On November 18, 2016, Nasdaq filed a Form 8-K with the U.S. Securities and Exchange Commission disclosing the appointment of Adena T. Friedman as the company's Chief Executive Officer and a member of Nasdaq’s board of directors effective January 1, 2017. Nasdaq also announced that Robert Greifeld will step down as Chief Executive Officer on December 31, 2016 and assume the role of Chairman of Nasdaq’s board of directors effective January 1, 2017. Ms. Friedman was also appointed as a member of the finance committee of the company’s board of directors.
read more...Nasdaq Files Form 8-K Reporting Management And Board Changes
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Statement Of CFTC Chairman Timothy Massad On The Announcement Of Thomas Sexton As President And CEO Of The National Futures Association
“I congratulate Tom Sexton on being named president and CEO of the National Futures Association (NFA). Tom brings a wealth of experience and a deep commitment to this role. We at the CFTC have a strong relationship with the NFA, and on behalf of the Commission, I wish Tom the best of luck. We look forward to continuing our close collaboration with the NFA.”
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FINRA Receives SEC Approval For Enhanced Price Disclosure To Retail Investors For Fixed-Income Securities
The Securities and Exchange Commission has approved FINRA’s proposal requiring its member firms to disclose on retail customer confirmations the “mark-up” or “mark-down” for most transactions in corporate and agency debt securities. The SEC at the same time has approved a similar proposal from the Municipal Securities Rulemaking Board, which harmonizes the requirements across the FINRA and MSRB rulebooks and eases implementation for the securities industry.
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Canadian Securities Regulators Release MFDA Oversight Review Report
The Canadian Securities Administrators (CSA) today released the Oversight Review Report of the Mutual Fund Dealers Association of Canada (MFDA).
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CBOE Holdings Announces Early Termination Of Hart-Scott-Rodino Waiting Period For Bats Acquisition
CBOE Holdings, Inc. (NASDAQ: CBOE) today announced that the U.S. Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (HSR), in connection with its proposed acquisition of Bats Global Markets, Inc. (Bats: BATS).
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Statement By New York Attorney General Eric T. Schneiderman On $25 Million Settlement Agreement Reached In Trump University Case
Attorney General Eric T. Schneiderman issued the following statement on the $25 million settlement agreement reached in Trump University case:
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Wiley Study Guide for 2017 Level II CFA Exam: Complete Set
 |  | The Wiley Study Guides for the Level II CFA exam are proven to help candidates understand, retain, and master the CFA Program Curriculum, complete with color-coded Study Guides and coverage of every Learning Outcome Statement on the exam. With over 1,200 pages of distilled knowledge from our staff of CFA charterholders and instructors, these books are a highly effective and proven study aid filled with exam tips, fundamental concepts, and in-depth Read More... |
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Hedge Fund Modelling and Analysis: An Object Oriented Approach Using C++
Hedge fund managers cannot afford to ignore their risk/return profiles, and taking advantage of new technologies is an excellent way to minimize risk and capitalize on various investment styles. As Hedge Fund Analysis and Modeling Using C# demonstrates, the C# programming language is perfectly suited to hedge fund analysis. This book serves as a complete
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Speech By Federal Reserve Governor Jerome H. Powell At "CPBS 2016 Pacific Basin Research Conference," Sponsored By The Center For Pacific Basin Studies At The Federal Reserve Bank Of San Francisco, San Francisco, California, November 18, 2016, The Global Trade Slowdown And Its Implications For Emerging Asia
It is a pleasure for me to return to the Center for Pacific Basin Studies here at the San Francisco Fed. The global economy is at a critical juncture today. According to the International Monetary Fund's latest World Economic Outlook, global gross domestic product (GDP) is set to grow at only 3.1 percent this year, the lowest rate of growth since the Global Financial Crisis. Investment and productivity remain subdued, despite extremely low and even negative interest rates in many economies.1 One key aspect of global weakness that is of particular relevance to emerging Asian economies is the sharp slowdown in global trade. This slowdown represents a notable departure from the "normal" times of the past few decades, and is the subject of my remarks today.2
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Tehran Stock Exchange: IFRS For Iranian Listed Companies
Based on the Securities and Exchange Organization’s recent announcement, all listed banks, credit institutes and insurance companies are required to provide their audited annual financial statements for the financial year ending 20 march 2017 both based on IFRS and national Iranian accounting standards.
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502 Billion Dirhams Foreign & Institutional Investment In ADX For September And October
Foreign investors’ buy value in Abu Dhabi Securities Exchange (ADX) in October reached 1.318 billion Dirhams, representing %56.7 of total trades executed on the Exchange. Meanwhile their sell value during the same period have reached 1.220 billion Dirhams, representing %52.2 of total trades. Subsequently, the net foreign investment in ADX for October was 98 million Dirhams.
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Is One-Stop Shopping a Good Thing?
When many firms pursue diversification strategies, they argue that they can provide one-stop shopping for clients. This logic implies that one-stop shopping adds value for the customer, and that the multiple business units inside the corporation are more valuable together than apart. For many firms, cross-selling becomes a key initiative, to try to provide that one-stop shopping experience (Wells Fargo, anyone?). Does one-stop shopping make sense though? Do customers actually want to purchase a series of related services from one supplier? Would you like to have all your financial relationships with one firm, or would you prefer to purchase your insurance at one firm, secure a mortgage at another, and invest in bonds at yet another company?
Olivier Chatain and Denisa Mindruta have written a paper on this topic. The paper is titled, âEstimating Value Creation From Revealed Preferences: Application to Value-based Strategies." The authors presumed initially that one-stop shopping created value for clients. After all, the firm provided customers more convenience, and it could apply learning from one aspect of a customer relationship to the provision of other products and services. Synergies seemed readily available. The research, however, demonstrated that significant drawbacks may exist to a one-stop shopping strategy. I'm not shocked; I've always been skeptical of such strategies. I think firms overvalue synergies routinely. Moreover, I'm not sure customers actually want to put all their eggs in one basket. They also get annoyed at times when firms are constantly engaging in cross-selling tactics.
Chatain and Mindruta studied law firms in this research. Chatain explains the findings:
What we think is that â especially for the law firms we were looking into â ⦠even though you may know a client well, each time [you provide a new service to him], itâs almost like [starting] a different subject. You really have to start over and learn a lot about the client.
An alternative explanation [for our results] is that some clients are very worried about having one supplier of service serving multiple areas. So even though you might be the best expert for me, if youâre already my best expert for two or three other subjects in law, I may want to deal with someone else because I might be afraid if I get all the information from the same supplier, I might be missing out on some important themes.
I might have a preference of diversity in terms of input, which was something that is apparently more important than the savings you can realize by bundling all these products together.
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On Long-Term Corporate Investments
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DFM Organizes Workshop On Best Practices Of Corporate Governance With The Participation Of 10 Listed Companies
Dubai Financial Market (DFM) has organized a workshop on best practices of Corporate Governance, with the participation of 10 listed companies, as part of its constant efforts to further enhance the implementation of Corporate Governance within listed companies and strengthen the leading position of Dubai as a dynamic capital markets hub and center of excellence.
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The Saudi Stock Exchange Announces The Publication Of The Weekly Stock Market Ownership And Trading Activity Report By Nationality And Investor Type
The total value of shares traded for the week ending 17 November 2016 amounted to SAR 28.30 billion, increasing by 10.05% over the previous week; while total stock market capitalization reached SAR 1,543.22 billion at the end of this period, increasing by 1.29% over the previous week.
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Constrained Optimal Transport. (arXiv:1610.02940v1 [math.FA] CROSS LISTED)
The classical duality theory of Kantorovich and Kellerer for the classical optimal transport is generalized to an abstract framework and a characterization of the dual elements is provided. This abstract generalization is set in a Banach lattice $\cal X$ with a unit order. The primal problem is given as the supremum over a convex subset of the positive unit sphere of the topological dual of $\cal X$ and the dual problem is defined on the bidual of $\cal X$. These results are then applied to several extensions of the classical optimal transport. In particular, an alternate proof of Kellerer's result is given without using the Choquet Theorem.
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On convex functions on the duals of $\Delta_2$-Orlicz spaces. (arXiv:1611.06218v1 [math.FA])
In the dual $L^{\Phi^*}$ of a $\Delta_2$-Orlicz space $L^\Phi$, we show that a proper (resp. finite) convex function is lower semicontinuous (resp. continuous) for the Mackey topology $\tau(L^{\Phi^*},L^\Phi)$ if and only if on each order interval $[-\zeta,\zeta]=\{\xi: -\zeta\leq \xi\leq\zeta\}$ ($\zeta\in L^{\Phi^*}$), it is lower semicontinuous (resp. continuous) for the topology of convergence in probability. For this purpose, we provide the following Koml\'os type result: every norm bounded sequence $(\xi_n)_n$ in $L^{\Phi^*}$ admits a sequence of forward convex combinations $\bar{\xi}_n\in\mathrm{conv}(\xi_n,\xi_{n+1},...)$ such that $\sup_n|\bar{\xi}_n|\in L^{\Phi^*}$ and $\bar{\xi}_n$ converges a.s.
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Calibration to American Options: Numerical Investigation of the de-Americanization. (arXiv:1611.06181v1 [q-fin.CP])
American options are the reference instruments for the model calibration of a large and important class of single stocks. For this task, a fast and accurate pricing algorithm is indispensable. The literature mainly discusses pricing methods for American options that are based on Monte Carlo, tree and partial differential equation methods. We present an alternative approach that has become popular under the name de-Americanization in the financial industry. The method is easy to implement and enjoys fast run-times. Since it is based on ad hoc simplifications, however, theoretical results guaranteeing reliability are not available. To quantify the resulting methodological risk, we empirically test the performance of the de-Americanization method for calibration. We classify the scenarios in which de-Americanization performs very well. However, we also identify the cases where de-Americanization oversimplifies and can result in large errors.
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On the wavelets-based SWIFT method for backward stochastic differential equations. (arXiv:1611.06098v1 [math.NA])
We propose a numerical algorithm for backward stochastic differential equations based on time discretization and trigonometric wavelets. This method combines the effectiveness of Fourier-based methods and the simplicity of a wavelet-based formula, resulting in an algorithm that is both accurate and easy to implement. Furthermore, we mitigate the problem of errors near the computation boundaries by means of an antireflective boundary technique, giving an improved approximation. We test our algorithm with different numerical experiments.
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Value-at-Risk Prediction in R with the GAS Package. (arXiv:1611.06010v1 [q-fin.RM])
GAS models have been recently proposed in time-series econometrics as valuable tools for signal extraction and prediction. This paper details how financial risk managers can use GAS models for Value-at-Risk (VaR) prediction using the novel GAS package for R. Details and code snippets for prediction, comparison and backtesting with GAS models are presented. An empirical application considering Dow Jones Index constituents investigates the VaR forecasting performance of GAS models.
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