in $0.01 increments for all options series. This proposed... Exchange believes that by reducing the minimum trading increments for Jumbo SPY Options to $0.01, the...

78 FR 15385 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing of Proposed Rule Change To...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-03-11

... Series, any adjusted option series, and any option series until the time to expiration for such series is... existing requirement may at times discourage liquidity in particular options series because a market maker... the option is subject to the Price/Time execution algorithm, the Directed Market Maker shall receive...

77 FR 47131 - Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting Approval of Proposed Rule Change...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-08-07

... exercised or assigned, the writer of the option is obligated to purchase the requisite amount of the asset... put option segregates an amount of cash or cash equivalents sufficient to cover the purchase price of... when the seller executes a closing purchase transaction with respect to such option. All put options...

41 CFR 101-26.301 - Applicability.

Code of Federal Regulations, 2014 CFR

2014-07-01

... Section 101-26.301 Public Contracts and Property Management Federal Property Management Regulations System FEDERAL PROPERTY MANAGEMENT REGULATIONS SUPPLY AND PROCUREMENT 26-PROCUREMENT SOURCES AND PROGRAM 26.3-Procurement of GSA Stock Items § 101-26.301 Applicability. All executive agencies within the United States...

Remarks on a financial inverse problem by means of Monte Carlo Methods

NASA Astrophysics Data System (ADS)

Cuomo, Salvatore; Di Somma, Vittorio; Sica, Federica

2017-10-01

Estimating the price of a barrier option is a typical inverse problem. In this paper we present a numerical and statistical framework for a market with risk-free interest rate and a risk asset, described by a Geometric Brownian Motion (GBM). After approximating the risk asset with a numerical method, we find the final option price by following an approach based on sequential Monte Carlo methods. All theoretical results are applied to the case of an option whose underlying is a real stock.

Artificial neural network model of the hybrid EGARCH volatility of the Taiwan stock index option prices

NASA Astrophysics Data System (ADS)

Tseng, Chih-Hsiung; Cheng, Sheng-Tzong; Wang, Yi-Hsien; Peng, Jin-Tang

2008-05-01

This investigation integrates a novel hybrid asymmetric volatility approach into an Artificial Neural Networks option-pricing model to upgrade the forecasting ability of the price of derivative securities. The use of the new hybrid asymmetric volatility method can simultaneously decrease the stochastic and nonlinearity of the error term sequence, and capture the asymmetric volatility. Therefore, analytical results of the ANNS option-pricing model reveal that Grey-EGARCH volatility provides greater predictability than other volatility approaches.

76 FR 37034 - Certain Employee Remuneration in Excess of $1,000,000 Under Internal Revenue Code Section 162(m)

Federal Register 2010, 2011, 2012, 2013, 2014

2011-06-24

... Certain Employee Remuneration in Excess of $1,000,000 Under Internal Revenue Code Section 162(m) AGENCY... remuneration in excess of $1,000,000 under the Internal Revenue Code (Code). The proposed regulations clarify... stock options, it is intended that the directors may retain discretion as to the exact number of options...

75 FR 39593 - Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Order Granting Approval of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-07-09

... stocks on which option series may be listed at $1 strike price intervals. To be eligible for inclusion in..., 2003) (SR-Phlx-2002-55) (approval of pilot program). The Strike Program was then extended several times... option series with $1 strike price intervals for any class selected for the program, except as...

78 FR 17988 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-03-25

... minimum CMM quoting requirements based on a percentage of series or as a percentage of time achieves the... shares of underlying stock or exchange-traded fund shares. Long- term options are series with a time to... 60% of the non-adjusted options series that have a time to expiration of less than nine months); NYSE...

76 FR 74105 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-11-30

... call options.\\10\\ Like options, the price of rights and warrants are affected by the price of the... of rights and warrants may move more dramatically than the price of the underlying stock, even when.... Given the fact that the price of rights and warrants may move more dramatically than the prices of the...

75 FR 35113 - Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-06-21

... Stock Market LLC To List Options on Trust Issued Receipts in $1 Strike Intervals June 15, 2010. Pursuant... options on Trust Issued Receipts in $1 strike price intervals. The text of the proposed rule change is...''), as defined in Supplementary Material to Section 6 at .01(b), in $1 or greater strike price intervals...

78 FR 53794 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-08-30

... Proposed Rule Change To Change the Expiration Date for Most Option Contracts to the Third Friday of the... date for most option contracts to the third Friday of the expiration month instead of the Saturday... contracts to the third Friday of the expiration month instead of the Saturday following the third Friday...

78 FR 21691 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-04-11

... Proposed Rule Change Relating to Penny Pilot and Non-Penny Pilot Options April 5, 2013. Pursuant to Section... and the Customer Non-Penny Pilot Options \\4\\ Rebate to Add Liquidity. \\3\\ The Penny Pilot was... of Penny Pilot through June 30, 2013). See also NOM Rules, Chapter VI, Section 5. \\4\\ Non-Penny Pilot...

77 FR 42073 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-07-17

... Proposed Rule Change Relating to Customer Rebates in Penny Pilot Options July 10, 2012. Pursuant to Section... proposes to amend a Penny Pilot \\3\\ Option Customer Rebate to Add Liquidity. The Exchange also proposes a minor technical amendment. \\3\\ The Penny Pilot was established in March 2008 and in October 2009 was...

78 FR 16898 - Self-Regulatory Organizations; the NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-03-19

... Proposed Rule Change Relating to Penny Pilot and Non-Penny Pilot Options March 13, 2013. Pursuant to... proposes to amend certain Penny Pilot Options \\3\\ Rebates to Add Liquidity and certain Non-Penny Pilot... through June 30, 2013). See also NOM Rules, Chapter VI, Section 5. \\4\\ Non-Penny Pilot Pricing includes...

78 FR 28911 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-05-16

... core business hours (e.g., New York Stock Exchange Rule 51(a) and BATS Exchange Rule 1.5(w) mentions... Book Official to suspend trading in an option if the underlying security is halted or suspended in the primary market. The Exchange proposes to expand the authority of the Post Director or Order Book Official...

75 FR 78288 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-12-15

....00 (for options whose underlying stock's previous trading day's last sale price was less than or... last sale price was greater than $100) in premium in each of the front two expiration months and 80% of... trading day's last sale price was less than or equal to $100) and between $0.10 and $5.00 (for options...

Options for Reducing the Deficit: 2014 to 2023

DTIC Science & Technology

2013-11-01

percent of GDP (in 2000). Since the 1970s, corporate income taxes have ranged from about 1 percent to about 3 percent of GDP. The variation in revenues...October 1987 stock market crash and the more recent “flash crash” that occurred when the stock market tempo - rarily plunged on May 6, 2010. However...covers—such as preventive care, hospice services, home health visits, and laboratory tests—require no cost sharing. Because of those variations

General properties of solutions to inhomogeneous Black-Scholes equations with discontinuous maturity payoffs

NASA Astrophysics Data System (ADS)

O, Hyong-Chol; Jo, Jong-Jun; Kim, Ji-Sok

2016-02-01

We provide representations of solutions to terminal value problems of inhomogeneous Black-Scholes equations and study such general properties as min-max estimates, gradient estimates, monotonicity and convexity of the solutions with respect to the stock price variable, which are important for financial security pricing. In particular, we focus on finding representation of the gradient (with respect to the stock price variable) of solutions to the terminal value problems with discontinuous terminal payoffs or inhomogeneous terms. Such terminal value problems are often encountered in pricing problems of compound-like options such as Bermudan options or defaultable bonds with discrete default barrier, default intensity and endogenous default recovery. Our results can be used in pricing real defaultable bonds under consideration of existence of discrete coupons or taxes on coupons.

75 FR 38163 - Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-07-01

... prices. See Exchange Rule 1079. FLEX Options are a trademark of the Chicago Board Options Exchange. While... pursuant to Exchange Rule 1079 (``FLEX equity options''). The Exchange believes that the proposed fee... options transactions executed pursuant to Exchange Rule 1079. \\11\\ 15 U.S.C. 78f(b). \\12\\ 15 U.S.C. 78f(b...

Stock price estimation using ensemble Kalman Filter square root method

NASA Astrophysics Data System (ADS)

Karya, D. F.; Katias, P.; Herlambang, T.

2018-04-01

Shares are securities as the possession or equity evidence of an individual or corporation over an enterprise, especially public companies whose activity is stock trading. Investment in stocks trading is most likely to be the option of investors as stocks trading offers attractive profits. In determining a choice of safe investment in the stocks, the investors require a way of assessing the stock prices to buy so as to help optimize their profits. An effective method of analysis which will reduce the risk the investors may bear is by predicting or estimating the stock price. Estimation is carried out as a problem sometimes can be solved by using previous information or data related or relevant to the problem. The contribution of this paper is that the estimates of stock prices in high, low, and close categorycan be utilized as investors’ consideration for decision making in investment. In this paper, stock price estimation was made by using the Ensemble Kalman Filter Square Root method (EnKF-SR) and Ensemble Kalman Filter method (EnKF). The simulation results showed that the resulted estimation by applying EnKF method was more accurate than that by the EnKF-SR, with an estimation error of about 0.2 % by EnKF and an estimation error of 2.6 % by EnKF-SR.

Space Tug systems study (storable). Volume 3: Executive summary

NASA Technical Reports Server (NTRS)

1974-01-01

Space tug program options that consider key issues and mission requirements are assessed, component and subsystem candidates are evaluated, and tug configurations synthesized. Three tug program options are defined and evaluated.

78 FR 68113 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change, as...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-11-13

... Consolidated Book,\\6\\ unless individual orders or quotes in the Consolidated Book can execute against incoming... quotes or orders in the Consolidated Book, provided that the Electronic Complex Orders can be executed in... purpose of executing a particular investment strategy.'' \\5\\ NYSE Arca Options Rule 6.91(a) defines the...

78 FR 28906 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-05-16

... every executed contract for complex orders routed to CBOE through their system. The purpose of this... that offer complex order execution systems in order for the Participant to qualify to participate in... complex order execution systems as of May 6, 2013. \\4\\ SR-CBOE-2013-032, pp. 5-7. The primary functional...

76 FR 72744 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-11-25

... equity options transaction fees for members executing facilitation orders pursuant to Exchange Rule 1064... waiver to members executing facilitation orders pursuant to Exchange Rule 1064 to cabinet trade equity...

Optimal execution with price impact under Cumulative Prospect Theory

NASA Astrophysics Data System (ADS)

Zhao, Jingdong; Zhu, Hongliang; Li, Xindan

2018-01-01

Optimal execution of a stock (or portfolio) has been widely studied in academia and in practice over the past decade, and minimizing transaction costs is a critical point. However, few researchers consider the psychological factors for the traders. What are traders truly concerned with - buying low in the paper accounts or buying lower compared to others? We consider the optimal trading strategies in terms of the price impact and Cumulative Prospect Theory and identify some specific properties. Our analyses indicate that a large proportion of the execution volume is distributed at both ends of the transaction time. But the trader's optimal strategies may not be implemented at the same transaction size and speed in different market environments.

Beyond Divestment: The Moral University.

ERIC Educational Resources Information Center

Pifer, Alan

1986-01-01

Issues in university divestment of stock in American corporations doing business in South Africa, in protest of apartheid, are discussed in light of the American experience with discrimination. Divestment options are examined. (MSE)

Executive Director Fred Spilhaus Steps Down; Interim Leader Takes AGU Reins

NASA Astrophysics Data System (ADS)

Weiss, Peter

2009-02-01

After 39 years as AGU executive director, Fred Spilhaus has stepped down from his post; he will become executive director emeritus. At a 27 January 2009 staff meeting at AGU headquarters, in Washington, D. C., three of the Union officers introduced Robert T. Van Hook, who will serve as interim executive director while AGU conducts a worldwide search for a new executive director. The search is expected to start in the summer of 2009 and to take from 6 to 18 months. ``AGU is a growing, vibrant organization that wishes to thoughtfully chart its course for the coming decades,'' Van Hook said. ``I am a professional interim executive, here to build on Fred Spilhaus's legacy. I want to help this extraordinary Union of researchers, teachers, and students take careful stock of where it is today, where it wants to go tomorrow, and what kind of staff leader it needs to help it get there,'' he said. ``My job is to get you ready for the next executive director,'' Van Hook told AGU staff, noting that he is not a candidate for the position himself.

Space station needs, attributes and architectural options study. Final executive review

NASA Technical Reports Server (NTRS)

1983-01-01

Identification and validation of missions, the benefits of manned presence in space, attributes and architectures, space station requirements, orbit selection, space station architectural options, technology selection, and program planning are addressed.

78 FR 53179 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-08-28

... Proposed Rule Change To Amend Chapter VII, Section 6 of the Rules of the NASDAQ Options Market To Permit... to amend Chapter VII, Section 6 (Market Maker Quotations) of the rules of the NASDAQ Options Market... purpose of this proposed rule change is to amend Chapter VII, Section 6 of the rules of NOM to permit the...

75 FR 15760 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-03-30

... schedule to execution charges for inbound ``Linkage Orders'' which only applied to the execution of linkage... in footnote (6) regarding the marketing fee; (iii) delete references to the old linkage in footnote...

78 FR 63530 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Granting Approval to Proposed...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-10-24

... Bertsch, President and CEO, Society of Corporate Secretaries & Governance Professionals, dated March 7... March 14, 2013 (``Harrington Letter''); James McRitchie, Shareowner, Corporate Governance, dated March... March 15, 2013 (``Sharegate Letter''); Laura Berry, Executive Director, Interfaith Center on Corporate...

Development of an Executive Level Stock Fund Handbook

DTIC Science & Technology

1990-09-01

graphics assistance, thorough proof-reading of countless rewrites, and prayer support. I want to thank Heike, my wife to be, for her tremendous patience...Usability........................... 46 Format Design ....................... 50 III. Methodology.................................... 52 Overall...54 Panel of Experts ....................57 Interview Instrument ................57 Handbook Format Design ............. 58 Handbook Usability

77 FR 38869 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-06-29

... series that are perceived as having little if any chance of expiring in-the-money. For this reason... that series immediately preceding the execution was, and for five (5) seconds prior to the execution... for at least five (5) seconds prior to the execution and (ii) at least one call option series in ABC...

78 FR 19777 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-04-02

... executions Electronic complex order QCC executions executions Marketing Marketing Fee/rebate Marketing charge Fee/rebate charge Fee/rebate Marketing charge Fee/rebate charge Customer $0.00 N/A $0.00 N/A $0.00 N/A... cleared by The Options Clearing Corporation (``OCC'') in the customer range, regardless of the exchange on...

Thermal radiation analysis system TRASYS 2. Appendix H: User's manual

NASA Technical Reports Server (NTRS)

Goble, R. G.; Jensen, C. L.

1980-01-01

The user is provided the powerful options of writing his own executive, or driver logic and choosing, among several available options, the most desirable solution techniques for the problem at hand. Sample problems are presented.

For God or Country? Religious Tensions Within the United States Military

DTIC Science & Technology

2006-12-01

of God and the application of His power to change lost souls into new recruits.26 Lieutenant General Bruce L . Fister, USAF (Retired), Executive...Bruce L . Fister, United States Air Force (Retired), Taking Stock of OCF – Part 7: Reaching Out, [article online]; available from http

75 FR 80870 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Order Granting...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-12-23

... Proposed Rule Change To Eliminate the Validated Cross Trade Entry Functionality December 16, 2010. Pursuant... eliminate the Validated Cross Trade Entry Functionality for Exchange-registered Institutional Brokers. The... Brokers (``Institutional Brokers'') by eliminating the ability of an Institutional Broker to execute...

New England Takes Stock of Midterm Elections

ERIC Educational Resources Information Center

Harney, John O.; Morwick, Carolyn

2014-01-01

The recent midterm elections brought New England two new governors. Rhode Island elected its first woman chief executive in Gina Raimondo (D). Massachusetts elected Charlie Baker (R), a former Harvard Pilgrim CEO and official in the Weld and Cellucci administrations. Otherwise, the New England corner offices cautiously welcomed back incumbents:…

75 FR 1434 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-01-11

... minimum quoting increment for bids and offers in SPY and IWM is $0.01 for all options series below $3.00... Proposed Rule Change To Allow All SPY and IWM Option Series To Quote in Penny Increments January 4, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \\1\\ and Rule 19b-4 \\2...

78 FR 59402 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-09-26

... market value of the option strategy may be up to 20% of the Fund's overall net asset value. \\8\\ The term... strategy described in Principal Investments, the Fund may invest up to 10% of the market value of its net... market value of the option strategy may be up to 20% of the Fund's overall net asset value. In addition...

78 FR 60362 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-10-01

... the Exchange on each ATP Holder for all options transactions, including mini-options, executed or cleared by the ATP Holder that are cleared by The Options Clearing Corporation (``OCC'') in the customer range (i.e., transactions that clear in the customer account of the ATP Holder's clearing firm at OCC...

78 FR 66796 - Self-Regulatory Organizations: Miami International Securities Exchange LLC; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-11-06

... transaction fee for executions in standard option contracts and $0.008 transaction fee for Mini Option... Exchange for purposes of the transaction fee and Section 1(a)(i) of the Fee Schedule include: (i... (``DPLMM''). See MIAX Options Fee Schedule, Section 1(a)(i)--Market Maker Transaction Fees. The current...

78 FR 3053 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-01-15

... options to away markets. The text of the proposed rule change is provided in Exhibit 5. The text of the... routing and executing certain orders in equity options to away markets. The Exchange proposes to amend Routing Fees for the following away markets: BATS Exchange, Inc. (``BATS''), BOX Options Exchange LLC...

78 FR 5538 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-01-25

... contracts, and qualifying volume of other proprietary products of 500,000 contracts (totaling 1,350,000... executed greater than (or equal to) 375,000 contracts of multiply-listed options volume but less than 1,500... contracts of multiply-listed options volume but less than 1,500,000 such contracts, the Clearing Trading...

78 FR 62785 - Self-Regulatory Organizations; Topaz Exchange, LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-10-22

... will automatically remove a market maker's quotes in all series of an options class when certain... on a class-by-class basis. These parameters are available for market maker quotes in single options... contracts executed by the market maker in an options class; (2) the percentage of the total size of the...

26 CFR 1.56A-1 - Imposition of tax.

Code of Federal Regulations, 2013 CFR

2013-04-01

... exclusion (such as stock options) or by reason of an acceleration of deductions (such as accelerated...) (relating to recoveries of foreign expropriation losses) for any taxable year are not allowed as a reduction...

26 CFR 1.56A-1 - Imposition of tax.

Code of Federal Regulations, 2011 CFR

2011-04-01

... exclusion (such as stock options) or by reason of an acceleration of deductions (such as accelerated...) (relating to recoveries of foreign expropriation losses) for any taxable year are not allowed as a reduction...

26 CFR 1.56A-1 - Imposition of tax.

Code of Federal Regulations, 2014 CFR

2014-04-01

... exclusion (such as stock options) or by reason of an acceleration of deductions (such as accelerated...) (relating to recoveries of foreign expropriation losses) for any taxable year are not allowed as a reduction...

26 CFR 1.56A-1 - Imposition of tax.

Code of Federal Regulations, 2012 CFR

2012-04-01

... exclusion (such as stock options) or by reason of an acceleration of deductions (such as accelerated...) (relating to recoveries of foreign expropriation losses) for any taxable year are not allowed as a reduction...

Execution without excuses. Interview by Thomas A. Stewart and Louise O'Brien.

PubMed

Dell, Michael; Rollins, Kevin

2005-03-01

The success of Dell--it provides extraordinary rewards to shareholders, it can turn on a dime, and it has demonstrated impeccable timing in entering new markets--is based on more than its famous business model. High expectations and disciplined, consistent execution are embedded in the company's DNA. "We don't tolerate businesses that don't make money," founder Michael Dell tells HBR. "We used to hear all sorts of excuses for why a business didn't make money, but to us they all sounded like 'The dog ate my homework.' We just don't accept that." In order to double its revenues in a five-year period, the company had to adapt its execution-obsessed culture to new demands. In fact, Michael Dell and CEO Kevin Rollins realized they had a crisis on their hands."We had a very visible group of employees who'd gotten rich from stock options," Rollins says. "You can't build a great company on employees who say, 'If you pay me enough, I'll stay.'" Dell and Rollins knew they had to reignite the spirit of the company. They implemented an employee survey, whose results led to the creation of the Winning Culture initiative, now a top operating priority at Dell. They also defined the Soul of Dell: Focus on the customer, be open and direct in communications, be a good global citizen, have fun in winning. It turned outto be a huge motivator. And they increased the focus on developing people within the company. "We've changed as individuals and as an organization," Rollins says. "We want the world to see not just a great financial record and operational performance but a great company. We want to have leaders that other companies covet. We want a culture that makes people stick around for reasons other than money."

Neurofeedback and its possible relevance for the treatment of Tourette syndrome.

PubMed

Farkas, Aniko; Bluschke, Annet; Roessner, Veit; Beste, Christian

2015-04-01

Neurofeedback is an increasingly recognized therapeutic option in various neuropsychiatric disorders to treat dysfunctions in cognitive control as well as disorder-specific symptoms. In this review we propose that neurofeedback may also reflect a valuable therapeutic option to treat executive control functions in Gilles-de-la-Tourette syndrome (GTS). Deficits in executive control functions when ADHD symptoms appear in GTS likely reflect pathophysiological processes in cortico-thalamic-striatal circuits and may also underlie the motor symptoms in GTS. Such executive control deficits evident in comorbid GTS/ADHD depend on neurophysiological processes well-known to be modifiable by neurofeedback. However, so far efforts to use neurofeedback to treat cognitive dysfunctions are scarce. We outline why neurofeedback should be considered a promising treatment option, what forms of neurofeedback may prove to be most effective and how neurofeedback may be implemented in existing intervention strategies to treat comorbid GTS/ADHD and associated dysfunctions in cognitive control. As cognitive control deficits in GTS mostly appear in comorbid GTS/ADHD, neurofeedback may be most useful in this frequent combination of disorders. Copyright © 2015 Elsevier Ltd. All rights reserved.

17 CFR 37.7 - Additional requirements.

Code of Federal Regulations, 2010 CFR

2010-04-01

... Section 37.7 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION DERIVATIVES... transaction execution facility insofar as transactions in futures or option contracts of foreign traders are... of section 5c(c) of the Act and § 40.2 of this chapter, derivatives transaction execution facilities...

Soil organic carbon stocks and fluxes due to land use conversions at the European scale

NASA Astrophysics Data System (ADS)

Gobin, A.; Campling, P.

2012-04-01

European soils store around 73 to 79 billion tonnes of carbon, which is about 50 times the total CO2-equivalent emissions of the 27 Member States of the European Union in 2009 (4.6 billion tones; EEA, 2010). More than twice as much carbon is held in soils as compared to the storage in vegetation or the atmosphere. Soil organic carbon (SOC) stocks are dynamic and changes in land use, land management and climate may result in instant losses, whereas gains accumulate more slowly over several decades. The soil organic carbon cycle is based on continually supplying carbon in the form of organic matter as a food source for microorganisms, the loss of some carbon as carbon dioxide, and the assimilation of stable carbon in the soil. The organic carbon stocks and fluxes to and from the soil across the EU were quantified for agriculture, forestry and peatlands under different land use change and management scenarios taking into account climate change and using a coupled regional balance and multi-compartment soil organic matter model (Roth-C). Abolishing permanent grassland restrictions would have a negative effect on SOC stocks, which at the EU level can be quantified in a loss 30% higher than in the case of maintaining the current permanent grassland restrictions. Promoting the afforestation of 10% and 25% former set-aside land in the EU-15 would reduce the loss of SOC stock by 2030 by 19% and 65% respectively compared to conversions to arable land. An increase of the current afforestation rates by 2% would result in a 10% increase in carbon stock levels by 2030. The combined effect of the land use conversions to and from agricultural land use demonstrate an EU-27 average -9.7 tonnes/ha SOC stock loss for the worst option and a +5.0 tonnes/ha SOC stock gain for C-Rich option. Larger variations between Member States than between scenario options stem from regional differences in bio-geography, soil types and climatic regimes. The amount of stable or humified organic carbon (HOC) assimilated depends on the yields, as these directly relate to potential residue production, and on the prevailing climate with cold temperatures and dry moisture regimes being less favourable. Incorporating all crop residues into the soil results in HOC fluxes that range from 1.36 tonnes HOC/ha for oilseed and 1.14 tonnes HOC/ha for cereal to 0.54 tonnes/ha for sugar beet. The HOC fluxes drop to 0.69, 0.58 and 0.05 tonnes HOC/ha respectively when all residues are removed, e.g. for bio-energy purposes. Taking into account the projected areas for cereals (65 Mha), oilseed (10 Mha) and sugarbeet (2 Mha) in 2030, shows that residue management of cereals has a much larger impact on carbon fluxes to the agricultural soil than oilseed and sugar beet. The removal of all crop residues result in a lowering of soil organic carbon stocks, a reduction of humified organic carbon fluxes into the soil and an increase of carbon dioxide concentrations in the atmosphere. A significant minimum percentage of crop residues should be retained in the soils. Land management, land use changes and climate change have a significant influence on soil organic carbon stocks and fluxes across the EU-27. Determining the soil sequestration potential necessitates soil monitoring to provide evidence on the state of, and change, in agricultural soils, allowing to evaluate its effectiveness.

I was greedy, too.

PubMed

Coutu, Diane L

2003-02-01

Americans are outraged at the greediness of Wall Street analysts, dot-com entrepreneurs, and, most of all, chief executive officers. How could Tyco's Dennis Kozlowski use company funds to throw his wife a million-dollar birthday bash on an Italian island? How could Enron's Ken Lay sell thousands of shares of his company's once high-flying stock just before it crashed, leaving employees with nothing? Even America's most popular domestic guru, Martha Stewart, is suspected of having her hand in the cookie jar. To some extent, our outrage may be justified, writes HBR senior editor Diane Coutu. And yet, it's easy to forget that just a couple years ago these same people were lauded as heroes. Many Americans wanted nothing more, in fact, than to emulate them, to share in their fortunes. Indeed, we spent an enormous amount of time talking and thinking about double-digit returns, IPOs, day trading, and stock options. It could easily be argued that it was public indulgence in corporate money lust that largely created the mess we're now in. It's time to take a hard look at greed, both in its general form and in its peculiarly American incarnation, says Coutu. If Federal Reserve Board chairman Alan Greenspan was correct in telling Congress that "infectious greed" contaminated U.S. business, then we need to try to understand its causes--and how the average American may have contributed to it. Why did so many of us fall prey to greed? With a deep, almost reflexive trust in the free market, are Americans somehow greedier than other peoples? And as we look at the wreckage from the 1990s, can we be sure it won't happen again?

Space station needs, attributes and architectural options. Volume 1: Executive summary NASA

NASA Technical Reports Server (NTRS)

1983-01-01

The uses alignment plan was implemented. The existing data bank was used to define a large number of station requirements. Ten to 20 valid mission scenarios were developed. Architectural options as they are influenced by communications operations, subsystem evolvability, and required technology growth are defined. Costing of evolutionary concepts, alternative approaches, and options, was based on minimum design details.

On the Black-Scholes European Option Pricing Model Robustness and Generality

NASA Astrophysics Data System (ADS)

Takada, Hellinton Hatsuo; de Oliveira Siqueira, José

2008-11-01

The common presentation of the widely known and accepted Black-Scholes European option pricing model explicitly imposes some restrictions such as the geometric Brownian motion assumption for the underlying stock price. In this paper, these usual restrictions are relaxed using maximum entropy principle of information theory, Pearson's distribution system, market frictionless and risk-neutrality theories to the calculation of a unique risk-neutral probability measure calibrated with market parameters.

Comparative study of stock trend prediction using time delay, recurrent and probabilistic neural networks.

PubMed

Saad, E W; Prokhorov, D V; Wunsch, D C

1998-01-01

Three networks are compared for low false alarm stock trend predictions. Short-term trends, particularly attractive for neural network analysis, can be used profitably in scenarios such as option trading, but only with significant risk. Therefore, we focus on limiting false alarms, which improves the risk/reward ratio by preventing losses. To predict stock trends, we exploit time delay, recurrent, and probabilistic neural networks (TDNN, RNN, and PNN, respectively), utilizing conjugate gradient and multistream extended Kalman filter training for TDNN and RNN. We also discuss different predictability analysis techniques and perform an analysis of predictability based on a history of daily closing price. Our results indicate that all the networks are feasible, the primary preference being one of convenience.

Space station needs, attributes and architectural options study. Volume 1: Executive study

NASA Technical Reports Server (NTRS)

1983-01-01

Mission identification and validation, the benefits of a manned presence in space; attributes and architectures; time-phased mission and system requirements imposed on the space station; orbit selection; space station architectural options; technology selection; and program planning are addressed.

77 FR 57175 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-09-17

... routing and executing certain orders in equity options to NOM, specifically, options on Facebook, Inc... Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00...

Executive summary.

Treesearch

David B. McKeever

1997-01-01

The repair and remodeling of residential units in the existing housing stock is an important market for wood products. Included are many, and varied repair and remodeling activities and projects, some of which require substantial amounts of wood products, some of which do not. Currently, about 24 percent of all lumber, 23 percent of all structural panels, 15 percent of...

75 FR 64379 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-10-19

... market participants that the program is experimental and that NASDAQ may choose not to continue the... not only the costs of the data distribution infrastructure, but also the costs of designing... infrastructure--that have risen. The same holds true for execution services; despite numerous enhancements to...

76 FR 49809 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-11

... investments, trading practices and display execution and trading systems. While the examination is primarily... concepts relating to customers.\\6\\ \\6\\ Proprietary trading firms do not have customers. The qualification... Trading Systems, 13 questions. Representatives from the applicable SROs intend to meet on a periodic basis...

75 FR 47053 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-08-04

... price. Other closing cross orders, however, can be entered in response to the order imbalance indicator disseminated prior to the closing cross. The order imbalance indicator provides market participants with... additional orders to eliminate the imbalance, thereby ensuring the execution of more Limit-on-Close and...

76 FR 76472 - Self-Regulatory Organizations; NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-12-07

... Exchange's Web site at http://www.nasdaq.cchwallstreet.com , at the principal office of the Exchange, and... percentage of the orders of institutional investors are executed in dark pools. See Securities Exchange Act... frequency trading and un- displayed, or ``dark,'' liquidity. See also Mary L. Schapiro, Strengthening Our...

77 FR 27256 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-05-09

... general matter, the changes will result in fee increases and rebate reductions that reflect the persistent... the orders of institutional investors are executed in dark pools. Securities Exchange Act Release No... trading and un- displayed, or ``dark,'' liquidity. See also Mary L. Schapiro, Strengthening Our Equity...

77 FR 2335 - Self-Regulatory Organizations; NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-01-17

... Exchange's Web site at http://www.nasdaq.cchwallstreet.com , at the principal office of the Exchange, and... significant percentage of the orders of institutional investors are executed in dark pools. See Securities... high frequency trading and un- displayed, or ``dark,'' liquidity. See also Mary L. Schapiro...

75 FR 69489 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-11-12

... institutional investors are executed in dark pools. Securities Exchange Act Release No. 61358 (January 14, 2010... York, Sept. 7, 2010) (``Schapiro Speech,'' available on the Commission Web site) (comments of... individual investors). \\5\\ In the January 2010 Concept Release, the Commission noted that dark pools and...

75 FR 30043 - Medicare Program; Meeting of the Advisory Panel on Medicare Education

Federal Register 2010, 2011, 2012, 2013, 2014

2010-05-28

... [Medicare Advantage] in order to promote an active, informed selection among such options.'' The Panel is... Program; Yanira Cruz, PhD, President and Chief Executive Officer, National Hispanic Council on Aging... Health; Sandy Markwood, Chief Executive Officer, National Association of Area Agencies on Aging; David W...

The Role of stocking in the reestablishment and augmentation of native fish in the Lower Colorado River mainstream (1998-2002)

USGS Publications Warehouse

Mueller, Gordon

2003-01-01

Recovery in the main stem will only be accomplished with a dramatic decrease and possibly a total removal of nonnative species. After ten years and over $6 million in expenditures to remove nonnative fish it appears this philosophy is neither technically nor politically viable. In the meantime, stocking is the only alternative available to insure these species don’t disappear. The only viable option appears the creation and maintenance of small, isolated refuge communities where these species have shown they can produce young.

Space Station Systems Analysis Study. Volume 1: Executive summary, part 1 and 2

NASA Technical Reports Server (NTRS)

1977-01-01

The elements of space station programs required to support an operational base theme, a space laboratory theme, and advanced missions relatable to public needs/national interests are defined. Missions satisfying the foregoing requirements are identified, program scenarios/options are established. System options are evaluated for a selected number of program options. Subsystem analysis and programmatic comparisons are performed for selected primary concepts.

14 CFR 21.289 - Major repairs, rebuilding and alteration.

Code of Federal Regulations, 2010 CFR

2010-01-01

... TRANSPORTATION AIRCRAFT CERTIFICATION PROCEDURES FOR PRODUCTS AND PARTS Delegation Option Authorization Procedures § 21.289 Major repairs, rebuilding and alteration. For types covered by a delegation option... any employee to execute and sign FAA Form 337 and make required log book entries if that employee— (1...

75 FR 14427 - Gulf of Mexico Fishery Management Council (Council); Public Meetings

Federal Register 2010, 2011, 2012, 2013, 2014

2010-03-25

.... Stephen Bortone, Executive Director, Gulf of Mexico Fishery Management Council; telephone: 813- 348-1630... Reef Fish Scientific and Statistical Committee; discuss Options Paper for Amendment 32 Gag/Red Grouper... Statistical Committee Acceptable Biological Catch Control Rule Report; discuss the Options Paper for the...

The Underpaid Educator.

ERIC Educational Resources Information Center

Cunningham, William G.; Sperry, J. Brent

2001-01-01

To understand the money gap between educators and their corporate counterparts, one must examine the entire corporate compensation package: bonuses, stock options, and other perquisites, including health club and country club memberships, free use of company-owned vacation properties, expense accounts, extensive insurance, company cars, and…

76 FR 34579 - Beneficial Ownership Reporting Requirements and Security-Based Swaps

Federal Register 2010, 2011, 2012, 2013, 2014

2011-06-14

... beneficial ownership of the equity securities underlying derivative securities exercisable or convertible... exercise or conversion of any derivative security, whether or not presently exercisable.'' \\40\\ ``Derivative securities'' are ``any option, warrant, convertible security, stock appreciation right, or similar...

77 FR 16106 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing of...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-03-19

... component of stock-option orders. The Exchange will route orders to the broker- dealers using routing logic... Exchange's routing logic will only route orders to the broker-dealers with whom they have agreements. In...

An evaluation of government-recommended stocking systems for sustaining pastoral businesses and ecosystems of the Alpine Meadows of the Qinghai-Tibetan Plateau.

PubMed

Wang, Yingxin; Hodgkinson, Kenneth C; Hou, Fujiang; Wang, Zhaofeng; Chang, Shenghua

2018-04-01

China introduced the "Retire Livestock and Restore Grassland" policy in 2003. It was strengthened in 2011 by additional funding for on-farm structures. On the Qinghai-Tibetan Plateau (QTP), fences were erected, livestock excluded from degraded areas, rotational stocking introduced, nighttime shelters were built, forages grown, and seed sown. However, the effectiveness of these actions and their value to Tibetan herders has been questioned. We conducted a sheep stocking experiment for 5 years in an Alpine Meadow region of the QTP to evaluate stocking options recommended by Government. Cold and warm season stocking each at three rates (0, 8, and 16 sheep/ha) and continuous stocking at 0 and 4 sheep/ha were compared. We measured live weights of sheep, plant species richness and evenness, root biomass and carbon (C), nitrogen (N) and phosphorus (P) contents of the 0-10 cm of soil. We found that resting grassland from stocking during the warm season for later cold season stocking significantly reduced plant species richness and evenness and root biomass but not soil C, N, and P. During cold season stocking, live weights of sheep declined whether at a stocking rate of 8 or 16 per ha. In contrast, sheep continuously stocked on grassland at 4 per ha gained weight throughout both the warm and cold seasons and plant species richness and evenness were maintained. Warm season stocking at 8 and 16 sheep/ha increased plant species richness and root biomass but reduced plant species evenness. Resting these alpine grasslands from stocking in the warm season has adverse consequences for plant conservation. Fencing from stocking in the warm season is not justified by this study; all grassland should be judiciously stocked during the warm season to maintain plant species richness. Neither resting nor stocking during the cold season appears to have any adverse consequences but sheltering and in-door feeding of sheep during the cold season may be more profitable than cold season stocking with use of open nighttime yards.

75 FR 63238 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-10-14

... Proposed Rule Change To Modify the Requirements To Qualify for Credits as a Designated Liquidity Provider... requirements to qualify for credits as a designated liquidity provider under Rule 7018(i) and to make a minor... Designated Liquidity Providers: Charge to Designated Liquidity Provider $0.003 per share executed entering...

76 FR 55954 - Self-Regulatory Organizations; the NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-09-09

... of Substance of the Proposed Rule Change NASDAQ proposes to modify pricing for NASDAQ members using... its pricing schedule for routing and execution of quotes/orders through the NASDAQ Market Center of... entering Directed Orders sent to NASDAQ OMX PSX. The current charge of $0.0027 reflects a premium of $0...

26 CFR 301.7101-1 - Form of bond and security required.

Code of Federal Regulations, 2010 CFR

2010-04-01

..., bank, express or telegraph money order; (v) Secured by corporate bonds or stocks, or by bonds issued by... legal residence of the primary obligor is located; (ii) He must have property subject to execution of a... or legal residence of the primary obligor is located; (iv) He must agree not to mortgage, or...

76 FR 20412 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-04-12

... least one dollar. With respect to the rebate for Zero Display Orders that add liquidity in AutoEx that... in the Automatic Execution Mode of order interaction (``AutoEx'') \\3\\ priced at least one dollar. Certain conforming changes are also proposed for rebates for liquidity adding Zero Display Orders \\4\\ in...

78 FR 12397 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Granting Approval to Proposed...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-02-22

...''), that is priced more aggressively than the Protected National Best Bid or Offer (``Protected NBBO'') \\10..., generally, the Protected Bid and Protected Offer, and the national best bid (``NBB'') and national best... automatic execution. In such case, the Exchange states that the Protected NBBO would be the best-priced...

75 FR 28082 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-05-19

... Change NASDAQ proposes to modify pricing for NASDAQ members using the NASDAQ Market Center. NASDAQ will... Exchange (``NYSE''), NASDAQ is making minor modifications to its pricing schedule for the routing of orders... using the STGY, SCAN, SKNY, SKIP, or DOTI routing strategies to either add liquidity or execute at the...

76 FR 38243 - Self-Regulatory Organizations; BATS Exchange, Inc.; BATS Y-Exchange, Inc.; NASDAQ OMX BX, Inc...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-06-29

... Changes Relating To Expanding the Pilot Rule for Trading Pauses Due to Extraordinary Market Volatility to... levels. This severe price volatility led to a large number of trades being executed at temporarily... intended to address extraordinary market volatility in NMS stocks. See Securities Exchange Act Release No...

76 FR 64137 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-10-17

... book data for the NASDAQ Market Center Execution System. NASDAQ has also implemented these capped/flat..., there is no economic basis for regulating maximum prices for one of the joint products in an industry in... publishing proprietary book data on the Internet. Second, because a single order or transaction report can...

76 FR 69788 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Rule Change...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-11-09

... would not be held responsible for any matters concerning its previously assigned RLP securities. RLP... determinations by the RLP Panel would constitute final action by the Exchange on the matter at issue. Retail..., 2010), 75 FR 3594 (January 21, 2010) (noting that dark pools and internalizing broker- dealers executed...

77 FR 14456 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-03-09

... operative on March 1, 2012. The text of the proposed rule change is available on the Exchange's Web site at... percentage of the orders of institutional investors are executed in dark pools. See Securities Exchange Act... frequency trading and un-displayed, or ``dark,'' liquidity. See also Mary L. Schapiro, Strengthening Our...

77 FR 44299 - Self-Regulatory Organizations; Stock Clearing Corporation of Philadelphia; Notice of Filing of...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-07-27

... discussed any comments it received on the proposed rule change. The text of these statements may be examined... to the Executive Committee and the Nominating and Governance Committee, as well as the full Board of... Industry Director. A ``Public Director'' means a Director who has no material business relationship with a...

11 CFR 100.134 - Internal communications by corporations, labor organizations, and membership organizations.

Code of Federal Regulations, 2010 CFR

2010-01-01

... shall be voted, if it is voting stock, and has the right to receive dividends. (d) Definition of... includes— (i) Individuals who run the corporation's business, such as officers, other executives, and plant...: affirmation of membership on at least an annual basis and direct participatory rights in the governance of the...

11 CFR 100.134 - Internal communications by corporations, labor organizations, and membership organizations.

Code of Federal Regulations, 2011 CFR

2011-01-01

... shall be voted, if it is voting stock, and has the right to receive dividends. (d) Definition of... includes— (i) Individuals who run the corporation's business, such as officers, other executives, and plant...: affirmation of membership on at least an annual basis and direct participatory rights in the governance of the...

78 FR 21663 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-04-11

... price improving orders, and then are eligible to access non-price improving liquidity on the NASDAQ book.... For Type 2 Retail Orders that execute against non-price improving orders on the NASDAQ book, NASDAQ... investment intentions, they promote price discovery and dampen volatility. Accordingly, their presence in the...

76 FR 62887 - Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-10-11

... Strategy Trades for billing purposes. Participants engaged in trades that would qualify for the fee caps on Strategy Executions can choose to either pay the proposed QCC fees or avail themselves of the Strategy... an NYSE Amex ATP Holder to effect a qualified contingent trade (``QCT'') in a Regulation NMS stock...

77 FR 58190 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-09-19

... amend NASDAQ's schedule of execution fees and rebates under Rule 7018(a). As a general matter, the... in dark pools. Securities Exchange Act Release No. 61358 (January 14, 2010), 75 FR 3594 (January 21... market structure issues, including high frequency trading and un- displayed, or ``dark,'' liquidity. See...

76 FR 9384 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-02-17

... are executed in dark pools. Securities Exchange Act Release No. 61358 (January 14, 2010), 75 FR 3594... wide range of market structure issues, including high frequency trading and un- displayed, or ``dark... of New York, Sept. 7, 2010) (``Schapiro Speech,'' available on the Commission Web site) (comments of...

77 FR 72423 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-12-05

... on the Exchange's Web site at http://www.nsx.com , at the principal office of the Exchange, and at....\\5\\ Such Trading Centers may include execution venues known as ``dark pools.'' The order will not be... Commission's Internet Web site ( http://www.sec.gov/rules/sro.shtml ). Copies of the submission, all...

78 FR 38420 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-06-26

... Proposed Rule Change Amending NYSE Rule 1000 To Increase the Price Threshold for Those Securities... threshold for those securities ineligible for automatic executions from $1,000.00 or more to $10,000.00 or...). Specifically, the Exchange believes that increasing the dollar threshold for high-priced securities would...

76 FR 6165 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Suspension of and Order Instituting...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-02-03

..., Chief Executive Officer, Direct Edge to Florence E. Harmon, Deputy Secretary, Commission (the ``Direct Edge Letter''). The commenter suggested that the proposed rule change should be suspended and that the... daily volume of 12 million shares or more of liquidity provided through the NASDAQ Market Center in all...

75 FR 42801 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-07-22

... Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed... at or under the threshold are charged the constituent's prescribed execution fee. This waiver applies... members to execute large-sized FX options orders on the Exchange in a manner that is cost effective. The...

Adult Basic Skills and the Kansas Workforce. Executive Report.

ERIC Educational Resources Information Center

Krider, Charles E.; And Others

This report considers the basic skills levels of adults in Kansas, the provision of basic skills training by public and private agencies, and policy options for improving the basic skills of Kansas's workforce. Following a detailed executive report, chapter 1 reviews the workforce challenge, economic and technological changes, and shifts in…

77 FR 2983 - Medicare, Medicaid, and Children's Health Insurance Programs; Meeting of the Advisory Panel on...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-01-20

... order to promote an active, informed selection among such options.'' The Panel is also authorized by... Central Texas Council of Governments' Area Agency on Aging; Warren Jones, Executive Director, Mississippi... Authority; Sandy Markwood, Chief Executive Officer, National Association of Area Agencies on Aging; Miriam...

77 FR 58081 - Protection of Stratospheric Ozone: Listing of Substitutes for Ozone-Depleting Substances-Fire...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-09-19

... protection options including new, improved technology for early warning and smoke detection. Thus, EPA is... require state, local, or tribal governments to change their regulations. Thus, Executive Order 13132 does... governments to change their regulations. Thus, Executive Order 13175 does not apply to this action. G...

Executive functions predict conceptual learning of science.

PubMed

Rhodes, Sinéad M; Booth, Josephine N; Palmer, Lorna Elise; Blythe, Richard A; Delibegovic, Mirela; Wheate, Nial J

2016-06-01

We examined the relationship between executive functions and both factual and conceptual learning of science, specifically chemistry, in early adolescence. Sixty-three pupils in their second year of secondary school (aged 12-13 years) participated. Pupils completed tasks of working memory (Spatial Working Memory), inhibition (Stop-Signal), attention set-shifting (ID/ED), and planning (Stockings of Cambridge), from the CANTAB. They also participated in a chemistry teaching session, practical, and assessment on the topic of acids and alkalis designed specifically for this study. Executive function data were related to (1) the chemistry assessment which included aspects of factual and conceptual learning and (2) a recent school science exam. Correlational analyses between executive functions and both the chemistry assessment and science grades revealed that science achievements were significantly correlated with working memory. Linear regression analysis revealed that visuospatial working memory ability was predictive of chemistry performance. Interestingly, this relationship was observed solely in relation to the conceptual learning condition of the assessment highlighting the role of executive functions in understanding and applying knowledge about what is learned within science teaching. © 2016 The British Psychological Society.

An Applied Framework for Incorporating Multiple Sources of Uncertainty in Fisheries Stock Assessments.

PubMed

Scott, Finlay; Jardim, Ernesto; Millar, Colin P; Cerviño, Santiago

2016-01-01

Estimating fish stock status is very challenging given the many sources and high levels of uncertainty surrounding the biological processes (e.g. natural variability in the demographic rates), model selection (e.g. choosing growth or stock assessment models) and parameter estimation. Incorporating multiple sources of uncertainty in a stock assessment allows advice to better account for the risks associated with proposed management options, promoting decisions that are more robust to such uncertainty. However, a typical assessment only reports the model fit and variance of estimated parameters, thereby underreporting the overall uncertainty. Additionally, although multiple candidate models may be considered, only one is selected as the 'best' result, effectively rejecting the plausible assumptions behind the other models. We present an applied framework to integrate multiple sources of uncertainty in the stock assessment process. The first step is the generation and conditioning of a suite of stock assessment models that contain different assumptions about the stock and the fishery. The second step is the estimation of parameters, including fitting of the stock assessment models. The final step integrates across all of the results to reconcile the multi-model outcome. The framework is flexible enough to be tailored to particular stocks and fisheries and can draw on information from multiple sources to implement a broad variety of assumptions, making it applicable to stocks with varying levels of data availability The Iberian hake stock in International Council for the Exploration of the Sea (ICES) Divisions VIIIc and IXa is used to demonstrate the framework, starting from length-based stock and indices data. Process and model uncertainty are considered through the growth, natural mortality, fishing mortality, survey catchability and stock-recruitment relationship. Estimation uncertainty is included as part of the fitting process. Simple model averaging is used to integrate across the results and produce a single assessment that considers the multiple sources of uncertainty.

Assessing the stock market volatility for different sectors in Malaysia by using standard deviation and EWMA methods

NASA Astrophysics Data System (ADS)

Saad, Shakila; Ahmad, Noryati; Jaffar, Maheran Mohd

2017-11-01

Nowadays, the study on volatility concept especially in stock market has gained so much attention from a group of people engaged in financial and economic sectors. The applications of volatility concept in financial economics can be seen in valuation of option pricing, estimation of financial derivatives, hedging the investment risk and etc. There are various ways to measure the volatility value. However for this study, two methods are used; the simple standard deviation and Exponentially Weighted Moving Average (EWMA). The focus of this study is to measure the volatility on three different sectors of business in Malaysia, called primary, secondary and tertiary by using both methods. The daily and annual volatilities of different business sector based on stock prices for the period of 1 January 2014 to December 2014 have been calculated in this study. Result shows that different patterns of the closing stock prices and return give different volatility values when calculating using simple method and EWMA method.

Using Grizzly Bears to Assess Harvest-Ecosystem Tradeoffs in Salmon Fisheries

PubMed Central

MacDuffee, Misty; Mangel, Marc; Paquet, Paul; Wilmers, Christopher C.

2012-01-01

Implementation of ecosystem-based fisheries management (EBFM) requires a clear conceptual and quantitative framework for assessing how different harvest options can modify benefits to ecosystem and human beneficiaries. We address this social-ecological need for Pacific salmon fisheries, which are economically valuable but intercept much of the annual pulse of nutrient subsidies that salmon provide to terrestrial and aquatic food webs. We used grizzly bears, vectors of salmon nutrients and animals with densities strongly coupled to salmon abundance, as surrogates for “salmon ecosystem” function. Combining salmon biomass and stock-recruitment data with stable isotope analysis, we assess potential tradeoffs between fishery yields and bear population densities for six sockeye salmon stocks in Bristol Bay, Alaska, and British Columbia (BC), Canada. For the coastal stocks, we find that both bear densities and fishery yields would increase substantially if ecosystem allocations of salmon increase from currently applied lower to upper goals and beyond. This aligning of benefits comes at a potential cost, however, with the possibility of forgoing harvests in low productivity years. In contrast, we detect acute tradeoffs between bear densities and fishery yields in interior stocks within the Fraser River, BC, where biomass from other salmon species is low. There, increasing salmon allocations to ecosystems would benefit threatened bear populations at the cost of reduced long-term yields. To resolve this conflict, we propose an EBFM goal that values fisheries and bears (and by extension, the ecosystem) equally. At such targets, ecosystem benefits are unexpectedly large compared with losses in fishery yields. To explore other management options, we generate tradeoff curves that provide stock-specific accounting of the expected loss to fishers and gain to bears as more salmon escape the fishery. Our approach, modified to suit multiple scenarios, provides a generalizable method to resolve conflicts over shared resources in other systems. PMID:22505845

Using grizzly bears to assess harvest-ecosystem tradeoffs in salmon fisheries.

PubMed

Levi, Taal; Darimont, Chris T; Macduffee, Misty; Mangel, Marc; Paquet, Paul; Wilmers, Christopher C

2012-01-01

Implementation of ecosystem-based fisheries management (EBFM) requires a clear conceptual and quantitative framework for assessing how different harvest options can modify benefits to ecosystem and human beneficiaries. We address this social-ecological need for Pacific salmon fisheries, which are economically valuable but intercept much of the annual pulse of nutrient subsidies that salmon provide to terrestrial and aquatic food webs. We used grizzly bears, vectors of salmon nutrients and animals with densities strongly coupled to salmon abundance, as surrogates for "salmon ecosystem" function. Combining salmon biomass and stock-recruitment data with stable isotope analysis, we assess potential tradeoffs between fishery yields and bear population densities for six sockeye salmon stocks in Bristol Bay, Alaska, and British Columbia (BC), Canada. For the coastal stocks, we find that both bear densities and fishery yields would increase substantially if ecosystem allocations of salmon increase from currently applied lower to upper goals and beyond. This aligning of benefits comes at a potential cost, however, with the possibility of forgoing harvests in low productivity years. In contrast, we detect acute tradeoffs between bear densities and fishery yields in interior stocks within the Fraser River, BC, where biomass from other salmon species is low. There, increasing salmon allocations to ecosystems would benefit threatened bear populations at the cost of reduced long-term yields. To resolve this conflict, we propose an EBFM goal that values fisheries and bears (and by extension, the ecosystem) equally. At such targets, ecosystem benefits are unexpectedly large compared with losses in fishery yields. To explore other management options, we generate tradeoff curves that provide stock-specific accounting of the expected loss to fishers and gain to bears as more salmon escape the fishery. Our approach, modified to suit multiple scenarios, provides a generalizable method to resolve conflicts over shared resources in other systems.

77 FR 74703 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-12-17

... rule change which adopted rebates and fees relating to options on Facebook, Inc. (``FB''), Google, Inc... Street NE., Washington, DC 20549-1090, on official business days between the hours of 10:00 a.m. and 3:00...

Cheap carbon and biodiversity co-benefits from forest regeneration in a hotspot of endemism

NASA Astrophysics Data System (ADS)

Gilroy, James J.; Woodcock, Paul; Edwards, Felicity A.; Wheeler, Charlotte; Baptiste, Brigitte L. G.; Medina Uribe, Claudia A.; Haugaasen, Torbjørn; Edwards, David P.

2014-06-01

Climate change and biodiversity loss can be addressed simultaneously by well-planned conservation policies, but this requires information on the alignment of co-benefits under different management actions. One option is to allow forests to naturally regenerate on marginal agricultural land: a key question is whether this approach will deliver environmental co-benefits in an economically viable manner. Here we report on a survey of carbon stocks, biodiversity and economic values from one of the world's most endemic-rich and threatened ecosystems: the western Andes of Colombia. We show that naturally regenerating secondary forests accumulate significant carbon stocks within 30 years, and support biodiverse communities including many species at risk of extinction. Cattle farming, the principal land use in the region, provides minimal economic returns to local communities, making forest regeneration a viable option despite weak global carbon markets. Efforts to promote natural forest regeneration in the tropical Andes could therefore provide globally significant carbon and biodiversity co-benefits at minimal cost.

75 FR 22170 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-04-27

... Effectiveness of Proposed Rule Change To Remove a Feature and Revise Outdated Text Regarding Certain Execution... Proposed Rule Change The Exchange is proposing to eliminate a feature and revise outdated text regarding certain of its execution rules. The text of the proposed rule change is available on CBOE's Web site at...

77 FR 43633 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-07-25

... members executing transactions on the Exchange. The proposed rule change is intended to adopt rules that... purposes. Current Rules Rule 1051(b) currently requires that all Exchange options transactions be reported at the time of execution to the Exchange for comparison of trade information at the specialist's post...

77 FR 67419 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of a...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-11-09

... the incentive for market participants to effect such executions on the Exchange. This would also be... Change To Amend the NYSE Amex Options Fee Schedule To Remove Dividend Spreads From the List of Strategy... (``Fee Schedule'') to remove dividend spreads from the list of strategy executions for which fee caps...

78 FR 5525 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-01-25

... with another complex order on the Exchange. \\3\\ See ISE Rule 722(a)(1). Rule 720 provides a framework... deemed to have occurred when the execution price of a transaction is higher or lower than the theoretical... criteria when determining the theoretical price of an options execution, which is enumerated in ISE Rule...

A study of space station needs, attributes and architectural options. Volume 1: Executive summary

NASA Technical Reports Server (NTRS)

Steinbronn, O.

1983-01-01

Missions that will benefit from the development of a permanent manned space station are examined. The missions that will determine the space station architecture include spaceborne scientific experiments, space industrialization and commercialization, remote space operations, and U.S. national security. Architectural options and economic analysis are also presented.

77 FR 4070 - Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-01-26

... all the option series have the same expiration.\\7\\ The functionality is designed to detect scenarios... designed to prevent incoming orders from automatically executing at potentially erroneous prices. These price check parameter features are designed to help maintain a fair and orderly market. The Exchange is...

76 FR 68238 - Self-Regulatory Organizations; Options Clearing Corporation; Order Approving Proposed Rule Change...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-11-03

... Defaulting Clearing Member's Accounts October 28, 2011. I. Introduction On July 28, 2011, the Options..._occ_11_08_a_1.pdf . The liquidation of open long and short positions through exchange transactions is... expected to result in a shorter liquidation period and reduced execution risk. During Lehman Brothers...

75 FR 37406 - Order Exempting the Trading and Clearing of Certain Products Related to ETFS Physical Swiss Gold...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-06-29

... to security futures), and in either case cleared through the Options Clearing Corporation (``OCC... contract market or derivatives transaction execution facility for transactions for future delivery in any... of the Options and Security Futures on Gold and Silver Products. In enacting Section 4(c), Congress...

17 CFR 30.7 - Treatment of foreign futures or foreign options secured amount.

Code of Federal Regulations, 2014 CFR

2014-04-01

... day, unless the futures commission merchant's chief executive officer, chief finance officer or other... unsecured basis to finance a 30.7 customer's foreign futures and foreign options trading, nor may a futures... 17 Commodity and Securities Exchanges 1 2014-04-01 2014-04-01 false Treatment of foreign futures...

78 FR 57913 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-09-20

... Options Transaction Charge (including the Cabinet Options Transaction Charge) as well as the Broker-Dealer FLEX transaction fee, for members executing facilitation orders pursuant to Exchange Rule 1064 when... average daily volume (including both FLEX and non-FLEX transactions) exceeds 10,000 contracts per day in a...

78 FR 6368 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-01-30

... fees for routing options to away markets. While these amendments are effective upon filing, the... recoup costs the Exchange incurs for routing and executing certain orders in equity options to away... plus the away market transaction fee as noted below. Today, the Exchange calculates Routing Fees by...

Executive Summary of Systems Analysis to Develop Future Civil Aircraft Noise Reduction Alternatives.

DTIC Science & Technology

1982-05-01

options in the unit cost analysis. These requirements were that the selected land use options should be applicable nationwide, be amenable to public ... adminstration , provide benefits in terms of direct reduction of noise exposure, and result in costs and benefits that could be readily quantifiable for use

75 FR 57313 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-09-20

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-62902; File No. SR-CBOE-2010-081] Self... Options Executed in Open Outcry or in the Automated Improvement Mechanism September 14, 2010. Pursuant to... notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory...

76 FR 40948 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-07-12

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-64817; File No. SR-CBOE-2011-059] Self... Customer Orders in SPY Options Executed in Open Outcry or in the Automated Improvement Mechanism July 6...)(2). I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule...

75 FR 76770 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated: Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-12-09

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-63422; File No. SR-CBOE-2010-105] Self... Orders in SPDR Options Executed in Open Outcry or in the Automated Improvement Mechanism December 3, 2010... notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory...

75 FR 58456 - Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by New York Stock...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-09-24

... Commitment Schedule (``CCS'') of the Designated Market Maker provided for in NYSE Rule 1000(d)(i). The text..., if any, in the CCS of the Designated Market Maker. As the execution of the order proceeds, the... to DBK due to the possibility of interaction with CCS interest. Note that no orders were routed to...

75 FR 35856 - Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by New York Stock...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-06-23

... CCS interest will be accessed to fill or partially fill \\20\\ incoming interest except, that Display Book will not access DMM CCS interest to provide an execution for an incoming odd-lot order. The Exchange proposes to amend NYSE Rule 1000 (d)(i) to clarify that DMM CCS interest will be accessed in...

77 FR 39543 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Approving a Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-07-03

... the Authority of NASDAQ or NASDAQ Execution Services To Cancel Orders When a Technical or Systems...'') to cancel orders when a technical or systems issue occurs and to describe the operation of an error... causes NASDAQ or NES to cancel orders, if NASDAQ or NES determines that such action is necessary to...

77 FR 47471 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-08-08

...\\ The amount of the credit is currently determined by the ``tier'' that the SLP qualifies for, which is based on the SLP's level of quoting and the average daily volume (``ADV'') \\4\\ of liquidity added by the SLP in assigned securities. \\3\\ SLP credits are not applicable to executions of securities with a per...

76 FR 53521 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-26

... port fees shall apply in connection with the use of other trading telecommunication protocols: Quantity... Entry Delivery of real-time execution information (``DROP'') \\13\\ Port Fee of $500; (vi) OTTO DROP Port... NOM 1.0, this port was referred to as FIX. \\10\\ CTI offers real-time clearing trade updates. A real...

76 FR 34786 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-06-14

... credit of $0.0004 per share executed with respect to attributable quotes/orders that provide liquidity through such MPID, in addition to the credit that it is otherwise entitled to receive under Rule 7018. The.... (``BX'') \\3\\ in which BX introduced pricing tiers for the credit it pays to persons accessing liquidity...

77 FR 18280 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-03-27

... adopted QView on December 1, 2011 at no cost to subscribers.\\3\\ QView is a Web-based, front-end... executions provided in the QView dashboard interface. The dashboard also allows a QView subscriber to track...\\ \\5\\ TradeInfo is a web-based tool that, among other things, allows users access to all of the NASDAQ...

76 FR 48189 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-08

... terminal is a basic front- end user interface used by NASDAQ members to connect to, and enter orders in... is necessary for users to enter orders through VTE. The two fees assessed under Rule 7015(h) relate... $100 monthly, and raised the minimum commission fee for users executing orders totaling less than 100...

Fuel treatment impacts on estimated wildfire carbon loss from forests in Montana, Oregon, California, and Arizona

Treesearch

Scott L. Stephens; Ralph E. J. Boerner; Jason J. Moghaddas; Emily E. Y. Moghaddas; Brandon M. Collins; Christopher B. Dow; Carl Edminster; Carl E. Fiedler; Danny L. Fry; Bruce R. Hartsough; Jon E. Keeley; Eric E. Knapp; James D. McIver; Carl N. Skinner; Andrew Youngblood

2012-01-01

Using forests to sequester carbon in response to anthropogenically induced climate change is being considered across the globe. A recent U.S. executive order mandated that all federal agencies account for sequestration and emissions of greenhouse gases, highlighting the importance of understanding how forest carbon stocks are influenced by wildfire. This paper reports...

77 FR 64167 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-10-18

..., offers investors a trade execution tool which should lead to a greater level of transparency as it... for using the INAV, investors should note that the INAV is only an estimation of a fund's value, and... of the trading day. Investors should also note that INAVs are only calculated and disseminated during...

77 FR 44302 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-07-27

... Brokers. Rule 76 applies only to manual transactions executed at the point of sale on the trading Floor... break up the announced bid and offer by trading with either side of the proposed cross transaction.\\3... Floor Broker enters the cross transaction into the Exchange's Display Book system as a completed...

75 FR 8163 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-02-23

... Proposed Rule Change Extending the Waiver of all Transaction Fees for Shares Executed on the NYSE Match... Substance of the Proposed Rule Change The Exchange proposes to extend the waiver of all transaction fees for... Proposed Rule Change 1. Purpose The Exchange proposes to extend the waiver of all transaction fees for...

78 FR 41966 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-07-12

... after its initial route to the designated away Trading Center,\\6\\ and subsequently executed on the NSX or routed away in accordance with NSX Rule 11.15(a)(ii) is subject to the standard Fee Schedule; and... orders for which an ETP Holder instructs the System to route to designated away Trading Centers which are...

77 FR 31055 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-05-24

... order is no longer converted to a Non-Displayed Order, but rather is displayed at the most aggressive... cases, a member will submit a Price to Comply Order at an aggressive price that it anticipates will be... typically submit additional aggressive orders, which likewise are not executed. Because the OUCH protocol is...

75 FR 48397 - Self-Regulatory Organizations; The Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-08-10

... transactions) for the calendar month in which the executions occurred. There are three volume-based Tiers and the rate of applicable take fees and provide credits vary based upon the Tier into which a Participant falls. \\5\\ Through its filing on January 4, 2010, the Exchange instituted a tiered fee and rebate...

78 FR 77739 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-12-24

... services allow Users to rent space in the data center so they may locate their electronic servers in close... User is able to request a physical cabinet to house its servers and other equipment in the data center... Exchange enter the Exchange's trading and execution systems through the same order gateway, regardless of...

75 FR 18562 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-04-12

... and higher in the Automatic Execution mode of order interaction (``AutoEx'') \\3\\. In addition, the... Rule 11.13(b). \\4\\ Id. AutoEx Take Fee for Securities Priced One Dollar and Higher For orders in securities priced one dollar and above that take liquidity in AutoEx, the proposed rule change lowers the...

77 FR 39751 - Self-Regulatory Organizations; the NASDAQ Stock Market LLC; Notice of Filing of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-07-05

... purpose of and basis for the proposed rule change and discussed any comments it received on the proposed... Executive Committee and the Nominating and Governance Committee, as well as the full Board of Directors. \\3... Director'' means a Director who has no material business relationship with a broker or dealer, NASDAQ OMX...

77 FR 63368 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-10-16

... not apply to non-displayed trading interest. Midpoint Peg Post-Only Orders that post to the book and... Peg Post-Only Order has expressed its intention not to execute against posted liquidity, and therefore... book until it is removed by another order, cancelled by the user or its Time-in-Force expires. To...

77 FR 68188 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-11-15

... trading session while representing at the same time, on behalf of that account, market or limit orders at the minimum variation on both sides of the market, the broker may liquidate or cover the position... can execute any other order for the same account on the same side of the market as that liquidating...

77 FR 64179 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-10-18

... Proposed Rule Change To Amend NASDAQ's Schedule of Execution Fees for Order Routing Under Rule 7018 October... proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from...

76 FR 45626 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-07-29

... executions submitted through an Institutional Broker.\\7\\ The Exchange is also lowering the rate of the... remainders would be charged the fee rate set forth in Section E.1. of the Fee Schedule. The Exchange is... Schedule. The Exchange is also modifying the types of transactions subject to the Trade Processing Fee to...

77 FR 521 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated and National Stock...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-01-05

... members with fair representation in the governance of NSX consistent with the Act) that were nominated in... created by the resignation. Thereafter, directors and committee members will be nominated and elected in... also members of the NSX Board, [[Page 526

Executive functions: a discussion of the issues facing children with autism spectrum disorders and related disorders.

PubMed

Calhoun, James A

2006-02-01

The interest and attention devoted to executive functions has grown steadily in the last several decades. The concept and definitions of executive functions and their association with certain disorders such as autism spectrum disorders (ASD) and overall cognitive, social, emotional, and behavioral functioning are important knowledge areas for those working in education, health, and mental health-related fields. It is particularly important for providers to have an understanding of the basic issues related to assessment and remediation of executive dysfunction. This article briefly addresses the background, current definitions, research, and some intervention options associated with executive functions. The intent is to present a foundation for encouraging additional research on the issues relevant to this important topic.

Neurocognitive Functioning in Young Adults with Subclinical Body Dysmorphic Disorder.

PubMed

Blum, Austin W; Redden, Sarah A; Grant, Jon E

2018-03-01

Despite reasonable knowledge of body dysmorphic disorder (BDD), little is known of its cognitive antecedents. In this study, we evaluated executive functioning and decision-making in people at risk of developing BDD using neuropsychological tests. Participants were non-treatment seeking volunteers (18-29 years) recruited from the general community, and split into two groups: those "at risk" of developing BDD (N = 5) and controls (N = 82). Participants undertook the One-Touch Stockings of Cambridge, Cambridge Gamble and Spatial Working Memory tasks and were assessed with the Body Dysmorphic Disorder Questionnaire. Results showed that the at-risk subjects performed significantly worse on a measure of executive function, whereas measures of risk-seeking behavior, quality of decision-making, and spatial working memory were largely intact. The findings suggest that selective cognitive dysfunction may already be present in terms of executive functioning in those at risk of developing BDD, even before psychopathology arises.

78 FR 46643 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-08-01

... Change Amending the NYSE Arca Options Fee Schedule With Respect to Cap on Fees for Firm and Broker Dealer... (``Fee Schedule'') with respect to cap on fees for Firm and Broker Dealer open outcry executions. The... the cap on fees for Firm and Broker Dealer open outcry executions. Currently, there is a $100,000 cap...

78 FR 39426 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-07-01

... Order in a Simple or Complex Order that executes against non-Initiating Order interest and will also pay... to solicit comments on the proposed rule change from interested persons. \\1\\ 15 U.S.C. 78s(b)(1). \\2... paid to members executing electronically- delivered Customer Simple Orders in Penny Pilot Options and...

75 FR 80090 - Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-12-21

... LLC To Establish Royalty Fees for Non-Customer Executions in Options Based on the KBW Bank Index... (``Fee Schedule'') to implement new royalty fees of $0.10 per contract associated with executions in... index, and will pay a fee to KBW on every contract traded on the Exchange. As with other royalty fees...

75 FR 56633 - Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Order Approving a Proposed Rule Change, as...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-09-16

... ceasing operations of XLE, the Exchange has solely operated an options market. The System will allow PSX..., Display and Execution The System will operate, and orders can be entered into the System, from 9 a.m. to 5... satisfies this requirement. \\63\\ In considering the operation of automated execution systems operated by an...

77 FR 29397 - Order Granting Application of BOX Options Exchange, LLC for a Limited Exemption From Exchange Act...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-05-17

... for strict price-time priority execution (``Trading System'').\\2\\ The BOX Book and the Exchange Rules...'') as set forth in Exchange Rule 7150 are an exception to the strict price-time priority execution that... in the Application, BOX will operate a fully automated electronic book (``BOX Book'') for orders to...

75 FR 74755 - Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by NASDAQ OMX PHLX LLC...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-12-01

... contingent orders and the rules that apply to such executions. Rule 1092 provides a framework for reviewing... execution price of a transaction is higher or lower than the theoretical price for a series by a certain amount depending on the type of option. OEOs use one of three criteria when determining the theoretical...

Emotional Regulation and Executive Function Deficits in Unmedicated Chinese Children with Oppositional Defiant Disorder.

PubMed

Jiang, Wenqing; Li, Yan; Du, Yasong; Fan, Juan

2016-05-01

This study aims to explore the feature of emotional regulation and executive functions in oppositional defiant disorder (ODD) children. The emotional regulation and executive functions of adolescents with ODD, as well as the relationship between the two factors were analyzed using tools including Adolescent Daily Emotional Regulation Questionnaire (ADERQ), Wisconsin Card Sorting Test (WCST) and Cambridge Neuropsychological Test Automated Battery (CANTAB), in comparison with attention deficit hyperactivity disorder (ADHD) children without behavioral problem and healthy children; the ADERQ assessed emotional regulation ability and others were used to assess executive function. Compared to normal children, the ODD group displayed significant differences in the scores of cognitive reappraisal, rumination, expressive suppression, and revealing of negative emotions, as well as in the score of cognitive reappraisal of positive emotions. WCST perseverative errors were well correlated with rumination of negative emotions (r=0.47). Logistic regression revealed that the minimum number of moves in the Stocking of Cambridge (SOC) test (one test in CANTAB) and negative emotion revealing, were strongly associated with ODD diagnosis. Children with ODD showed emotion dysregulation, with negative emotion dysregulation as the main feature. Emotion dysregulation and the lack of ability to plan lead to executive function deficits. The executive function deficits may guide us to understand the deep mechanism under ODD.

75 FR 81977 - Order Exempting the Trading and Clearing of Certain Products Related to the CBOE Gold ETF...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-12-29

... derivatives transaction execution facility for transactions for future delivery in any commodity under section... categorical Section 4(c) exemption to permit options and futures on shares of all or some precious metal commodity-based ETFs to be traded and cleared as options on securities and security futures, respectively...

78 FR 16749 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing of Proposed Rule Change...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-03-18

...). The Limit Up-Limit Down Plan is designed to prevent executions from occurring outside of dynamic price... count for purposes of calculating whether a Market Maker is fulfilling its obligations for continuous... Organizations; BOX Options Exchange LLC; Notice of Filing of Proposed Rule Change To Clarify How the Exchange...

76 FR 58072 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-09-19

... Amend the BOX Fee Schedule September 14, 2011. Pursuant to Section 19(b)(1) of the Securities Exchange... Fee Schedule of the Boston Options Exchange Group, LLC (``BOX''). The changes to the BOX Fee Schedule... structure that provides a discount to BOX Options Participants (``Participants'') that execute transactions...

77 FR 29718 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-05-18

... (``PIP'') from one second to one hundred milliseconds. The PIP allows BOX Options Participants to... the BOX Book at the NBBO for a period of one second. If the order is not executed during the one... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-66982; File No. SR-BOX-2012-001] Self...

75 FR 48391 - Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-08-10

... system,\\3\\ for routing standardized equity and index option customer and professional orders to away... No. 59995 (May 28, 2009), 74 FR 26750 (June 3, 2009) (SR-Phlx-2009-32). The instant proposed fees... and executing customer and professional orders in equity and index options to away markets. In May...

78 FR 50477 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-08-19

... them in sequence for entry into the System for execution. Each of Phlx's current connection offerings... connectivity and installation fees for a 10Gb Ultra low latency fiber connection option, and provide a waiver... bandwidth options for connectivity to the Exchange, including a 40Gb fiber connection, a 10Gb fiber...

77 FR 4073 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-01-26

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-66207; File No. SR-CBOE-2012-004] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Automatic Execution and Complex Order Price Check Parameter Features January 20, 2012. Pursuant to Sectio...

17 CFR 155.2 - Trading standards for floor brokers.

Code of Federal Regulations, 2013 CFR

2013-04-01

... TRADING STANDARDS § 155.2 Trading standards for floor brokers. Each contract market shall adopt rules which shall, at a minimum, with respect to each member of the contract market acting as a floor broker... option, or (3) sale of any put option, in the same commodity which is executable at the market price or...

17 CFR 155.2 - Trading standards for floor brokers.

Code of Federal Regulations, 2014 CFR

2014-04-01

... (CONTINUED) TRADING STANDARDS § 155.2 Trading standards for floor brokers. Each contract market shall adopt rules which shall, at a minimum, with respect to each member of the contract market acting as a floor... option, or (3) sale of any put option, in the same commodity which is executable at the market price or...

75 FR 11957 - Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-03-12

... system,\\3\\ for routing standardized equity and index option customer orders to away markets for execution... and index options to certain better-priced away markets. In May 2009, the Exchange adopted Rule 1080(m... the Exchange when orders are routed to these away markets. The Exchange is proposing a $.36...

Mobile Wastewater Treatment Technology for Contingency Bases

DTIC Science & Technology

2012-05-24

Def nse Cent rgy and Environment Contingency Base Wastewater Treatment Options Option Advantages Disadvantages Tanking and Trucking Offsite Low...National Defense Center for Energy and Environment Mobile Wastewater Treatment f or Contingency Bases, May 2012 1 National Def nse Cent rgy and...Environment DoD Executive Agent Mobile Wastewater Treatment Technology for Contingency Bases Shan Abeywickrama, NDCEE/CTC Elizabeth Keysar

Developing fire management mixes for fire program planning

Treesearch

Armando González-Cabán; Patricia B. Shinkle; Thomas J. Mills

1986-01-01

Evaluating economic efficiency of fire management program options requires information on the firefighting inputs, such as vehicles and crews, that would be needed to execute the program option selected. An algorithm was developed to translate automatically dollars allocated to type of firefighting inputs to numbers of units, using a set of weights for a specific fire...

76 FR 2940 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Order Granting Approval of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-01-18

... complex orders. \\4\\ Rule 1092 provides a framework for reviewing the price of a transaction to determine... the theoretical price for a series by a certain amount depending on the type of option. OEOs use one of three criteria when determining the theoretical price of an options execution, which are...

Individual differences in the balance of GABA to glutamate in pFC predict the ability to select among competing options.

PubMed

de la Vega, Alejandro; Brown, Mark S; Snyder, Hannah R; Singel, Debra; Munakata, Yuko; Banich, Marie T

2014-11-01

Individuals vary greatly in their ability to select one item or response when presented with a multitude of options. Here we investigate the neural underpinnings of these individual differences. Using magnetic resonance spectroscopy, we found that the balance of inhibitory versus excitatory neurotransmitters in pFC predicts the ability to select among task-relevant options in two language production tasks. The greater an individual's concentration of GABA relative to glutamate in the lateral pFC, the more quickly he or she could select a relevant word from among competing options. This outcome is consistent with our computational modeling of this task [Snyder, H. R., Hutchison, N., Nyhus, E., Curran, T., Banich, M. T., O'Reilly, R. C., et al. Neural inhibition enables selection during language processing. Proceedings of the National Academy of Sciences, U.S.A., 107, 16483-16488, 2010], which predicts that greater net inhibition in pFC increases the efficiency of resolving competition among task-relevant options. Moreover, the association with the GABA/glutamate ratio was specific to selection and was not observed for executive function ability in general. These findings are the first to link the balance of excitatory and inhibitory neural transmission in pFC to specific aspects of executive function.

JAva GUi for Applied Research (JAGUAR) v 3.0

DOE Office of Scientific and Technical Information (OSTI.GOV)

JAGUAR is a Java software tool for automatically rendering a graphical user interface (GUI) from a structured input specification. It is designed as a plug-in to the Eclipse workbench to enable users to create, edit, and externally execute analysis application input decks and then view the results. JAGUAR serves as a GUI for Sandia's DAKOTA software toolkit for optimization and uncertainty quantification. It will include problem (input deck)set-up, option specification, analysis execution, and results visualization. Through the use of wizards, templates, and views, JAGUAR helps uses navigate the complexity of DAKOTA's complete input specification. JAGUAR is implemented in Java, leveragingmore » Eclipse extension points and Eclipse user interface. JAGUAR parses a DAKOTA NIDR input specification and presents the user with linked graphical and plain text representations of problem set-up and option specification for DAKOTA studies. After the data has been input by the user, JAGUAR generates one or more input files for DAKOTA, executes DAKOTA, and captures and interprets the results« less

78 FR 9975 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-02-12

... Market Volatility 2. * * * * * * * * Interpretations and Policies: * * * * * .03 The provisions of this... initial date of operations of the Regulation NMS Plan to Address Extraordinary Market Volatility or....3C, Individual Stock Trading Pauses Due to Extraordinary Market Volatility, was approved by the...

12 CFR 1.6 - Convertible securities.

Code of Federal Regulations, 2011 CFR

2011-01-01

... 12 Banks and Banking 1 2011-01-01 2011-01-01 false Convertible securities. 1.6 Section 1.6 Banks and Banking COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY INVESTMENT SECURITIES § 1.6 Convertible securities. A national bank may not purchase securities convertible into stock at the option of...

12 CFR 1.6 - Convertible securities.

Code of Federal Regulations, 2013 CFR

2013-01-01

... 12 Banks and Banking 1 2013-01-01 2013-01-01 false Convertible securities. 1.6 Section 1.6 Banks and Banking COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY INVESTMENT SECURITIES § 1.6 Convertible securities. A national bank may not purchase securities convertible into stock at the option of...

12 CFR 1.6 - Convertible securities.

Code of Federal Regulations, 2014 CFR

2014-01-01

... 12 Banks and Banking 1 2014-01-01 2014-01-01 false Convertible securities. 1.6 Section 1.6 Banks and Banking COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY INVESTMENT SECURITIES § 1.6 Convertible securities. A national bank may not purchase securities convertible into stock at the option of...

12 CFR 221.1 - Authority, purpose, and scope.

Code of Federal Regulations, 2011 CFR

2011-01-01

... Commodity Futures Trading Commission that accept deposits of margin stock in connection with: (i) The... security, certificate of deposit, securities index or foreign currency); or (ii) The guarantee of contracts for the purchase or sale of a commodity for future delivery or options on such contracts. (3) This...

12 CFR 221.1 - Authority, purpose, and scope.

Code of Federal Regulations, 2010 CFR

2010-01-01

... Commodity Futures Trading Commission that accept deposits of margin stock in connection with: (i) The... security, certificate of deposit, securities index or foreign currency); or (ii) The guarantee of contracts for the purchase or sale of a commodity for future delivery or options on such contracts. (3) This...

77 FR 57614 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-09-18

... entered into NOM and rests on the NOM book. \\5\\ An order that removes liquidity is one that is entered into NOM and that executes against an order resting on the NOM book. Non-NOM market NOM market Customer... send order flow to competing exchanges if they deem fee levels at a particular exchange to be excessive...

Strong performance. Healthcare executives reaped big rewards in 2010, with returning hospital CEOs seeing a 58.2% gain in compensation.

PubMed

Galloro, Vince

2011-08-15

Healthcare CEOs saw their compensation slip relative to other industries but still earned big paydays last year. "2010 was a great year for corporate earnings and stock performance," says Steve Kaplan, left, a professor of finance and entrepreneurship. "Part of the reason for the increase in pay is that the CEOs delivered in 2010."

Assessment of the USCENTCOM Medical Distribution Structure

DTIC Science & Technology

2010-01-01

General PEO-EIS Program Executive Office–Enterprise Information Systems PMI Patient Movement Items POTUS President of the United States PV Prime Vendor... General of the U.S. Army Medical Research Materiel Command. It should be of broad interest to Department of Defense supply chain managers, logisticians...Initially, USCENTCOM nonmedical theater-level sustainment stocks were stored in Army general support (GS) supply support activities (SSAs), which were

75 FR 69507 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-11-12

... and above that add liquidity in the Automatic Execution mode of order interaction (``AutoEx'').\\3\\ \\3... displayed orders in Tape A and C securities priced one dollar and above that add liquidity in AutoEx, the... that add liquidity in AutoEx if such ETP Holder's Liquidity Adding ADV is less than 20 basis points of...

78 FR 15065 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-03-08

... of interaction (``Auto-Ex Mode'') \\5\\ to remove liquidity in a security that is priced at or above $1....11(c)(13). See also SR-NSX-2013-07. \\5\\ Under Auto-Ex mode the Exchange matches and executes like... a Midpoint-Seeker Order in the Exchange's Auto-Ex Mode to remove liquidity in a security that is...

76 FR 31998 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-06-02

... participant entered a Post-Only Order to buy at $10.05, the order would be re-priced and displayed at $10.04...-Only Order to buy at $10.01 is entered, the order will execute at $10. This aspect of the order's..., the rule is being amended to provide a complete description of the order's current behavior when...

77 FR 16579 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-03-21

... from ``Phlx XL II'' to ``PHLX XL'' for branding purposes. The text of the proposed rule change is..., for the purpose of executing a particular investment strategy. A Complex Order can also be a stock... set at 10%, and a PHLX XL participant submits a Complex Order with a strategy to buy Series A and buy...

76 FR 27699 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-05-12

... on the book at $1.105, an incoming Midpoint Peg Post-Only Order to sell will also post to the book at... non-displayed trading interest. Midpoint Peg Post-Only Orders that post to the book and lock a pre... the non-displayed Midpoint Peg Post-Only Order will not execute before an order already on the book...

77 FR 71026 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-11-28

... charge (i.e., free) for a non- electronic agency transaction of a Floor broker that executes against the Book, both in a security priced $1 or above and in a security priced below $1; (3) no charge for a non... and sell an equivalent amount of the same security) in a security priced below $1. d-Quotes The...

77 FR 47886 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-08-10

... routing strategies \\4\\ (the same fee charged for routing to all venues other than the New York Stock Exchange (``NYSE'')), $0.0035 per share executed for orders that use the BMOP routing strategy (the same... charged by PSX for orders that use the BTFY or BCRT routing strategies. \\3\\ See SR-Phlx-2012-102 (July 31...

76 FR 13249 - Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing of Proposed Rule Change Amending...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-03-10

... believes that the decision as to how the stock of a post-merger listed company is allocated should be made... two NYSE Amex listed companies merge, the post-merger listed company is assigned to the DMM in the... chief executive officer and a majority of the board of directors of the post-merger listed company. The...

Learning investment indicators through data extension

NASA Astrophysics Data System (ADS)

Dvořák, Marek

2017-07-01

Stock prices in the form of time series were analysed using single and multivariate statistical methods. After simple data preprocessing in the form of logarithmic differences, we augmented this single variate time series to a multivariate representation. This method makes use of sliding windows to calculate several dozen of new variables using simple statistic tools like first and second moments as well as more complicated statistic, like auto-regression coefficients and residual analysis, followed by an optional quadratic transformation that was further used for data extension. These were used as a explanatory variables in a regularized logistic LASSO regression which tried to estimate Buy-Sell Index (BSI) from real stock market data.

Traditional versus rule-based programming techniques - Application to the control of optional flight information

NASA Technical Reports Server (NTRS)

Ricks, Wendell R.; Abbott, Kathy H.

1987-01-01

A traditional programming technique for controlling the display of optional flight information in a civil transport cockpit is compared to a rule-based technique for the same function. This application required complex decision logic and a frequently modified rule base. The techniques are evaluated for execution efficiency and implementation ease; the criterion used to calculate the execution efficiency is the total number of steps required to isolate hypotheses that were true and the criteria used to evaluate the implementability are ease of modification and verification and explanation capability. It is observed that the traditional program is more efficient than the rule-based program; however, the rule-based programming technique is more applicable for improving programmer productivity.

77 FR 40664 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-07-10

... CBSX Book until they trade will incur the Maker fee when they trade, but because they executed, will... that are likely to execute to CBSX. Orders that are sent to CBSX and rest on the CBSX Book will count... orders to CBSX with the intention of either trading immediately or letting the orders rest on the CBSX...

78 FR 28654 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing of Proposed Rule Change, as...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-05-15

... response is received to sell the strategy at $0.55. If the market for option A becomes $1.05 bid, offered... of $0.60. The residual 24 strategy contracts will trade against the two market maker responses in a... trade against the two market maker responses with MM1 executing 10 strategy contracts and MM2 executing...

Comprehensive National Cybersecurity Initiative: Legal Authorities and Policy Considerations

DTIC Science & Technology

2009-03-10

Separation of Powers in National Security Matters....................................................................... 10 Congressional Constraints on Executive Action ........................................................................... 15 Policy Considerations and Congressional Options........................................................................ 17 Conclusion..................................................................................................................................... 18 Author Contact

77 FR 74258 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-12-13

... Amending Exchange Rule 952NY With Respect to Opening Trading in an Options Series December 7, 2012... 952NY (Trading Auctions) with respect to opening trading in an options series. The text of the proposed... series for trading when there are no executable orders and/or quotes and the bid-ask differential of the...

77 FR 49035 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-08-15

...; and (iii) establish a fee of $0.10 per contract for NYSE Amex Options Market Maker executions of SPY... than SPY would continue to pay the existing transaction charges, as provided in the Fee Schedule. 2... for SPY options are currently $0.25 per contract, which, when coupled with the proposed $0.10 per...

76 FR 72480 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-11-23

..., 2009) (SR-Phlx-2009-32). The instant proposed fees will apply only to option orders entered into, and... includes Routing Fees for routing and executing Customer and Professional orders to away markets. The... assesses a Customer Routing Fee of $0.36 per contract for option orders that are routed to BATS. This fee...

17 CFR 16.01 - Publication of market data on futures, swaps and options thereon: trading volume, open contracts...

Code of Federal Regulations, 2014 CFR

2014-04-01

... 17 Commodity and Securities Exchanges 1 2014-04-01 2014-04-01 false Publication of market data on... MARKETS AND SWAP EXECUTION FACILITIES § 16.01 Publication of market data on futures, swaps and options.... (1) Each reporting market, as defined in part 15 of this chapter, must separately record for each...

17 CFR 16.01 - Publication of market data on futures, swaps and options thereon: trading volume, open contracts...

Code of Federal Regulations, 2013 CFR

2013-04-01

... 17 Commodity and Securities Exchanges 1 2013-04-01 2013-04-01 false Publication of market data on... MARKETS AND SWAP EXECUTION FACILITIES § 16.01 Publication of market data on futures, swaps and options.... (1) Each reporting market, as defined in part 15 of this chapter, must separately record for each...

78 FR 76353 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-12-17

... fees for routing options to away markets. The text of the proposed rule change is available on the... Exchange incurs for routing and executing certain orders in equity options to away markets. Today, the... assessed. If the away market pays a rebate, the Routing Fee is $0.00 per contract.\\4\\ \\3\\ Including BATS...

76 FR 59470 - Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-09-26

... allocation algorithm shall apply for COB and/or COA executions on a class-by-class basis, subject to certain conditions. Currently, as described in more detail below, the allocation algorithms for COB and COA default to the allocation algorithms in effect for a given options class. As proposed, the rule change would...

78 FR 15093 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing of Proposed Rule Change...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-03-08

... \\3\\ on BOX Market LLC (``BOX''), the options trading facility of the Exchange. In particular, the... (3.00) and for the purpose of executing a particular investment strategy.'' See proposed Rule 7240(a...'' is defined as the ``the best net bid and offer price for a Complex Order Strategy based on the NBBO...