Margins & Market Integrity
Author:
Publisher: Irwin Professional Publishing
Published: 1991
Total Pages: 392
ISBN-13:
DOWNLOAD EBOOKRead and Download eBook Full
Author:
Publisher: Irwin Professional Publishing
Published: 1991
Total Pages: 392
ISBN-13:
DOWNLOAD EBOOKAuthor: Stephen Figlewski
Publisher:
Published: 1984
Total Pages: 59
ISBN-13:
DOWNLOAD EBOOKAuthor: Paul H. Kupiec
Publisher:
Published: 1997
Total Pages: 62
ISBN-13:
DOWNLOAD EBOOKAuthor: Chunsheng Zhou
Publisher:
Published: 1997
Total Pages: 28
ISBN-13:
DOWNLOAD EBOOKAuthor: Juliette Overland
Publisher:
Published: 2010
Total Pages: 134
ISBN-13: 9781921875038
DOWNLOAD EBOOKThis book brings together a number of experts to explore a variety of topics relating to market integrity relevant to the present debate . including rumour-mongering, regulatory mechanisms, remedies for investors, insider trading, short selling and continuous disclosure.
Author: Paul H. Kupiec
Publisher:
Published: 1997
Total Pages:
ISBN-13:
DOWNLOAD EBOOKAuthor: Stephen Figlewski
Publisher:
Published: 1984
Total Pages: 82
ISBN-13:
DOWNLOAD EBOOKAuthor: Kemper Simpson
Publisher:
Published: 2013-03
Total Pages: 188
ISBN-13: 9781258596743
DOWNLOAD EBOOKAuthor: Janet Austin
Publisher:
Published: 2016
Total Pages: 54
ISBN-13:
DOWNLOAD EBOOKStock exchanges and trading on them has changed dramatically in the last few decades as markets for securities have fragmented, trading volumes have escalated and the opportunities to trade in different markets and across international borders has increased. These changes to the markets have been driven principally by a focus on improving market efficiency, liquidity and investor choice rather than protecting the integrity (or fairness) of the markets. Yet some of these changes may have had an adverse impact on market integrity and, in particular, may have increased the ability of market participants to engage in market abuse such as insider trading and market manipulation. In response to these changes, securities regulators have endeavoured to adapt to this new trading environment, but has the reaction of regulators been satisfactory to protect the fairness of markets? This article seeks to explore this question by outlining the changes, considering how they may have impacted upon market integrity and analysing the regulatory response. Finally this article argues that to successfully maintain and improve market integrity considerably more needs to be done to improve the collection, exchange and analysis of information to maintain effective market oversight.
Author: Francois M. Longin
Publisher:
Published: 1999
Total Pages:
ISBN-13:
DOWNLOAD EBOOKMargin committees and brokers in futures markets face a trade-off when setting the margin level. A high level protects brokers against insolvent customers and then reinforces market integrity, but it also increases the cost supported by investors and in the end makes the market less attractive. In this paper I develop a new method of setting the margin level in futures markets. I use extreme value theory to derive the margin level for a given probability of a margin violation desired by margin committees or brokers. Extreme movements are central to the problem of margin setting since only a large price variation may cause brokers to incur losses. The method takes into account the appropriate amount of extremes in the distribution of price changes and provides a simple analytical formula to compute the margin level. The comparison with a method based on normality shows that using normality leads to a dramatically underestimated margin level.