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London Stock Exchange Group Plc: Clarification Statement

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In the course of an interview with the Financial Times last month on open access clearing in Europe, the CEO of London Stock Exchange Group ("LSEG"), Xavier Rolet, was asked to comment on the progressive changes in financial markets infrastructure and the increasing need for customers to access services on a global basis. In the context of a discussion during the interview about the desire of customers to reduce costs and the increasing trend of using Exchange Traded Funds instead of futures, a quotation was subsequently attributed to Mr. Rolet in an article published on 5 April which stated:

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Mandatory Notification Of Trades - Oslo Børs VPS Holding ASA

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In connection with a monthly share savings plan for employees of subsidiaries, Oslo Børs VPS Holding has sold a total of 2018 shares. New holding is 2280 shares. Employees paid a share price of NOK 86,98 per share, but were allowed a discount of 20% on purchases up to NOK 625.

In connection with the offer, the following primary insiders have bought the number of shares shown below (new holding shown in brackets):

Bente A. Landsnes, 15 (34947)
Tom Kristoffersen, 15 (1537)
Øivind Amundsen, 15 (4376)
Per Eikrem 15 (4978)
Thomas Borchgrevink, 15 (3768)
Kjetil Nysæther, 15 (3395)
Øyvind Skar, 15 (5782)
John-Arne Haugerud, 15 (14162 including 2500 shares held by close associate)
Harald Næss, 15 (3292)
Jorunn Blindheim Øystese 15 (1748)
Geir Heggem, 15 (4110)
Sveinung Dyrdal, 15 (7221)
Leif Arnold Thomas 15 (1829)
Vigdis Diesen 13 (842)
Ole Solberg 13 (327)
Anne Kristin Hildrum, 15 (3993)
Sissel Bakker, 15 (354)
Morten Nordby, 15 (827)
Ingvild Resaland, 15 (685)
Thomas Skjønhaug 15 (253)
Henriette Lunde Haug, 13 (338)

Distributed Ledger Technology â Panacea Or Flash In The Pan?, Speech By Yves Mersch, Member Of The Executive Board Of The ECB, At Deutsche Bank Transaction Bankers' Forum 2016, Frankfurt am Main, 25 April 2016

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Is distributed ledger technology (DLT) a hype in need of demystifying? Is it a panacea that can heal the ailments of the financial industry, or it is a flash in the pan that will be forgotten in a few years? In my view, as it is often the case, the truth may lie somewhere in the middle.

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European Commission - Capital Markets Union: Taking Stock Of The Progress Made So Far, Brussels, 25 April 2016

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The Commission is today taking stock of the progress made in the first six months since the adoption of the Capital Markets Union Action Plan and it is publishing the first CMU status report.

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New Data On OTC Equity Trading Now Available, FINRA Announces - Additional Transparency Covers About 20% Of All Trading In National Market System Equities

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The Financial Industry Regulatory Authority (FINRA) today announced that expanded data on over-the-counter (OTC) trading in equity securities is now live, extending FINRA's trading-volume transparency to all of the OTC market.

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FINRA Decision Bars James Van Doren For Unethical Conduct; Registered Representative Engaged In Money Laundering And Assisted Friend In Deceiving Creditors

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The Financial Industry Regulatory Authority (FINRA) announced today a decision barring James Van Doren from the securities industry for unethical conduct involving money laundering and a scheme to deceive a friend's creditors and facilitate violations of law, including conspiracy to commit bankruptcy fraud. The ruling resolves charges brought by FINRA's Department of Enforcement in October 2014 and in its amended complaint.

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BM&FBOVESPA Begins Trading 19 New Unsponsored Level I BDR Programs - Portfolio Now Has 104 Programs In Foreign Companies

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BM&FBOVESPA today began trading 19 new Unsponsored Level I BDR programs (BDR NP), issued by Deutsche Bank SA PN. BDRs are securities issued in Brazil by depository institutions and which have shares of foreign companies as underlying. They are traded on the cash market from 10:00 a.m.to 5:00 p.m., with round lots of 100 BDRs. The new programs authorized for trading from today are for BDRs with shares of the following companies as underlying:

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Entropy and credit risk in highly correlated markets. (arXiv:1604.07042v1 [q-fin.RM])

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We compare two models of corporate default by calculating the Jeffreys-Kullback-Leibler divergence between their predicted default probabilities when asset correlations are either high or low. Our main results show that the divergence between the two models increases in highly correlated, volatile, and large markets, but that it is closer to zero in small markets, when asset correlations are low and firms are highly leveraged. These findings suggest that during periods of financial instability the single-and multi-factor models of corporate default will generate increasingly inconsistent predictions.


Extreme Concurrent Portfolio Losses in Credit Risk. (arXiv:1604.06917v1 [q-fin.MF])

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Within the framework of the Merton model, we consider the problem of concurrent portfolio losses in two non-overlapping credit portfolios. In order to explore the full statistical dependence structure, we estimate the pairwise copulas of such portfolio losses. Instead of a Gaussian dependence, we typically find a strong asymmetry in the copulas. Concurrent large portfolio losses are much more likely than small ones. Studying the dependences of these losses as a function of portfolio size, we moreover reveal that not only large portfolios of thousands of contracts, but also medium-sized and small ones with only a few dozens of contracts exhibit notable loss correlations. Anticipated idiosyncratic effects turn out to be negligible in almost every realistic setting. These are troublesome insights not only for investors in structured fixed-income products, but particularly for the stability of the financial sector.

On the Optimal Dividend Problem for Insurance Risk Models with Surplus-Dependent Premiums. (arXiv:1604.06892v1 [q-fin.PM])

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This paper concerns an optimal dividend distribution problem for an insurance company with surplus-dependent premium. In the absence of dividend payments, such a risk process is a particular case of so-called piecewise deterministic Markov processes. The control mechanism chooses the size of dividend payments. The objective consists in maximazing the sum of the expected cumulative discounted dividend payments received until the time of ruin and a penalty payment at the time of ruin, which is an increasing function of the size of the shortfall at ruin. A complete solution is presented to the corresponding stochastic control problem. We identify the associated Hamilton-Jacobi-Bellman equation and find necessary and sufficient conditions for optimality of a single dividend-band strategy, in terms of particular Gerber-Shiu functions. A number of concrete examples are analyzed.

ISE ETF Ventures Recognized As âMost Proactive Exchange For ETF Options/Derivativesâ At 12th Annual Global ETF Awards®

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ISE ETF Ventures has received the award for “Most Proactive Exchange for ETF Options/Derivatives” at the 12th annual Global ETF Awards, marking the sixth consecutive year ISE ETF Ventures has earned the award in this category.

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SGX Welcomes Zhongrong International As Derivatives Trading Member

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Singapore Exchange (SGX) is pleased to welcome Hong Kong-based Zhongrong International Futures Company Limited as the newest trading member in its derivatives market.

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RARE Infrastructure Joins mFund Service

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RARE Infrastructure, an affiliate of Legg Mason (the responsible entity for RARE’s funds), has today admitted two new infrastructure funds to ASX’s mFund Settlement Service. This brings the total number of funds available through the service to 161.

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REVISION: Optimal Execution with Nonlinear Transient Market Impact

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We study the problem of the optimal execution of a large trade in the propagator model with nonlinear transient impact. From brute force numerical optimization of the cost functional, we find that the optimal solution for a buy program typically features a few short intense buying periods separated by long periods of weak selling. Indeed, in some cases we find negative expected cost. We show that this undesirable characteristic of the nonlinear transient impact model may be mitigated either by introducing a bid-ask spread cost or by imposing convexity of the instantaneous market impact function for large trading rates.

Deutsche Börse Receives ETF Awards In London And New York

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Deutsche Börse was recognised as “Best European ETF Stock Exchange 2015” at the ETF.com Europe Awards in London.

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ESMA Publishes Response To Commission Green Paper On Retail Financial Services

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The European Securities and Markets Authority (ESMA) has today published its response to the European Commission’s Green Paper on Retail Financial Services (the ‘Green Paper’).

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Finansinspektionen: New Rules For Insider Reporting And Insider Lists

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New rules for insiders will be issued on 3 July 2016. New rules have been added regarding insider lists, the term ”insider person” has been replaced by the term ”person discharging managerial responsibilities”, the time period within which changes must be reported has been shortened to three days and more financial instrument categories are now subject to the transaction reporting obligation.

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London Stock Exchange Group: Record Number Of Companies Join Elite â 46 Companies Welcomed Today

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London Stock Exchange Group today welcomes 46 companies to ELITE, its innovative support programme for inspiring growth businesses. 16 companies join the fifth cohort of the UK programme, and 30 join Italy’s ninth cohort.

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SIX Swiss Exchange's ETF Quarterly Statistics: 1st Quarter 2016 - This Report Provides Detailed Figures Regarding The Performance Of SIX Swiss Exchange's ETF Segment

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In the first quarter of 2016, SIX Swiss Exchange recorded an ETF trading turnover of CHF 25.3 billion, which equates to an increase of 5.6 billion relative to the previous quarter. This was revealed today in the latest edition of ETF Quarterly Statistics[PDF]. There were 256'378 ETF transactions carried out on SIX Swiss Exchange in the first quarter. The average transaction size was CHF 98'603, corresponding to a slight increase quarter-on-quarter. At the same time, the number of transactions below CHF 10'000 increased by over 3'200 to 113'236, which indicates a growing interest for ETFs among private investors.

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Thomson Reuters Reports First-Quarter 2016 Results

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Thomson Reuters (TSX / NYSE: TRI) today reported results for the first quarter ended March 31, 2016. The company also re-affirmed its 2016 full-year outlook.

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