Sample records for york stock exchange
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From Buttonwood to Silicon--A Bicentennial Look at the New York Stock Exchange.
ERIC Educational Resources Information Center
Pahl, Ronald H.
1992-01-01
Introduces a journal issue devoted to the New York Stock Exchange. Describes the formation and development of the stock exchange and Wall Street. Discusses the connection between politics and finance and the economic changes in formerly socialist nations. Suggests that the New York Stock Exchange may have to convert to a computer trading system.…
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-08-02
...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the New York Stock Exchange LLC Price List To Establish Pricing for the... York Stock Exchange LLC (``NYSE'' or ``Exchange'') filed with the Securities and Exchange Commission...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-03-29
...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of... on March 11, 2010, New York Stock Exchange LLC (``NYSE'' or the ``Exchange'') filed with the... the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The New York Stock...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-03-15
...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the New York Stock Exchange LLC Price List To Increase the Gross FOCUS Fee... Rule 19b-4 thereunder,\\2\\ notice is hereby given that, on February 26, 2013, New York Stock Exchange...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-11-15
...-Regulatory Organizations; New York Stock Exchange LLC; Notice and Order Granting Accelerated Approval to..., New York Stock Exchange LLC (``NYSE'' or ``Exchange'') filed with the Securities and Exchange... 70796
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-08-19
... individual stock trading pause pursuant to the Pause Pilot on the primary listing market and those..., The NASDAQ Stock Market LLC, New York Stock Exchange LLC, NYSE Amex LLC, NYSE Arca, Inc., National...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-11-08
...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Transaction Fees on the New York Block Exchange November 2, 2012... thereunder,\\2\\ notice is hereby given that, on November 1, 2012, the New York Stock Exchange LLC (``NYSE'' or...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-09-18
... its common stock listed on a foreign market and list some other type of security on the Exchange, such...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change Amending... 30, 2012, New York Stock Exchange LLC (``NYSE'' or the ``Exchange'') filed with the Securities and...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-07-16
...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of..., 2013, New York Stock Exchange LLC (``NYSE'' or the ``Exchange'') filed with the Securities and Exchange... 8210, which concerns the provision of information and testimony and inspection and copying of books and...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-04-29
...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of...\\ notice is hereby given that on April 19, 2011, New York Stock Exchange LLC (``NYSE'' or the ``Exchange...(b) became current Rule 72(d) when the Exchange adopted the New Market Model Pilot. Although the rule...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-03-16
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-66576; File No. SR-NYSE-2012-01] Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule Change To Establish an NYBX Immediate-or- Cancel Order March 12, 2012. I. Introduction On January 11, 2012, the New York Stock Exchange LLC (``NYSE'' or ``Exchange'') file...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-04-19
...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Its Price List To Provide Relief for Floor Brokers From the Annual Telephone... April 2, 2013, New York Stock Exchange LLC (the ``Exchange'' or ``NYSE'') filed with the Securities and...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-08-03
...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change Amending the Definition of Approved Person To Exclude Foreign Affiliates, Creating a New Definition of ``Foreign..., 2011, New York Stock Exchange LLC (``NYSE'' or the ``Exchange'') filed with the Securities and Exchange...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-03-01
...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change Amending the... is hereby given that, on February 14, 2012, New York Stock Exchange LLC (``NYSE'' or the ``Exchange... organizations,\\6\\ the Exchange does not believe that it needs to engage in a detailed financial review of...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-11-27
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-70913; File No. SR-NYSE-2013-74] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of...\\ and Rule 19b-4 thereunder,\\3\\ notice is hereby given that, on November 12, 2013, New York Stock...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-08-06
...-2011-84] Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE MKT LLC; Order Granting an Extension to Limited Exemptions From Rule 612(c) of Regulation NMS In Connection With the Exchanges' Retail... under Rule 612(c) of Regulation NMS (``Sub-Penny Rule'') \\1\\ that granted the New York Stock Exchange...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-01-10
...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Its Price List To Adopt a Trading License Fee for Calendar Year 2013 January... 19b-4 thereunder,\\2\\ notice is hereby given that, on December 21, 2012, New York Stock Exchange LLC...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-02-20
...-2012-58] Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE MKT LLC; Order Instituting.... I. Introduction On October 26, 2012, the New York Stock Exchange LLC (``NYSE'') and NYSE MKT LLC... of the market, the Floor broker may liquidate or cover the position only pursuant to a new order...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-01-03
...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the Price List To Waive Certain Fees for Floor Brokers for November and... Stock Exchange LLC (``NYSE'' or the ``Exchange'') filed with the Securities and Exchange Commission (the...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-09-07
...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Its Price List for Co-Location Services To Correct Several Typographical...'') \\1\\ and Rule 19b-4 thereunder,\\2\\ notice is hereby given that, on August 24, 2011, New York Stock...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-07-18
...-2012-58] Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE MKT LLC; Order Approving... Related Supplementary Material July 12, 2013. I. Introduction On October 26, 2012, the New York Stock... cover the position only pursuant to a new order, which must be time-recorded upstairs and upon receipt...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-02-26
...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of... ``Act'') \\2\\ and Rule 19b-4 thereunder,\\3\\ notice is hereby given that February 15, 2013, New York Stock... broker member organizations must maintain in their books and records all cell phone records that show...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-01-19
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-61333; File No. SR-NYSE-2009-117] Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving Proposed Rule Change Amending Its Listing Fees for Structured Products January 12, 2010. I. Introduction On November 19, 2009, New York...
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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...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-01-10
... Proposed Rule Change Eliminating Certain Credits Within the New York Stock Exchange LLC Price List January... eliminate certain credits within its Price List, which the Exchange proposes to become operative on January..., the Proposed Rule Change 1. Purpose The Exchange proposes to eliminate certain credits within its...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-09-14
...-Regulatory Organizations; New York Stock Exchange LLC; Order Approving Proposed Rule Change Amending NYSE... 611--Compliant Tool for Floor Brokers September 10, 2012. I. Introduction On July 13, 2012, New York... provide Floor Brokers with a new functionality through which to effect manual cross transactions of block...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-10-24
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-68067; File No. SR-NYSE-2012-53] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending NYSE Rule 17 To Add a New Paragraph (c)(3) Addressing the Authority of the Exchange or Archipelago Securities LLC To Cancel...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-09-30
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-70487; File No. SR-NYSE-2013-62] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Its Listing Standard for Reverse Merger Companies Set Forth in Section 102.01F of The Exchange's Listed Company Manual to...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-04-01
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-64136; File No. SR-NYSE-2011-11] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending NYSE Rule 440B to Modify the Exchange's Procedures for Handling Short Sale Orders During a Period When the Short Sale Price...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-10-16
...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of... Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend... Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-01-11
...-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule Change Rescinding Information Memoranda 04-27 and 07-66 and Issuing a New Information Memo Concerning the Exchange's Gap Quote... proposed rule change to rescind NYSE Information Memoranda 04-27 and 07-66 and issue a new Information Memo...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-12-20
... functionality by the end of December 2010, it will work with the Commission to set a new target date for... work with the Commission to set a new target date for implementation. The Exchange also has represented...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-08-05
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-70066; File No. SR-NYSE-2013-53] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Modifying the Content of the NYSE Trades Digital Media Data Feed July 30, 2013. Pursuant to Section 19(b)(1) \\1\\ of the Securities...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-01-30
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-66218; File No. SR-NYSE-2012-01] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change To Establish an NYBX Immediate-or-Cancel Order January 24, 2012. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \\1\\ and Rule 19b-4...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-04-12
...-Regulatory Organizations; New York Stock Exchange LLC; Order Granting Approval of a Proposed Rule Change... proposed rule change to amend NYSE Rule 476A to update its ``List of Exchange Rule Violations and Fines Applicable Thereto Pursuant to Rule 476A.'' The proposed rule change was published for comment in the Federal...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-05-18
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-66981; SR-NYSE-2011-56; SR-NYSEAmex-2011-86] Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE Amex LLC; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether to Disapprove Proposed Rule Changes To Codify Certain Traditional Trading Floor...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-12-29
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-66036; File Nos. SR-NYSE-2011-56; SR-NYSEAmex-2011-86] Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE Amex LLC; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Changes To Codify Certain Traditional Trading Floor Functions That May Be Performed by...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-05-20
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-69575; File Nos. SR-NYSE-2012-57; SR-NYSEMKT-2012-58] Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE MKT LLC; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Disapprove Proposed Rule Changes Deleting NYSE Rules 95(c) and (d)...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-12-31
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-68522; File No. SR-NYSE-2012-57] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change Deleting NYSE Rules 95(c) and (d) and Related Supplementary Material December 21, 2012. On October 26, 2012, New Yor...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-03-11
...-Regulatory Organizations; New York Stock Exchange LLC; Order Approving Proposed Rule Change Adopting... paragraph (d) it contains a provision establishing how the transition period from NYSE Rule 477 will work... to announce the effective date of the new rules at least 30 days in advance in an Information...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-03-26
...-4 thereunder,\\2\\ proposed rule changes to allow Retail Member Organizations (``RMOs'') to attest...-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove...-07] Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE MKT LLC; Notice of Designation...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-09-24
... relevant part, old Rules 342.30(d) and (e) and Rule Interpretation 311(b)(5); Rule 3310 (Anti-Money...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of... to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-04-19
... transition to the new fee structure. B. Self-Regulatory Organization's Statement on Burden on Competition The...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of.... \\1\\ 15 U.S.C. 78s(b)(1). \\2\\ 17 CFR 240.19b-4. I. Self-Regulatory Organization's Statement of the...
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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...
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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...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-05-24
... second by comparing each last consolidated sale price of a security (``Trigger Trade'') during the...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of a Proposed Rule Change Adding Rule 80C To Provide for a Trading Pause for Individual Securities When the Price Moves 10 Percent or More...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-08-18
...., International Securities Exchange LLC, The NASDAQ Stock Market LLC, New York Stock Exchange LLC, NYSE Amex LLC... Pause Pilot rules of the Markets to include all remaining NMS stocks (``Phase III Securities'').\\9\\ The... Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-08-18
... trading pause process during periods of extraordinary market volatility as a pilot in S&P 500 Index stocks... Exchange LLC, The NASDAQ Stock Market LLC, New York Stock Exchange LLC, NYSE Amex LLC, NYSE Arca, Inc... Organizations; Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Rule Change To Amend Article 20, Rule...
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Creating a Global Stock Exchange: Does the Present National System Have a Future?
ERIC Educational Resources Information Center
Warner-Allen, Charles
Sovereignty and national pride throw up potentially the biggest obstacles in the path of a global stock exchange, being all the more insurmountable because of their bases in emotional politics as opposed to economic logic. A global stock exchange could come about if New York, London and Tokyo could consolidate their current baton-passing activity…
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-03-04
... Proposed Rule Change Amending Exchange Rule 1600 (New York Block Exchange \\SM\\) To Add Provisions on Short... York Block Exchange \\SM\\) (``NYBX'' or the ``Facility'') to add provisions on short sales in order to... Sale Period, New York Block Exchange Market Pegging Orders, as defined in Rule 1600(c)(2)(A)(iii), to...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-03-09
.../publish/cbsxfeeschedule/cbsxfeeschedule.pdf ) and New York Stock Exchange (``NYSE'') Arca Fee Schedule... Book feed. The text of the proposed rule change is available on the Exchange's Web site at http://www... recipients of the Exchange's Depth of Book (``DOB'') feed. Each of the proposed changes is further addressed...
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Kennedy, Devin
2017-12-01
This article traces the development and expansion of early computer systems for managing and disseminating 'real-time' market data at the most influential stock market in the United States, the New York Stock Exchange (NYSE). It follows electronic media at the NYSE over a roughly ten-year period, from the time of the deployment of a computer called the Market Data System (MDS) through debates surrounding the National Market System and the passage of the 1975 Securities Acts Amendments. Building on research at the archives of the NYSE and the Securities and Exchange Commission (SEC), this history emphasizes the regulatory and managerial contexts in which market data became computerized. The SEC viewed market automation as both necessary for the viability of the securities industry and a mechanism for expanding regulatory oversight over the venues of stock trading. Moving from the MDS to later technical projects in the late 1960s and early 1970s, this article charts the changing meaning of electronic governance in a market increasingly conceptualized as a technical object. Adding to recent work in the social studies of finance and financial technologies, this history sites early NYSE computerization programs within managerial efforts to consolidate control over the clerical labor of financial markets, and in contests between regulatory and market institutions. It concludes by exploring the differing forms of electronic governance activated in these efforts to bring computers into the market.
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-06-16
... Securities Exchange LLC; New York Stock Exchange LLC; NYSE Amex LLC; NYSE Arca, Inc.; The NASDAQ Stock Market... Extraordinary Market Volatility June 10, 2010. I. Introduction On May 18, 2010, each of BATS Exchange, Inc..., Inc. (``NYSEArca''), The NASDAQ Stock Market LLC (``NASDAQ''), National Stock Exchange, Inc. (``NSX...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-08-20
... described below apply to transactions in stocks with a per share stock price of $1.00 or more. The Exchange... from the Exchange) that are not otherwise specified in the Price List are charged $0.0024 per share per... otherwise specified on the Price List (i.e., the proposed $.0022 and $0.0020 per share rates) because d...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-04-10
... Development of an Enhanced Brokers Internet Platform April 3, 2013. On February 1, 2013, New York Stock... enhanced brokers internet platform. The proposed rule change was published for comment in the Federal...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-09-27
... of a ``Reverse Merger'' With a Shell Company September 21, 2011. On July 22, 2011, New York Stock... after consummation of a ``reverse merger'' with a shell company. The proposed rule change was published...'' [[Page 59757
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-02-13
... Proposed Rule Change To Cease Operating New York Block Exchange and Contemporaneously Delete the Text of... of the Proposed Rule Change The Exchange proposes to contemporaneously delete the text of Rule 1600, which governs NYBX functionality. The text of the proposed rule change is available on the Exchange's...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-01-14
... Price List (``Price List'') for equity transactions in stocks with a per share stock price less than $1.00 to provide that the equity per share charge for all other transactions when taking liquidity from the Exchange per transaction will be the lesser of (i) 0.3% of the total dollar value of the...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-06-20
... York, commonly known as the ``Blue Room'', and amend NYSE Rule 6A, which defines the terms ``Trading... Traders can only utilize the 18 Broad Street entrance to access the Blue Room. \\5\\ See Securities Exchange... IFUS Traders may, on an as needed basis and only prior to 7 a.m., access the Blue Room via the Exchange...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-10-04
... to Extraordinary Market Volatility September 28, 2011. Pursuant to Section 19(b)(1) \\1\\ of the... market volatility. The text of the proposed rule change is available at the Exchange, the Commission's... when to halt trading in all stocks due to extraordinary market volatility. The Exchange is proposing...
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26 CFR 1.1081-3 - Exchanges of stock or securities solely for stock or securities.
Code of Federal Regulations, 2010 CFR
2010-04-01
... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Exchanges of stock or securities solely for stock or securities. 1.1081-3 Section 1.1081-3 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF... § 1.1081-3 Exchanges of stock or securities solely for stock or securities. The exchange, without the...
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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...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-01-27
... Class on NYSE Under a Pilot Program January 19, 2011. I. Introduction On November 23, 2010, New York... the Exchange's BLP proposal. For additional information, see Notice, supra note 3. (1) Quoting... technology to support electronic trading.\\10\\ \\10\\ A member organization's off-Floor technology must be fully...
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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...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-06-18
... purchases of any NMS stock as defined in Rule 600(b)(47) of Regulation NMS \\7\\ (``designated security'') at....600(b)(47). NYSE Rule 6140(b) prohibits a member or member organization, for the purpose of creating... Commission (the ``Commission''), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-02-22
... quantity as close to zero as possible. The Exchange proposes to amend Rule 123C(4)(a)(vi) to add that LOC... ``plus'' or ``zero plus'' tick, and is not lower than the last sale plus the minimal fractional change in the stock if the last sale was a ``minus'' or ``zero minus'' tick. The purpose of a Sell Plus order is...
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"Price-quakes" shaking the world's stock exchanges.
Andersen, Jørgen Vitting; Nowak, Andrzej; Rotundo, Giulia; Parrott, Lael; Martinez, Sebastian
2011-01-01
Systemic risk has received much more awareness after the excessive risk taking by major financial instituations pushed the world's financial system into what many considered a state of near systemic failure in 2008. The IMF for example in its yearly 2009 Global Financial Stability Report acknowledged the lack of proper tools and research on the topic. Understanding how disruptions can propagate across financial markets is therefore of utmost importance. Here, we use empirical data to show that the world's markets have a non-linear threshold response to events, consistent with the hypothesis that traders exhibit change blindness. Change blindness is the tendency of humans to ignore small changes and to react disproportionately to large events. As we show, this may be responsible for generating cascading events--pricequakes--in the world's markets. We propose a network model of the world's stock exchanges that predicts how an individual stock exchange should be priced in terms of the performance of the global market of exchanges, but with change blindness included in the pricing. The model has a direct correspondence to models of earth tectonic plate movements developed in physics to describe the slip-stick movement of blocks linked via spring forces. We have shown how the price dynamics of the world's stock exchanges follows a dynamics of build-up and release of stress, similar to earthquakes. The nonlinear response allows us to classify price movements of a given stock index as either being generated internally, due to specific economic news for the country in question, or externally, by the ensemble of the world's stock exchanges reacting together like a complex system. The model may provide new insight into the origins and thereby also prevent systemic risks in the global financial network.
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-08-17
... process during periods of extraordinary market volatility as a pilot in S&P 500[supreg] Index stocks... Exchange LLC, The NASDAQ Stock Market LLC, New York Stock Exchange LLC, NYSE Amex LLC, NYSE Arca, Inc... Exchanges and FINRA to include all remaining National Market System (``NMS'') stocks (``Phase III Securities...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-08-17
... during periods of extraordinary market volatility as a pilot in S&P 500[supreg] Index stocks (``Pause... Exchange LLC, The NASDAQ Stock Market LLC, New York Stock Exchange LLC, NYSE Amex LLC, NYSE Arca, Inc... Exchanges and FINRA to include all remaining National Market System (``NMS'') stocks (``Phase III Securities...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-03-10
... or Floor Governors. The Exchange believes that the decision as to how the stock of a post-merger... merge, the post-merger listed company is assigned to the DMM in the company that is determined to be the... majority of the board of directors of the post-merger listed company. The policy focuses on the CEO and the...
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Analysis of Realized Volatility for Nikkei Stock Average on the Tokyo Stock Exchange
NASA Astrophysics Data System (ADS)
Takaishi, Tetsuya; Watanabe, Toshiaki
2016-04-01
We calculate realized volatility of the Nikkei Stock Average (Nikkei225) Index on the Tokyo Stock Exchange and investigate the return dynamics. To avoid the bias on the realized volatility from the non-trading hours issue we calculate realized volatility separately in the two trading sessions, i.e. morning and afternoon, of the Tokyo Stock Exchange and find that the microstructure noise decreases the realized volatility at small sampling frequency. Using realized volatility as a proxy of the integrated volatility we standardize returns in the morning and afternoon sessions and investigate the normality of the standardized returns by calculating variance, kurtosis and 6th moment. We find that variance, kurtosis and 6th moment are consistent with those of the standard normal distribution, which indicates that the return dynamics of the Nikkei Stock Average are well described by a Gaussian random process with time-varying volatility.
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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...
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Random matrix theory and portfolio optimization in Moroccan stock exchange
NASA Astrophysics Data System (ADS)
El Alaoui, Marwane
2015-09-01
In this work, we use random matrix theory to analyze eigenvalues and see if there is a presence of pertinent information by using Marčenko-Pastur distribution. Thus, we study cross-correlation among stocks of Casablanca Stock Exchange. Moreover, we clean correlation matrix from noisy elements to see if the gap between predicted risk and realized risk would be reduced. We also analyze eigenvectors components distributions and their degree of deviations by computing the inverse participation ratio. This analysis is a way to understand the correlation structure among stocks of Casablanca Stock Exchange portfolio.
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“Price-Quakes” Shaking the World's Stock Exchanges
Andersen, Jørgen Vitting; Nowak, Andrzej; Rotundo, Giulia; Parrott, Lael; Martinez, Sebastian
2011-01-01
Background Systemic risk has received much more awareness after the excessive risk taking by major financial instituations pushed the world's financial system into what many considered a state of near systemic failure in 2008. The IMF for example in its yearly 2009 Global Financial Stability Report acknowledged the lack of proper tools and research on the topic. Understanding how disruptions can propagate across financial markets is therefore of utmost importance. Methodology/Principal Findings Here, we use empirical data to show that the world's markets have a non-linear threshold response to events, consistent with the hypothesis that traders exhibit change blindness. Change blindness is the tendency of humans to ignore small changes and to react disproportionately to large events. As we show, this may be responsible for generating cascading events—pricequakes—in the world's markets. We propose a network model of the world's stock exchanges that predicts how an individual stock exchange should be priced in terms of the performance of the global market of exchanges, but with change blindness included in the pricing. The model has a direct correspondence to models of earth tectonic plate movements developed in physics to describe the slip-stick movement of blocks linked via spring forces. Conclusions/Significance We have shown how the price dynamics of the world's stock exchanges follows a dynamics of build-up and release of stress, similar to earthquakes. The nonlinear response allows us to classify price movements of a given stock index as either being generated internally, due to specific economic news for the country in question, or externally, by the ensemble of the world's stock exchanges reacting together like a complex system. The model may provide new insight into the origins and thereby also prevent systemic risks in the global financial network. PMID:22073168
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Modeling Philippine Stock Exchange Composite Index Using Time Series Analysis
NASA Astrophysics Data System (ADS)
Gayo, W. S.; Urrutia, J. D.; Temple, J. M. F.; Sandoval, J. R. D.; Sanglay, J. E. A.
2015-06-01
This study was conducted to develop a time series model of the Philippine Stock Exchange Composite Index and its volatility using the finite mixture of ARIMA model with conditional variance equations such as ARCH, GARCH, EG ARCH, TARCH and PARCH models. Also, the study aimed to find out the reason behind the behaviorof PSEi, that is, which of the economic variables - Consumer Price Index, crude oil price, foreign exchange rate, gold price, interest rate, money supply, price-earnings ratio, Producers’ Price Index and terms of trade - can be used in projecting future values of PSEi and this was examined using Granger Causality Test. The findings showed that the best time series model for Philippine Stock Exchange Composite index is ARIMA(1,1,5) - ARCH(1). Also, Consumer Price Index, crude oil price and foreign exchange rate are factors concluded to Granger cause Philippine Stock Exchange Composite Index.
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-05-06
...-025, The NASDAQ Stock Market LLC (``NASDAQ Exchange'') sought and received Commission approval to...-Regulatory Organizations; Boston Stock Exchange Clearing Corporation; Notice of Filing and Immediate... hereby given that on April 9, 2010, the Boston Stock Exchange Clearing Corporation (``BSECC'') filed with...
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26 CFR 1.356-4 - Exchanges for section 306 stock.
Code of Federal Regulations, 2010 CFR
2010-04-01
... exchange for section 306 stock, an amount equal to the fair market value of the property plus the money, if... a basis to him of $100) and a share of preferred stock which is section 306 stock (having a basis to him of $100) surrenders both shares in a transaction to which section 356 is applicable for one share...
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Estimating time-varying conditional correlations between stock and foreign exchange markets
NASA Astrophysics Data System (ADS)
Tastan, Hüseyin
2006-02-01
This study explores the dynamic interaction between stock market returns and changes in nominal exchange rates. Many financial variables are known to exhibit fat tails and autoregressive variance structure. It is well-known that unconditional covariance and correlation coefficients also vary significantly over time and multivariate generalized autoregressive model (MGARCH) is able to capture the time-varying variance-covariance matrix for stock market returns and changes in exchange rates. The model is applied to daily Euro-Dollar exchange rates and two stock market indexes from the US economy: Dow-Jones Industrial Average Index and S&P500 Index. The news impact surfaces are also drawn based on the model estimates to see the effects of idiosyncratic shocks in respective markets.
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-09-12
... Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule..., 2011, the Chicago Stock Exchange, Inc. (``CHX'' or ``Exchange'') filed with the Securities and Exchange... methodology is less subject to manipulation and will allow the Exchange to recoup some of the costs of...
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The Index cohesive effect on stock market correlations
NASA Astrophysics Data System (ADS)
Shapira, Y.; Kenett, D. Y.; Ben-Jacob, E.
2009-12-01
We present empirical examination and reassessment of the functional role of the market Index, using datasets of stock returns for eight years, by analyzing and comparing the results for two very different markets: 1) the New York Stock Exchange (NYSE), representing a large, mature market, and 2) the Tel Aviv Stock Exchange (TASE), representing a small, young market. Our method includes special collective (holographic) analysis of stock-Index correlations, of nested stock correlations (including the Index as an additional ghost stock) and of bare stock correlations (after subtraction of the Index return from the stocks returns). Our findings verify and strongly substantiate the assumed functional role of the index in the financial system as a cohesive force between stocks, i.e., the correlations between stocks are largely due to the strong correlation between each stock and the Index (the adhesive effect), rather than inter-stock dependencies. The Index adhesive and cohesive effects on the market correlations in the two markets are presented and compared in a reduced 3-D principal component space of the correlation matrices (holographic presentation). The results provide new insights into the interplay between an index and its constituent stocks in TASE-like versus NYSE-like markets.
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-11-29
...-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Order Granting Accelerated... hereby given that on November 8, 2011, National Stock Exchange, Inc. (the ``Exchange'' or ``NSX'') filed...-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change National Stock...
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Cluster fusion-fission dynamics in the Singapore stock exchange
NASA Astrophysics Data System (ADS)
Teh, Boon Kin; Cheong, Siew Ann
2015-10-01
In this paper, we investigate how the cross-correlations between stocks in the Singapore stock exchange (SGX) evolve over 2008 and 2009 within overlapping one-month time windows. In particular, we examine how these cross-correlations change before, during, and after the Sep-Oct 2008 Lehman Brothers Crisis. To do this, we extend the complete-linkage hierarchical clustering algorithm, to obtain robust clusters of stocks with stronger intracluster correlations, and weaker intercluster correlations. After we identify the robust clusters in all time windows, we visualize how these change in the form of a fusion-fission diagram. Such a diagram depicts graphically how the cluster sizes evolve, the exchange of stocks between clusters, as well as how strongly the clusters mix. From the fusion-fission diagram, we see a giant cluster growing and disintegrating in the SGX, up till the Lehman Brothers Crisis in September 2008 and the market crashes of October 2008. After the Lehman Brothers Crisis, clusters in the SGX remain small for few months before giant clusters emerge once again. In the aftermath of the crisis, we also find strong mixing of component stocks between clusters. As a result, the correlation between initially strongly-correlated pairs of stocks decay exponentially with average life time of about a month. These observations impact strongly how portfolios and trading strategies should be formulated.
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-02-15
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-66366; File No. SR-CHX-2011-34] Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Order Approving a Proposed Rule Change Regarding Suspension of a Participant's Trading Privileges on the Exchange February 9, 2012. I. Introduction On December 16, 2011, the Chicago Stock Exchange, Inc. ...
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Effect of market factors on the short-time pricing of stock-exchange metals
NASA Astrophysics Data System (ADS)
Bogdanov, S. V.; Shevelev, I. M.; Chernyi, S. A.
2016-12-01
The open trade on the world market is estimated using information of one-day exchange prices of nonferrous and precious metals, oil, reduced crude, and gasoline and the main world stock indices in the time period from January 1, 2009 to December 31, 2015. It is found that the short-term changes in the prices of nonferrous metals are determined by the prices on the metal market. The changes in the prices of energy carriers and the stock trade on the stock market weakly influence the pricing of nonferrous and precious metals. The prices of metals depend on the situation during trade on commodity exchanges, and the stock market indirectly influences the exchange prices of metals through changes in the share prices of the companies that produce copper, aluminum, and zinc.
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Multifractal features in stock and foreign exchange markets
NASA Astrophysics Data System (ADS)
Kim, Kyungsik; Yoon, Seong-Min
2004-03-01
We investigate the tick dynamical behavior of three assets(the yen-dollar exchange rate, the won-dollar exchange rate, and the KOSPI) using the rescaled range analysis in stock and foreign exchange markets. The multifractal Hurst exponents with long-run memory effects can be obtained from assets, and we discuss whether it exists the crossover or not for the Hurst exponents at charateristic time scales. Particularly, we find that the probability distribution of prices is approached to a Lorentz distribution, different from fat-tailed properties.
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Fractal patterns in Stock Intertrading Times
NASA Astrophysics Data System (ADS)
White, Ainslie; Lee, Youngki; Ivanov, Plamen Ch.
2003-03-01
We study intertrades times (ITT) of stock trades of a range of companies included in the New York Stock Exchange's Trades and Quotes (TAQ) database. The time between transactions is an indicator of the dynamics of the market, and in the field of econometrics, intertrade durations play a key role in the understanding of the market activity and microstructure. Previous work has mainly focused on the properties of price changes of individual company stocks as well as global financial indices (e.g. SP500, DJ etc.). We hypothesize that there is a relation between the dynamics of price change and the trading activity. To investigate this relation we first study the statistical features of ITT data. The TAQ database covers all transactions on the NSE, AMEX, NASDAQ and the US regional exchanges. We have performed a preliminary analysis of 100 company stocks from a range of industries of the US economy selecting predominantly those companies which have large market capitalisations (MC). We focus on companies with large MC, since the dynamics of the price change and trading activity of stocks of such companies has a considerable impact on the market behaviour.
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-08-30
..., for stocks listed on the New York Stock Exchange LLC (the ``NYSE''), regular session orders can be... relative to other orders on the EDGA Book. The proposed rule change was published for comment in the... Exchange proposed to add a new order type, the Route Peg Order.\\5\\ A Route Peg Order would be a non...
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Analysis of E-marketplace Attributes: Assessing The NATO Logistics Stock Exchange
2008-01-01
order processing time Reduction of stock levels Reduction of payment processing time Reduction of excessive stocks Reduction of maverick buying...satisfaction 4,02 0,151 3. Reduction of order processing time 4,27 0,317 15. Reduction of stock levels 3,87 0,484 4. Reduction of payment processing time...information exchange with partners in the supply chain Efficiency Basic Reduction of order processing time Efficiency Important Reduction of
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-02-14
... Band.\\14\\ Trading for an NMS stock exits a Limit State if, within 15 seconds of entering the Limit... Bid (Offer) is below (above) the Lower (Upper) Price Band and the NMS Stock is not in a Limit State...) Price Band and the NMS Stock is not in a Limit State; and (ii) trading in that NMS Stock deviates from...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-03-16
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-61680; File No. SR-CHX-2009-18] Self-Regulatory Organizations; The Chicago Stock Exchange, Inc.; Order Approving a Proposed Rule Change To Amend Its Co-Location Fees March 10, 2010. I. Introduction On December 22, 2009, the Chicago Stock Exchange, Inc. (``CHX'' or...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-10-19
... by the performance of the market. In May 2008, the internet portal Yahoo! began offering its Web site... that is still disseminated via Yahoo! The New York Stock Exchange also distributes competing last sale...
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Collective behavior of stock price movements in an emerging market
NASA Astrophysics Data System (ADS)
Pan, Raj Kumar; Sinha, Sitabhra
2007-10-01
To investigate the universality of the structure of interactions in different markets, we analyze the cross-correlation matrix C of stock price fluctuations in the National Stock Exchange (NSE) of India. We find that this emerging market exhibits strong correlations in the movement of stock prices compared to developed markets, such as the New York Stock Exchange (NYSE). This is shown to be due to the dominant influence of a common market mode on the stock prices. By comparison, interactions between related stocks, e.g., those belonging to the same business sector, are much weaker. This lack of distinct sector identity in emerging markets is explicitly shown by reconstructing the network of mutually interacting stocks. Spectral analysis of C for NSE reveals that, the few largest eigenvalues deviate from the bulk of the spectrum predicted by random matrix theory, but they are far fewer in number compared to, e.g., NYSE. We show this to be due to the relative weakness of intrasector interactions between stocks, compared to the market mode, by modeling stock price dynamics with a two-factor model. Our results suggest that the emergence of an internal structure comprising multiple groups of strongly coupled components is a signature of market development.
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-01-12
... performance of the market. In May 2008, the internet portal Yahoo! began offering its Web site viewers real... disseminated via Yahoo! The New York Stock Exchange also distributes competing last sale data products at a...
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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...
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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...
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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...
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NASA Astrophysics Data System (ADS)
Jo, Sang Kyun; Kim, Min Jae; Lim, Kyuseong; Kim, Soo Yong
2018-02-01
We investigated the effect of foreign exchange rate in a correlation analysis of the Korean stock market using both random matrix theory and minimum spanning tree. We collected data sets which were divided into two types of stock price, the original stock price in Korean Won and the price converted into US dollars at contemporary foreign exchange rates. Comparing the random matrix theory based on the two different prices, a few particular sectors exhibited substantial differences while other sectors changed little. The particular sectors were closely related to economic circumstances and the influence of foreign financial markets during that period. The method introduced in this paper offers a way to pinpoint the effect of exchange rate on an emerging stock market.
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NASA Astrophysics Data System (ADS)
Rounaghi, Mohammad Mahdi; Nassir Zadeh, Farzaneh
2016-08-01
We investigated the presence and changes in, long memory features in the returns and volatility dynamics of S&P 500 and London Stock Exchange using ARMA model. Recently, multifractal analysis has been evolved as an important way to explain the complexity of financial markets which can hardly be described by linear methods of efficient market theory. In financial markets, the weak form of the efficient market hypothesis implies that price returns are serially uncorrelated sequences. In other words, prices should follow a random walk behavior. The random walk hypothesis is evaluated against alternatives accommodating either unifractality or multifractality. Several studies find that the return volatility of stocks tends to exhibit long-range dependence, heavy tails, and clustering. Because stochastic processes with self-similarity possess long-range dependence and heavy tails, it has been suggested that self-similar processes be employed to capture these characteristics in return volatility modeling. The present study applies monthly and yearly forecasting of Time Series Stock Returns in S&P 500 and London Stock Exchange using ARMA model. The statistical analysis of S&P 500 shows that the ARMA model for S&P 500 outperforms the London stock exchange and it is capable for predicting medium or long horizons using real known values. The statistical analysis in London Stock Exchange shows that the ARMA model for monthly stock returns outperforms the yearly. A comparison between S&P 500 and London Stock Exchange shows that both markets are efficient and have Financial Stability during periods of boom and bust.
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Hybrid Clustering-GWO-NARX neural network technique in predicting stock price
NASA Astrophysics Data System (ADS)
Das, Debashish; Safa Sadiq, Ali; Mirjalili, Seyedali; Noraziah, A.
2017-09-01
Prediction of stock price is one of the most challenging tasks due to nonlinear nature of the stock data. Though numerous attempts have been made to predict the stock price by applying various techniques, yet the predicted price is not always accurate and even the error rate is high to some extent. Consequently, this paper endeavours to determine an efficient stock prediction strategy by implementing a combinatorial method of Grey Wolf Optimizer (GWO), Clustering and Non Linear Autoregressive Exogenous (NARX) Technique. The study uses stock data from prominent stock market i.e. New York Stock Exchange (NYSE), NASDAQ and emerging stock market i.e. Malaysian Stock Market (Bursa Malaysia), Dhaka Stock Exchange (DSE). It applies K-means clustering algorithm to determine the most promising cluster, then MGWO is used to determine the classification rate and finally the stock price is predicted by applying NARX neural network algorithm. The prediction performance gained through experimentation is compared and assessed to guide the investors in making investment decision. The result through this technique is indeed promising as it has shown almost precise prediction and improved error rate. We have applied the hybrid Clustering-GWO-NARX neural network technique in predicting stock price. We intend to work with the effect of various factors in stock price movement and selection of parameters. We will further investigate the influence of company news either positive or negative in stock price movement. We would be also interested to predict the Stock indices.
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Profitability of simple technical trading rules of Chinese stock exchange indexes
NASA Astrophysics Data System (ADS)
Zhu, Hong; Jiang, Zhi-Qiang; Li, Sai-Ping; Zhou, Wei-Xing
2015-12-01
Although technical trading rules have been widely used by practitioners in financial markets, their profitability still remains controversial. We here investigate the profitability of moving average (MA) and trading range break (TRB) rules by using the Shanghai Stock Exchange Composite Index (SHCI) from May 21, 1992 through December 31, 2013 and Shenzhen Stock Exchange Component Index (SZCI) from April 3, 1991 through December 31, 2013. The t-test is adopted to check whether the mean returns which are conditioned on the trading signals are significantly different from unconditioned returns and whether the mean returns conditioned on the buy signals are significantly different from the mean returns conditioned on the sell signals. We find that TRB rules outperform MA rules and short-term variable moving average (VMA) rules outperform long-term VMA rules. By applying White's Reality Check test and accounting for the data snooping effects, we find that the best trading rule outperforms the buy-and-hold strategy when transaction costs are not taken into consideration. Once transaction costs are included, trading profits will be eliminated completely. Our analysis suggests that simple trading rules like MA and TRB cannot beat the standard buy-and-hold strategy for the Chinese stock exchange indexes.
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Sector Identification in a Set of Stock Return Time Series Traded at the London Stock Exchange
NASA Astrophysics Data System (ADS)
Coronnello, C.; Tumminello, M.; Lillo, F.; Micciche, S.; Mantegna, R. N.
2005-09-01
We compare some methods recently used in the literature to detect the existence of a certain degree of common behavior of stock returns belonging to the same economic sector. Specifically, we discuss methods based on random matrix theory and hierarchical clustering techniques. We apply these methods to a portfolio of stocks traded at the London Stock Exchange. The investigated time series are recorded both at a daily time horizon and at a 5-minute time horizon. The correlation coefficient matrix is very different at different time horizons confirming that more structured correlation coefficient matrices are observed for long time horizons. All the considered methods are able to detect economic information and the presence of clusters characterized by the economic sector of stocks. However, different methods present a different degree of sensitivity with respect to different sectors. Our comparative analysis suggests that the application of just a single method could not be able to extract all the economic information present in the correlation coefficient matrix of a stock portfolio.
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The overnight effect on the Taiwan stock market
NASA Astrophysics Data System (ADS)
Tsai, Kuo-Ting; Lih, Jiann-Shing; Ko, Jing-Yuan
2012-12-01
This study examines statistical regularities among three components of stocks and indices: daytime (trading hour) return, overnight (off-hour session) return, and total (close-to-close) return. Owing to the fact that the Taiwan Stock Exchange (TWSE) has the longest non-trading periods among major markets, the TWSE is selected to explore the correlation among the three components and compare it with major markets such as the New York Stock Exchange (NYSE) and the National Association of Securities Dealers Automated Quotation (NASDAQ). Analysis results indicate a negative cross correlation between the sign of daytime return and the sign of overnight return; possibly explaining why most stocks feature a negative cross correlation between daytime return and overnight return [F. Wang, S.-J. Shieh, S. Havlin, H.E. Stanley, Statistical analysis of the overnight and daytime return, Phys. Rev. E 79 (2009) 056109]. Additionally, the cross correlation between the magnitude of returns is analyzed. According to those results, a larger magnitude of overnight return implies a higher probability that the sign of the following daytime return is the opposite of the sign of overnight return. Namely, the predictability of daytime return might be improved when a stock undergoes a large magnitude of overnight return. Furthermore, the cross correlations of 29 indices of worldwide markets are discussed.
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-11-01
... Matching System. See Securities Exchange Act Release No. 63564 (December 16, 2010), 75 FR 80870 (December... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-65633; File No. SR-CHX-2011-29] Self-Regulatory... Chicago Stock Exchange, Inc. (``CHX'' or the ``Exchange'') filed with the Securities and Exchange...
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Structural and topological phase transitions on the German Stock Exchange
NASA Astrophysics Data System (ADS)
Wiliński, M.; Sienkiewicz, A.; Gubiec, T.; Kutner, R.; Struzik, Z. R.
2013-12-01
We find numerical and empirical evidence for dynamical, structural and topological phase transitions on the (German) Frankfurt Stock Exchange (FSE) in the temporal vicinity of the worldwide financial crash. Using the Minimal Spanning Tree (MST) technique, a particularly useful canonical tool of the graph theory, two transitions of the topology of a complex network representing the FSE were found. The first transition is from a hierarchical scale-free MST representing the stock market before the recent worldwide financial crash, to a superstar-like MST decorated by a scale-free hierarchy of trees representing the market’s state for the period containing the crash. Subsequently, a transition is observed from this transient, (meta)stable state of the crash to a hierarchical scale-free MST decorated by several star-like trees after the worldwide financial crash. The phase transitions observed are analogous to the ones we obtained earlier for the Warsaw Stock Exchange and more pronounced than those found by Onnela-Chakraborti-Kaski-Kertész for the S&P 500 index in the vicinity of Black Monday (October 19, 1987) and also in the vicinity of January 1, 1998. Our results provide an empirical foundation for the future theory of dynamical, structural and topological phase transitions on financial markets.
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-10-04
... Methodology for Determining When To Halt Trading in All Stocks Due to Extraordinary Market Volatility... all stocks due to extraordinary market volatility. II. Self-Regulatory Organization's Statement of the... determining when to halt trading in all stocks due to extraordinary market volatility. The Exchange is...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-12-19
... also hopes to encourage greater use of its Closing Cross through this pricing incentive. NASDAQ further notes that the New York Stock Exchange (``NYSE'') currently offers general pricing incentives to members... changes to relocate the placement of the definitions of ``MPID'' and ``Consolidated Volume'' in Rule 7018...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-05-24
... Organizations; National Stock Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Establish a Trading... establish a trading halt for individual stocks contained in the Standard & Poor's 500 Index (``S&P 500... Exchange proposes to add NSX Rule 11.20B to provide for a trading pause for individual securities for which...
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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...
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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...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-01-16
... Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule... defray the costs associated with supporting the listing program. The Exchange proposes increasing the... costs. \\3\\ The Commission notes that the Exchange has represented that the increased revenue from the...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-07-07
... ETF but not in the stocks that underlie that ETF, what consequences might that have for the underlying stocks or other products? What are the potential effects on price discovery for the ETF, the underlying... Organizations; Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Rule Change To Amend the List of...
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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...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-09-15
... execution of the stock leg of a stock-option order could be cancelled only if market conditions in the... Consolidated Tape in order that the parties and other market participants are aware that the transaction may be... cancellation will help prevent the possible abuse by a single party acting unilaterally. The Exchange...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-12-03
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-70948; File No. SR-CHX-2013-20] Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt a Match Trade Prevention Modifier for Limit and Market Orders Submitted to the Exchange...
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Economic Conditions and Suicide Rates in New York City
Nandi, Arijit; Prescott, Marta R.; Cerdá, Magdalena; Vlahov, David; Tardiff, Kenneth J.; Galea, Sandro
2012-01-01
Extant analyses of the relation between economic conditions and population health were often based on annualized data and were susceptible to confounding by nonlinear time trends. In the present study, the authors used generalized additive models with nonparametric smoothing splines to examine the association between economic conditions, including levels of economic activity in New York State and the degree of volatility in the New York Stock Exchange, and monthly rates of death by suicide in New York City. The rate of suicide declined linearly from 8.1 per 100,000 people in 1990 to 4.8 per 100,000 people in 1999 and then remained stable from 1999 to 2006. In a generalized additive model in which the authors accounted for long-term and seasonal time trends, there was a negative association between monthly levels of economic activity and rates of suicide; the predicted rate of suicide was 0.12 per 100,000 persons lower when economic activity was at its peak compared with when it was at its nadir. The relation between economic activity and suicide differed by race/ethnicity and sex. Stock market volatility was not associated with suicide rates. Further work is needed to elucidate pathways that link economic conditions and suicide. PMID:22362583
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Economic conditions and suicide rates in New York City.
Nandi, Arijit; Prescott, Marta R; Cerdá, Magdalena; Vlahov, David; Tardiff, Kenneth J; Galea, Sandro
2012-03-15
Extant analyses of the relation between economic conditions and population health were often based on annualized data and were susceptible to confounding by nonlinear time trends. In the present study, the authors used generalized additive models with nonparametric smoothing splines to examine the association between economic conditions, including levels of economic activity in New York State and the degree of volatility in the New York Stock Exchange, and monthly rates of death by suicide in New York City. The rate of suicide declined linearly from 8.1 per 100,000 people in 1990 to 4.8 per 100,000 people in 1999 and then remained stable from 1999 to 2006. In a generalized additive model in which the authors accounted for long-term and seasonal time trends, there was a negative association between monthly levels of economic activity and rates of suicide; the predicted rate of suicide was 0.12 per 100,000 persons lower when economic activity was at its peak compared with when it was at its nadir. The relation between economic activity and suicide differed by race/ethnicity and sex. Stock market volatility was not associated with suicide rates. Further work is needed to elucidate pathways that link economic conditions and suicide.
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Pascual-Ezama, David; San Martín Castellanos, Rafael; Gil-Gómez de Liaño, Beatriz; Scandroglio, Bárbara
2010-11-01
Development and validation of a questionnaire about the main variables affecting the individual investor's behavior in the Stock Exchange. There is a considerable lack of information about the methodology usually used in most of the studies about individual investor's behavior. The studies reviewed do not show the method used in the selection of the items or the psychometric properties of the questionnaires. Because of the importance of investment in the Stock Exchange nowadays, it seems relevant to obtain a reliable instrument to understand individual investor's behavior in the Stock Exchange. Therefore, the goal of the present work is to validate a questionnaire about the main variables involved in individual investors' behavior in the Stock Exchange. Based on previous studies, we elaborated a questionnaire using the Delphi methodology with a group of experts. The internal consistency (Cronbach alpha=.934) and validity evidence of the questionnaire show that it may be an effective instrument and can be applied with some assurance.
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Microscopic analysis of currency and stock exchange markets.
Kador, L
1999-08-01
Recently it was shown that distributions of short-term price fluctuations in foreign-currency exchange exhibit striking similarities to those of velocity differences in turbulent flows. Similar profiles represent the spectral-diffusion behavior of impurity molecules in disordered solids at low temperatures. It is demonstrated that a microscopic statistical theory of the spectroscopic line shapes can be applied to the other two phenomena. The theory interprets the financial data in terms of information which becomes available to the traders and their reactions as a function of time. The analysis shows that there is no characteristic time scale in financial markets, but that instead stretched-exponential or algebraic memory functions yield good agreement with the price data. For an algebraic function, the theory yields truncated Lévy distributions which are often observed in stock exchange markets.
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Microscopic analysis of currency and stock exchange markets
NASA Astrophysics Data System (ADS)
Kador, L.
1999-08-01
Recently it was shown that distributions of short-term price fluctuations in foreign-currency exchange exhibit striking similarities to those of velocity differences in turbulent flows. Similar profiles represent the spectral-diffusion behavior of impurity molecules in disordered solids at low temperatures. It is demonstrated that a microscopic statistical theory of the spectroscopic line shapes can be applied to the other two phenomena. The theory interprets the financial data in terms of information which becomes available to the traders and their reactions as a function of time. The analysis shows that there is no characteristic time scale in financial markets, but that instead stretched-exponential or algebraic memory functions yield good agreement with the price data. For an algebraic function, the theory yields truncated Lévy distributions which are often observed in stock exchange markets.
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The use of the Hurst exponent to predict changes in trends on the Warsaw Stock Exchange
NASA Astrophysics Data System (ADS)
Domino, Krzysztof
2011-01-01
The local properties of the time series of the evolution of share prices of 126 significant companies traded on the Warsaw Stock Exchange during the period between 1991-2008 have been investigated. The analysis was applied to daily financial returns. I have used the local DFA to obtain the Hurst exponent (diffusion coefficient) while searching for negative correlations by which changes of long-term trends would be effected. A certain evidence, proving that after the signature of anti-correlation-the drop in the Hurst exponent-the change in the trend and in the return rate of an investment is probable, was pointed out. Hence after further investigation this method may be useful as a part of an investment strategy. As the Warsaw Stock Exchange is relatively smaller and younger than other significant world Stock Exchanges-and as the developing market is less efficient-the generalization for others markets needs further investigation.
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NASA Astrophysics Data System (ADS)
Roehner, Bertrand M.
2005-03-01
We describe, document and statistically test three mechanisms by which corporations can influence or even control stock prices: (i) Parent and holding companies wield control over other publicly traded companies. (ii) Through clever management of treasury stock based on buyback programs and stock issuance, stock price fluctuations can be amplified or curbed. The shock of September 11, 2001 is used to test this effect. (iii) Finally, historical evidence shows that there is a close interdependence between the level of stock prices on the one hand and merger and acquisition activity on the other hand: on average, a 10% increase in the number of mergers brings about a 3% increase in the overall level of stock prices. If one adds up buybacks, initial public offerings and takeover transactions, all of which depend upon strategic decisions taken by corporate management, they represent on average 7.2% of the trade on the New York Stock Exchange over the period 1987-2003 (as much as 12% in specific years such as 1988). This perspective, in which the Boards of Directors of major companies “shepherd” the market, offers a natural interpretation of the so-called “herd behavior” observed in stock markets. The traditional view holds that, by driving profit expectations, corporations have an indirect role in shaping the market. In this paper, we suggest that over the last decades they became more and more the direct moving force of stock markets.
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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...
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Extreme value modelling of Ghana stock exchange index.
Nortey, Ezekiel N N; Asare, Kwabena; Mettle, Felix Okoe
2015-01-01
Modelling of extreme events has always been of interest in fields such as hydrology and meteorology. However, after the recent global financial crises, appropriate models for modelling of such rare events leading to these crises have become quite essential in the finance and risk management fields. This paper models the extreme values of the Ghana stock exchange all-shares index (2000-2010) by applying the extreme value theory (EVT) to fit a model to the tails of the daily stock returns data. A conditional approach of the EVT was preferred and hence an ARMA-GARCH model was fitted to the data to correct for the effects of autocorrelation and conditional heteroscedastic terms present in the returns series, before the EVT method was applied. The Peak Over Threshold approach of the EVT, which fits a Generalized Pareto Distribution (GPD) model to excesses above a certain selected threshold, was employed. Maximum likelihood estimates of the model parameters were obtained and the model's goodness of fit was assessed graphically using Q-Q, P-P and density plots. The findings indicate that the GPD provides an adequate fit to the data of excesses. The size of the extreme daily Ghanaian stock market movements were then computed using the value at risk and expected shortfall risk measures at some high quantiles, based on the fitted GPD model.
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-06-11
... Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule... designated threshold.\\5\\ In addition, the Exchange adopted security-type specific parameter values, such as..., Threshold Away Amount, Minimum Duration and N mult , will be made through proposed fee filings pursuant to...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-12-18
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-71057; File No. SR-CHX-2013-21] Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Permit the Reporting of Odd Lot Transactions for Inclusion on the Consolidated Tape and Clarify...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-11-21
... the efficiency and cost-effectiveness of trading on the Exchange. Amended Rebate for Double Play... Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule... to adjust the volume thresholds that must be met before an ETP Holder can be eligible to pay the...
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26 CFR 1.1081-7 - Sale of stock or securities received upon exchange by members of system group.
Code of Federal Regulations, 2010 CFR
2010-04-01
.... Orders § 1.1081-7 Sale of stock or securities received upon exchange by members of system group. (a... which are members of the same system group consists of stock or securities issued by the corporation... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Sale of stock or securities received upon...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-12-04
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-68312; File No. SR-NSX-2012-015] Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Designation of Longer Period for Commission Action on a Proposed Rule Change Relating to Adoption of Listing Standards for Compensation Committees and Advisors as Required by Rule 10C-1...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-12-04
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-68311; File No. SR-CHX-2012-013] Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Designation of Longer Period for Commission Action on a Proposed Rule Change Relating to Adoption of Listing Standards for Compensation Committees and Advisors as Required by Rule 10C-1...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-06-28
... ``Numerical Guidelines Applicable to Volatile Market Opens'' with a new paragraph, entitled ``Individual Stock... to eliminate the ability of the Exchange to deviate from the Numerical Guidelines contained in... existing paragraph (c)(2), which provides flexibility to the Exchange to use different Numerical Guidelines...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-09-16
... Stock Exchange, Inc. (``CHX''), EDGA Exchange, Inc. (``EDGA''), EDGX Exchange, Inc. (``EDGX''), International Securities Exchange LLC (``ISE''), The NASDAQ Stock Market LLC (``Nasdaq''), National Stock Exchange, Inc. (``NSX''), New York Stock Exchange LLC (``NYSE''), NYSE Amex LLC (``NYSE Amex''), NYSE Arca...
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Herd behaviors in the stock and foreign exchange markets
NASA Astrophysics Data System (ADS)
Kim, Kyungsik; Yoon, Seong-Min; Kim, Yup
2004-10-01
The herd behavior of returns for the won-dollar exchange rate and the Korean stock price index (KOSPI) is analyzed in Korean financial markets. It is reported that the probability distribution P( R) of returns R for three types of herding parameter satisfies the power-law behavior P( R)≃ R- β with the exponents β=2.2 (the won-dollar exchange rate) and 2.4 (the KOSPI). When the herding parameter h satisfies h⩾2.33, the crash regime in which P( R) increases with the increasing R appears. The active state of the transaction exists to decrease for h>2.33. Especially, we find that the distribution of normalized returns shows a crossover to a Gaussian distribution when the time step Δ t=252 is used. Our results will also be compared to the other well-known analyses.
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-01-30
... stated in approving New York Stock Exchange (``NYSE'') rules prohibiting broker voting in the election of... voting uninstructed shares if the matter voted on relates to (i) the election of a member of the board of directors of an issuer (other than an uncontested election of a director of an investment company registered...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-10-17
..., 2014, to comply with the new NSX Rule 15.5(d)(5) compensation committees independence standards... Organizations; National Stock Exchange, Inc.; Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto Amending NSX Rule 15.5 To Comply With the Requirements of Exchange Act Rule 10C-1 October 11, 2012...
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Identifying aboveground wood fiber potentials in New York State
Eric H. Wharton
1984-01-01
New York forests are made up of more than just the growing stock that is measured during conventional forest inventories. A biomass inventory, completed in 1980, showed that New York commercial forest lands contain nearly 1,164.4 million green tons of aboveground tree biomass, or an average of 75.6 green tons per acre. Conventional growing stock accounted for 57...
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Stone material investigations of the Riga Stock Exchange building
NASA Astrophysics Data System (ADS)
Igaune-Blumberga, S.; Vitina, I.; Lindina, L.; Timma, I.; Barbane, I.
2011-12-01
This paper deals with the stone material investigation of former Riga Stock Exchange building and presents the following aspects: characterization of materials, analyses of mortars for sealing and cladding of artificial marble, decors, bricks, render of sealing, analyses of soluble salts, analyses of deteriorated granite surface of foundation. The last damage by fire was in 1979 which caused the collapse of the roof and consequently an infiltration of rain water. The conditions of the objects were found in very bad condition-deterioration represented by salt efflorescence's, cracking and in very large areas there was a complete loss of the artificial marble (stucco marble).
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17 CFR 240.15g-2 - Penny stock disclosure document relating to the penny stock market.
Code of Federal Regulations, 2013 CFR
2013-04-01
... 17 Commodity and Securities Exchanges 3 2013-04-01 2013-04-01 false Penny stock disclosure document relating to the penny stock market. 240.15g-2 Section 240.15g-2 Commodity and Securities Exchanges... Section 15(d) of the Act § 240.15g-2 Penny stock disclosure document relating to the penny stock market...
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17 CFR 240.15g-2 - Penny stock disclosure document relating to the penny stock market.
Code of Federal Regulations, 2011 CFR
2011-04-01
... 17 Commodity and Securities Exchanges 3 2011-04-01 2011-04-01 false Penny stock disclosure document relating to the penny stock market. 240.15g-2 Section 240.15g-2 Commodity and Securities Exchanges... Section 15(d) of the Act § 240.15g-2 Penny stock disclosure document relating to the penny stock market...
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17 CFR 240.15g-2 - Penny stock disclosure document relating to the penny stock market.
Code of Federal Regulations, 2014 CFR
2014-04-01
... 17 Commodity and Securities Exchanges 4 2014-04-01 2014-04-01 false Penny stock disclosure document relating to the penny stock market. 240.15g-2 Section 240.15g-2 Commodity and Securities Exchanges... Section 15(d) of the Act § 240.15g-2 Penny stock disclosure document relating to the penny stock market...
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17 CFR 240.15g-2 - Penny stock disclosure document relating to the penny stock market.
Code of Federal Regulations, 2012 CFR
2012-04-01
... 17 Commodity and Securities Exchanges 3 2012-04-01 2012-04-01 false Penny stock disclosure document relating to the penny stock market. 240.15g-2 Section 240.15g-2 Commodity and Securities Exchanges... Section 15(d) of the Act § 240.15g-2 Penny stock disclosure document relating to the penny stock market...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-09-27
... Organizations; The Chicago Stock Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Enhance Quotation... amend its rules to enhance quotation requirements for market makers. The text of this proposed rule... rules to enhance minimum quotation requirements for market makers. Under the proposal, the Exchange will...
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Prediction of stock market characteristics using neural networks
NASA Astrophysics Data System (ADS)
Pandya, Abhijit S.; Kondo, Tadashi; Shah, Trupti U.; Gandhi, Viraf R.
1999-03-01
International stocks trading, currency and derivative contracts play an increasingly important role for many investors. Neural network is playing a dominant role in predicting the trends in stock markets and in currency speculation. In most economic applications, the success rate using neural networks is limited to 70 - 80%. By means of the new approach of GMDH (Group Method of Data Handling) neural network predictions can be improved further by 10 - 15%. It was observed in our study, that using GMDH for short, noisy or inaccurate data sample resulted in the best-simplified model. In the GMDH model accuracy of prediction is higher and the structure is simpler than that of the usual full physical model. As an example, prediction of the activity on the stock exchange in New York was considered. On the basis of observations in the period of Jan '95 to July '98, several variables of the stock market (S&P 500, Small Cap, Dow Jones, etc.) were predicted. A model portfolio using various stocks (Amgen, Merck, Office Depot, etc.) was built and its performance was evaluated based on neural network forecasting of the closing prices. Comparison of results was made with various neural network models such as Multilayer Perceptrons with Back Propagation, and the GMDH neural network. Variations of GMDH were studied and analysis of their performance is reported in the paper.
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17 CFR 240.15g-2 - Penny stock disclosure document relating to the penny stock market.
Code of Federal Regulations, 2010 CFR
2010-04-01
... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Penny stock disclosure document relating to the penny stock market. 240.15g-2 Section 240.15g-2 Commodity and Securities Exchanges SECURITIES AND EXCHANGE COMMISSION (CONTINUED) GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-01-15
... Proposed Rule Change Increasing the Fees Paid by Participants in the Exchange's Medallion Signature Program... The Exchange proposes to increase the fees paid by participants in the Exchange's medallion signature... change the application and annual charge to be paid by participants in the medallion signature program...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-08-08
... Proposed Rule Change Extending the Pilot Period for the Exchange's Retail Liquidity Program for an... The Exchange proposes to extend the pilot period for the Exchange's Retail Liquidity Program (the ``Retail Liquidity Program'' or the ``Program''), which is currently scheduled to expire on July 31, 2013...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-07-20
... Unresolved Account Balances in the Exchange's Online Comparison System July 16, 2012. Pursuant to Section 19... assigning the contra party to unresolved account balances in the Exchange's Online Comparison System. The... maker (``DMM'') unit as the contra party for any unresolved omnibus account balances in the Exchange's...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-11-08
... Tier Two, at each such issuer's election, the Exchange offers either market analytics or Web-hosting... One, the Exchange offers market surveillance and Web-hosting products and services to U.S. issuers... Tier One offerings, the Exchange proposes to permit a Tier One issuer to choose market analytics...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-10-22
... organization, is engaged in a securities or kindred business that is controlled by a member or member... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-70652; File No. SR-NYSE-2013-66] Self... The Exchange October 10, 2013. Pursuant to Section 19(b)(1) \\1\\ of the Securities Exchange Act of 1934...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-11-21
... Center Network Connection in the Exchange's Data Center November 15, 2013. Pursuant to Section 19(b)(1... Commission is publishing this notice to solicit comments on the proposed rule change from interested persons...'') connection in the Exchange's data center. The text of the proposed rule change is available on the Exchange's...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-11-20
... Items I, II and III below, which Items have been prepared by the Exchange. The Commission is publishing... Management Gateway service (``RMG'') would not be charged for order/ quote entry ports if such ports are... for order/quote entry ports that connect to the Exchange via the DMM Gateway.\\7\\ \\5\\ The Exchange...
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NASA Astrophysics Data System (ADS)
Ke, Mei-Chu; Liang Liao, Tung; Hsu, Hong-Ming
2007-05-01
This study examines the determinants of types of bonds at the initial public offerings (IPOs) for the Taiwan Stock Exchange (TWSE). From an industrial perspective, R&D expenditures are mainly positively related to issuing straight bonds and future growth opportunities to convertible bonds for electronic firms. In the non-electronic industry, firms with significant financing needs are more likely to issue convertible bonds, whereas those without such requirement are more likely to issue straight bonds. It is also found that electronic firms convey a significant negative signal to the stock market, while non-electronic firms experience an insignificant stock price response surrounding the announcements of the bond IPO.
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-08-30
... listed on the New York Stock Exchange LLC (the ``NYSE''), regular session orders can be posted to the... relative to other orders on the EDGX Book. The proposed rule change was published for comment in the... to add a new order type, the Route Peg Order.\\5\\ A Route Peg Order would be a non-displayed limit...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-06-01
... with Correlix to use their RaceTeam latency measurement service for the Exchange. The Exchange will not bill or contract with any Correlix RaceTeam customer directly. \\3\\ For the purposes of this filing, the... RaceTeam product for users of the Exchange will be based on the number of ports requested by the user...
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Extraction of phase information in daily stock prices
NASA Astrophysics Data System (ADS)
Fujiwara, Yoshi; Maekawa, Satoshi
2000-06-01
It is known that, in an intermediate time-scale such as days, stock market fluctuations possess several statistical properties that are common to different markets. Namely, logarithmic returns of an asset price have (i) truncated Pareto-Lévy distribution, (ii) vanishing linear correlation, (iii) volatility clustering and its power-law autocorrelation. The fact (ii) is a consequence of nonexistence of arbitragers with simple strategies, but this does not mean statistical independence of market fluctuations. Little attention has been paid to temporal structure of higher-order statistics, although it contains some important information on market dynamics. We applied a signal separation technique, called Independent Component Analysis (ICA), to actual data of daily stock prices in Tokyo and New York Stock Exchange (TSE/NYSE). ICA does a linear transformation of lag vectors from time-series to find independent components by a nonlinear algorithm. We obtained a similar impulse response for these dataset. If it were a Martingale process, it can be shown that impulse response should be a delta-function under a few conditions that could be numerically checked and as was verified by surrogate data. This result would provide information on the market dynamics including speculative bubbles and arbitrating processes. .
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-07-22
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-64904; File No. SR-NYSE-2011-34] Self... Consistent With the Requirements of Rule 15c3-5 Under the Securities Exchange Act of 1934 July 18, 2011. Pursuant to Section 19(b)(1) \\1\\ of the Securities Exchange Act of 1934 (the ``Act'') \\2\\ and Rule 19b-4...
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Walters, Suzan M; Rivera, Alexis V; Reilly, Kathleen H; Anderson, Bridget J; Bolden, Barbara; Wogayehu, Afework; Neaigus, Alan; Braunstein, Sarah
2018-02-21
Exchanging sex for money or drugs is known to increase risk for HIV among persons who inject drugs (PWID). To better understand determinants of exchange sex among PWID we examined factors associated with exchange sex in the New York metropolitan area-defined as New York City (NYC), NY; Newark, NJ; and Long Island, NY-using data from the 2012 National HIV Behavioral Surveillance system cycle on injection drug use. Of the 1160 PWID in this analysis, 24% reported exchange sex, with differences in gender and sexual identity by location. In multivariable analysis gay/bisexual men, heterosexual women, and lesbian, gay, or bisexual (LGB) women were more likely to exchange sex compared to heterosexual men. Exchange sex was also associated with race/ethnicity, homelessness, incarceration, location, and non-injection crack and cocaine use. We find that heterosexual women and LGB women who injected drugs residing in Newark were more likely to report exchange sex compared to NYC. This study highlights how local conditions impact exchange sex.
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-03-18
... the right to vote or cause the voting of shares of the Corporation's stock to exceed 10% of the then... the Bylaws of NYSE Euronext To Adopt a Majority Voting Standard in Uncontested Elections of Directors March 11, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\\1\\ and...
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Optimality problem of network topology in stocks market analysis
NASA Astrophysics Data System (ADS)
Djauhari, Maman Abdurachman; Gan, Siew Lee
2015-02-01
Since its introduction fifteen years ago, minimal spanning tree has become an indispensible tool in econophysics. It is to filter the important economic information contained in a complex system of financial markets' commodities. Here we show that, in general, that tool is not optimal in terms of topological properties. Consequently, the economic interpretation of the filtered information might be misleading. To overcome that non-optimality problem, a set of criteria and a selection procedure of an optimal minimal spanning tree will be developed. By using New York Stock Exchange data, the advantages of the proposed method will be illustrated in terms of the power-law of degree distribution.
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-01-15
... Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule... Mode provides ECNs with advertising through attributed quotations which facilitates an increasing rate... comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for...
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NASA Astrophysics Data System (ADS)
Afshan, Sahar; Sharif, Arshian; Loganathan, Nanthakumar; Jammazi, Rania
2018-04-01
The current study investigates the relationship between stock prices and exchange rate by using wavelets approach and more focused the continuous, power spectrum, cross and coherence wavelet. The result of Bayer and Hanck (2013) and Gregory and Hansen (1996) confirm the presence of long-run association between stock price and exchange rate in Pakistan. The results of wavelet coherence reveal the dominance of SP during 2005-2006 and 2011-2012 in the period of 8-16 and 16-32 weeks cycle in approximately all the exchange rates against Pakistani rupees. For almost the entire studied period in long scale, the study evidences the strong coherence between both the series. The most interesting part of this coherence is the existence of bidirectional causality in the long timescale. The arrows in this long region are pointing both left up and left down. This suggests that during the time period, our variables are exhibiting out phase relationship with mutually leading and lagging the market. These results are in contrast with many earlier studies of Pakistan.
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-05-23
... experiences with listed company peers; trading information and market data; and a series of institutional... approximately $20,000 annually, provide stock pricing data, news, institutional ownership information, research... criteria for satisfying the tiers are transparent and quantitative, and they are applied consistently to...
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Multifractal in Volatility of Family Business Stocks Listed on Casablanca STOCK Exchange
NASA Astrophysics Data System (ADS)
Lahmiri, Salim
In this paper, we check for existence of multifractal in volatility of Moroccan family business stock returns and in volatility of Casablanca market index returns based on multifractal detrended fluctuation analysis (MF-DFA) technique. Empirical results show strong evidence of multifractal characteristics in volatility series of both family business stocks and market index. In addition, it is found that small variations in volatility of family business stocks are persistent, whilst small variations in volatility of market index are anti-persistent. However, large variations in family business volatility and market index volatility are both anti-persistent. Furthermore, multifractal spectral analysis based results show strong evidence that volatility in Moroccan family business companies exhibits more multifractality than volatility in the main stock market. These results may provide insightful information for risk managers concerned with family business stocks.
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-12-30
... Exchange's system. This schedule is known as the DMM Capital Commitment Schedule (``CCS'').\\9\\ CCS provides... outside, at and inside the Exchange Best Bid or Best Offer (``BBO''). CCS interest is separate and...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-09-10
... their monthly reports available to the public under Rule 11Ac1-5 under the Act (n/ k/a Rule 605 of... Stock Exchange LLC (n/k/a NYSE Amex, Inc.), BATS Exchange, Inc., Boston Stock Exchange, Inc. (n/k/a...., Cincinnati Stock Exchange, Inc. (n/k/a National Stock Exchange\\SM\\), International Securities Exchange, LLC...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-08-24
...--Equities to Delete Obsolete Text and to Clarify and Update the Description of The Allocation of Market and...) Making Other Technical and Conforming Changes August 17, 2012. I. Introduction On June 15, 2012, New York... description of the allocation of market and limit interest in opening and reopening transactions, (3) amend...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-05-09
... management systems and routing networks, such member organizations may not be able to fully segregate Retail... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-69513; File Nos. SR-NYSE-2013-08; SR-NYSEMKT... with NYSE, the ``Exchanges'') each filed with the Securities and Exchange Commission (``Commission...
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Comparable Stocks, Boundedly Rational Stock Markets and IPO Entry Rates
Chok, Jay; Qian, Jifeng
2013-01-01
In this study, we examine how initial public offerings (IPO) entry rates are affected when stock markets are boundedly rational and IPO firms infer information from their counterparts in the market. We hypothesize a curvilinear relationship between the number of comparable stocks and initial public offerings (IPO) entry rates into the NASDAQ Stock Exchange. Furthermore, we argue that trading volume and changes in stock returns partially mediates the relationship between the number of comparable stocks and IPO entry rates. The statistical evidence provides strong support for the hypotheses. PMID:23690924
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Comparable stocks, boundedly rational stock markets and IPO entry rates.
Chok, Jay; Qian, Jifeng
2013-01-01
In this study, we examine how initial public offerings (IPO) entry rates are affected when stock markets are boundedly rational and IPO firms infer information from their counterparts in the market. We hypothesize a curvilinear relationship between the number of comparable stocks and initial public offerings (IPO) entry rates into the NASDAQ Stock Exchange. Furthermore, we argue that trading volume and changes in stock returns partially mediates the relationship between the number of comparable stocks and IPO entry rates. The statistical evidence provides strong support for the hypotheses.
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-12-21
... Proposed Rule Change Adopting the Text of Financial Industry Regulatory Authority Rule 5210, Which... The Exchange proposes to adopt the text of Financial Industry Regulatory Authority (``FINRA'') Rule... Rule 5210. The text of the proposed rule change is available at the Exchange, the Commission's Public...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-12-09
... Exchange has determined that Rule 72(a)(ii) may currently disincentivize aggressive displayed quoting by... create an incentive for participants to display aggressive prices, a participant may be reluctant to... aggressive displayed quoting by market participants, which contributes to the market quality of the Exchange...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-01-29
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-61409; File No. SR-NYSE-2010-04] Self... Proposed Rule Change To Extend for 12 Months the Pilot Program Permitting the Exchange's Ownership Interest... Commission is publishing this notice to solicit comments on the proposed rule change from interested persons...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-01-22
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-68658; File No. SR-NYSE-2013-01] Self... the Exchange's Equity Ownership Interest in BIDS Holdings L.P. January 15, 2013. Pursuant to Section... is publishing this notice to solicit comments on the proposed rule change from interested persons. \\1...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-12-21
... things, the telephone services provided by third-party carriers to the Exchange were still not fully... intermittent phone and internet service. Specifically, the wired telephone lines and internet connections for... and Internet issues. \\6\\ See Securities Exchange Act Release No. 68161 (Nov. 5, 2012), 77 FR 67704...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-11-27
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-70909; File No. SR-NYSE-2013-72] Self... 19(b)(1) \\1\\ of the Securities Exchange Act of 1934 (the ``Act'') \\2\\ and Rule 19b-4 thereunder,\\3...'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-02-04
... of ``Retail Order.'' The Exchange further understands that limitations in order management systems... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-68747; File No. SR-NYSE-2013-08] Self.... Pursuant to Section 19(b)(1) \\1\\ of the Securities Exchange Act of 1934 (the ``Act'') \\2\\ and Rule 19b-4...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-06-27
... proposes to [sic] extend the operation of its Supplemental Liquidity Providers Pilot (``SLP Pilot'' or..., the Proposed Rule Change 1. Purpose The Exchange proposes to extend the operation of its SLP Pilot,\\4... 65904 (November 5, 2008) (SR-NYSE-2008-108) (establishing the SLP Pilot). See also Securities Exchange...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-09-24
... That Would Not Permit Floor Brokers To Use Personal Portable Phone Devices on the Trading Floor Due to the Unavailability of Exchange-Provided Cell Phones on September 11, 2013 September 18, 2013. Pursuant... personal portable phone devices on the Trading Floor due to the unavailability of Exchange-provided cell...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-12-26
... and cost associated with the Exchange's review of an initial application for listing an equity..., regardless of security type or issuer, the Exchange believes that its costs associated with processing and... higher than the costs associated with other types of securities, such that it is equitable and not...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-09-05
... via the Common Customer Gateway (``CCG'') and to the Exchanges' proprietary market data products.\\5... Liquidity Center Network Connection in the Exchange Data Center August 29, 2013. Pursuant to Section 19(b)(1... organization. The Commission is publishing this notice to solicit comments on the proposed rule change from...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-07-17
.... The Commission is publishing this notice to solicit comments on the proposed rule change from... implement the fee changes on July 1, 2013.\\4\\ \\3\\ The Exchange has a Common Customer Gateway (``CCG'') that... of the Exchange's Risk Management Gateway service (``RMG'') are not charged for order/ quote entry...
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NASA Astrophysics Data System (ADS)
Coronel-Brizio, H. F.; Hernández-Montoya, A. R.
2005-08-01
The so-called Pareto-Levy or power-law distribution has been successfully used as a model to describe probabilities associated to extreme variations of stock markets indexes worldwide. The selection of the threshold parameter from empirical data and consequently, the determination of the exponent of the distribution, is often done using a simple graphical method based on a log-log scale, where a power-law probability plot shows a straight line with slope equal to the exponent of the power-law distribution. This procedure can be considered subjective, particularly with regard to the choice of the threshold or cutoff parameter. In this work, a more objective procedure based on a statistical measure of discrepancy between the empirical and the Pareto-Levy distribution is presented. The technique is illustrated for data sets from the New York Stock Exchange (DJIA) and the Mexican Stock Market (IPC).
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Code of Federal Regulations, 2010 CFR
2010-04-01
... for Determining Capital Gains and Losses § 1.1248-1 Treatment of gain from certain sales or exchanges... purposes the avoidance of Federal income taxes, then no amount is includible in the gross income of such... redemption of stock to pay death taxes) applies; (2) Gain realized on exchanges to which section 356...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-03-04
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-63977; File No. SR-NYSE-2011-05] Self... of Regulation SHO Under the Securities Exchange Act of 1934 February 25, 2011. Pursuant to Section 19... change as described in Items I and II below, which Items have been substantially prepared by the self...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-04-12
... Exchange proposes to extend the operation of its Supplemental Liquidity Providers Pilot (``SLP Pilot'' or..., 2008) (SR-NYSE-2008-108) (establishing the SLP Pilot). See also Securities Exchange Act Release No. 59869 (May 6, 2009), 74 FR 22796 (May 14, 2009) (SR- NYSE-2009-46) (extending the operation of the SLP...
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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...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-01-18
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-66134; File No. SR-NYSE-2011-68] Self... Proposed Rule Change Amending NYSE Rule 80C, Which Provides for Trading Pauses in Individual Securities Due... January 11, 2012. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\\1...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-06-03
... October 1, 2008, the Exchange's parent company, NYSE Euronext, acquired the parent company of NYSE Amex... locations on the Floor, or use an Exchange issued and authorized portable phone, to communicate with non... communicate directly from the point of sale on the Floor with someone off-Floor. In addition to processing...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-12-21
... market data delivery services to their customers while the User is co-located in the Exchange's data... Scope of Potential ``Users'' of Its Co-Location Services To Include Any Market Participant That Requests To Receive Co-Location Services Directly From the Exchange and Amending Its Price List To Establish a...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-01-17
... to amend the methods by which listed companies give notice to the Exchange of matters or events where... provision of the Listed Company Manual requires a company to give notice to the Exchange pursuant to Section 204.00, the company shall provide such notice through a web-based communication system--either a web...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-01-05
... orders in the Exchange's system. This schedule is known as the DMM Capital Commitment Schedule (``CCS'').\\9\\ CCS provides the Display Book [supreg] \\10\\ with the amount of shares that the DMM is willing to trade at price points outside, at and inside the Exchange Best Bid or Best Offer (``BBO''). CCS interest...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-08-08
... Liquidity Provider (``SLP'') credits in its Price List. The Exchange proposes to implement the fee change... Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend one of the SLP... credit is determined by the ``tier'' that the SLP qualifies for, which is generally based on the SLP's...
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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...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-07-18
... to make certain changes to their trading and order management systems, the NYSE filed to delay to May... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-64860; File No. SR-NYSE-2011-32] Self..., 2011 July 12, 2011. Pursuant to Section 19(b)(1) \\1\\ of the Securities Exchange Act of 1934 (the ``Act...
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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...
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Kenett, Dror Y; Tumminello, Michele; Madi, Asaf; Gur-Gershgoren, Gitit; Mantegna, Rosario N; Ben-Jacob, Eshel
2010-12-20
What are the dominant stocks which drive the correlations present among stocks traded in a stock market? Can a correlation analysis provide an answer to this question? In the past, correlation based networks have been proposed as a tool to uncover the underlying backbone of the market. Correlation based networks represent the stocks and their relationships, which are then investigated using different network theory methodologies. Here we introduce a new concept to tackle the above question--the partial correlation network. Partial correlation is a measure of how the correlation between two variables, e.g., stock returns, is affected by a third variable. By using it we define a proxy of stock influence, which is then used to construct partial correlation networks. The empirical part of this study is performed on a specific financial system, namely the set of 300 highly capitalized stocks traded at the New York Stock Exchange, in the time period 2001-2003. By constructing the partial correlation network, unlike the case of standard correlation based networks, we find that stocks belonging to the financial sector and, in particular, to the investment services sub-sector, are the most influential stocks affecting the correlation profile of the system. Using a moving window analysis, we find that the strong influence of the financial stocks is conserved across time for the investigated trading period. Our findings shed a new light on the underlying mechanisms and driving forces controlling the correlation profile observed in a financial market.
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-03-15
...-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by New York Stock Exchange LLC To Adopt a Reservation Fee for Next Generation Trading Floor Booth Space March 8... Rule 19b-4 thereunder,\\3\\ notice is hereby given that on March 4, 2010, New York Stock Exchange LLC...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-11-25
... Proposed Rule Change Revising Rule 61(a)(iii) To Harmonize the Existing Rule Text With the Recent Amendment... Rule Change The Exchange proposes to revise Rule 61(a)(iii) to harmonize the existing rule text with... the Consolidated Tape. The text of the proposed rule change is available on the Exchange's Web site at...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-12-03
... Proposed Rule Change Moving the Rule Text That Provides for Pegging on the Exchange From Supplementary Material .26 of NYSE Rule 70 to NYSE Rule 13 and Amending Such Text to (i) Permit Designated Market Maker... of the Terms of Substance of the Proposed Rule Change The Exchange proposes to move the rule text...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-12-20
... to employ algorithms for quoting and trading consistent with NYSE and SEC regulations. As such, DMM units at the Exchange all use algorithms to engage in quoting and trading activity at the Exchange. \\3... technological change to enable DMM units to use algorithms to close a security as well, i.e., to effectuate a...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-01-03
... interested persons. \\1\\ 15 U.S.C. 78s(b)(1). \\2\\ 17 CFR 240.19b-4. I. Self-Regulatory Organization's... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-66059; File No. SR-NYSE-2011-67] Self... NYSE Rule 2B by Permitting the Exchange's Equity Ownership Interest in BIDS Holdings L.P. December 27...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-12-21
... change from interested persons. \\1\\ 15 U.S.C. 78s(b)(1). \\2\\ 17 CFR 240.19b-4. I. Self-Regulatory... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-63545; File No. SR-NYSE-2010-82] Self... Proposed Rule Change To Extend for 12 Months the Pilot Program Permitting the Exchange's Ownership Interest...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-03-29
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-69225; File No. SR-NYSE-2013-22] Self... Exchange's Equity Ownership Interest in BIDS Holdings L.P. March 25, 2013. Pursuant to Section 19(b)(1) of... notice to solicit comments on the proposed rule change from interested persons. \\1\\ 15 U.S.C.78s(b)(1...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-04-10
... change is available on the Exchange's Web site at www.nyse.com , at the principal office of the Exchange... offers NYSE RRP.\\7\\ NYSE RRP is designed for Web site distribution and includes the real-time last sale... for reference purposes on Web sites at a low cost that would facilitate distribution to millions of...
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A glimpse at New York's current timber resource
Joseph E. Barnard; Teresa M. Bowers
1969-01-01
Data from the recent Forest Survey of New York reveal a 13-percent increase in commercial forest land area, a 12-percent increase in the cubic-foot volume of growing stock, and a 4-percent decrease in the board-foot volume of growing stock during the 18-year period between surveys.
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The Stock Market Game: A Simulation of Stock Market Trading. Grades 5-8.
ERIC Educational Resources Information Center
Draze, Dianne
This guide to a unit on a simulation game about the stock market contains an instructional text and two separate simulations. Through directed lessons and reproducible worksheets, the unit teaches students about business ownership, stock exchanges, benchmarks, commissions, why prices change, the logistics of buying and selling stocks, and how to…
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-08-08
... systems and would reduce the systemic and administrative burdens on market participants by avoiding the... Arca rules rather than having the Exchange enforce NYSE Arca rules. In sum, the Exchange believes that...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-10-11
... Fees Charged for Routing Orders to the New York Stock Exchange LLC October 4, 2012. Pursuant to Section...'') to modify the fees that it charges for routing orders to the New York Stock Exchange LLC (``NYSE... existing relationship to the new fees in place at the NYSE. \\5\\ See SR-NYSE-2012-50 (Sept. 26, 2012) (the...
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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...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-03-30
... Proposed Change to Rules Regarding Proxy Voting by Participants March 24, 2011. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\\1\\ and Rule 19b-4 thereunder,\\2\\ notice is hereby..., Rule 14 regarding proxy voting by Participants which hold stock on behalf of the beneficial owner...
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Plunges in the Bombay stock exchange: Characteristics and indicators
NASA Astrophysics Data System (ADS)
Banerjee, Kinjal; Sharma, Chandradew; Bittu, N.
2017-09-01
We study the various sectors of the Bombay Stock Exchange (BSE) for a period of eight years from January 2006-March 2014. Using the data of the daily returns of a period of eight years we investigate the financial cross-correlation co-efficients among the sectors of BSE and Price by Earning (PE) ratio of BSE Sensex. We show that the behavior of these quantities during normal periods and during crisis is very different. We show that the PE ratio shows a particular distinctive trend in the approach to a crash of the financial market and can therefore be used as an indicator of an impending catastrophe. We propose that a model of analysis of crashes in a financial market can be built using two parameters: (i) the PE ratio and (ii) the largest eigenvalue of the cross-correlation matrix.
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-10-25
... Amend the Quantitative Continued Listing Standards Applicable to Companies Listed Under Sections 102.01C... Proposed Rule Change The Exchange proposes to harmonize the quantitative continued listing standards... Proposed Rule Change 1. Purpose The Exchange proposes to harmonize the quantitative continued listing...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-06-28
... proposes replacing existing paragraph (c)(4) of Rule 128, entitled ``Numerical Guidelines Applicable to... the Exchange to deviate from the Numerical Guidelines contained in paragraph (c)(1) (other than under...)(2), which provides flexibility to the Exchange to use different Numerical Guidelines or Reference...
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Geographical distribution of patients visiting a health information exchange in New York City
Onyile, Arit; Vaidya, Sandip R; Kuperman, Gilad; Shapiro, Jason S
2013-01-01
Objective For a health information exchange (HIE) organization to succeed in any given region, it is important to understand the optimal catchment area for the patient population it is serving. The objective of this analysis was to understand the geographical distribution of the patients being served by one HIE organization in New York City (NYC). Materials and Methods Patient demographic data were obtained from the New York Clinical Information Exchange (NYCLIX), a regional health information organization (RHIO) representing most of the major medical centers in the borough of Manhattan in NYC. Patients’ home address zip codes were used to create a research dataset with aggregate counts of patients by US county and international standards organization country. Times Square was designated as the geographical center point of the RHIO for distance calculations. Results Most patients (87.7%) live within a 30 mile radius from Times Square and there was a precipitous drop off of patients visiting RHIO-affiliated facilities at distances greater than 100 miles. 43.6% of patients visiting NYCLIX facilities were from the other NYC boroughs rather than from Manhattan itself (31.9%). Discussion Most patients who seek care at members of NYCLIX live within a well-defined area and a clear decrease in patients visiting NYCLIX sites with distance was identified. Understanding the geographical distribution of patients visiting the large medical centers in the RHIO can inform the RHIO's planning as it looks to add new participant organizations in the surrounding geographical area. PMID:23104049
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-12-10
... Bond Trading License for Member Organizations and Establish Bonds Liquidity Providers as a New Market... securities on the Exchange; and (2) establish a new class of NYSE market participants, ``Bonds Liquidity... financial incentives for bringing liquidity to the Exchange's bond market. The purpose of the proposed rule...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-04-23
... 107B(d)(1)(A) requirement to identify such market-making quotes to the Exchange. The use of unique... proprietary only, and are not related to any customer-facing business, including potentially market-making businesses. The Exchange proposes to maintain this requirement for SLP-Props. However, because market making...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-10-22
..., the Exchange believes it is attractive and helpful to listed companies to add corporate governance.... With respect to the addition of the two corporate governance packages, the Exchange believes that it is... comments it received on the proposed rule change. The text of those statements may be examined at the...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-07-03
... Various Forms of Agreements That Are in the Manual, as Well as Some Additional New Rules That Make... in the Manual, as well as some additional new rules that make explicit existing Exchange policies... agreements that are in the Manual, as well as some additional new rules that make explicit existing Exchange...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-04-01
... Permanent a Unit-of- Count Metric Alternative for NYSE OpenBook March 25, 2010. Pursuant to Section 19(b)(1... its NYSE OpenBook product packages. Under the Pilot Program, the Exchange no longer defines the Vendor.... The Exchange recognizes that each Vendor and Subscriber will use NYSE OpenBook data differently and...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-08-20
... in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing... data center in Mahwah, New Jersey, from which it will offer co-location services. The Exchange will offer space at the data center in cabinets with power usage capability of either four or eight kilowatts...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-03-26
... Organizations; National Stock Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change To Adopt a New Order Type Called the ``Auto-Ex Only'' Order March 19, 2013. On January... (``Act'') \\1\\ and Rule 19b-4 thereunder,\\2\\ a proposed rule change to adopt a new order type called the...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-08-26
... the Text of NYSE Rule 17(c)(2)(A)(ii) To More Accurately Reflect the Regulatory Services Agreement... obligations and conditions) and to clarify the text of NYSE Rule 17(c)(2)(A)(ii) to more accurately reflect... Authority (``FINRA''). The text of the proposed rule change is available at the Exchange, at the Exchange's...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-01-11
... liquidity on the Exchange. Currently, under a tiered structure of credits, a SLP that meets the 10% average... 50529 (August 15, 2011) (SR-NYSE-2011-39). $0.0020 credit per share per transaction if the SLP adds... all assigned SLP securities; and \\4\\ Consolidated ADV is equal to the volume reported by all exchanges...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-06-24
... p.m. The 10 minute interval is a legacy time frame related to the Exchange's prior publication of... in the face of a dilemma that is unique to a physical Trading Floor, i.e., how to position resources... efficient operation of the Exchange's market by reducing the frequency of time-consuming Floor broker oral...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-04-01
... NYSE OpenBook March 25, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the... its pilot program for a revised unit-of-count methodology for NYSE OpenBook until July 31, 2010. The...Book product packages.\\3\\ Under the proposal, the Exchange no longer defines the Vendor- Subscriber...
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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... Amend the Clearly Erroneous Rule in Light of Changes to the Single Stock Trading Pause Process August 11... continue to operate in the same manner after changes to the single stock trading pause process are...
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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...
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Forecasting Tehran stock exchange volatility; Markov switching GARCH approach
NASA Astrophysics Data System (ADS)
Abounoori, Esmaiel; Elmi, Zahra (Mila); Nademi, Younes
2016-03-01
This paper evaluates several GARCH models regarding their ability to forecast volatility in Tehran Stock Exchange (TSE). These include GARCH models with both Gaussian and fat-tailed residual conditional distribution, concerning their ability to describe and forecast volatility from 1-day to 22-day horizon. Results indicate that AR(2)-MRSGARCH-GED model outperforms other models at one-day horizon. Also, the AR(2)-MRSGARCH-GED as well as AR(2)-MRSGARCH-t models outperform other models at 5-day horizon. In 10 day horizon, three models of AR(2)-MRSGARCH outperform other models. Concerning 22 day forecast horizon, results indicate no differences between MRSGARCH models with that of standard GARCH models. Regarding Risk management out-of-sample evaluation (95% VaR), a few models seem to provide reasonable and accurate VaR estimates at 1-day horizon, with a coverage rate close to the nominal level. According to the risk management loss functions, there is not a uniformly most accurate model.
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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...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-07-05
.... This schedule is known as the DMM Capital Commitment Schedule (``CCS'').\\9\\ CCS provides the Display..., at and inside the Exchange Best Bid or Best Offer (``BBO''). CCS interest is separate and distinct...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-01-08
... system. This schedule is known as the DMM Capital Commitment Schedule (``CCS'').\\11\\ CCS provides the... outside, at and inside the Exchange Best Bid or Best Offer (``BBO''). CCS interest is separate and...
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The dynamics of stock exchange based on the formalism of weak continuous quantum measurement
NASA Astrophysics Data System (ADS)
Melnyk, S.; Tuluzov, I.
2010-07-01
The problem of measurement in economic models and the possibility of their quantum-mechanical description are considered. It is revealed that the apparent paradox of such a description is associated with a priori requirement of conformity of the model to all the alternatives of free choice of the observer. The measurement of the state of a trader on a stock exchange is formally defined as his responses to the proposals of sale at a fixed price. It is shown that an analogue of Bell's inequalities for this measurement model is violated at the most general assumptions related to the strategy of the trader and requires a quantum-mechanical description of the dynamics of his condition. In the framework of the theory of weak continuous quantum measurements, the equation of stock price dynamics and the quantum-mechanical generalization of the F. Black and M. Scholes model for pricing options are obtained. The fundamental distinctions between the obtained model and the classical one are discussed.
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-09-24
... Rule 104 To Adopt Pricing Obligations for Designated Market Makers September 20, 2010. Pursuant to... of the Proposed Rule Change The Exchange proposes to amend Rule 104 to adopt pricing obligations for.... Purpose The Exchange proposes to amend Rule 104 to adopt pricing obligations for DMMs. Under the proposal...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-08-21
... and a national market system, and, in general, to protect investors and the public interest. \\7\\ In... Group Articles''), along with other corporate documents, are rules of an exchange \\13\\ if they are... thereunder. Accordingly, the NYSE Exchanges have filed the proposed ICE Group Articles, along with other...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-06-27
... as the DMM Capital Commitment Schedule (``CCS'').\\10\\ CCS provides the Display Book[supreg] \\11\\ with... Exchange Best Bid or Best Offer (``BBO''). CCS interest is separate and distinct from other DMM interest in...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-07-31
... as the DMM Capital Commitment Schedule (``CCS'').\\10\\ CCS provides the Display Book[supreg] \\11\\ with... Exchange Best Bid or Best Offer (``BBO''). CCS interest is separate and distinct from other DMM interest in...
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26 CFR 1.305-1 - Stock dividends.
Code of Federal Regulations, 2010 CFR
2010-04-01
... exchange for its convertible preferred class B stock. Under the terms of the class B stock, its conversion... 26 Internal Revenue 4 2010-04-01 2010-04-01 false Stock dividends. 1.305-1 Section 1.305-1...) INCOME TAXES Effects on Recipients § 1.305-1 Stock dividends. (a) In general. Under section 305, a...
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Code of Federal Regulations, 2010 CFR
2010-10-01
... this section. (1) They are either— (i) Listed for trading on the New York Stock Exchange, the American Stock Exchange, or any regional exchange in which quotations are published on a daily basis, or foreign... ownership or investment interests. 411.356 Section 411.356 Public Health CENTERS FOR MEDICARE & MEDICAID...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-12-13
... Amend the Quantitative Continued Listing Standards Applicable to Companies Listed Under Sections 102.01C...-4 thereunder,\\2\\ a proposed rule change to amend the quantitative continued listing standards...\\ companies with such securities listed on the Exchange must also meet certain quantitative financial...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-01-28
... allows Internet service providers, traditional market data vendors, and others (``NYSE-Only Vendors'') to... enable Internet service providers and traditional vendors that have large numbers of casual investors as... Realtime Reference prices to their Internet users would benefit the investment community. The Exchange...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-01-11
..., which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit... Customer Gateway (``CCG'') that accesses the equity trading systems that it shares with its affiliates... increasing connectivity costs, including additional costs based on gateway software and hardware enhancements...
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Trading network predicts stock price.
Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi
2014-01-16
Stock price prediction is an important and challenging problem for studying financial markets. Existing studies are mainly based on the time series of stock price or the operation performance of listed company. In this paper, we propose to predict stock price based on investors' trading behavior. For each stock, we characterize the daily trading relationship among its investors using a trading network. We then classify the nodes of trading network into three roles according to their connectivity pattern. Strong Granger causality is found between stock price and trading relationship indices, i.e., the fraction of trading relationship among nodes with different roles. We further predict stock price by incorporating these trading relationship indices into a neural network based on time series of stock price. Experimental results on 51 stocks in two Chinese Stock Exchanges demonstrate the accuracy of stock price prediction is significantly improved by the inclusion of trading relationship indices.
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The price momentum of stock in distribution
NASA Astrophysics Data System (ADS)
Liu, Haijun; Wang, Longfei
2018-02-01
In this paper, a new momentum of stock in distribution is proposed and applied in real investment. Firstly, assuming that a stock behaves as a multi-particle system, its share-exchange distribution and cost distribution are introduced. Secondly, an estimation of the share-exchange distribution is given with daily transaction data by 3 σ rule from the normal distribution. Meanwhile, an iterative method is given to estimate the cost distribution. Based on the cost distribution, a new momentum is proposed for stock system. Thirdly, an empirical test is given to compare the new momentum with others by contrarian strategy. The result shows that the new one outperforms others in many places. Furthermore, entropy of stock is introduced according to its cost distribution.
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-12-27
... Proposed Rule Change to Offer Risk Management Tools Designed to Allow Member Organizations to Monitor and... of the Proposed Rule Change The Exchange proposes to offer risk management tools designed to allow... risk management tools designed to allow member organizations to monitor and address exposure to risk...
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Stock or stroke? Stock market movement and stroke incidence in Taiwan.
Chen, Chun-Chih; Chen, Chin-Shyan; Liu, Tsai-Ching; Lin, Ying-Tzu
2012-12-01
This paper investigates the impact of stock market movement on incidences of stroke utilizing population-based aggregate data in Taiwan. Using the daily data from the Taiwan Stock Exchange Capitalization Weighted Stock Index and from the National Health Insurance Research Database during 2001/1/1-2007/12/31, which consist of 2556 observations, we examine the effects of stock market on stroke incidence - the level effect and the daily change effects. In general, we find that both a low stock index level and a daily fall in the stock index are associated with greater incidences of stroke. We further partition the data on sex and age. The level effect is found to be significant for either gender, in the 45-64 and 65 ≥ age groups. In addition, two daily change effects are found to be significant for males and the elderly. Although stockholdings can increase wealth, they can also increase stroke incidence, thereby representing a cost to health. Copyright © 2012 Elsevier Ltd. All rights reserved.
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-09-14
... Proposed Rule Change To Delete Non-Operable Text Within Its Price List Applicable to Supplemental Liquidity... non-operable text within its Price List applicable to Supplemental Liquidity Providers (``SLPs''). The text of the proposed rule change is available on the Exchange's Web site at www.nyse.com , at the...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-09-06
... Volume Requirement in All Assigned SLP Securities and Amend the Exchange's Price List To Specify the... Liquidity Provider (``SLP'') monthly volume requirement in all assigned SLP securities (``monthly volume... existing SLP monthly volume requirement from an ADV of more than 10 million shares to an ADV that is a...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-09-08
... the operation of its Supplemental Liquidity Providers Pilot (``SLP Pilot'' or ``Pilot'') (see Rule...), 73 FR 65904 (November 5, 2008) (SR-NYSE-2008-108) (establishing the SLP Pilot). See also Securities... operation of the SLP Pilot to October 1, 2009). See also Securities Exchange Act Release No. 60756 (October...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-02-26
... the close when extreme order imbalances may cause significant dislocation to the closing price. The rule has operated on a pilot basis since April 2009 (``Extreme Order Imbalance Pilot'' or Pilot).\\5... Exchange may suspend NYSE Rules 52 (Hours of Operation) to resolve an extreme order imbalance that may...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-04-06
... Definition of Approved Person To Exclude Foreign Affiliates, Eliminating the Application Process for Approved... to exclude foreign affiliates, eliminate the application process for approved persons, and make... Rules 304, 308, and 311. The Exchange also proposed to eliminate use of the Forms AP-1 and AD-G. The...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-10-16
... calendar months for a non-financial-reporting reason, (ii) was not listed on a national securities exchange... financial reporting reasons is reasonable because, except for the non-compliance with the financial... (b) due to the issuer's failure to file a required periodic financial report with the Commission or...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-06-02
... structure which is based on member organizations. The Exchange ceased to be a member-owned organization in... left that member organization to become an independent floor broker without a public business or to become associated with a new member organization without a public business that was comprised of existing...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-09-18
... taxed as a real estate investment trust (the ``REIT''). The partnership agreement of the Operating... interests in the Operating Partnership and in conjunction with the contribution of real estate assets by... additional portfolios of real estate assets in exchange for OP Units at any time after its inception. \\6...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-04-29
... Proposed Rule Change To Amend Its Immediate Release Policy To Remove the Address Contact Information April... Manual (the ``Manual'') to remove the contact information provided in that rule for national news wire... Press International. As a convenience, the Exchange has included in Section 202.06(c) \\5\\ [sic] contact...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-10-24
... Exchange recently adopted disciplinary rules that are modeled on the rules of the Financial Industry....'' \\5\\ However, certain disciplinary rules (Rules 9310, 9522, 9555, 9557, and 9558) inadvertently have... intent to file the proposed rule change at least five business days prior to the date of filing of the...
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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...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-11-19
... may be sold short (``Short Sale Price Test''). Among other things, Rule 201 requires trading centers... funds, exchange traded funds, and various indices, among other things. Accordingly, on November 12, 2012... security. Among other things, Rule 440B(b) defines the ``Trigger Price'' as the security's closing price on...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-08-21
... gateway--the Common Customer Gateway (``CCG'')--regardless of whether the sender is co-located in the data... Commission is publishing this notice to solicit comments on the proposed rule change from interested persons... Center Network (``LCN'') connection in the Exchange's data center. The text of the proposed rule change...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-03-09
... Proposed Rule Change Amending NYSE Rule 476 To Add a Provision for Violations Relating to Failing To... NYSE Rule 476 to add a provision for violations relating to failing to observe high standards of... ``Exchange'') proposes to amend Rule 476 to add a provision for violations relating to failing to observe...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-02-06
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-68804; File No. SR-NYSE-2013-11] Self... Rule 608 of Regulation NMS Under the Act February 1, 2013. Pursuant to Section 19(b)(1) \\1\\ of the..., which Items have been prepared by the self-regulatory organization. The Commission is publishing this...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-07-05
... extend the operation of its Supplemental Liquidity Providers Pilot (``SLP Pilot'' or ``Pilot'') (See Rule... (November 5, 2008) (SR-NYSE-2008-108) (establishing the SLP Pilot). See also Securities Exchange Act Release... the SLP Pilot to October 1, 2009); 60756 (October 1, 2009), 74 FR 51628 (October 7, 2009) (SR-NYSE...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-01-08
... proposes to extend the operation of its Supplemental Liquidity Providers Pilot (``SLP Pilot'' or ``Pilot... for, the Proposed Rule Change 1. Purpose The Exchange proposes to extend the operation of its SLP... 29, 2008), 73 FR 65904 (November 5, 2008) (SR-NYSE-2008-108) (establishing the SLP Pilot). See also...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-07-31
... Change The Exchange proposes to extend the operation of its Supplemental Liquidity Providers Pilot (``SLP... operation of its SLP Pilot,\\4\\ currently scheduled to expire on July 31, 2012, until the earlier of... No. 58877 (October 29, 2008), 73 FR 65904 (November 5, 2008) (SR-NYSE-2008-108) (establishing the SLP...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-11-09
..., and adds liquidity to the Exchange as a Supplemental Liquidity Provider (``SLP'') for all assigned SLP securities in the aggregate (including shares of both an SLP proprietary trading unit (``SLP- Prop'') and an SLP market maker (``SLMM'') of the same member organization) of more than 0.25% of NYSE CADV. The...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-09-07
... and add a requirement that the SLP provide average daily volume (``ADV'') of more than 10 million shares for all assigned SLP securities on a monthly basis. In connection with this proposed change, the Exchange also proposes to revise the non-regulatory penalties associated with the SLP program to align them...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-03-11
... proposed Rule 300(h). The Exchange also proposes to adopt appeal procedures for the denial or revocation of... potential denial of renewal or revocation of a trading license (the ``Expiration Date'') pursuant to Rule... the possibility of denial of renewal or revocation of the trading license on the Expiration Date. The...
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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...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-10-24
... Proposed Rule Change Amending Sections 102.01 and 103.00 of the Exchange's Listed Company Manual To Permit the Consideration of Stockholders and Trading Volume in the Company's Home Country Market or Primary... Determining the Qualification for Initial Listing Under Section 102.01 of a Company From Outside North America...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-01-05
..., one of its members could raise a potential conflict of interest and impede its self- regulatory... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-61257; File No. SR-NYSE-2009-116] Self... Ceiling on Its Equity Ownership Interest in BIDS Holdings L.P. to Less Than 10% December 30, 2009. On...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-12-30
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-71175; File Nos. SR-NYSE-2013-21; SR-NYSEMKT... Proposed Rule Changes Amending NYSE Rule 104 and NYSE MKT Rule 104--Equities, Each as Modified by an... Floor Brokers, and To Make Conforming Amendments to Other Rules December 23, 2013. I. Introduction On...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-01-29
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-68709; File No. SR-NYSE-2013-04] Self... Improvement Orders in a Non-RLP Capacity for Securities to Which the RLP Is Not Assigned January 23, 2013... in Items I and II below, which Items have been prepared by the self-regulatory organization. The...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-04-27
... the Event of a Merger Involving One or More Listed Companies April 21, 2011. I. Introduction On... the application of the Exchange's Designated Market Maker (``DMM'') allocation policy in the event of... listed companies merge, the post-merger listed company is assigned to the DMM in the company that is...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-05-12
... Permanent a Unit-of-Count Metric Alternative for NYSE OpenBook Products May 5, 2010. I. Introduction On... Vendors use NYSE OpenBook data in their display services. In fact, the Exchange believes that proposal could encourage Vendors to create and promote innovative uses of NYSE OpenBook information. For instance...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-04-08
... the proposed rule change is available on the Exchange's Web site at www.nyse.com , at the principal... in a manner to facilitate its distribution via Web sites or mobile devices. \\4\\ See Securities... broadcasters, Web site and mobile device service providers, and others to distribute this data product to their...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-12-10
... the same order gateway, regardless of whether the sender is co-located in the data center or not. In... Liquidity Center Network Connection in the Exchange's Data Center December 4, 2013. Pursuant to Section 19(b.... The Commission is publishing this notice to solicit comments on the proposed rule change from...
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Trading Network Predicts Stock Price
Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi
2014-01-01
Stock price prediction is an important and challenging problem for studying financial markets. Existing studies are mainly based on the time series of stock price or the operation performance of listed company. In this paper, we propose to predict stock price based on investors' trading behavior. For each stock, we characterize the daily trading relationship among its investors using a trading network. We then classify the nodes of trading network into three roles according to their connectivity pattern. Strong Granger causality is found between stock price and trading relationship indices, i.e., the fraction of trading relationship among nodes with different roles. We further predict stock price by incorporating these trading relationship indices into a neural network based on time series of stock price. Experimental results on 51 stocks in two Chinese Stock Exchanges demonstrate the accuracy of stock price prediction is significantly improved by the inclusion of trading relationship indices. PMID:24429767
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-08-24
... Proposed Rule Change Deleting the Text of NYSE Rule 92 and Adopting a New NYSE Rule 5320 That Is... Terms of Substance of the Proposed Rule Change The Exchange proposes to delete the text of NYSE Rule 92... same as Financial Industry Regulatory Authority (``FINRA'') Rule 5320. The text of the proposed rule...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-01-11
... adding liquidity to the Exchange in NYSE-listed securities, based on an SLP's ADV in added liquidity in... NYSE-listed securities, based on an SLP's ADV in added liquidity in the applicable month. Under the proposal, SLPs that meet the SLP 10% quoting requirement will receive a credit per share per transaction...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-12-30
... Liquidity Providers Pilot (``SLP Pilot'' or ``Pilot'') (See Rule 107B), currently scheduled to expire on...-108) (establishing the SLP Pilot). See also Securities Exchange Act Release Nos. 59869 (May 6, 2009), 74 FR 22796 (May 14, 2009) (SR- NYSE-2009-46) (extending the operation of the SLP Pilot to October 1...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-07-17
...\\ SLPs in the original class (``SLP-Props'') are eligible for credits when adding liquidity on the Exchange. The amount of the credit is determined by the ``tier'' for which the SLP-Prop qualifies, which is based on (i) whether the SLP-Prop meets the 10% average or more quoting requirement in all assigned...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-01-05
... Change The Exchange proposes to extend the operation of its Supplemental Liquidity Providers Pilot (``SLP... (October 29, 2008), 73 FR 65904 (November 5, 2008) (SR-NYSE-2008-108) (establishing the SLP Pilot). See...-2009-46) (extending the operation of the SLP Pilot to October 1, 2009); 60756 (October 1, 2009), 74 FR...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-08-22
... multiples of six (e.g., six, twelve, eighteen or twenty-four cross connects). The Exchange proposes to... monthly to furnish and install one cross connect between cabinets. For a bundle of six cross connects, the... differentiation among Users regarding the fees charged for a particular product, service or piece of equipment. In...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-10-22
... Permit Floor Brokers To Use Personal Portable Phone Devices on The Trading Floor Due to the Unavailability of Exchange- Provided Cell Phones Beginning on October 10, 2013 Until the Earlier of When Cell Phone Service Is Restored or October 11, 2013 October 16, 2013. Pursuant to Section 19(b)(1) \\1\\ of the...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-01-05
... imbalances may cause significant dislocation to the closing price (``Extreme Order Imbalances Pilot'' or... imbalance that may result in a price dislocation at the close as a result of an order entered into Exchange... circumstances where there exists an extreme imbalance at the close such that a DMM is unable to close the...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-04-22
... amendment to the continued listing requirements in Section 802.01B of the Exchange's Listed Company Manual... provided that any company that qualified to list under the Earnings Test set out in Section 102.01C(I) or... Standard for Companies Transferring from NYSE Arca'' (the ``NYSE Arca Transfer Standard'') set forth in...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-05-08
... modifiers available to algorithms used by Floor brokers to route interest to the Exchange's matching engine...-Quotes entered into the matching engine by an algorithm on behalf of a Floor broker. STP modifiers would... algorithms removes impediments to and perfects the mechanism of a free and open market because there is a...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-07-08
... the investment bank syndicate the night before the first day of trading, to determine the LRP value... Point Value Range During the First Day of Trading of an Initial Public Offering on the Exchange July 1... for a different liquidity replenishment point (``LRP'') value range during the first day of trading of...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-09-14
... Transaction Fees To Eliminate the Step-Up Rate for Non-Floor Broker Transactions September 10, 2012. Pursuant... its Price List to eliminate the step-up rate for non-Floor broker transactions. The text of the... its Price List to eliminate the step-up rate for non-Floor broker transactions. The Exchange proposes...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-07-14
... an index-based or derivative security (e.g., a right or warrant) that is quoted on the OTCBB or OTC... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-64843; File No. SR-NYSE-2011-22] Self... Premises in Certain OTC Bulletin Board and OTC Markets Securities July 8, 2011. I. Introduction On May 11...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-08-21
... proposed rule change is available on the Exchange's Web site at www.nyse.com , at the principal office of... dark pools and electronic communication networks (``ECNs''). Competition among trading platforms can be... provide certain market data at no charge on their Web sites in order to attract more order flow, and use...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-12-29
... and offer is $10.02 and $10.04 and there is ``dark'' reserve buy interest at $10.03, if the NBO... ``dark'' reserve interest priced at $10.03. \\7\\ See Securities Exchange Act Release No. 61072 (November... on the Commission's Internet Web site ( http://www.sec.gov/rules/sro.shtml ). Copies of the...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-09-27
... same order gateway regardless of whether the sender is co-located in the Exchange's data center or not... for co-location services. The proposed rule change was published for comment in the Federal Register... it planned to begin operating a data center in Mahwah, New Jersey, from which it will offer co...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-06-08
... (``Price List'') to (i) Create a two-tiered pricing structure for the annual fee, under which the fee would... new member, and (iv) eliminate the $1,000 trading license transfer fee. The Exchange also proposes to... all such licenses to a two-tiered pricing structure. Under the proposal, the annual fee would continue...
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Diffusive and Arrestedlike Dynamics in Currency Exchange Markets
NASA Astrophysics Data System (ADS)
Clara-Rahola, J.; Puertas, A. M.; Sánchez-Granero, M. A.; Trinidad-Segovia, J. E.; de las Nieves, F. J.
2017-02-01
This work studies the symmetry between colloidal dynamics and the dynamics of the Euro-U.S. dollar currency exchange market (EURUSD). We consider the EURUSD price in the time range between 2001 and 2015, where we find significant qualitative symmetry between fluctuation distributions from this market and the ones belonging to colloidal particles in supercooled or arrested states. In particular, we find that models used for arrested physical systems are suitable for describing the EURUSD fluctuation distributions. Whereas the corresponding mean-squared price displacement (MSPD) to the EURUSD is diffusive for all years, when focusing in selected time frames within a day, we find a two-step MSPD when the New York Stock Exchange market closes, comparable to the dynamics in supercooled systems. This is corroborated by looking at the price correlation functions and non-Gaussian parameters and can be described by the theoretical model. We discuss the origin and implications of this analogy.
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-07-07
... Text of FINRA Rule 4530, and Making Certain Conforming Changes June 30, 2011. Pursuant to Section 19(b... NYSE Rule 351(a)-(d) and Supplementary Material .10 and .13, adopt the text of FINRA Rule 4530, and make certain conforming changes. The text of the proposed rule change is available at the Exchange, the...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-02-04
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-68745; File No. SR-NYSE-2013-05] Self... the Initial Date of Operations of the Regulation NMS Plan To Address Extraordinary Market Volatility... proposed rule change from interested persons. \\1\\ 15 U.S.C.78s(b)(1). \\2\\ 17 CFR 240.19b-4. I. Self...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-06-17
... change effective June 1, 2013. An SLP is a member organization that electronically enters orders or... quoting requirement'').\\3\\ In addition, for all assigned SLP securities, an SLP is required to satisfy a... forth in the Exchange's Price List.\\4\\ \\3\\ See Rule 107B(a). An SLP can either be a proprietary trading...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-01-30
... sale price for that security on the most recent day on which the security traded. \\4\\ Trigger Price is... closing transaction on the Exchange was the consolidated last sale price available as of the end of... purposes of determining whether a Short Sale Price Test has been triggered pursuant to Rule 440B(c) on...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-10-02
... Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS under the Act (the ``Limit Up-Limit Down... operating the Limit Up-Limit Down Plan. \\5\\ See Securities Exchange Act Release No. 62886 (September 10... Act Release No. 67091 (May 31, 2012), 77 FR 33498 (June 6, 2012) (the ``Limit Up-Limit Down Release...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-12-08
... average daily volume (``CADV''). The text of the proposed rule change is available at the Exchange, the... Proposed Rule Change To Amend NYSE Rule 104(a)(1)(A) To Reflect That Designated Market Maker Unit Quoting Requirements Are Based on Consolidated Average Daily Volume December 2, 2011. Pursuant to Section 19(b)(1) of...
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Code of Federal Regulations, 2010 CFR
2010-04-01
... stock to employee stock ownership plans or certain cooperatives (temporary). 1.1042-1T Section 1.1042-1T...) INCOME TAXES Common Nontaxable Exchanges § 1.1042-1T Questions and answers relating to the sales of stock to employee stock ownership plans or certain cooperatives (temporary). Q-1: What does section 1042...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-10-17
... Proposed Rule Change Deleting NYSE Rules 132A, 132B, and 132C, Adopting the Text of the FINRA Rule 7400... Exchange proposes to delete NYSE Rules 132A, 132B, and 132C, adopt the text of the FINRA Rule 7400 Series, the Order Audit Trail System (``OATS'') Rules, and make certain conforming changes. The text of the...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-07-07
... Proposed Rule Change Deleting the Text of NYSE Rule 409(f) and Adopting the Text of FINRA Rule 2232 and... of the Terms of Substance of the Proposed Rule Change The Exchange proposes (1) To delete the text of NYSE Rule 409(f) and adopt the text of FINRA Rule 2232 and (2) delete the Rule Interpretations to NYSE...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-04-08
... Proposed Rule Change To Establish Non-Display Usage Fees for NYSE OpenBook, NYSE Trades, and NYSE BBO and a... Terms of Substance of the Proposed Rule Change The Exchange proposes to establish non-display usage fees... establish non-display usage fees for NYSE OpenBook, NYSE Trades, and NYSE BBO and a redistribution fee for...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-09-12
... Apply to Foreign Issuers September 6, 2011. Pursuant to Section 19(b)(1) of the Securities Exchange Act... proposed rule change pursuant to Section 19(b)(3)(A)(iii) and Rule 19b-4(f)(6) thereunder so that the... to be book-entry only) must be eligible for a direct registration system (``DRS'') operated by a...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-04-22
... the new fee schedule will continue to reward those who have been using the MatchPoint system for share... into the MatchPoint system. The proposed fee schedule, which will be effective upon filing, rewards all...Point\\SM\\ System April 15, 2010. Pursuant to Section 19(b)(1) \\1\\ of the Securities Exchange Act of 1934...
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Maressa, V A
1999-09-01
The Medical Inter-Insurance Exchange (MIIX) converted from a reciprocal exchange to a stock company, on August 4, 1999. At the same time, MIIX completed an initial public offering of stock and is now listed on the New York Stock Exchange as The MIIX Group, Inc., under the symbol "MHU." In order to understand the necessity and process of this transformation, a review of the history and operation of MIIX is helpful.
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NASA Astrophysics Data System (ADS)
Augustin, Juergen; Fiedler, Sebastian; Heintze, Gawan; Rohwer, Marcus; Prescher, Anne-Katrin; Pohl, Madlen; Jurisch, Nicole; Hagemann, Ulrike
2017-04-01
In Germany, agricultural production accounts for approx. 15% of total anthropogenic greenhouse gas emissions. The cultivation of energy crops is thus considered an important option to reduce the climate impact and maintain or increase soil organic carbon (SOC) stocks. In particular, this applies to the continuously expanding cultivation of energy crops for biogas production and the associated use of residues from anaerobic digestion (digestates) as organic fertilizer. To date, there is only limited and contradicting evidence on the impacts of this management practice on the CO2 exchange as well as the change of SOC stocks. We will present results from a 4-year field study at 5 sites in Germany using identical methods to investigate the interacting effects of i) 3 N-fertilizer treatments including calcium ammonium nitrate and digestates and ii) a crop rotation of 7 energy crops like maize, sorghum, triticale, and wheat on net ecosystem CO2 exchange (NEE) and the change of SOC stocks. We used the manual chamber approach for measuring NEE as the difference between gross primary production and ecosystem respiration. The determination of SOC stock changes was based on a C budget approach, which includes the cumulated annual NEE, the C export by harvest, and the C import by application of anaerobic digestates. The CO2 exchange and the change of SOC stocks were influenced by multiple factors like crop, site, fertilization, and climate, as well as their complex interactions. A large proportion of the variability of the CO2 exchange can be attributed to interannual climatic variability. Productive crops like maize and sorghum generally feature the most intensive CO2 exchange, while less productive crops can compensate for this by means of longer cultivation times. Regardless of the extreme variability, pronounced and partly significant differences of NEE and C budgets between sites were observed. On average, SOC stocks declined over a full crop rotation, but with highly
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What Does Stock Ownership Breadth Measure?*
Choi, James J.; Jin, Li; Yan, Hongjun
2013-01-01
Using holdings data on a representative sample of all Shanghai Stock Exchange investors, we show that increases in ownership breadth (the fraction of market participants who own a stock) predict low returns: highest change quintile stocks underperform lowest quintile stocks by 23% per year. Small retail investors drive this result. Retail ownership breadth increases appear to be correlated with overpricing. Among institutional investors, however, the opposite holds: Stocks in the top decile of wealth-weighted institutional breadth change outperform the bottom decile by 8% per year, consistent with prior work that interprets breadth as a measure of short-sales constraints. PMID:24764801
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-06-10
... Proposed Rule Change To Amend Rule 1000 To Revise the Manner by Which the Exchange Will Phase Out the... ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared... the proposed rule change from interested persons. \\1\\ 15 U.S.C. 78s(b)(1). \\2\\ 15 U.S.C. 78a. \\3\\ 17...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-12-12
... (``NYSE CADV'') or of September 2012 Adding ADV (``SLP Baseline ADV''). If the Exchange did not exclude...% of NYSE CADV that relates to the SLP credit of $0.0023 (or $0.0018 if a Non-Displayed Reserve Order) per share; The thresholds of ADV of 0.22% of NYSE CADV and 0.18% of SLP Baseline ADV, as well as the...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-05-18
... liquidity to the NYSE in securities with a per share price of $1.00 or more, and the SLP (i) meets the 3.... \\6\\ The Exchange currently has a three tier structure of rebates paid only to SLPs when the SLP... a per share price of $1.00 or more, and the SLP (i) meets the Quoting Requirement and (ii) adds...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-06-23
... the New York Stock Exchange LLC (``NYSE''). See SR-NYSE-2010-43. Background Round lot interest on the... legacy trading systems and facilities located at 86 Trinity Place, New York, New York, to trading systems and facilities located at 11 Wall Street, New York, New York (the ``Equities Relocation'') on December...
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NASA Astrophysics Data System (ADS)
Alfarano, Simone; Lux, Thomas; Wagner, Friedrich
2006-10-01
Following Alfarano et al. [Estimation of agent-based models: the case of an asymmetric herding model, Comput. Econ. 26 (2005) 19-49; Excess volatility and herding in an artificial financial market: analytical approach and estimation, in: W. Franz, H. Ramser, M. Stadler (Eds.), Funktionsfähigkeit und Stabilität von Finanzmärkten, Mohr Siebeck, Tübingen, 2005, pp. 241-254], we consider a simple agent-based model of a highly stylized financial market. The model takes Kirman's ant process [A. Kirman, Epidemics of opinion and speculative bubbles in financial markets, in: M.P. Taylor (Ed.), Money and Financial Markets, Blackwell, Cambridge, 1991, pp. 354-368; A. Kirman, Ants, rationality, and recruitment, Q. J. Econ. 108 (1993) 137-156] of mimetic contagion as its starting point, but allows for asymmetry in the attractiveness of both groups. Embedding the contagion process into a standard asset-pricing framework, and identifying the abstract groups of the herding model as chartists and fundamentalist traders, a market with periodic bubbles and bursts is obtained. Taking stock of the availability of a closed-form solution for the stationary distribution of returns for this model, we can estimate its parameters via maximum likelihood. Expanding our earlier work, this paper presents pertinent estimates for the Australian dollar/US dollar exchange rate and the Australian stock market index. As it turns out, our model indicates dominance of fundamentalist behavior in both the stock and foreign exchange market.
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-04-04
... Industry Regulatory Authority, Inc.; International Securities Exchange LLC; The NASDAQ Stock Market LLC... Whether To Disapprove Proposed Rule Changes Relating to Trading Halts Due to Extraordinary Market.... (``FINRA''), International Securities Exchange LLC (``ISE''), The NASDAQ Stock Market LLC (``Nasdaq...
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Stochastic GARCH dynamics describing correlations between stocks
NASA Astrophysics Data System (ADS)
Prat-Ortega, G.; Savel'ev, S. E.
2014-09-01
The ARCH and GARCH processes have been successfully used for modelling price dynamics such as stock returns or foreign exchange rates. Analysing the long range correlations between stocks, we propose a model, based on the GARCH process, which is able to describe the main characteristics of the stock price correlations, including the mean, variance, probability density distribution and the noise spectrum.
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Risk Perceptions on Hurricanes: Evidence from the U.S. Stock Market
Feria-Domínguez, José Manuel; Paneque, Pilar; Gil-Hurtado, María
2017-01-01
This article examines the market reaction of the main Property and Casualty (P & C) insurance companies listed in the New York Stock Exchange (NYSE) to seven most recent hurricanes that hit the East Coast of the United States from 2005 to 2012. For this purpose, we run a standard short horizon event study in order to test the existence of abnormal returns around the landfalls. P & C companies are one of the most affected sectors by such events because of the huge losses to rebuild, help and compensate the inhabitants of the affected areas. From the financial investors’ perception, this kind of events implies severe losses, which could influence the expected returns. Our research highlights the existence of significant cumulative abnormal returns around the landfall event window in most of the hurricanes analyzed, except for the Katrina and Sandy Hurricanes. PMID:28587237
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Risk Perceptions on Hurricanes: Evidence from the U.S. Stock Market.
Feria-Domínguez, José Manuel; Paneque, Pilar; Gil-Hurtado, María
2017-06-05
This article examines the market reaction of the main Property and Casualty (P & C) insurance companies listed in the New York Stock Exchange (NYSE) to seven most recent hurricanes that hit the East Coast of the United States from 2005 to 2012. For this purpose, we run a standard short horizon event study in order to test the existence of abnormal returns around the landfalls. P & C companies are one of the most affected sectors by such events because of the huge losses to rebuild, help and compensate the inhabitants of the affected areas. From the financial investors' perception, this kind of events implies severe losses, which could influence the expected returns. Our research highlights the existence of significant cumulative abnormal returns around the landfall event window in most of the hurricanes analyzed, except for the Katrina and Sandy Hurricanes.
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A self-similar hierarchy of the Korean stock market
NASA Astrophysics Data System (ADS)
Lim, Gyuchang; Min, Seungsik; Yoo, Kun-Woo
2013-01-01
A scaling analysis is performed on market values of stocks listed on Korean stock exchanges such as the KOSPI and the KOSDAQ. Different from previous studies on price fluctuations, market capitalizations are dealt with in this work. First, we show that the sum of the two stock exchanges shows a clear rank-size distribution, i.e., the Zipf's law, just as each separate one does. Second, by abstracting Zipf's law as a γ-sequence, we define a self-similar hierarchy consisting of many levels, with the numbers of firms at each level forming a geometric sequence. We also use two exponential functions to describe the hierarchy and derive a scaling law from them. Lastly, we propose a self-similar hierarchical process and perform an empirical analysis on our data set. Based on our findings, we argue that all money invested in the stock market is distributed in a hierarchical way and that a slight difference exists between the two exchanges.
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Analysis of Realized Volatility in Two Trading Sessionsof the Japanese Stock Market
NASA Astrophysics Data System (ADS)
Takaishi, T.; Chen, T. T.; Zheng, Z.
We analyze realized volatilities constructedusing high-frequency stock data on the Tokyo Stock Exchange. In order to avoid non-trading hours issue in volatility calculations we define two realized volatilities calculated separately in the two trading sessions of the Tokyo Stock Exchange, i.e. morning and afternoon sessions. After calculating the realized volatilities at various sampling frequencies we evaluate the bias from the microstructure noise as a function of sampling frequency. Taking account of the bias to realized volatility we examine returns standardized by realized volatilities and confirm that price returns on the Tokyo Stock Exchange are described approximately by Gaussian time series with time-varying volatility, i.e. consistent with a mixture of distributions hypothesis.
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47 CFR 65.303 - Cost of preferred stock.
Code of Federal Regulations, 2010 CFR
2010-10-01
... Preferred Dividends” is the total dividends on preferred stock for the most recent two years for all local... issuance of preferred stock for the most recent two years for all local exchange carriers with annual...
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47 CFR 65.303 - Cost of preferred stock.
Code of Federal Regulations, 2012 CFR
2012-10-01
... Preferred Dividends” is the total dividends on preferred stock for the most recent two years for all local... issuance of preferred stock for the most recent two years for all local exchange carriers with annual...
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47 CFR 65.303 - Cost of preferred stock.
Code of Federal Regulations, 2014 CFR
2014-10-01
... Preferred Dividends” is the total dividends on preferred stock for the most recent two years for all local... issuance of preferred stock for the most recent two years for all local exchange carriers with annual...
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47 CFR 65.303 - Cost of preferred stock.
Code of Federal Regulations, 2011 CFR
2011-10-01
... Preferred Dividends” is the total dividends on preferred stock for the most recent two years for all local... issuance of preferred stock for the most recent two years for all local exchange carriers with annual...
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47 CFR 65.303 - Cost of preferred stock.
Code of Federal Regulations, 2013 CFR
2013-10-01
... Preferred Dividends” is the total dividends on preferred stock for the most recent two years for all local... issuance of preferred stock for the most recent two years for all local exchange carriers with annual...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-05-17
.... The Corporation will promptly notify the Exchange of any changes of officers or directors. The... follow a similar procedure with respect to resolutions of the Board of Directors, or any certificate or... amendment to its Certificate of Incorporation, or resolution of Directors in the nature of an amendment...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-04-29
... not marked dark is already visible to DMMs. Similarly, aggregated information for interest not marked dark is visible to any market participant beyond the Floor via OpenBook.\\20\\ \\19\\ Exchange systems make... ``dark'' orders that are not visible to the DMM, which would prevent any communication about such...
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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...
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NASA Astrophysics Data System (ADS)
Jahangoshai Rezaee, Mustafa; Jozmaleki, Mehrdad; Valipour, Mahsa
2018-01-01
One of the main features to invest in stock exchange companies is their financial performance. On the other hand, conventional evaluation methods such as data envelopment analysis are not only a retrospective process, but are also a process, which are incomplete and ineffective approaches to evaluate the companies in the future. To remove this problem, it is required to plan an expert system for evaluating organizations when the online data are received from stock exchange market. This paper deals with an approach for predicting the online financial performance of companies when data are received in different time's intervals. The proposed approach is based on integrating fuzzy C-means (FCM), data envelopment analysis (DEA) and artificial neural network (ANN). The classical FCM method is unable to update the number of clusters and their members when the data are changed or the new data are received. Hence, this method is developed in order to make dynamic features for the number of clusters and clusters members in classical FCM. Then, DEA is used to evaluate DMUs by using financial ratios to provide targets in neural network. Finally, the designed network is trained and prepared for predicting companies' future performance. The data on Tehran Stock Market companies for six consecutive years (2007-2012) are used to show the abilities of the proposed approach.
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-04-14
... other things, the issuer of the debt security must have at least one class of common or preferred equity... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-64287; File No. SR-NYSE-2011-15] Self... 1401 To Modify the Initial Trading Market Value for Debt Securities April 8, 2011. Pursuant to Section...
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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...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-11-01
... management, order routing and market data delivery services to their customers while the User is co-located... Scope of Potential ``Users'' of Its Co-Location Services To Include Any Market Participant That Requests To Receive Co-Location Services Directly From the Exchange and Amending Its Price List To Establish a...
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Analysis of stock prices of mining business
NASA Astrophysics Data System (ADS)
Ahn, Sanghyun; Lim, G. C.; Kim, S. H.; Kim, Soo Yong; Yoon, Kwon Youb; Stanfield, Joseph Lee; Kim, Kyungsik
2011-06-01
Stock exchanges have a diversity of so-called business groups and much evidence has been presented by covariance matrix analysis (Laloux et al. (1999) [6], Plerou et al. (2002) [7], Plerou et al. (1999) [8], Mantegna (1999) [9], Utsugi et al. (2004) [21] and Lim et al. (2009) [26]). A market-wide effect plays a crucial role in shifting the correlation structure from random to non-random. In this work, we study the structural properties of stocks related to the mining industry, especially rare earth minerals, listed on two exchanges, namely the TSX (Toronto stock exchange) and the TSX-V (Toronto stock exchange-ventures). In general, raw-material businesses are sensitively affected by the global economy while each firm has its own cycle. We prove that the global crisis during 2006-2009 affected the mineral market considerably. These two aspects compete to control price fluctuations. We show that the internal cycle overwhelms the global economic environment in terms of random matrix theory and overlapping matrices. However, during the period of 2006-2009, the effect of the global economic environment emerges. This result is well explained by the recent global financial/economic crisis. For comparison, we analyze the time stability of business clusters of the KOSPI, that is, the electric/electronic business, using an overlapping matrix. A clear difference in behavior is confirmed. Consequently, rare earth minerals in the raw-material business should be classified not by standard business classifications but by the internal cycle of business.
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-01-24
... which is delegated the authority to review disciplinary decisions on behalf of the Exchange Board of... organization. Under the rule, the decision of a majority of the Hearing Panel is the decision of the Hearing..., may request a determination of guilt by default, and may recommend a penalty to be imposed. If the...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-04-22
... of the NYSE BBO service in any calendar month. In order to take advantage of the per-query fee, a... most likely to take advantage of the proposed service; (iv) The contribution of market data revenues that the Exchange believes is appropriate for entities that are most likely to take advantage of the...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-02-24
... warrant initiation of a formal disciplinary proceeding under Rule 476.\\5\\ \\4\\ Rule 476A(a) includes a... procedures to be followed in delayed opening situations. The Exchange proposes to update the Rule 476A List... Rules [sic] 104 or duties under Rule 123D. In some circumstances, formal disciplinary measures in...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-11-27
... required pursuant to the rules specified in the chart above will simplify the notification process and help... provisions of Section 204.01-204.25 relate to matters with respect to which the Exchange needs to be informed....03), but which do not give rise to the possibility that the failure to be informed immediately could...
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Statistical properties of trading activity in Chinese stock market
NASA Astrophysics Data System (ADS)
Sun, Xiaoqian; Cheng, Xueqi; Shen, Huawei; Wang, Zhaoyang
2010-08-01
We investigate the statistical properties of traders' trading behavior using cumulative distribution function(CDF). We analyze exchange data of 52 stocks for one-year period which contains non-manipulated stocks and manipulated stocks published by China Securities Regulatory Commission(CSRC). By analyzing the total number of transactions and the trading volume of each trader over a year, we find the cumulative distributions have power-law tails and the distributions between non-manipulated stocks and manipulated stocks are different. These findings can help us to detect the manipulated stocks.
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Value at Risk on Composite Price Share Index Stock Data
NASA Astrophysics Data System (ADS)
Oktaviarina, A.
2018-01-01
The financial servicest authority was declared Let’s Save Campaign on n commemoration of the World Savings Day that falls on this day, October 31, 2016. The activity was greeted enthusiastically by Indonesia Stock Exchange by taking out the slogan Let’s Save The Stocks. Stock is a form of investment that is expected to benefit in the future despite has risks. Value at Risk (VaR) is a method that can measure how much the risk of a financial investment. Composite Stock Price Indeks is the stock price index used by Indonesia Stock Exchange as stock volatility benchmarks in Indonesia. This study aimed to estimate Value at Risk (VaR) on closing price Composite Price Share Index Stock data on the period 20 September 2016 until 20 September 2017. Box-Pierce test results p value=0.9528 which is greater than a, that shows homoskedasticity. Value at Risk (VaR) with Variance Covariance Method is Rp.3.054.916,07 which means with 99% confindence interval someone who invests Rp.100.000.000,00 will get Rp.3.054.916,07 as a maximum loss.
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26 CFR 53.4942(a)-2 - Computation of undistributed income.
Code of Federal Regulations, 2012 CFR
2012-04-01
... is within a larger complex of endeavors which makes available to the scientific community and the... shares of the stock of M Corporation. M stock is regularly traded on the New York Stock Exchange. U consistently follows a practice of valuing its 1,000 shares of M stock on the last trading day of each month...
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26 CFR 53.4942(a)-2 - Computation of undistributed income.
Code of Federal Regulations, 2014 CFR
2014-04-01
... is within a larger complex of endeavors which makes available to the scientific community and the... shares of the stock of M Corporation. M stock is regularly traded on the New York Stock Exchange. U consistently follows a practice of valuing its 1,000 shares of M stock on the last trading day of each month...
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26 CFR 53.4942(a)-2 - Computation of undistributed income.
Code of Federal Regulations, 2013 CFR
2013-04-01
... is within a larger complex of endeavors which makes available to the scientific community and the... shares of the stock of M Corporation. M stock is regularly traded on the New York Stock Exchange. U consistently follows a practice of valuing its 1,000 shares of M stock on the last trading day of each month...
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17 CFR 256.152 - Fuel stock expenses undistributed.
Code of Federal Regulations, 2010 CFR
2010-04-01
... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Fuel stock expenses... (CONTINUED) UNIFORM SYSTEM OF ACCOUNTS FOR MUTUAL SERVICE COMPANIES AND SUBSIDIARY SERVICE COMPANIES, PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 3. Current and Accrued Assets § 256.152 Fuel stock expenses...
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Heller, Daliah I; Paone, Denise; Siegler, Anne; Karpati, Adam
2009-01-01
Background Programmatic data from New York City syringe exchange programs suggest that many clients visit the programs infrequently and take few syringes per transaction, while separate survey data from individuals using these programs indicate that frequent injecting – at least daily – is common. Together, these data suggest a possible "syringe gap" between the number of injections performed by users and the number of syringes they are receiving from programs for those injections. Methods We surveyed a convenience sample of 478 injecting drug users in New York City at syringe exchange programs to determine whether program syringe coverage was adequate to support safer injecting practices in this group. Results Respondents reported injecting a median of 60 times per month, visiting the syringe exchange program a median of 4 times per month, and obtaining a median of 10 syringes per transaction; more than one in four reported reusing syringes. Fifty-four percent of participants reported receiving fewer syringes than their number of injections per month. Receiving an inadequate number of syringes was more frequently reported by younger and homeless injectors, and by those who reported public injecting in the past month. Conclusion To improve syringe coverage and reduce syringe sharing, programs should target younger and homeless drug users, adopt non-restrictive syringe uptake policies, and establish better relationships with law enforcement and homeless services. The potential for safe injecting facilities should be explored, to address the prevalence of public injecting and resolve the 'syringe gap' for injecting drug users. PMID:19138414
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Hybrid machine learning technique for forecasting Dhaka stock market timing decisions.
Banik, Shipra; Khodadad Khan, A F M; Anwer, Mohammad
2014-01-01
Forecasting stock market has been a difficult job for applied researchers owing to nature of facts which is very noisy and time varying. However, this hypothesis has been featured by several empirical experiential studies and a number of researchers have efficiently applied machine learning techniques to forecast stock market. This paper studied stock prediction for the use of investors. It is always true that investors typically obtain loss because of uncertain investment purposes and unsighted assets. This paper proposes a rough set model, a neural network model, and a hybrid neural network and rough set model to find optimal buy and sell of a share on Dhaka stock exchange. Investigational findings demonstrate that our proposed hybrid model has higher precision than the single rough set model and the neural network model. We believe this paper findings will help stock investors to decide about optimal buy and/or sell time on Dhaka stock exchange.
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Hybrid Machine Learning Technique for Forecasting Dhaka Stock Market Timing Decisions
Banik, Shipra; Khodadad Khan, A. F. M.; Anwer, Mohammad
2014-01-01
Forecasting stock market has been a difficult job for applied researchers owing to nature of facts which is very noisy and time varying. However, this hypothesis has been featured by several empirical experiential studies and a number of researchers have efficiently applied machine learning techniques to forecast stock market. This paper studied stock prediction for the use of investors. It is always true that investors typically obtain loss because of uncertain investment purposes and unsighted assets. This paper proposes a rough set model, a neural network model, and a hybrid neural network and rough set model to find optimal buy and sell of a share on Dhaka stock exchange. Investigational findings demonstrate that our proposed hybrid model has higher precision than the single rough set model and the neural network model. We believe this paper findings will help stock investors to decide about optimal buy and/or sell time on Dhaka stock exchange. PMID:24701205
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NASA Astrophysics Data System (ADS)
Benscoter, B.; McClellan, M. D.; Benavides, V.; Harshbarger, D.; Comas, X.
2014-12-01
Depressional marshes are ubiquitous throughout central and south Florida. Often distributed within a matrix of sandy pine flatwoods and hammocks, these wetlands have a seasonally variable water table, alternating between inundation and complete drydown. Though these landforms are typically small individually, they comprise a substantial component of the landscape and provide vital habitat for an array of flora and fauna. Given their fluctuating hydrology, conditions for soil and plant carbon (C) exchange mechanisms can vary greatly both spatially and temporally. In this study, we are developing a C budget for depressional marsh landforms by assessing ecosystem carbon exchange along an ecotone gradient and quantifying belowground C stocks using non-invasive geophysical methods (ground penetrating radar, GPR) at the Disney Wilderness Preserve (DWP) in Kissimmee, FL, USA. Using a series of closed chambers transecting the marsh from the center outward into the surrounding flatwoods, we are quantifying the effects of seasonal water table change on the magnitude of C exchange. Three dimensional GPR surveys were used to quantify peat layer thickness, and were constrained with direct core sampling to verify subsurface lithology and to assess peat C content. Using the relationship between landform surface area and belowground C volume, we assessed the cumulative C storage in depressional marshes across the DWP landscape. In conjunction with a nearby eddy covariance tower and seasonal hydrologic data, these response functions will help to evaluate the contribution of these small but widespread landscape features on regional C cycling.
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17 CFR 240.15g-6 - Account statements for penny stock customers.
Code of Federal Regulations, 2010 CFR
2010-04-01
... stock customers. 240.15g-6 Section 240.15g-6 Commodity and Securities Exchanges SECURITIES AND EXCHANGE... § 240.15g-6 Account statements for penny stock customers. (a) Requirement. It shall be unlawful for any broker or dealer that has effected the sale to any customer, other than in a transaction that is exempt...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-02-24
...-Regulatory Organizations; NASDAQ Stock Market, LLC; Notice of Filing of Proposed Rule Change To Amend The..., 2011, The NASDAQ Stock Market LLC (``NASDAQ'' or ``Exchange'') filed with the Securities and Exchange... The NASDAQ Stock Market LLC proposes to amend the By-Laws of its parent corporation, The NASDAQ OMX...
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NASA Astrophysics Data System (ADS)
Onnela, Jukka-Pekka; Töyli, Juuso; Kaski, Kimmo
2009-02-01
Tick size is an important aspect of the micro-structural level organization of financial markets. It is the smallest institutionally allowed price increment, has a direct bearing on the bid-ask spread, influences the strategy of trading order placement in electronic markets, affects the price formation mechanism, and appears to be related to the long-term memory of volatility clustering. In this paper we investigate the impact of tick size on stock returns. We start with a simple simulation to demonstrate how continuous returns become distorted after confining the price to a discrete grid governed by the tick size. We then move on to a novel experimental set-up that combines decimalization pilot programs and cross-listed stocks in New York and Toronto. This allows us to observe a set of stocks traded simultaneously under two different ticks while holding all security-specific characteristics fixed. We then study the normality of the return distributions and carry out fits to the chosen distribution models. Our empirical findings are somewhat mixed and in some cases appear to challenge the simulation results.
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-07-16
... date (``T+2'') any open balance in any of the omnibus accounts they use to compare trades to either a... U.S. To facilitate the comparison process, the Exchanges utilize omnibus account designations to record trade data.\\6\\ Using omnibus account designations allows for universal contras for one trade side...
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Profitability of Contrarian Strategies in the Chinese Stock Market.
Shi, Huai-Long; Jiang, Zhi-Qiang; Zhou, Wei-Xing
2015-01-01
This paper reexamines the profitability of loser, winner and contrarian portfolios in the Chinese stock market using monthly data of all stocks traded on the Shanghai Stock Exchange and Shenzhen Stock Exchange covering the period from January 1997 to December 2012. We find evidence of short-term and long-term contrarian profitability in the whole sample period when the estimation and holding horizons are 1 month or longer than 12 months and the annualized return of contrarian portfolios increases with the estimation and holding horizons. We perform subperiod analysis and find that the long-term contrarian effect is significant in both bullish and bearish states, while the short-term contrarian effect disappears in bullish states. We compare the performance of contrarian portfolios based on different grouping manners in the estimation period and unveil that decile grouping outperforms quintile grouping and tertile grouping, which is more evident and robust in the long run. Generally, loser portfolios and winner portfolios have positive returns and loser portfolios perform much better than winner portfolios. Both loser and winner portfolios in bullish states perform better than those in the whole sample period. In contrast, loser and winner portfolios have smaller returns in bearish states, in which loser portfolio returns are significant only in the long term and winner portfolio returns become insignificant. These results are robust to the one-month skipping between the estimation and holding periods and for the two stock exchanges. Our findings show that the Chinese stock market is not efficient in the weak form. These findings also have obvious practical implications for financial practitioners.
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NASA Astrophysics Data System (ADS)
Takaishi, Tetsuya
2018-06-01
The realized stochastic volatility model has been introduced to estimate more accurate volatility by using both daily returns and realized volatility. The main advantage of the model is that no special bias-correction factor for the realized volatility is required a priori. Instead, the model introduces a bias-correction parameter responsible for the bias hidden in realized volatility. We empirically investigate the bias-correction parameter for realized volatilities calculated at various sampling frequencies for six stocks on the Tokyo Stock Exchange, and then show that the dynamic behavior of the bias-correction parameter as a function of sampling frequency is qualitatively similar to that of the Hansen-Lunde bias-correction factor although their values are substantially different. Under the stochastic diffusion assumption of the return dynamics, we investigate the accuracy of estimated volatilities by examining the standardized returns. We find that while the moments of the standardized returns from low-frequency realized volatilities are consistent with the expectation from the Gaussian variables, the deviation from the expectation becomes considerably large at high frequencies. This indicates that the realized stochastic volatility model itself cannot completely remove bias at high frequencies.
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-08-16
...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of a Proposed Rule Change to Assume... NASDAQ Stock Market LLC (``NASDAQ'' or the ``Exchange'') filed with the Securities and Exchange...: Manipulation patterns that monitor solely NASDAQ activity, including patterns that monitor the Exchange's...
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Rational GARCH model: An empirical test for stock returns
NASA Astrophysics Data System (ADS)
Takaishi, Tetsuya
2017-05-01
We propose a new ARCH-type model that uses a rational function to capture the asymmetric response of volatility to returns, known as the "leverage effect". Using 10 individual stocks on the Tokyo Stock Exchange and two stock indices, we compare the new model with several other asymmetric ARCH-type models. We find that according to the deviance information criterion, the new model ranks first for several stocks. Results show that the proposed new model can be used as an alternative asymmetric ARCH-type model in empirical applications.
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A Novel Model for Stock Price Prediction Using Hybrid Neural Network
NASA Astrophysics Data System (ADS)
Senapati, Manas Ranjan; Das, Sumanjit; Mishra, Sarojananda
2018-06-01
The foremost challenge for investors is to select stock price by analyzing financial data which is a menial task as of distort associated and massive pattern. Thereby, selecting stock poses one of the greatest difficulties for investors. Nowadays, prediction of financial market like stock market, exchange rate and share value are very challenging field of research. The prediction and scrutinization of stock price is also a potential area of research due to its vital significance in decision making by financial investors. This paper presents an intelligent and an optimal model for prophecy of stock market price using hybridization of Adaline Neural Network (ANN) and modified Particle Swarm Optimization (PSO). The connoted model hybrid of Adaline and PSO uses fluctuations of stock market as a factor and employs PSO to optimize and update weights of Adaline representation to depict open price of Bombay stock exchange. The prediction performance of the proposed model is compared with different representations like interval measurements, CMS-PSO and Bayesian-ANN. The result indicates that proposed scheme has an edge over all the juxtaposed schemes in terms of mean absolute percentage error.
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Model for non-Gaussian intraday stock returns
NASA Astrophysics Data System (ADS)
Gerig, Austin; Vicente, Javier; Fuentes, Miguel A.
2009-12-01
Stock prices are known to exhibit non-Gaussian dynamics, and there is much interest in understanding the origin of this behavior. Here, we present a model that explains the shape and scaling of the distribution of intraday stock price fluctuations (called intraday returns) and verify the model using a large database for several stocks traded on the London Stock Exchange. We provide evidence that the return distribution for these stocks is non-Gaussian and similar in shape and that the distribution appears stable over intraday time scales. We explain these results by assuming the volatility of returns is constant intraday but varies over longer periods such that its inverse square follows a gamma distribution. This produces returns that are Student distributed for intraday time scales. The predicted results show excellent agreement with the data for all stocks in our study and over all regions of the return distribution.
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Case study: dairies utilizing ultra-high stocking density grazing in Pennsylvania and New York
USDA-ARS?s Scientific Manuscript database
Ultra-high stocking density (UHSD) grazing has gained interest in the forage industry. Proponents of UHSD emphasize increased forage use efficiency and soil improvement by grazing mature forage with stocking densities up to 560,425 kg ha**-1 of beef cattle on small paddocks with rest periods of up t...
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Profitability of Contrarian Strategies in the Chinese Stock Market
Shi, Huai-Long; Jiang, Zhi-Qiang; Zhou, Wei-Xing
2015-01-01
This paper reexamines the profitability of loser, winner and contrarian portfolios in the Chinese stock market using monthly data of all stocks traded on the Shanghai Stock Exchange and Shenzhen Stock Exchange covering the period from January 1997 to December 2012. We find evidence of short-term and long-term contrarian profitability in the whole sample period when the estimation and holding horizons are 1 month or longer than 12 months and the annualized return of contrarian portfolios increases with the estimation and holding horizons. We perform subperiod analysis and find that the long-term contrarian effect is significant in both bullish and bearish states, while the short-term contrarian effect disappears in bullish states. We compare the performance of contrarian portfolios based on different grouping manners in the estimation period and unveil that decile grouping outperforms quintile grouping and tertile grouping, which is more evident and robust in the long run. Generally, loser portfolios and winner portfolios have positive returns and loser portfolios perform much better than winner portfolios. Both loser and winner portfolios in bullish states perform better than those in the whole sample period. In contrast, loser and winner portfolios have smaller returns in bearish states, in which loser portfolio returns are significant only in the long term and winner portfolio returns become insignificant. These results are robust to the one-month skipping between the estimation and holding periods and for the two stock exchanges. Our findings show that the Chinese stock market is not efficient in the weak form. These findings also have obvious practical implications for financial practitioners. PMID:26368537
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Evaluating Kuala Lumpur stock exchange oriented bank performance with stochastic frontiers
NASA Astrophysics Data System (ADS)
Baten, M. A.; Maznah, M. K.; Razamin, R.; Jastini, M. J.
2014-12-01
Banks play an essential role in the economic development and banks need to be efficient; otherwise, they may create blockage in the process of development in any country. The efficiency of banks in Malaysia is important and should receive greater attention. This study formulated an appropriate stochastic frontier model to investigate the efficiency of banks which are traded on Kuala Lumpur Stock Exchange (KLSE) market during the period 2005-2009. All data were analyzed to obtain the maximum likelihood method to estimate the parameters of stochastic production. Unlike the earlier studies which use balance sheet and income statements data, this study used market data as the input and output variables. It was observed that banks listed in KLSE exhibited a commendable overall efficiency level of 96.2% during 2005-2009 hence suggesting minimal input waste of 3.8%. Among the banks, the COMS (Cimb Group Holdings) bank is found to be highly efficient with a score of 0.9715 and BIMB (Bimb Holdings) bank is noted to have the lowest efficiency with a score of 0.9582. The results also show that Cobb-Douglas stochastic frontier model with truncated normal distributional assumption is preferable than Translog stochastic frontier model.
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-09-23
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-70429; File No. S7-24-89] Joint Industry Plan... Collection, Consolidation and Dissemination of Quotation and Transaction Information for Nasdaq-Listed... Exchange, Inc., New York Stock Exchange LLC, NYSE MKT LLC, and NYSE Arca, Inc. September 17, 2013. Pursuant...
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Universal behaviour in the stock market: Time dynamics of the electronic orderbook
NASA Astrophysics Data System (ADS)
Kızılersü, Ayşe; Kreer, Markus; Thomas, Anthony W.; Feindt, Michael
2016-07-01
A consequence of the digital revolution is that share trading at the stock exchange takes place via electronic order books which are accessed by traders and investors via the internet. Our empirical findings of the London Stock Exchange demonstrate that once ultra-high frequency manipulation on time scales less than around ten milliseconds is excluded, all relevant changes in the order book happen with time differences that are randomly distributed and well described by a left-truncated Weibull distribution with universal shape parameter (independent of time and same for all stocks). The universal shape parameter corresponds to maximum entropy of the distribution.
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Market Confidence Predicts Stock Price: Beyond Supply and Demand
Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi; Zhang, Yuqing
2016-01-01
Stock price prediction is an important and challenging problem in stock market analysis. Existing prediction methods either exploit autocorrelation of stock price and its correlation with the supply and demand of stock, or explore predictive indictors exogenous to stock market. In this paper, using transaction record of stocks with identifier of traders, we introduce an index to characterize market confidence, i.e., the ratio of the number of traders who is active in two successive trading days to the number of active traders in a certain trading day. Strong Granger causality is found between the index of market confidence and stock price. We further predict stock price by incorporating the index of market confidence into a neural network based on time series of stock price. Experimental results on 50 stocks in two Chinese Stock Exchanges demonstrate that the accuracy of stock price prediction is significantly improved by the inclusion of the market confidence index. This study sheds light on using cross-day trading behavior to characterize market confidence and to predict stock price. PMID:27391816
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Market Confidence Predicts Stock Price: Beyond Supply and Demand.
Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi; Zhang, Yuqing
2016-01-01
Stock price prediction is an important and challenging problem in stock market analysis. Existing prediction methods either exploit autocorrelation of stock price and its correlation with the supply and demand of stock, or explore predictive indictors exogenous to stock market. In this paper, using transaction record of stocks with identifier of traders, we introduce an index to characterize market confidence, i.e., the ratio of the number of traders who is active in two successive trading days to the number of active traders in a certain trading day. Strong Granger causality is found between the index of market confidence and stock price. We further predict stock price by incorporating the index of market confidence into a neural network based on time series of stock price. Experimental results on 50 stocks in two Chinese Stock Exchanges demonstrate that the accuracy of stock price prediction is significantly improved by the inclusion of the market confidence index. This study sheds light on using cross-day trading behavior to characterize market confidence and to predict stock price.
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NASA Astrophysics Data System (ADS)
Domino, Krzysztof
2012-01-01
The WIG20 index-the index of the 20 biggest companies traded on the Warsaw Stock Exchange-reached the global maximum on 29th October 2007. I have used the local DFA (Detrended Functional Analysis) to obtain the Hurst exponent (diffusion exponent) and investigate the signature of anti-correlation of share price evolution around the maximum. The analysis was applied to the share price evolution for variable DFA parameters. For many values of parameters, the evidence of anti-correlation near the WIG20 maximum was pointed out.
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The dependence of Islamic and conventional stocks: A copula approach
NASA Astrophysics Data System (ADS)
Razak, Ruzanna Ab; Ismail, Noriszura
2015-09-01
Recent studies have found that Islamic stocks are dependent on conventional stocks and they appear to be more risky. In Asia, particularly in Islamic countries, research on dependence involving Islamic and non-Islamic stock markets is limited. The objective of this study is to investigate the dependence between financial times stock exchange Hijrah Shariah index and conventional stocks (EMAS and KLCI indices). Using the copula approach and a time series model for each marginal distribution function, the copula parameters were estimated. The Elliptical copula was selected to present the dependence structure of each pairing of the Islamic stock and conventional stock. Specifically, the Islamic versus conventional stocks (Shariah-EMAS and Shariah-KLCI) had lower dependence compared to conventional versus conventional stocks (EMAS-KLCI). These findings suggest that the occurrence of shocks in a conventional stock will not have strong impact on the Islamic stock.
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26 CFR 1.1242-1 - Losses on small business investment company stock.
Code of Federal Regulations, 2010 CFR
2010-04-01
... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Losses on small business investment company....1242-1 Losses on small business investment company stock. (a) In general. Any taxpayer who sustains a... the sale or exchange, of the stock of a small business investment company (whether or not such stock...
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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...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-11-27
... 2, 2012, The NASDAQ Stock Market LLC (``NASDAQ'' or ``Exchange'') filed with the Securities and... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-68279; File No. SR-NASDAQ-2012-117] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Designation of Longer Period for Commission...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-12-05
...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of... November 22, 2011, The NASDAQ Stock Market LLC (``Exchange''), filed with the Securities and Exchange... open orders, use of routing strategies and liquidity code designation. The data provided by QView will...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-04-30
...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of..., The NASDAQ Stock Market LLC (``NASDAQ'' or the ``Exchange'') filed with the Securities and Exchange..., including the Nasdaq Market Center, the FINRA/NASDAQ Trade Reporting Facility, and FINRA's OTCBB Service...
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Quantum Brownian motion model for the stock market
NASA Astrophysics Data System (ADS)
Meng, Xiangyi; Zhang, Jian-Wei; Guo, Hong
2016-06-01
It is believed by the majority today that the efficient market hypothesis is imperfect because of market irrationality. Using the physical concepts and mathematical structures of quantum mechanics, we construct an econophysical framework for the stock market, based on which we analogously map massive numbers of single stocks into a reservoir consisting of many quantum harmonic oscillators and their stock index into a typical quantum open system-a quantum Brownian particle. In particular, the irrationality of stock transactions is quantitatively considered as the Planck constant within Heisenberg's uncertainty relationship of quantum mechanics in an analogous manner. We analyze real stock data of Shanghai Stock Exchange of China and investigate fat-tail phenomena and non-Markovian behaviors of the stock index with the assistance of the quantum Brownian motion model, thereby interpreting and studying the limitations of the classical Brownian motion model for the efficient market hypothesis from a new perspective of quantum open system dynamics.
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NASA Astrophysics Data System (ADS)
Rounaghi, Mohammad Mahdi; Abbaszadeh, Mohammad Reza; Arashi, Mohammad
2015-11-01
One of the most important topics of interest to investors is stock price changes. Investors whose goals are long term are sensitive to stock price and its changes and react to them. In this regard, we used multivariate adaptive regression splines (MARS) model and semi-parametric splines technique for predicting stock price in this study. The MARS model as a nonparametric method is an adaptive method for regression and it fits for problems with high dimensions and several variables. semi-parametric splines technique was used in this study. Smoothing splines is a nonparametric regression method. In this study, we used 40 variables (30 accounting variables and 10 economic variables) for predicting stock price using the MARS model and using semi-parametric splines technique. After investigating the models, we select 4 accounting variables (book value per share, predicted earnings per share, P/E ratio and risk) as influencing variables on predicting stock price using the MARS model. After fitting the semi-parametric splines technique, only 4 accounting variables (dividends, net EPS, EPS Forecast and P/E Ratio) were selected as variables effective in forecasting stock prices.
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17 CFR 230.136 - Definition of certain terms in relation to assessable stock.
Code of Federal Regulations, 2010 CFR
2010-04-01
... relation to assessable stock. 230.136 Section 230.136 Commodity and Securities Exchanges SECURITIES AND... certain terms in relation to assessable stock. (a) An offer, offer to sell, or offer for sale of... shall not be deemed to include the offering or sale of assessable stock, at public auction or otherwise...
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Taylor’s Law of Temporal Fluctuation Scaling in Stock Illiquidity
NASA Astrophysics Data System (ADS)
Cai, Qing; Xu, Hai-Chuan; Zhou, Wei-Xing
2016-08-01
Taylor’s law of temporal fluctuation scaling, variance ˜ a(mean)b, is ubiquitous in natural and social sciences. We report for the first time convincing evidence of a solid temporal fluctuation scaling law in stock illiquidity by investigating the mean-variance relationship of the high-frequency illiquidity of almost all stocks traded on the Shanghai Stock Exchange (SHSE) and the Shenzhen Stock Exchange (SZSE) during the period from 1999 to 2011. Taylor’s law holds for A-share markets (SZSE Main Board, SZSE Small & Mediate Enterprise Board, SZSE Second Board, and SHSE Main Board) and B-share markets (SZSE B-share and SHSE B-share). We find that the scaling exponent b is greater than 2 for the A-share markets and less than 2 for the B-share markets. We further unveil that Taylor’s law holds for stocks in 17 industry categories, in 28 industrial sectors and in 31 provinces and direct-controlled municipalities with the majority of scaling exponents b ∈ (2, 3). We also investigate the Δt-min illiquidity and find that the scaling exponent b(Δt) increases logarithmically for small Δt values and decreases fast to a stable level.
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Do stock prices drive people crazy?
Lin, Chung-Liang; Chen, Chin-Shyan; Liu, Tsai-Ching
2015-03-01
This is the first research to examine a potential relation between stock market volatility and mental disorders. Using data on daily incidences of mental disorders in Taiwan over 4000 days from 1998 through 2009 to assess the time-series relation between stock price movements and mental disorders, we observe that stock price fluctuation clearly affects the hospitalization of mental disorders. We find that during a 12-year follow-up period, a low stock price index, a daily fall in the stock price index and consecutive daily falls in the stock price index are all associated with greater of mental disorders hospitalizations. A 1000-point fall in the TAIEX (Taiwan Stock Exchange Capitalization Weighted Stock Index) increases the number of daily mental disorders hospitalizations by 4.71%. A 1% fall in the TAIEX in one single day increases daily hospitalizations for mental disorders by 0.36%. When the stock price index falls one consecutive day, it causes a daily increase of approximately 0.32% hospitalizations due to mental disorders on that day. Stock price index is found to be significant for both gender and all age groups. In addition, daily change is significant for both gender and middle-age groups, whereas accumulated change is significant for males and people aged 45-64. Stockholdings can help people accumulate wealth, but they can also increase mental disorders hospitalizations. In other words, stock price fluctuations do drive people crazy. Published by Oxford University Press in association with The London School of Hygiene and Tropical Medicine © The Author 2014; all rights reserved.
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Evaluating Kuala Lumpur stock exchange oriented bank performance with stochastic frontiers
DOE Office of Scientific and Technical Information (OSTI.GOV)
Baten, M. A.; Maznah, M. K.; Razamin, R.
Banks play an essential role in the economic development and banks need to be efficient; otherwise, they may create blockage in the process of development in any country. The efficiency of banks in Malaysia is important and should receive greater attention. This study formulated an appropriate stochastic frontier model to investigate the efficiency of banks which are traded on Kuala Lumpur Stock Exchange (KLSE) market during the period 2005–2009. All data were analyzed to obtain the maximum likelihood method to estimate the parameters of stochastic production. Unlike the earlier studies which use balance sheet and income statements data, this studymore » used market data as the input and output variables. It was observed that banks listed in KLSE exhibited a commendable overall efficiency level of 96.2% during 2005–2009 hence suggesting minimal input waste of 3.8%. Among the banks, the COMS (Cimb Group Holdings) bank is found to be highly efficient with a score of 0.9715 and BIMB (Bimb Holdings) bank is noted to have the lowest efficiency with a score of 0.9582. The results also show that Cobb-Douglas stochastic frontier model with truncated normal distributional assumption is preferable than Translog stochastic frontier model.« less
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Heterogeneous information-based artificial stock market
NASA Astrophysics Data System (ADS)
Pastore, S.; Ponta, L.; Cincotti, S.
2010-05-01
In this paper, an information-based artificial stock market is considered. The market is populated by heterogeneous agents that are seen as nodes of a sparsely connected graph. Agents trade a risky asset in exchange for cash. Besides the amount of cash and assets owned, each agent is characterized by a sentiment. Moreover, agents share their sentiments by means of interactions that are identified by the graph. Interactions are unidirectional and are supplied with heterogeneous weights. The agent's trading decision is based on sentiment and, consequently, the stock price process depends on the propagation of information among the interacting agents, on budget constraints and on market feedback. A central market maker (clearing house mechanism) determines the price process at the intersection of the demand and supply curves. Both closed- and open-market conditions are considered. The results point out the validity of the proposed model of information exchange among agents and are helpful for understanding the role of information in real markets. Under closed market conditions, the interaction among agents' sentiments yields a price process that reproduces the main stylized facts of real markets, e.g. the fat tails of the returns distributions and the clustering of volatility. Within open-market conditions, i.e. with an external cash inflow that results in asset price inflation, also the unitary root stylized fact is reproduced by the artificial stock market. Finally, the effects of model parameters on the properties of the artificial stock market are also addressed.
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Multifractal analysis of Moroccan family business stock returns
NASA Astrophysics Data System (ADS)
Lahmiri, Salim
2017-11-01
In this paper, long-range temporal correlations at different scales in Moroccan family business stock returns are investigated. For comparison purpose, presence of multifractality is also investigated in Casablanca Stock Exchange (CSE) major indices: MASI which is the all shares index and MADEX which is the index of most liquid shares. It is found that return series of both family business companies and major stock market indices show strong evidence of multifractality. In particular, empirical results reveal that short (long) fluctuations in family business stock returns are less (more) persistent (anti-persistent) than short fluctuations in market indices. In addition, both serial correlation and distribution characteristics significantly influence the strength of the multifractal spectrums of CSE and family business stocks returns. Furthermore, results from multifractal spectrum analysis suggest that family business stocks are less risky. Thus, such differences in price dynamics could be exploited by investors and forecasters in active portfolio management.
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Soccer and stock market risk: empirical evidence from the Istanbul Stock Exchange.
Berument, M Hakan; Ceylan, Nildag Basak
2013-06-01
There is an emerging but important literature on the effects of sport events such as soccer on stock market returns. After a soccer team's win, agents discount future events more favorably and increase risk tolerance. Similarly, after a loss, risk tolerance decreases. This paper directly assesses risk tolerance after a sports event by using daily data from the three major soccer teams in Turkey (Beşiktaşç Fenerbahge and Galatasaray). Results provide evidence that risk tolerance increases after a win, but similar patterns were not found after a loss.
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-08-06
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-62605; File No. SR-NASDAQ-2010-068] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Approving a Proposed Rule Change to Establish a Revenue Sharing Program With Correlix, Inc. July 30, 2010. On June 8, 2010, The NASDAQ Stock Market LLC (``NASDAQ'' or the ``Exchange'') filed wit...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-08-13
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-62663; File No. SR-NASDAQ-2010-077] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Approving a Proposed Rule Change Relating to Pricing for Direct Circuit Connections August 9, 2010. On June 21, 2010, The NASDAQ Stock Market LLC (``NASDAQ'' or the ``Exchange'') filed with the...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-05-06
...-025, The NASDAQ Stock Market LLC (``NASDAQ Exchange'') sought and received Commission approval to... requirements apply to elections of directors and were not amended. Each share of common stock has one vote,\\8...-Regulatory Organizations; Stock Clearing Corporation of Philadelphia; Notice of Filing and Immediate...
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Analysis of storm-tide impacts from Hurricane Sandy in New York
Schubert, Christopher E.; Busciolano, Ronald J.; Hearn, Paul P.; Rahav, Ami N.; Behrens, Riley; Finkelstein, Jason S.; Monti, Jack; Simonson, Amy E.
2015-07-21
Results of FEMA Hazus Program (HAZUS) flood loss analyses performed for New York counties were compared for extents of storm-tide inundation from Hurricane Sandy mapped (1) pre-storm, (2) on November 11, 2012, and (3) on February 14, 2013. The resulting depictions of estimated total building stock losses document how differing amounts of available USGS data affect the resolution and accuracy of storm-tide inundation extents. Using the most accurate results from the final (February 14, 2013) inundation extent, estimated losses range from $380 million to $5.9 billion for individual New York counties; total estimated aggregate losses are about $23 billion for all New York counties. Quality of the inundation extents used in HAZUS analyses has a substantial effect on final results. These findings can be used to inform future post-storm reconstruction planning and estimation of insurance claims.
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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... Exchange Traded Funds (``ETF''),\\3\\ Exchange Traded Vehicles (``ETV''),\\4\\ and Exchange Traded Notes (``ETN...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-11-30
... 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 and warrants (and the underlying...
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Influence of market factors on the pricing of exchange traded metals in the medium term
NASA Astrophysics Data System (ADS)
Bogdanov, S. V.; Shevelev, I. M.; Chernyi, S. A.
2017-06-01
On the basis of comparison of the influence of the stock exchange factors on the pricing of nonferrous metals for medium term with similar results for short term, it has been established that the main attention should be paid to the changes in the pricing environment on the metal market as a function of the prices of exchange traded metals. The situation on the market of energy carriers (hydrocarbons) and the European, American, and Asian stock exchanges can be based on parity and even significantly influence the variation of the metal prices. In the medium term, constructive development of metal trade should be reasonably promoted by changing the elasticity of supply with regard to prices for exchange traded metals and by applying the stock exchange factors that positively influence the pricing on commodity and stock markets.
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-12-20
... end of December 2010, it will work with the Commission to set a new target date for implementation as... new target date for implementation. The Exchange also has represented that it plans to file a proposed... made to the rules of New York Stock Exchange LLC. See SR-NYSE-2010- 79. \\6\\ See Securities Exchange Act...
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Federal Register 2010, 2011, 2012, 2013, 2014
2011-12-14
...-Regulatory Organizations; NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposed... that on November 28, 2011, The NASDAQ Stock Market LLC (``NASDAQ'' or ``Exchange'') filed with the... equities business on the NASDAQ Stock Market LLC are not subject to the fees in Rule 7003(b...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-03-14
...) Price Band.\\15\\ Trading for an NMS stock exits in a Limit State if, within 15 seconds of entering the...) Price Band and the NMS Stock is not in a Limit State. For example, assume the Lower Price Band for an NMS Stock is $9.50 and the Upper Price Band is $10.50, such NMS stock would be in a Straddle State if...
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The Science Exchange Program - A Proposal.
ERIC Educational Resources Information Center
Klausen, James
An exchange program is described in which two groups of high school science students, one from Long Island, New York, and one from upstate New York, visited each other's school districts for three days to broaden their experiences with different physical and geological surroundings. The inland group of students was exposed to marine geology and…
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26 CFR 1.1248-3 - Earnings and profits attributable to stock in complex cases.
Code of Federal Regulations, 2010 CFR
2010-04-01
... 2. (5) Share or block. In general, the computation under this paragraph shall be made separately for each share of stock sold or exchanged, except that if a group of shares constitute a block of stock the computation may be made in respect of the block. For purposes of this section, the term block of stock means a...
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26 CFR 1.1248-3 - Earnings and profits attributable to stock in complex cases.
Code of Federal Regulations, 2013 CFR
2013-04-01
... 2. (5) Share or block. In general, the computation under this paragraph shall be made separately for each share of stock sold or exchanged, except that if a group of shares constitute a block of stock the computation may be made in respect of the block. For purposes of this section, the term block of stock means a...
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26 CFR 1.1248-3 - Earnings and profits attributable to stock in complex cases.
Code of Federal Regulations, 2012 CFR
2012-04-01
... 2. (5) Share or block. In general, the computation under this paragraph shall be made separately for each share of stock sold or exchanged, except that if a group of shares constitute a block of stock the computation may be made in respect of the block. For purposes of this section, the term block of stock means a...
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26 CFR 1.1248-3 - Earnings and profits attributable to stock in complex cases.
Code of Federal Regulations, 2014 CFR
2014-04-01
... 2. (5) Share or block. In general, the computation under this paragraph shall be made separately for each share of stock sold or exchanged, except that if a group of shares constitute a block of stock the computation may be made in respect of the block. For purposes of this section, the term block of stock means a...
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26 CFR 1.1248-3 - Earnings and profits attributable to stock in complex cases.
Code of Federal Regulations, 2011 CFR
2011-04-01
... 2. (5) Share or block. In general, the computation under this paragraph shall be made separately for each share of stock sold or exchanged, except that if a group of shares constitute a block of stock the computation may be made in respect of the block. For purposes of this section, the term block of stock means a...
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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...
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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...
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Multidimensional stock network analysis: An Escoufier's RV coefficient approach
NASA Astrophysics Data System (ADS)
Lee, Gan Siew; Djauhari, Maman A.
2013-09-01
The current practice of stocks network analysis is based on the assumption that the time series of closed stock price could represent the behaviour of the each stock. This assumption leads to consider minimal spanning tree (MST) and sub-dominant ultrametric (SDU) as an indispensible tool to filter the economic information contained in the network. Recently, there is an attempt where researchers represent stock not only as a univariate time series of closed price but as a bivariate time series of closed price and volume. In this case, they developed the so-called multidimensional MST to filter the important economic information. However, in this paper, we show that their approach is only applicable for that bivariate time series only. This leads us to introduce a new methodology to construct MST where each stock is represented by a multivariate time series. An example of Malaysian stock exchange will be presented and discussed to illustrate the advantages of the method.
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Stock structure of sea otters (Enhydra lutris kenyoni) in Alaska
Gorbics, C.S.; Bodkin, James L.
2001-01-01
Sea otters in Alaska are recognized as a single subspecies (Enhydra lutris kenyoni) and currently managed as a single, interbreeding population. However, geographic and behavioral mechanisms undoubtably constrain sea otter movements on much smaller scales. This paper applies the phylogeographic method (Dizon et al. 1992) and considers distribution, population response, phenotype and genotype data to identify stocks of sea otters within Alaska. The evidence for separate stock identity is genotypic (all stocks), phenotypic (Southcentral and Southwest stocks), and geographic distribution (Southeast stock), whereas population response data are equivocal (all stocks). Differences in genotype frequencies and the presence of unique genotypes among areas indicate restricted gene flow. Genetic exchange may be limited by little or no movement across proposed stock boundaries and discontinuities in distribution at proposed stock boundaries. Skull size differences (phenotypic) between Southwest and Southcentral Alaska populations further support stock separation. Population response information was equivocal in either supporting or refuting stock identity. On the basis of this review, we suggest the following: (1) a Southeast stock extending from Dixon Entrance to Cape Yakataga; (2) a Southcentral stock extending from Cape Yakataga to Cape Douglas including Prince William Sound and Kenai peninsula coast; and (3) a Southwest stock including Alaska Peninsula coast, the Aleutians to Attu Island, Barren, Kodiak, Pribilof Islands, and Bristol Bay.
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26 CFR 1.1244(a)-1 - Loss on small business stock treated as ordinary loss.
Code of Federal Regulations, 2010 CFR
2010-04-01
... transaction treated as a sale or exchange, such as worthlessness) of section 1244 stock which would otherwise... other hand, stock purchased by an investment firm and subsequently resold does not qualify as section... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Loss on small business stock treated as ordinary...
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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...
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26 CFR 1.358-6 - Stock basis in certain triangular reorganizations.
Code of Federal Regulations, 2010 CFR
2010-04-01
... corporation on the exchange of property for the assets or stock of a target corporation in a reorganization... percentage of T stock not acquired in the transaction is determined by taking into account the fair market... aggregate basis of $60 and fair market value of $100 and no liabilities. Pursuant to a plan, P forms S with...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-04-19
... Outbound Property Transfers by Domestic Corporations; Certain Stock Distributions by Domestic Corporations... temporary regulations apply to transfers of certain property by a domestic corporation to a foreign corporation in certain nonrecognition exchanges, or to distributions of stock of certain foreign corporations...
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A wavelet analysis of scaling laws and long-memory in stock market volatility
NASA Astrophysics Data System (ADS)
Vuorenmaa, Tommi A.
2005-05-01
This paper studies the time-varying behavior of scaling laws and long-memory. This is motivated by the earlier finding that in the FX markets a single scaling factor might not always be sufficient across all relevant timescales: a different region may exist for intradaily time-scales and for larger time-scales. In specific, this paper investigates (i) if different scaling regions appear in stock market as well, (ii) if the scaling factor systematically differs from the Brownian, (iii) if the scaling factor is constant in time, and (iv) if the behavior can be explained by the heterogenuity of the players in the market and/or by intraday volatility periodicity. Wavelet method is used because it delivers a multiresolution decomposition and has excellent local adaptiviness properties. As a consequence, a wavelet-based OLS method allows for consistent estimation of long-memory. Thus issues (i)-(iv) shed light on the magnitude and behavior of a long-memory parameter, as well. The data are the 5-minute volatility series of Nokia Oyj at the Helsinki Stock Exchange around the burst of the IT-bubble. Period one represents the era of "irrational exuberance" and another the time after it. The results show that different scaling regions (i.e. multiscaling) may appear in the stock markets and not only in the FX markets, the scaling factor and the long-memory parameter are systematically different from the Brownian and they do not have to be constant in time, and that the behavior can be explained for a significant part by an intraday volatility periodicity called the New York effect. This effect was magnified by the frenzy trading of short-term speculators in the bubble period. The found stronger long-memory is also attributable to irrational exuberance.
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OCC and state of New York settle Love Canal claims
DOE Office of Scientific and Technical Information (OSTI.GOV)
NONE
Following a 14-year legal battle, the state of New York and Occidental Chemical Corporation (OCC) have entered into a consent judgement in the Love Canal litigation. The June 21, 1994 judgement, which was approved by the US District Court for the Western District of New York on July 1, 1994, requires that OCC pay the state $98 million in exchange for a release of all state claims remaining against the company.
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26 CFR 1.1242-1 - Losses on small business investment company stock.
Code of Federal Regulations, 2013 CFR
2013-04-01
... 26 Internal Revenue 11 2013-04-01 2013-04-01 false Losses on small business investment company... Losses § 1.1242-1 Losses on small business investment company stock. (a) In general. Any taxpayer who... from the sale or exchange, of the stock of a small business investment company (whether or not such...
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26 CFR 1.1242-1 - Losses on small business investment company stock.
Code of Federal Regulations, 2011 CFR
2011-04-01
... 26 Internal Revenue 11 2011-04-01 2011-04-01 false Losses on small business investment company... Losses § 1.1242-1 Losses on small business investment company stock. (a) In general. Any taxpayer who... from the sale or exchange, of the stock of a small business investment company (whether or not such...
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26 CFR 1.1242-1 - Losses on small business investment company stock.
Code of Federal Regulations, 2012 CFR
2012-04-01
... 26 Internal Revenue 11 2012-04-01 2012-04-01 false Losses on small business investment company... Losses § 1.1242-1 Losses on small business investment company stock. (a) In general. Any taxpayer who... from the sale or exchange, of the stock of a small business investment company (whether or not such...
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26 CFR 1.1242-1 - Losses on small business investment company stock.
Code of Federal Regulations, 2014 CFR
2014-04-01
... 26 Internal Revenue 11 2014-04-01 2014-04-01 false Losses on small business investment company... Losses § 1.1242-1 Losses on small business investment company stock. (a) In general. Any taxpayer who... from the sale or exchange, of the stock of a small business investment company (whether or not such...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-07-03
... DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency [OCC Charter Number 702397] Sunnyside Federal Savings and Loan Association of Irvington, Irvington, New York; Approval of Conversion... Stock Conversion Applications. If you have any questions, please call OCC Licensing Activities at (202...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-07-07
... but not in the stocks that underlie that ETF, what consequences might that have for the underlying stocks or other products? What are the potential effects on price discovery for the ETF, the underlying..., ETPs include Exchange Traded Funds (``ETF''),\\3\\ Exchange Traded Vehicles (``ETV''),\\4\\ and Exchange...
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Stochastic modeling of stock price process induced from the conjugate heat equation
NASA Astrophysics Data System (ADS)
Paeng, Seong-Hun
2015-02-01
Currency can be considered as a ruler for values of commodities. Then the price is the measured value by the ruler. We can suppose that inflation and variation of exchange rate are caused by variation of the scale of the ruler. In geometry, variation of the scale means that the metric is time-dependent. The conjugate heat equation is the modified heat equation which satisfies the heat conservation law for the time-dependent metric space. We propose a new model of stock prices by using the stochastic process whose transition probability is determined by the kernel of the conjugate heat equation. Our model of stock prices shows how the volatility term is affected by inflation and exchange rate. This model modifies the Black-Scholes equation in light of inflation and exchange rate.
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NASA Astrophysics Data System (ADS)
Xiaowen, Song
Under the research framework of internal control disclosure and combined the current economic situation, the paper empirically analyzes the relationship between corporate characteristics and internal control information disclosure. The paper selects 647 A share companies listed in Shenzhen Stock Exchanges in 2009 as a sample. The results show: (1) the companies with excellent performance and high liquidity tend to disclose more internal control information; (2) the companies with the high leverage and also issued B shares are not willing to disclosure internal control information; (3) the companies sizes and companies which have hired Four-big accounting firms have no significant effects on internal control disclosure.
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Risk assessment and stock market volatility in the Eurozone: 1986-2014
NASA Astrophysics Data System (ADS)
Menezes, Rui; Oliveira, Álvaro
2015-04-01
This paper studies the stock market return's volatility in the Eurozone as an input for evaluating the market risk. Stock market returns are endogenously determined by long-term interest rate changes and so is the return's conditional variance. The conditional variance is the time-dependent variance of the underlying variable. In other words, it is the variance of the returns measured at each moment t, so it changes through time depending on the specific market structure at each time observation. Thus, a multivariate EGARCH model is proposed to capture the complex nature of this network. By network, in this context, we mean the chain of stock exchanges that co-move and interact in such a way that a shock in one of them propagates up to the other ones (contagion). Previous studies provide evidence that the Eurozone stock exchanges are deeply integrated. The results indicate that asymmetry and leverage effects exist along with fat tails and endogeneity. In-sample and out-of-sample forecasting tests provide clear evidence that the multivariate EGARCH model performs better than the univariate counterpart to predict the behavior of returns both before and after the 2008 crisis.
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Development of stock correlation networks using mutual information and financial big data.
Guo, Xue; Zhang, Hu; Tian, Tianhai
2018-01-01
Stock correlation networks use stock price data to explore the relationship between different stocks listed in the stock market. Currently this relationship is dominantly measured by the Pearson correlation coefficient. However, financial data suggest that nonlinear relationships may exist in the stock prices of different shares. To address this issue, this work uses mutual information to characterize the nonlinear relationship between stocks. Using 280 stocks traded at the Shanghai Stocks Exchange in China during the period of 2014-2016, we first compare the effectiveness of the correlation coefficient and mutual information for measuring stock relationships. Based on these two measures, we then develop two stock networks using the Minimum Spanning Tree method and study the topological properties of these networks, including degree, path length and the power-law distribution. The relationship network based on mutual information has a better distribution of the degree and larger value of the power-law distribution than those using the correlation coefficient. Numerical results show that mutual information is a more effective approach than the correlation coefficient to measure the stock relationship in a stock market that may undergo large fluctuations of stock prices.
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Development of stock correlation networks using mutual information and financial big data
Guo, Xue; Zhang, Hu
2018-01-01
Stock correlation networks use stock price data to explore the relationship between different stocks listed in the stock market. Currently this relationship is dominantly measured by the Pearson correlation coefficient. However, financial data suggest that nonlinear relationships may exist in the stock prices of different shares. To address this issue, this work uses mutual information to characterize the nonlinear relationship between stocks. Using 280 stocks traded at the Shanghai Stocks Exchange in China during the period of 2014-2016, we first compare the effectiveness of the correlation coefficient and mutual information for measuring stock relationships. Based on these two measures, we then develop two stock networks using the Minimum Spanning Tree method and study the topological properties of these networks, including degree, path length and the power-law distribution. The relationship network based on mutual information has a better distribution of the degree and larger value of the power-law distribution than those using the correlation coefficient. Numerical results show that mutual information is a more effective approach than the correlation coefficient to measure the stock relationship in a stock market that may undergo large fluctuations of stock prices. PMID:29668715
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77 FR 3810 - New York Life Insurance and Annuity Corporation, et al., Notice of Application
Federal Register 2010, 2011, 2012, 2013, 2014
2012-01-25
... SECURITIES AND EXCHANGE COMMISSION [Release No. IC-29923; File No. 812-13902] New York Life... Act from Section 17(a) of the 1940 Act. Applicants: New York Life Insurance and Annuity Corporation... Annuity Separate Account--IV (``VA IV''), NYLIAC Variable Universal Life Separate Account--I (``VUL I...
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Statistical properties and pre-hit dynamics of price limit hits in the Chinese stock markets.
Wan, Yu-Lei; Xie, Wen-Jie; Gu, Gao-Feng; Jiang, Zhi-Qiang; Chen, Wei; Xiong, Xiong; Zhang, Wei; Zhou, Wei-Xing
2015-01-01
Price limit trading rules are adopted in some stock markets (especially emerging markets) trying to cool off traders' short-term trading mania on individual stocks and increase market efficiency. Under such a microstructure, stocks may hit their up-limits and down-limits from time to time. However, the behaviors of price limit hits are not well studied partially due to the fact that main stock markets such as the US markets and most European markets do not set price limits. Here, we perform detailed analyses of the high-frequency data of all A-share common stocks traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2000 to 2011 to investigate the statistical properties of price limit hits and the dynamical evolution of several important financial variables before stock price hits its limits. We compare the properties of up-limit hits and down-limit hits. We also divide the whole period into three bullish periods and three bearish periods to unveil possible differences during bullish and bearish market states. To uncover the impacts of stock capitalization on price limit hits, we partition all stocks into six portfolios according to their capitalizations on different trading days. We find that the price limit trading rule has a cooling-off effect (object to the magnet effect), indicating that the rule takes effect in the Chinese stock markets. We find that price continuation is much more likely to occur than price reversal on the next trading day after a limit-hitting day, especially for down-limit hits, which has potential practical values for market practitioners.
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NYSDOT research peer exchange : creating an effective SPR research program.
DOT National Transportation Integrated Search
2016-09-01
This following report summarizes the results of the New York State Department of : Transportation (NYSDOT) State Planning and Research (SPR) research peer exchange held in : Albany, New York, on September 23-24, 2015. Managers and staff from NYSDOT...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-03-29
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-69233; File No. SR-NASDAQ-2013-028] Self... NASDAQ Stock Market LLC (``Exchange'' or ``NASDAQ'') filed with the Securities and Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \\1\\ and Rule 19b...
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NASA Astrophysics Data System (ADS)
Roberts, Peter M.
The purpose of this study was to examine white noise effects of U.S. crude oil spot prices on the stock prices of a green energy company. Epistemological, Phenomenological, Axiological and Ontological assumptions of Green Energy Management (GEM) Theory were utilized for selecting Air Products and Chemicals Inc. (APD) as the case study. Exxon Mobil (XOM) was used as a control for triangulation purposes. The period of time examined was between January of 1999 and December of 2008. Monthly stock prices for APD and XOM for the ten year period of time were collected from the New York Stock Exchange. Monthly U.S. crude oil spot prices for the ten year period of time were collected from the US Energy Information Administration. The data was entered into SPSS 17.0 software in order to conduct cross-correlation analysis. The six cross-correlation assumptions were satisfied in order to conduct a Cross-correlation Mirror Test (CCMT). The CCMT established the lag time direction and verified that U.S. crude oil spot prices serve as white noise for stock prices of APD and XOM. The Theory of Relative Weakness was employed in order to analyze the results. A 2 year period of time between December, 2006 and December, 2008 was examined. The correlation coefficient r = - .155 indicates that U.S. crude oil spot prices lead APD stock prices by 4 months. During the same 2 year period of time, U.S. crude oil spot prices lead XOM stock prices by 4 months at r = -.283. XOM stock prices and APD stock prices were positively correlated with 0 lag in time with a positive r = .566. The 4 month cycle was an exact match between APD stock prices, XOM stock prices and U.S. crude oil spot prices. The 4 month cycle was due to the random price fluctuation of U.S. crude oil spot prices that obscured the true stock prices of APD and XOM for the 2 year period of time.
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Measuring information interactions on the ordinal pattern of stock time series
NASA Astrophysics Data System (ADS)
Zhao, Xiaojun; Shang, Pengjian; Wang, Jing
2013-02-01
The interactions among time series as individual components of complex systems can be quantified by measuring to what extent they exchange information among each other. In many applications, one focuses not on the original series but on its ordinal pattern. In such cases, trivial noises appear more likely to be filtered and the abrupt influence of extreme values can be weakened. Cross-sample entropy and inner composition alignment have been introduced as prominent methods to estimate the information interactions of complex systems. In this paper, we modify both methods to detect the interactions among the ordinal pattern of stock return and volatility series, and we try to uncover the information exchanges across sectors in Chinese stock markets.
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-05-04
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-66880; File No. SR-ISE-2012-16] Self-Regulatory Organizations; International Securities Exchange, LLC; Order Approving a Proposed Rule Change Relating to Procedures for Executing the Stock Leg(s) of Stock-Option Orders April 30, 2012. I. Introduction On February 29, 2012, the International...
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Artificial Neural Network versus Linear Models Forecasting Doha Stock Market
NASA Astrophysics Data System (ADS)
Yousif, Adil; Elfaki, Faiz
2017-12-01
The purpose of this study is to determine the instability of Doha stock market and develop forecasting models. Linear time series models are used and compared with a nonlinear Artificial Neural Network (ANN) namely Multilayer Perceptron (MLP) Technique. It aims to establish the best useful model based on daily and monthly data which are collected from Qatar exchange for the period starting from January 2007 to January 2015. Proposed models are for the general index of Qatar stock exchange and also for the usages in other several sectors. With the help of these models, Doha stock market index and other various sectors were predicted. The study was conducted by using various time series techniques to study and analyze data trend in producing appropriate results. After applying several models, such as: Quadratic trend model, double exponential smoothing model, and ARIMA, it was concluded that ARIMA (2,2) was the most suitable linear model for the daily general index. However, ANN model was found to be more accurate than time series models.
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-07-08
... US (``NYSE Alternext,'' formerly the American Stock Exchange); and (C) the NASDAQ Stock Market... fees charged by other market centers. (iii) Routing Charges The Exchange proposes to charge the routing... administrative costs. Destination-specific fees are also based, in part, on fees charged by other market centers...
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Empirical behavior of a world stock index from intra-day to monthly time scales
NASA Astrophysics Data System (ADS)
Breymann, W.; Lüthi, D. R.; Platen, E.
2009-10-01
Most of the papers that study the distributional and fractal properties of financial instruments focus on stock prices or foreign exchange rates. This typically leads to mixed results concerning the distributions of log-returns and some multi-fractal properties of exchange rates, stock prices, and regional indices. This paper uses a well diversified world stock index as the central object of analysis. Such index approximates the growth optimal portfolio, which is demonstrated under the benchmark approach, it is the ideal reference unit for studying basic securities. When denominating this world index in units of a given currency, one measures the movements of the currency against the entire market. This provides a least disturbed observation of the currency dynamics. In this manner, one can expect to disentangle, e.g., the superposition of the two currencies involved in an exchange rate. This benchmark approach to the empirical analysis of financial data allows us to establish remarkable stylized facts. Most important is the observation that the repeatedly documented multi-fractal appearance of financial time series is very weak and much less pronounced than the deviation of the mono-scaling properties from Brownian-motion type scaling. The generalized Hurst exponent H(2) assumes typical values between 0.55 and 0.6. Accordingly, autocorrelations of log-returns decay according to a power law, and the quadratic variation vanishes when going to vanishing observation time step size. Furthermore, one can identify the Student t distribution as the log-return distribution of a well-diversified world stock index for long time horizons when a long enough data series is used for estimation. The study of dependence properties, finally, reveals that jumps at daily horizon originate primarily in the stock market while at 5min horizon they originate in the foreign exchange market. The principal message of the empirical analysis is that there is evidence that a diffusion model
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NYSDOT Research peer exchange, June 25-26, 2008.
DOT National Transportation Integrated Search
2008-06-01
The following report summarizes the results of a peer exchange held in Albany, New York, on : June 25-26, 2008. This peer exchange was hosted by the Research and Development Bureau of : the Engineering Division and the Research and Policy Studies Sec...
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17 CFR 240.15g-6 - Account statements for penny stock customers.
Code of Federal Regulations, 2011 CFR
2011-04-01
... 17 Commodity and Securities Exchanges 3 2011-04-01 2011-04-01 false Account statements for penny... § 240.15g-6 Account statements for penny stock customers. (a) Requirement. It shall be unlawful for any... pursuant to 17 CFR 240.15g-1, of any security that is a penny stock on the last trading day of any calendar...
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17 CFR 240.15g-6 - Account statements for penny stock customers.
Code of Federal Regulations, 2014 CFR
2014-04-01
... 17 Commodity and Securities Exchanges 4 2014-04-01 2014-04-01 false Account statements for penny... § 240.15g-6 Account statements for penny stock customers. (a) Requirement. It shall be unlawful for any... pursuant to 17 CFR 240.15g-1, of any security that is a penny stock on the last trading day of any calendar...
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17 CFR 240.15g-6 - Account statements for penny stock customers.
Code of Federal Regulations, 2012 CFR
2012-04-01
... 17 Commodity and Securities Exchanges 3 2012-04-01 2012-04-01 false Account statements for penny... § 240.15g-6 Account statements for penny stock customers. (a) Requirement. It shall be unlawful for any... pursuant to 17 CFR 240.15g-1, of any security that is a penny stock on the last trading day of any calendar...
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17 CFR 240.15g-6 - Account statements for penny stock customers.
Code of Federal Regulations, 2013 CFR
2013-04-01
... 17 Commodity and Securities Exchanges 3 2013-04-01 2013-04-01 false Account statements for penny... § 240.15g-6 Account statements for penny stock customers. (a) Requirement. It shall be unlawful for any... pursuant to 17 CFR 240.15g-1, of any security that is a penny stock on the last trading day of any calendar...
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NASA Astrophysics Data System (ADS)
Pohl, Madlen; Hagemann, Ulrike; Hoffmann, Mathias; Giebels, Michael; Albiac-Borraz, Elisa; Sommer, Michael; Augustin, Jürgen
2014-05-01
Due to its glacially influenced genesis and land use history, the soils of the Great Plain Region of NE-Germany show large differences in groundwater levels and soil carbon (C) stocks over short distances. Although generally featuring a rather dry climate, trace gas exchange at individual sites may be influenced by i) interannual climatic variability, particularly with respect to precipitation; as well as by ii) variability of soil C stocks. However, it is still unclear how these factors affect fluxes of CO2 and CH4, and if there is any positive or negative feedback on the C source or sink function of different soil types. We present measured and modeled CO2 and CH4 fluxes of minerally fertilized grain maize for three sites located near Paulinenaue, within the so-called Rhin-Havelluch, a shallow and drained paludification mire complex in NE Germany. The sites are characterized by a distinct gradient of 0-1 m soil organic C stocks: i) Arenosol (AR: mineral soil/distant groundwater; 8 000 g C m-2), ii) Gleysol (GL: organic soil/groundwater-dependent; 35 000 g C m-2), and iii) Histosol (HS: organic soil/near groundwater; 45 000 g C m-2). CO2 flux measurements of ecosystem respiration (Reco), net ecosystem exchange (NEE) and gross primary production (GPP; calculated as difference between NEE and Reco) were conducted every four weeks using a flow-through non-steady-state closed chamber system. Measurement gaps of Reco and NEE were filled by using temperature or radiation-based models, respectively. CH4 fluxes were measured bi-weekly using a static closed chamber system with interval sampling, with gap filling via linear interpolation. Cumulated fluxes of CO2-C (Reco, GPP, NEE) and CH4-C were calculated for a period of four consecutive years (2007-2010). The intensity of CO2-C fluxes increased with growing soil organic C stocks (AR < GL < HS). Mean annual values of the years 2008-2010 for Reco ranged between 1 500 g C m-2 and 2 000 g C m-2; annual GPP fluxes ranged from
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Investor Behavior and Flow-through Capability in the US Stock Market.
Cano, Carlos; Jareño, Francisco; Tolentino, Marta
2016-01-01
This paper analyzes investor behavior depending on the flow-through capability (FTC) in the US stock market, because investors seek protection from inflation rate changes, and the FTC (a firm's ability to transmit inflation shocks to the prices of its products and services) is a key factor in investment decisions. Our estimates of the FTC of firms listed on the US stock exchange at the sector level are significantly different among industries, and we demonstrate a direct relationship between changes in stock prices (at the sector level) and FTC. These results would be relevant because they have important implications on investor behavior.
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-04-12
... Organizations; C2 Options Exchange, Incorporated; Order Approving a Proposed Rule Change Relating To Stock-Option Orders April 6, 2012. I. Introduction On February 7, 2012, the C2 Options Exchange, Incorporated...'s procedures for electronically executing stock-option orders. The proposed rule change was...
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Thiamine content and thiaminase activity of ten freshwater stocks and one marine stock of alewives
Fitzsimons, J.D.; Williston, B.; Zajicek, J.L.; Tillitt, D.E.; Brown, S.B.; Brown, L.R.; Honeyfield, D.C.; Warner, D.M.; Rudstam, L. G.; Pearsall, W.
2005-01-01
Alewives Alosa pseudoharengus contain thiaminase activity that has been implicated in the development of a thiamine deficiency and associated effects in salmonines of the Great Lakes basin. Little is known about the factors that regulate thiaminase activity in alewives. We sampled alewives of uniform size (60-120 mm) during the summer of 1998 from the Gulf of St. Lawrence, seven of New York's Finger Lakes, one inland lake in Ontario, and two Great Lakes to assess possible relationships among thiamine, lipid content, fish abundance, lake morphometry, lake productivity, freshwater residency, and thiaminase activity. Thiaminase activity varied significantly among the 11 locations but was unrelated to thiamine concentration, which did not vary significantly. Alewife thiaminase activity in the Finger Lakes was negatively related to lipid content and positively related to measures of lake size (e.g., area, volume, and maximum depth). Activity in the one marine stock sampled in the Gulf of St. Lawrence was comparable to the highest values observed in the 10 freshwater stocks examined. Variation in alewife thiaminase activity has the potential to affect the extent of a thiamine deficiency associated with salmonines who feed on alewives as well as the viability of their offspring.
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Statistical Properties and Pre-Hit Dynamics of Price Limit Hits in the Chinese Stock Markets
Wan, Yu-Lei; Xie, Wen-Jie; Gu, Gao-Feng; Jiang, Zhi-Qiang; Chen, Wei; Xiong, Xiong; Zhang, Wei; Zhou, Wei-Xing
2015-01-01
Price limit trading rules are adopted in some stock markets (especially emerging markets) trying to cool off traders’ short-term trading mania on individual stocks and increase market efficiency. Under such a microstructure, stocks may hit their up-limits and down-limits from time to time. However, the behaviors of price limit hits are not well studied partially due to the fact that main stock markets such as the US markets and most European markets do not set price limits. Here, we perform detailed analyses of the high-frequency data of all A-share common stocks traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2000 to 2011 to investigate the statistical properties of price limit hits and the dynamical evolution of several important financial variables before stock price hits its limits. We compare the properties of up-limit hits and down-limit hits. We also divide the whole period into three bullish periods and three bearish periods to unveil possible differences during bullish and bearish market states. To uncover the impacts of stock capitalization on price limit hits, we partition all stocks into six portfolios according to their capitalizations on different trading days. We find that the price limit trading rule has a cooling-off effect (object to the magnet effect), indicating that the rule takes effect in the Chinese stock markets. We find that price continuation is much more likely to occur than price reversal on the next trading day after a limit-hitting day, especially for down-limit hits, which has potential practical values for market practitioners. PMID:25874716
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State-Space Estimation of Soil Organic Carbon Stock
NASA Astrophysics Data System (ADS)
Ogunwole, Joshua O.; Timm, Luis C.; Obidike-Ugwu, Evelyn O.; Gabriels, Donald M.
2014-04-01
Understanding soil spatial variability and identifying soil parameters most determinant to soil organic carbon stock is pivotal to precision in ecological modelling, prediction, estimation and management of soil within a landscape. This study investigates and describes field soil variability and its structural pattern for agricultural management decisions. The main aim was to relate variation in soil organic carbon stock to soil properties and to estimate soil organic carbon stock from the soil properties. A transect sampling of 100 points at 3 m intervals was carried out. Soils were sampled and analyzed for soil organic carbon and other selected soil properties along with determination of dry aggregate and water-stable aggregate fractions. Principal component analysis, geostatistics, and state-space analysis were conducted on the analyzed soil properties. The first three principal components explained 53.2% of the total variation; Principal Component 1 was dominated by soil exchange complex and dry sieved macroaggregates clusters. Exponential semivariogram model described the structure of soil organic carbon stock with a strong dependence indicating that soil organic carbon values were correlated up to 10.8m.Neighbouring values of soil organic carbon stock, all waterstable aggregate fractions, and dithionite and pyrophosphate iron gave reliable estimate of soil organic carbon stock by state-space.
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Monte Carlo Simulation of Microscopic Stock Market Models
NASA Astrophysics Data System (ADS)
Stauffer, Dietrich
Computer simulations with random numbers, that is, Monte Carlo methods, have been considerably applied in recent years to model the fluctuations of stock market or currency exchange rates. Here we concentrate on the percolation model of Cont and Bouchaud, to simulate, not to predict, the market behavior.
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-11-12
... Terms of Substance of the Proposed Rule Change The Exchange proposes to adopt a CBOE Stock Exchange, LLC... Basis for, the Proposed Rule Change 1. Purpose CBSX is a stock execution facility of CBOE. Therefore...-fraud and anti- manipulation. The proposed requirement that all CBSX Trading Permit Holders be members...
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A wave function for stock market returns
NASA Astrophysics Data System (ADS)
Ataullah, Ali; Davidson, Ian; Tippett, Mark
2009-02-01
The instantaneous return on the Financial Times-Stock Exchange (FTSE) All Share Index is viewed as a frictionless particle moving in a one-dimensional square well but where there is a non-trivial probability of the particle tunneling into the well’s retaining walls. Our analysis demonstrates how the complementarity principle from quantum mechanics applies to stock market prices and of how the wave function presented by it leads to a probability density which exhibits strong compatibility with returns earned on the FTSE All Share Index. In particular, our analysis shows that the probability density for stock market returns is highly leptokurtic with slight (though not significant) negative skewness. Moreover, the moments of the probability density determined under the complementarity principle employed here are all convergent - in contrast to many of the probability density functions on which the received theory of finance is based.
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Persistence Probability Analyzed on the Taiwan STOCK Market
NASA Astrophysics Data System (ADS)
Chen, I.-Chun; Chen, Hung-Jung; Tseng, Hsen-Che
We report a numerical study of the Taiwan stock market, in which we used three data sources: the daily Taiwan stock exchange index (TAIEX) from January 1983 to May 2006, the daily OTC index from January 1995 to May 2006, and the one-min intraday data from February 2000 to December 2003. Our study is based on numerical estimates of persistence exponent θp, Hurst exponent H2, and fluctuation exponent h2. We also discuss the results concerning persistence probability P(t), qth-order price-price correlation function Gq(t), and qth-order normalized fluctuation function fq(t) among these indices.
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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...
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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...
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Price and Volume Dynamics in the Japanese Stock Market
NASA Astrophysics Data System (ADS)
Yamashita, Hirofumi; Takayasu, Hideki; Takayasu, Misako
We investigated data of stocks listed on Tokyo Stock Exchange. Although the data we used contains limited number of limit orders around the best prices in the ask and bid sides, we could confirm some issues of the layered structure which is similar to that in FX markets. We show time series of a market impact index, which is made using high correlation between dynamics of price and volume of limit orders. In the last section, we remark differences in our observations comparing with the FX market case.
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-10-12
...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of... hereby given that on September 27, 2012, The NASDAQ Stock Market LLC (``NASDAQ'' or the ``Exchange... uniform registration form changes; (2) electronic fingerprint processing; (3) Web EFT TM , which allows...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-10-22
...-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Approving a Proposed Rule Change To Assume... Authority and Supervision September 30, 2013. On July 31, 2013, The NASDAQ Stock Market LLC (``NASDAQ'' or...) Manipulation patterns that monitor solely NASDAQ activity, including patterns that monitor the Exchange's...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-09-27
...-Regulatory Organizations; the NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of... is hereby given that on September 9, 2013, The NASDAQ Stock Market LLC (``NASDAQ'' or the ``Exchange.../or Professional liquidity based on increasing percentages of total industry customer equity and ETF...
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The Story of Foreign Trade and Exchange.
ERIC Educational Resources Information Center
Fan, Cedric
This comic-style booklet is one of a series of educational booklets published by the Federal Reserve Bank of New York. The booklet uses everyday language and lively illustrations to explain the benefits of international trade; the effects of tariffs and quotas; the significance of foreign exchange rates; how the foreign exchange market facilities…
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Global stocks of selected mineral-based commodities
Wilburn, David R.; Bleiwas, Donald I.; Karl, Nick A.
2016-12-05
IntroductionThe U.S. Geological Survey, National Minerals Information Center, analyzes mineral and metal supply chains by identifying and describing major components of mineral and material flows from ore extraction, through intermediate forms, to a final product. This report focuses on an important component of the world’s supply chain: the amounts and global distribution of major consumer, producer, and exchange stocks of selected mineral commodities. In this report, the term “stock” is used instead of “inventory” and refers to accumulations of mined ore, intermediate products, and refined mineral-based commodities that are in a form that meets the agreed-upon specifications of a buyer or processor of intermediate products. These may include certain ores such as bauxite, concentrates, smelter products, and refined metals. Materials sometimes referred to as inventory for accounting purposes, such as ore contained in a deposit or in a leach pile, or materials that need to be further processed before they can be shipped to a consumer, are not considered. Stocks may be held (owned) by consumers, governments, investors, producers, and traders. They may serve as (1) a means to achieve economic, social, and strategic goals through government policies; (2) a secure source of supply to meet demand and to mitigate potential shortages in the supply chain; (3) a hedge to mitigate price volatility; and (4) vehicles for speculative investment.The paucity and uneven reliability of data for stocks of ores and concentrates and for material held by producers, consumers, and merchants hinder the accurate estimating of the size and distribution of this portion of the supply chain for certain commodities. This paper reviews the more visible stocks held in commodity exchange warehouses distributed throughout the world.
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Investor Behavior and Flow-through Capability in the US Stock Market
Cano, Carlos; Jareño, Francisco; Tolentino, Marta
2016-01-01
This paper analyzes investor behavior depending on the flow-through capability (FTC) in the US stock market, because investors seek protection from inflation rate changes, and the FTC (a firm's ability to transmit inflation shocks to the prices of its products and services) is a key factor in investment decisions. Our estimates of the FTC of firms listed on the US stock exchange at the sector level are significantly different among industries, and we demonstrate a direct relationship between changes in stock prices (at the sector level) and FTC. These results would be relevant because they have important implications on investor behavior. PMID:27242585
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-05-10
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-69521; File No. SR-NASDAQ-2013-071] Self... Proposed Rule Change To Amend NASDAQ Rule 4763 May 6, 2013. Pursuant to Section 19(b)(1) of the Securities..., 2013, The NASDAQ Stock Market LLC (``NASDAQ'' or ``Exchange'') filed with the Securities and Exchange...
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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...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-08-29
...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Eliminate Market Maker Pre-Opening Obligations on NOM August 23, 2012. Pursuant to... is hereby given that on August 10, 2012, The NASDAQ Stock Market LLC (``NASDAQ'' or ``Exchange...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-06-05
...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of... is hereby given that on May 22, 2012, The NASDAQ Stock Market LLC (``NASDAQ'' or ``Exchange'') filed... Order Fee,\\3\\ aimed at reducing inefficient order entry practices of certain market participants that...
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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...
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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...
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NASA Astrophysics Data System (ADS)
Bashir, Usman; Yu, Yugang; Hussain, Muntazir; Zebende, Gilney F.
2016-11-01
This paper investigates the dynamics of the relationship between foreign exchange markets and stock markets through time varying co-movements. In this sense, we analyzed the time series monthly of Latin American countries for the period from 1991 to 2015. Furthermore, we apply Granger causality to verify the direction of causality between foreign exchange and stock market and detrended cross-correlation approach (ρDCCA) for any co-movements at different time scales. Our empirical results suggest a positive cross correlation between exchange rate and stock price for all Latin American countries. The findings reveal two clear patterns of correlation. First, Brazil and Argentina have positive correlation in both short and long time frames. Second, the remaining countries are negatively correlated in shorter time scale, gradually moving to positive. This paper contributes to the field in three ways. First, we verified the co-movements of exchange rate and stock prices that were rarely discussed in previous empirical studies. Second, ρDCCA coefficient is a robust and powerful methodology to measure the cross correlation when dealing with non stationarity of time series. Third, most of the studies employed one or two time scales using co-integration and vector autoregressive approaches. Not much is known about the co-movements at varying time scales between foreign exchange and stock markets. ρDCCA coefficient facilitates the understanding of its explanatory depth.
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ERIC Educational Resources Information Center
Mei, Dolores M.; And Others
The Young Diplomats Program: Israeli School-to-School Exchange, sponsored by the New York City Board of Education and the United States Information Agency, was an international exchange involving 15 American and 15 Israeli high school students. Students from five specialized New York and five specialized Israeli high schools participated.…
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Heft Lemisphere: Exchanges Predominate in Segmental Speech Errors
ERIC Educational Resources Information Center
Nooteboom, Sieb G.; Quene, Hugo
2013-01-01
In most collections of segmental speech errors, exchanges are less frequent than anticipations and perseverations. However, it has been suggested that in inner speech exchanges might be more frequent than either anticipations or perseverations, because many half-way repaired errors (Yew...uhh...New York) are classified as repaired anticipations,…
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-07-07
... there are trading pauses in an ETF but not in the stocks that underlie that ETF, what consequences might... discovery for the ETF, the underlying stocks and other products? Are there other market-based... filing, ETPs include Exchange Traded Funds (``ETF''),\\3\\ Exchange Traded Vehicles (``ETV''),\\4\\ and...
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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...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-05-17
...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Remove Pilot Restrictions From NASDAQ's Qualified Market Maker and NBBO Setter...\\ thereunder, notice is hereby given that on May 1, 2013, The NASDAQ Stock Market LLC (``NASDAQ'' or ``Exchange...
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-07-25
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-67468; File No. SR-NASDAQ-2012-062] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Approving a Proposed Rule Change To Modify Its Corporate Governance Rules July 19, 2012. I. Introduction On May 17, 2012, The NASDAQ Stock Market LLC...
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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...
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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...
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Fuzzy time-series based on Fibonacci sequence for stock price forecasting
NASA Astrophysics Data System (ADS)
Chen, Tai-Liang; Cheng, Ching-Hsue; Jong Teoh, Hia
2007-07-01
Time-series models have been utilized to make reasonably accurate predictions in the areas of stock price movements, academic enrollments, weather, etc. For promoting the forecasting performance of fuzzy time-series models, this paper proposes a new model, which incorporates the concept of the Fibonacci sequence, the framework of Song and Chissom's model and the weighted method of Yu's model. This paper employs a 5-year period TSMC (Taiwan Semiconductor Manufacturing Company) stock price data and a 13-year period of TAIEX (Taiwan Stock Exchange Capitalization Weighted Stock Index) stock index data as experimental datasets. By comparing our forecasting performances with Chen's (Forecasting enrollments based on fuzzy time-series. Fuzzy Sets Syst. 81 (1996) 311-319), Yu's (Weighted fuzzy time-series models for TAIEX forecasting. Physica A 349 (2004) 609-624) and Huarng's (The application of neural networks to forecast fuzzy time series. Physica A 336 (2006) 481-491) models, we conclude that the proposed model surpasses in accuracy these conventional fuzzy time-series models.
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26 CFR 1.341-7 - Certain sales of stock of consenting corporations.
Code of Federal Regulations, 2010 CFR
2010-04-01
... section 341(f)(1) and (5)— (i) The term sale means a sale of exchange of stock at a gain, but only if such gain would be recognized as long-term capital gain were section 341 not a part of the Code. Thus, a... no gain on the transaction, or if the sale or exchange gives rise to ordinary income under a...
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26 CFR 1.341-7 - Certain sales of stock of consenting corporations.
Code of Federal Regulations, 2011 CFR
2011-04-01
... section 341(f)(1) and (5)— (i) The term sale means a sale of exchange of stock at a gain, but only if such gain would be recognized as long-term capital gain were section 341 not a part of the Code. Thus, a... no gain on the transaction, or if the sale or exchange gives rise to ordinary income under a...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-07-05
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-69892] Order Exempting Market Makers Participating in NASDAQ Stock Market LLC's Market Quality Program From Section 11(d)(1) of the Securities Exchange Act of 1934 and Rule 11d1-2 Thereunder June 28, 2013. On March 13, 2013, the Securities and Exchange Commission (``Commission'') approved a...
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Stock volatility and stroke mortality in a Chinese population.
Zhang, Yuhao; Wang, Xin; Xu, Xiaohui; Chen, Renjie; Kan, Haidong
2013-09-01
This work was done to study the relationship between stock volatility and stroke mortality in Shanghai, China. Daily stroke death numbers and stock performance data from 1 January 2006 to 31 December 2008 in Shanghai were collected from the Shanghai Center for Disease Control and Prevention and Shanghai Stock Exchange (SSE), respectively. Data were analysed with overdispersed generalized linear Poisson models, controlling for long-term and seasonal trends of stroke mortality and weather conditions with natural smooth functions, as well as Index closing value, air pollution levels and day of the week. We observed a U-shaped relationship between the Index change and stroke deaths: both rising and falling of the Index were associated with more deaths, and the fewest deaths coincided with little or no change of the Index. We also examined the absolute daily change of the Index in relation to stroke deaths: each 100-point Index change corresponded to 3.22% [95% confidence interval (CI) 0.45-5.49] increase of stroke deaths. We found that stroke deaths fluctuated with daily stock changes in Shanghai, suggesting that stock volatility may adversely affect cerebrovascular health.
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Evaluating pollination deficits in pumpkin production in New York.
Petersen, J D; Huseth, A S; Nault, B A
2014-10-01
Potential decreases in crop yield from reductions in bee-mediated pollination services threaten food production demands of a growing population. Many fruit and vegetable growers supplement their fields with bee colonies during crop bloom. The extent to which crop production requires supplementary pollination services beyond those provided by wild bees is not well documented. Pumpkin, Cucurbita pepo L., requires bee-mediated pollination for fruit development. Previous research identified the common eastern bumble bee, Bombus impatiens (Cresson), as the most efficient pumpkin pollinator. Two concomitant studies were conducted to examine pollination deficits in New York pumpkin fields from 2011 to 2013. In the first study, fruit weight, seed set, and B. impatiens visits to pumpkin flowers were compared across fields supplemented with B. impatiens colonies at a recommended stocking density of five colonies per hectare, a high density of 15 colonies per hectare, or not supplemented with bees. In the second study, fruit weight and seed set of pumpkins that received supplemental pollen through hand-pollination were compared with those that were open-pollinated by wild bees. Results indicated that supplementing pumpkin fields with B. impatiens colonies, regardless of stocking density, did not increase fruit weight, seed set, or B. impatiens visits to pumpkin flowers. Fruit weight and seed set did not differ between hand- and open-pollinated treatments. In general, we conclude that pumpkin production in central New York is not limited by inadequate pollination services provided by wild bees and that on average, supplementation with B. impatiens colonies did not improve pumpkin yield.
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Coffin, P O; Linas, B P; Factor, S H; Vlahov, D
2000-12-01
In May 2000, New York State passed legislation permitting the sale, purchase, and possession of up to 10 needles and syringes (hereafter "syringes") without a prescription, intended to reduce blood-borne pathogen transmission among injection drug users (IDUs). To obtain baseline data on pharmacists' attitudes and practices related to human immunodeficiency virus (HIV) prevention and IDUs, a telephone survey was administered to 130 pharmacists systematically selected in New York City. Less than half of pharmacists were aware of the new law; 49.6% were willing to or supported providing nonprescription sales of syringes to IDUs. Pharmacists in support tended to be less likely to consider customer appearance "very important." Managing and supervising pharmacists were more likely than staff pharmacists to support syringe sales to IDUs. Managing and supervising pharmacists who stocked packs of 10 syringes and personal sharps disposal containers, pharmacists who supported syringe exchange in the pharmacy, and pharmacists who were willing to sell syringes to diabetics without a prescription were more likely to support syringe sales to IDUs. Syringe disposal was a prominent concern among all pharmacists. Those not in support of syringe sales to IDUs tended to be more likely to believe the practice would increase drug use. These data suggest the need for initiatives to address concerns about syringe disposal and tailored continuing education classes for pharmacists on HIV and viral hepatitis prevention among IDUs.
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-08-14
... market center. LIST is a routing strategy that is used by firms that wish for their orders to participate...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of a... hereby given that on August 5, 2013, The NASDAQ Stock Market LLC (``NASDAQ'' or ``Exchange'') filed with...
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Federal Register 2010, 2011, 2012, 2013, 2014
2010-07-07
... products based on that index? If there are trading pauses in an ETF but not in the stocks that underlie that ETF, what consequences might that have for the underlying stocks or other products? What are the potential effects on price discovery for the ETF, the underlying stocks and other products? Are there other...
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-02-21
... from NASDAQ Rule 2460 (Payment for Market Making). Accordingly, the Commission, pursuant to Section 19...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Designation of a Longer Period for... Market Quality Program February 14, 2013. On December 7, 2012, The NASDAQ Stock Market LLC (``Exchange...
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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...
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ERIC Educational Resources Information Center
Chao, Sheau-yueh J.; Evans, Beth; Phillips, Ryan; Polger, Mark Aaron; Posner, Beth; Sexton, Ellen
2013-01-01
This paper describes the City University of New York (CUNY)-Shanghai Librarian Faculty Exchange Program. By observing and working in academic library services at CUNY, Shanghai University (SU), and Shanghai Normal University (SNU), participants were able to teach and learn from their colleagues, bringing their experiences back to further share…
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ERIC Educational Resources Information Center
1998
This teaching guide/student activities booklet, for grades 6-9 and 7-11, outlines an Internet-based stock exchange simulation that allows students to learn about the stock market in a fun format. The simulation (the "MainXchange") described in the booklet offers students the opportunity to engage in "real-life" investing, while…
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Group identification in Indonesian stock market
NASA Astrophysics Data System (ADS)
Nurriyadi Suparno, Ervano; Jo, Sung Kyun; Lim, Kyuseong; Purqon, Acep; Kim, Soo Yong
2016-08-01
The characteristic of Indonesian stock market is interesting especially because it represents developing countries. We investigate the dynamics and structures by using Random Matrix Theory (RMT). Here, we analyze the cross-correlation of the fluctuations of the daily closing price of stocks from the Indonesian Stock Exchange (IDX) between January 1, 2007, and October 28, 2014. The eigenvalue distribution of the correlation matrix consists of noise which is filtered out using the random matrix as a control. The bulk of the eigenvalue distribution conforms to the random matrix, allowing the separation of random noise from original data which is the deviating eigenvalues. From the deviating eigenvalues and the corresponding eigenvectors, we identify the intrinsic normal modes of the system and interpret their meaning based on qualitative and quantitative approach. The results show that the largest eigenvector represents the market-wide effect which has a predominantly common influence toward all stocks. The other eigenvectors represent highly correlated groups within the system. Furthermore, identification of the largest components of the eigenvectors shows the sector or background of the correlated groups. Interestingly, the result shows that there are mainly two clusters within IDX, natural and non-natural resource companies. We then decompose the correlation matrix to investigate the contribution of the correlated groups to the total correlation, and we find that IDX is still driven mainly by the market-wide effect.
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Modeling stock return distributions with a quantum harmonic oscillator
NASA Astrophysics Data System (ADS)
Ahn, K.; Choi, M. Y.; Dai, B.; Sohn, S.; Yang, B.
2017-11-01
We propose a quantum harmonic oscillator as a model for the market force which draws a stock return from short-run fluctuations to the long-run equilibrium. The stochastic equation governing our model is transformed into a Schrödinger equation, the solution of which features “quantized” eigenfunctions. Consequently, stock returns follow a mixed χ distribution, which describes Gaussian and non-Gaussian features. Analyzing the Financial Times Stock Exchange (FTSE) All Share Index, we demonstrate that our model outperforms traditional stochastic process models, e.g., the geometric Brownian motion and the Heston model, with smaller fitting errors and better goodness-of-fit statistics. In addition, making use of analogy, we provide an economic rationale of the physics concepts such as the eigenstate, eigenenergy, and angular frequency, which sheds light on the relationship between finance and econophysics literature.
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-07-02
...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change To Establish ``Benchmark Orders'' Under NASDAQ Rule 4751(f) June 26, 2012. On May 1, 2012, The NASDAQ Stock Market LLC (``NASDAQ'' or ``Exchange'') filed with the...
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26 CFR 1.341-7 - Certain sales of stock of consenting corporations.
Code of Federal Regulations, 2014 CFR
2014-04-01
... of section 341(f)(1) and (5)— (i) The term sale means a sale of exchange of stock at a gain, but only if such gain would be recognized as long-term capital gain were section 341 not a part of the Code... there is no gain on the transaction, or if the sale or exchange gives rise to ordinary income under a...
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26 CFR 1.341-7 - Certain sales of stock of consenting corporations.
Code of Federal Regulations, 2013 CFR
2013-04-01
... of section 341(f)(1) and (5)— (i) The term sale means a sale of exchange of stock at a gain, but only if such gain would be recognized as long-term capital gain were section 341 not a part of the Code... there is no gain on the transaction, or if the sale or exchange gives rise to ordinary income under a...
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26 CFR 1.341-7 - Certain sales of stock of consenting corporations.
Code of Federal Regulations, 2012 CFR
2012-04-01
... of section 341(f)(1) and (5)— (i) The term sale means a sale of exchange of stock at a gain, but only if such gain would be recognized as long-term capital gain were section 341 not a part of the Code... there is no gain on the transaction, or if the sale or exchange gives rise to ordinary income under a...
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Feuille, Elizabeth; Lawrence, Cheryl; Volel, Caroline; Sicherer, Scott H; Wang, Julie
2017-11-01
To assess time trends in food allergy diagnoses, epinephrine autoinjector (EAI) prescriptions, and EAI administrations in the school setting. In this retrospective study, deidentified student data from the New York City Department of Health and Mental Hygiene, which oversees >1 million students in 1800 schools, were provided to investigators. Data from school years 2007-2008 to 2012-2013 pertaining to diagnoses of food allergy, student-specific EAI orders, and EAI administrations among students in New York City were analyzed for trends over time, via the use of ORs and χ 2 calculation. The prevalences of providing physician documentation of food allergy and EAI orders, and the incidence of EAI administrations, all increased approximately 3-fold over the years of the study. Of 337 EAI administrations, more than one-half used stock EAI, and three-quarters were for students without a student-specific order preceding the incident. The rise in food allergy diagnoses, EAI prescriptions, and EAI administrations suggest either a true increase in allergic disease, increased reporting, and/or, in the case of EAI administrations, increased appropriate use. As the majority of EAI administrations used stock supply, availability of nonstudent-specific stock EAI appears vital to management of anaphylaxis in schools. Collaboration between physicians, families, and schools is needed to identify students at risk for severe allergic reactions and to ensure preparedness and availability of EAI in the event of anaphylaxis. Copyright © 2017 Elsevier Inc. All rights reserved.
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A fuzzy logic model to forecast stock market momentum in Indonesia's property and real estate sector
NASA Astrophysics Data System (ADS)
Penawar, H. K.; Rustam, Z.
2017-07-01
The Capital market has the important role in Indonesia's economy. The capital market does not only support the economy of Indonesia but also being an indicator Indonesia's economy improvement. Something that has been traded in the capital market is stock (stock market). Nowadays, the stock market is full of uncertainty. That uncertainty values make predicting stock market is all that we have to do before we make a decision in the stock market. One that can be predicted in the stock market is momentum. To forecast stock market momentum, it can use fuzzy logic model. In the process of modeling, it will be used 14 days historical data that consisting the value of open, high, low, and close, to predict the next 5 days momentum categories. There are three momentum categories namely Bullish, Neutral, and Bearish. To illustrate the fuzzy logic model, we will use stocks data from several companies that listed on Indonesia Stock Exchange (IDX) in property and real estate sector.
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Research on energy stock market associated network structure based on financial indicators
NASA Astrophysics Data System (ADS)
Xi, Xian; An, Haizhong
2018-01-01
A financial market is a complex system consisting of many interacting units. In general, due to the various types of information exchange within the industry, there is a relationship between the stocks that can reveal their clear structural characteristics. Complex network methods are powerful tools for studying the internal structure and function of the stock market, which allows us to better understand the stock market. Applying complex network methodology, a stock associated network model based on financial indicators is created. Accordingly, we set threshold value and use modularity to detect the community network, and we analyze the network structure and community cluster characteristics of different threshold situations. The study finds that the threshold value of 0.7 is the abrupt change point of the network. At the same time, as the threshold value increases, the independence of the community strengthens. This study provides a method of researching stock market based on the financial indicators, exploring the structural similarity of financial indicators of stocks. Also, it provides guidance for investment and corporate financial management.
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ERIC Educational Resources Information Center
Santos, Thomas W.
2008-01-01
This article describes New York City. It presents information about its history, immigration process, geography, architecture, rivers, bridges, famous buildings and parks, famous neighborhoods, arts and entertainment, and tourist attractions and activities. The article also provides useful websites about New York City. It ends with a text about…
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Federal Register 2010, 2011, 2012, 2013, 2014
2012-03-14
.... Moreover, because the fee charged to access liquidity funds the payment of a rebate to liquidity providers... reduced fees for accessing liquidity in securities listed on the New York Stock Exchange (``Tape A Securities''), along with correspondingly reduced rebates for liquidity provision in Tape A Securities.\\3...
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Code of Federal Regulations, 2010 CFR
2010-04-01
... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Dissemination of transaction reports and last sale data with respect to transactions in NMS stocks. 242.601 Section 242.601 Commodity and Securities Exchanges SECURITIES AND EXCHANGE COMMISSION (CONTINUED) REGULATIONS M, SHO, ATS, AC...
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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...
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Methods for Analysis of Urban Energy Systems: A New York City Case Study
NASA Astrophysics Data System (ADS)
Howard, Bianca
This dissertation describes methods developed for analysis of the New York City energy system. The analysis specifically aims to consider the built environment and its' impacts on greenhouse gas (GHG) emissions. Several contributions to the urban energy systems literature were made. First, estimates of annual energy intensities of the New York building stock were derived using a statistical analysis that leveraged energy consumption and tax assessor data collected by the Office of the Mayor. These estimates provided the basis for an assessment of the spatial distribution of building energy consumption. The energy consumption estimates were then leveraged to estimate the potential for combined heat and power (CHP) systems in New York City at both the building and microgrid scales. In aggregate, given the 2009 non-baseload GHG emissions factors for electricity production, these systems could reduce citywide GHG emissions by 10%. The operational characteristics of CHP systems were explored further considering different prime movers, climates, and GHG emissions factors. A combination of mixed integer linear programing and controlled random search algorithms were the methods used to determine the optimal capacity and operating strategies for the CHP systems under the various scenarios. Lastly a multi-regional unit commitment model of electricity and GHG emissions production for New York State was developed using data collected from several publicly available sources. The model was used to estimate average and marginal GHG emissions factors for New York State and New York City. The analysis found that marginal GHG emissions factors could reduce by 30% to 370 g CO2e/kWh in the next 10 years.
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-01-16
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-68519; File No. SR-NASDAQ-2012-143] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Extension of the Exchange's Penny Pilot Program and Replacement of Penny...
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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...
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NASA Astrophysics Data System (ADS)
Domino, Krzysztof; Błachowicz, Tomasz
2014-11-01
In our work copula functions and the Hurst exponent calculated using the local Detrended Fluctuation Analysis (DFA) were used to investigate the risk of investment made in shares traded on the Warsaw Stock Exchange. The combination of copula functions and the Hurst exponent calculated using local DFA is a new approach. For copula function analysis bivariate variables composed of shares prices of the PEKAO bank (a big bank with high capitalization) and other banks (PKOBP, BZ WBK, MBANK and HANDLOWY in decreasing capitalization order) and companies from other branches (KGHM-mining industry, PKNORLEN-petrol industry as well as ASSECO-software industry) were used. Hurst exponents were calculated for daily shares prices and used to predict high drops of those prices. It appeared to be a valuable indicator in the copula selection procedure, since Hurst exponent’s low values were pointing on heavily tailed copulas e.g. the Clayton one.
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NASA Astrophysics Data System (ADS)
Ťupek, Boris; Ortiz, Carina A.; Hashimoto, Shoji; Stendahl, Johan; Dahlgren, Jonas; Karltun, Erik; Lehtonen, Aleksi
2016-08-01
Inaccurate estimate of the largest terrestrial carbon pool, soil organic carbon (SOC) stock, is the major source of uncertainty in simulating feedback of climate warming on ecosystem-atmosphere carbon dioxide exchange by process-based ecosystem and soil carbon models. Although the models need to simplify complex environmental processes of soil carbon sequestration, in a large mosaic of environments a missing key driver could lead to a modeling bias in predictions of SOC stock change.We aimed to evaluate SOC stock estimates of process-based models (Yasso07, Q, and CENTURY soil sub-model v4) against a massive Swedish forest soil inventory data set (3230 samples) organized by a recursive partitioning method into distinct soil groups with underlying SOC stock development linked to physicochemical conditions.For two-thirds of measurements all models predicted accurate SOC stock levels regardless of the detail of input data, e.g., whether they ignored or included soil properties. However, in fertile sites with high N deposition, high cation exchange capacity, or moderately increased soil water content, Yasso07 and Q models underestimated SOC stocks. In comparison to Yasso07 and Q, accounting for the site-specific soil characteristics (e. g. clay content and topsoil mineral N) by CENTURY improved SOC stock estimates for sites with high clay content, but not for sites with high N deposition.Our analysis suggested that the soils with poorly predicted SOC stocks, as characterized by the high nutrient status and well-sorted parent material, indeed have had other predominant drivers of SOC stabilization lacking in the models, presumably the mycorrhizal organic uptake and organo-mineral stabilization processes. Our results imply that the role of soil nutrient status as regulator of organic matter mineralization has to be re-evaluated, since correct SOC stocks are decisive for predicting future SOC change and soil CO2 efflux.
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-12-03
... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-70945; File No. SR-NASDAQ-2013-142] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of... the Securities Exchange Act of 1934 (``Act''),\\1\\ and Rule 19b-4 thereunder,\\2\\ notice is hereby given...
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Topology of correlation-based minimal spanning trees in real and model markets
NASA Astrophysics Data System (ADS)
Bonanno, Giovanni; Caldarelli, Guido; Lillo, Fabrizio; Mantegna, Rosario N.
2003-10-01
We compare the topological properties of the minimal spanning tree obtained from a large group of stocks traded at the New York Stock Exchange during a 12-year trading period with the one obtained from surrogated data simulated by using simple market models. We find that the empirical tree has features of a complex network that cannot be reproduced, even as a first approximation, by a random market model and by the widespread one-factor model.
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MyLabStocks: a web-application to manage molecular biology materials
Chuffart, Florent; Yvert, Gaël
2014-01-01
Laboratory stocks are the hardware of research. They must be stored and managed with mimimum loss of material and information. Plasmids, oligonucleotides and strains are regularly exchanged between collaborators within and between laboratories. Managing and sharing information about every item is crucial for retrieval of reagents, for planning experiments and for reproducing past experimental results. We have developed a web-based application to manage stocks commonly used in a molecular biology laboratory. Its functionalities include user-defined privileges, visualization of plasmid maps directly from their sequence and the capacity to search items from fields of annotation or directly from a query sequence using BLAST. It is designed to handle records of plasmids, oligonucleotides, yeast strains, antibodies, pipettes and notebooks. Based on PHP/MySQL, it can easily be extended to handle other types of stocks and it can be installed on any server architecture. MyLabStocks is freely available from: https://forge.cbp.ens-lyon.fr/redmine/projects/mylabstocks under an open source licence. PMID:24643870
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Federal Register 2010, 2011, 2012, 2013, 2014
2013-02-19
... Proposed Rule Change To Clarify the Measure Used To Determine Whether the Price of a Stock Is Equal to or... Exchange proposes to clarify the measure used to determine whether the price of a stock is equal to or... section (a)(11)(A) of this Rule with a price equal to or greater than $1; and (C) The price move shall be...