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Special Report on

Liquidity and tick size

liquidity and tick size special research report Photo by
refers to the compensation that a broker receives, not from its client, but from a third-party who wants to influence how the broker routes client orders. Generally, market-makers such as dealers and securities exchanges are willing to pay a broker for the right to transact with that broker's clients because they believe those clients will be uninformed traders. Often these uninformed traders are retail or other investors who are trading because of emotion or the need to raise cash and not because they know an asset is mis-valued. By purchasing what it expects to be uninformed order flow, a market-maker can buy at the bid ...
Another Tick for our Banks | My Clipping Online
The strength of Australia’s banks, especially the big four, is better than first seems, judging by comments in the International Monetary Fund’s latest report on the Australian economy. Buried in the Fund’s latest report is a big vote of confidence in the health and stability of the Australian banking system. The IMF also reckons Australia’s big four banks are so well capitalised that they could withstand a surge in home loans going bad and still maintain their capital levels at the minimum required by regulators. That’s a big difference to the US, UK, Ireland and several other countries where ... market research, surveys and trends
The Return of the MiFIDs, 2010-2012+
We had a fun meeting of the financial services club this week, looking at the implications of MiFID, the Markets in Financial Instruments Directive, and the outlook for MiFID II, or MiFID2 if you prefer. I’ve referenced the revision of MiFID before and included a great white paper by Philippe Guillot of CA Cheuvreux for reference . Equally, we now see more developments taking place, including investigations by CESR – the Committee of European Securities Regulators – that will conclude at the end of Ma y, and covers 107 questions across a broad spectrum of issues: Investor protection and intermediaries Telephone recording ... market research, surveys and trends


US - Bourghelle-Declerck
Transaction volumes reached €323.46 billion during the first half, ... that the quoted spreads in Paris (0.26 percent) are lower than spreads ..... McKinnon, G. and H. Nemiroff, 1999, Liquidity and tick size: does decimalization matter? ... industry trends, business articles and survey research
Why Markets should not Necessarily Reduce the Tick Size
The daily average of €2.6 billion in transaction volumes also sets a record, ..... the use of hidden quantities, expressed both as a percent of all orders ..... McKinnon, G. and H. Nemiroff, 1999, Liquidity and tick size: does ... industry trends, business articles and survey research
Europe Weekly Summary
First of all, to my many colleagues at Goldman to whom I mistakenly sent an email yesterday soliciting suggestions for what to cover in today’ email: My apologies – I meant to send it to our own little team, but hit the wrong send-list.? That said, many thanks for the huge number of suggestions I got; I have been truly overwhelmed by the enthusiasm.? I’ll be covering a number of the issues you suggested, but many of them we’ll have to take bilaterally, unfortunately. So, fresh from having watched Germany outplay Argentina – and following the Netherlands’ triumph over Brazil yesterday – I ... market trends, news research and surveys resources
An executive briefing on banking for July 5, 2010, prepared by Asia Pulse (, the real-time, Asia-based wire with exclusive news, commercial intelligence and business opportunities. CHINA DEVELOPMENT BANK TO ISSUE FIRST U.S. DOLLAR BOND ON JULY 8 BEIJING - China Development Bank plans to issue a batch of 3-year U.SUS$.-denominated bonds, the first one in history, on July 8 on domestic market, China Government Securities Depository Trust & Clearing Co., Ltd (CTSDTC) Friday told Xinhua. CTSDTC added that the value for the bond will be no less than US$400 million and the floating yield is acquired ... market trends, news research and surveys resources


LIQUIDITY AND TICK SIZE: DOES DECIMALIZATION MATTER? The effect of the move to decimalization by the Toronto Stock Exchange, where the minimum tick size was ... technology research, surveys study and trend statistics
Comment Letter
May 11, 2010 ... reduced. A graduated tick size coupled with the adoption of the Trade At rule will increase displayed liquidity for higher priced stocks. ... technology research, surveys study and trend statistics
Tick Size Change and Liquidity Provision on the Tokyo Stock Exchange
If the minimum tick size is a binding constraint for liquidity providers in ..... Another impact of the tick size reduction is that liquidity suppliers ...
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What are the relative advantages/disadvantages between taking a ...
The advantage of the SPY is that you can be more flexible in terms of position sizing than you can with the futures and you need not worry about contract expirations. The advantage to the futures, though, is that your initial capital requirements are much lower (margin deposit vs. cash outlay for purchase of SPYs) and transaction costs potentially could be lower as well. posted 9 months ago Sr. Manager at Bank of Nova Scotia see all my answers Best Answers in: Equity Markets (2), Regulation and Compliance (1), Change Management (1), Currency Markets (1), Project Management (1), Wealth Management (1) Hi Nazmi, To add to ...
What caused the Black Friday stock market crash in 1987?
In the days between October 14 and October 19, 1987, major indexes of market valuation in the United States dropped 30 percent or more. On October 19, 1987, a date that subsequently became known as "Black Monday," the Dow Jones Industrial Average plummeted 508 points, losing 22.6% of its total value. The S&P 500 dropped 20.4%, falling from 282.7 to 225.06. This was the greatest loss Wall Street had ever suffered on a single day.1 According to Facts on File, an authoritative source of current-events information for professional research and education, the 1987 crash "marked the end of a five-year 'bull' ...