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| discretionary vs non discretionary trading: Report of the Special Study of the Options Markets to the Securities and Exchange Commission United States. Securities and Exchange Commission. Special Study of the Options Markets, 1979 |
| discretionary vs non discretionary trading: Financial Markets Theory Emilio Barucci, Claudio Fontana, 2017-06-08 This work, now in a thoroughly revised second edition, presents the economic foundations of financial markets theory from a mathematically rigorous standpoint and offers a self-contained critical discussion based on empirical results. It is the only textbook on the subject to include more than two hundred exercises, with detailed solutions to selected exercises. Financial Markets Theory covers classical asset pricing theory in great detail, including utility theory, equilibrium theory, portfolio selection, mean-variance portfolio theory, CAPM, CCAPM, APT, and the Modigliani-Miller theorem. Starting from an analysis of the empirical evidence on the theory, the authors provide a discussion of the relevant literature, pointing out the main advances in classical asset pricing theory and the new approaches designed to address asset pricing puzzles and open problems (e.g., behavioral finance). Later chapters in the book contain more advanced material, including on the role of information in financial markets, non-classical preferences, noise traders and market microstructure. This textbook is aimed at graduate students in mathematical finance and financial economics, but also serves as a useful reference for practitioners working in insurance, banking, investment funds and financial consultancy. Introducing necessary tools from microeconomic theory, this book is highly accessible and completely self-contained. Advance praise for the second edition: Financial Markets Theory is comprehensive, rigorous, and yet highly accessible. With their second edition, Barucci and Fontana have set an even higher standard!Darrell Duffie, Dean Witter Distinguished Professor of Finance, Graduate School of Business, Stanford University This comprehensive book is a great self-contained source for studying most major theoretical aspects of financial economics. What makes the book particularly useful is that it provides a lot of intuition, detailed discussions of empirical implications, a very thorough survey of the related literature, and many completely solved exercises. The second edition covers more ground and provides many more proofs, and it will be a handy addition to the library of every student or researcher in the field.Jaksa Cvitanic, Richard N. Merkin Professor of Mathematical Finance, Caltech The second edition of Financial Markets Theory by Barucci and Fontana is a superb achievement that knits together all aspects of modern finance theory, including financial markets microstructure, in a consistent and self-contained framework. Many exercises, together with their detailed solutions, make this book indispensable for serious students in finance.Michel Crouhy, Head of Research and Development, NATIXIS |
| discretionary vs non discretionary trading: Profitable Short Term Trading Strategies Rakesh Bansal, 2015-06-10 How to make money using market-proven trading strategies This book is a valuable compendium of select tried and tested short term trading strategies. Followed with discipline and patience, these strategies can help you build solid wealth in the stock market. The book starts with an explanation of the key concepts of technical analysis that underlie trading. The big advantage of technical trading is that it eliminates guesswork since the risk, namely the worst-possible outcome of a trade, is known in advance even before a trade is initiated. Each trading strategy is explained in detail with entry, stop loss and exit rules and illustrated with real-life examples and charts. Find out: ● The logic of technical trading ● The key tools: charts and trends ● Proven trend trading strategies ● How to trade support and resistance ● Strategies for trading trend lines ● Strategies for trading reversal and continuation patterns ● How to profitably trade gaps ● Retracement trading strategies ● Tried and tested trading strategies using leading and lagging indicators ● Mechanical trading strategies ● Introduction to algorithmic trading strategies ● And, lot's more. Come, profit from these market-proven trading strategies. |
| discretionary vs non discretionary trading: Informed Traders as Liquidity Providers Alexandra Hachmeister, 2007-11-03 Alexandra Hachmeister’s thesis empirically analyzes and positively answers the question whether informed traders provide liquidity in an open limit order book. The analyses include a detailed market description of the German equity market, a new methodological approach for the identification of informed traders as well as the analysis of the individual liquidity providing and demanding behavior of the identified informed traders. |
| discretionary vs non discretionary trading: Technical Analysis For Dummies Barbara Rockefeller, 2014-02-24 A simple, straightforward guide to the fundamentals of technical analysis Technical analysis is a collection of techniques designed to help you make trading decisions in securities markets. Technical Analysis For Dummies helps you take a hard-headed look at what securities prices are actually doing rather than what economists or analysts say they should be doing, giving you the know-how to use that data to decide whether to buy or sell individual securities. Since the publication of the first edition, readers have been faced with many changes, such as new interest rates, looming bank crises, and adjusting market climates. This new edition provides an updated look at unique formulas and key indicators, as well as refreshed and practical examples that reflect today today's financial atmosphere. Determine how markets are performing and make decisions using real data Spot investment trends and turning points Improve your profits and your portfolio performance With straightforward coverage of concepts and execution, Technical Analysis For Dummies shows you how to make better trading decisions in no time. |
| discretionary vs non discretionary trading: The Universal Tactics of Successful Trend Trading Brent Penfold, 2020-09-01 Get a flying headstart on trend trading with this comprehensive how-to guide The Universal Tactics of Successful Trend Trading: Finding Opportunity in Uncertainty delivers powerful and practical advice for the serious trend trader. Using the principles identified in The Universal Principles of Successful Trading, author Brent Penfold shows curious investors how to become a long-term winner with tried-and-true trend trading methodologies. The book includes in-depth and comprehensive treatments of topics like: · Why trend trading is so appealing · Popular and effective trend trading strategies · How to measure risk · Common trend trading mistakes and how to avoid them Investors and readers will also discover the importance of risk, and how to judge outcomes and strategies on a risk-adjusted basis. Perfect for anyone interested in trading successfully, The Universal Tactics of Successful Trend Trading is a key strategy guide that belongs on the shelf of anyone involved in the buying and selling of financial securities. |
| discretionary vs non discretionary trading: How to Make Money on the Stock Exchange Ross Larter, 2017-01-06 ‘How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.’ – Robert G. Allen, investment advisor and author of Multiple Streams of Income In many people’s thinking, the financial markets are reserved only for the wealthy or people with financial or economic backgrounds. They discard the idea of becoming involved in trading because they perceive it to be too difficult. But Ross Larter, author of How to Make Money on the Stock Exchange, believes that the markets provide opportunities for everyone to generate income. Learning the skills of trading on the stock market can provide you with the opportunity to generate an income well into your retirement years. To those who have walked the journey for a while, the stock market becomes like an all-you-can-eat buffet, providing opportunity on a daily basis for individuals to make money for themselves and their families. How to Make Money on the Stock Exchange is written for ordinary people, in everyday language, to help them understand how the stock market works, and how to use this knowledge to acquire the necessary skills to generate a secondary (and potentially a primary) income by investing and/or trading on the markets. You don’t need to be a financial whizz-kid to make money on the stock market. All you have to do is be willing, and take the time, to learn about it. This book will show you how. |
| discretionary vs non discretionary trading: "ABOUT YOUR FINANCIAL MURDER…" Larry Elford, 2017-09-19 How Trusted Professionals Get-Away With Around Half Of Your Life's Savings America is not going insane It is living in pain Herein are a few causes of that pain. Here are the people who play financial games above our laws. The organizations that can drain the economy of the cost of a Category 5 Hurricane...repeatedly. Those who harm our shared society as much or more than every other criminal offense in the land...combined. This book tells why many North Americans can not only no longer have nice things. Some can no longer even have nice dreams. Many will grow up in a disturbed nation, without even knowing where their retirement security went...nor where the nation's economic prosperity went. A glimpse within some of the greatest economic drains in the land, all of which are done invisibly by professionals. Professionals that society once could trust. |
| discretionary vs non discretionary trading: TOKEN AS VALUE RIGHTS & TOKEN OFFERINGS AND DECENTRALIZED TRADING VENUES Josef Bergt, 2020-05-28 This book was translated from German into English by means of artificial intelligence (machine translation). This academic paper deals with both civil (securities) law and regulatory (securities) law aspects. Thus, a summary of the property law is provided, which deals with the classification of tokens under Liechtenstein law. Furthermore, dematerialized securities, which have been known to the Liechtenstein legal system for almost 100 years, will be dis-cussed. The civil and corporate law focus is on Liechtenstein, while the Swiss corporate law and the general civil law of Austrian law are also taken into account. The supervisory part of the work is clearly in the focus of Union law, but also takes into account national specialties of Liechtenstein, Austria and Germany in addition to European legal acts. Thus, tokens and token-based business models are also examined in the light of European legal acts such as MiFIR, MiFID II, CRR, CRD IV, CSDR, EMIR, AIFMD, UCITSD, E-Money Directive II, PSD II, MAD/MAR, Prospectus Regulation, 5th AML Directive and other regulations, directives, as well as implementing regulations and delegated regulations. A special focus is placed on crypto exchanges and decentralized trading places (DEX). In addition, a focus will be placed on consumer law in terms of tokens and distance selling contracts, taking into account the Consumer Rights Directives. In this context, tokens as data or software and thus as digital content and consequently merchandise are also dealt with in more detail and the parallels to tokens as tokens with intrinsic value or virtual currencies in contrast to fiat money are shown. Furthermore, the author aims at explaining deposit business, e-money transactions and financial instruments as communicating vessels in contrast to virtual currencies. Although this is primarily a legal work, technical aspects of Distributed Ledger Technologies, such as the blockchain, smart contracts, agoric computing, self-sovereign identity, etc. - as far as this is necessary for the legal assessment - are also explained in more detail. The present discussion is to be understood as scientific work with practical relevance for advice in connection with blockchain based business models. |
| discretionary vs non discretionary trading: Handbook of Blockchain Law Matthias Artzt, Thomas Richter, 2020-07-16 Blockchain has become attractive to companies and governments because it promises to solve the age-old problem of mutability in transactions - that is, it makes falsification and recalculation impossible once a transaction has been committed to the technology. However, the perceived complexity of implementing Blockchain calls for an in-depth overview of its key features and functionalities, specifically in a legal context. The systematic and comprehensive approach set forth in this indispensable book, including coverage of existing relevant law in various jurisdictions and practical guidance on how to tackle legal issues raised by the use of Blockchain, ensures a one-stop-shop reference book for anyone considering Blockchain-based solutions or rendering advice with respect to them. Within a clear structure by fields of law allowing for a systematic approach, each contributor - all of them are practitioners experienced with Blockchain projects within their respective areas of expertise - elucidates the implications of Blockchain technology and related legal issues under such headings as the following: technical explanation of Blockchain technology; contract law; regulatory issues and existing regulation in a variety of jurisdictions; data protection and privacy; capital markets; information security; patents and other intellectual property considerations; and antitrust law. Keeping the legal questions and concepts sufficiently generic so that lawyers can benefit from the handbook irrespective of their jurisdiction and legal background, the authors cover such specific characteristics of Blockchain implementation as so-called smart contracts, tokenization, distributed ledger technology, digital securities, recognition of code as law, data privacy challenges and Blockchain joint ventures. Because Blockchain is a relatively new technology still in process and raises a multitude of legal questions, this well-balanced introduction - at a depth that allows non-IT experts to understand the groundwork for legal assessments - provides a solid basis for organizations and their legal advisors in identifying and resolving Blockchain-related issues. Legal practitioners, in-house lawyers, IT professionals and advisors, consultancy firms, Blockchain associations and legal scholars will welcome this highly informative and practical book. |
| discretionary vs non discretionary trading: The Front Office Tom Costello, 2021-02-05 Getting into the Hedge Fund industry is hard, being successful in the hedge fund industry is even harder. But the most successful people in the hedge fund industry all have some ideas in common that often mean the difference between success and failure. The Front Office is a guide to those ideas. It's a manual for learning how to think about markets in the way that's most likely to lead to sustained success in the way that the top Institutions, Investment Banks and Hedge Funds do. Anyone can tell you how to register a corporation or how to connect to a lawyer or broker. This isn't a book about those 'back office' issues. This is a book about the hardest part of running a hedge fund. The part that the vast majority of small hedge funds and trading system developers never learn on their own. The part that the accountants, settlement clerks, and back office staffers don't ever see. It explains why some trading systems never reach profitability, why some can't seem to stay profitable, and what to do about it if that happens to you. This isn't a get rich quick book for your average investor. There are no easy answers in it. If you need someone to explain what a stock option is or what Beta means, you should look somewhere else. But if you think you're ready to reach for the brass ring of a career in the institutional investing world, this is an excellent guide. This book explains what those people see when they look at the markets, and what nearly all of the other investors never do. |
| discretionary vs non discretionary trading: SEC Docket United States. Securities and Exchange Commission, 1997 |
| discretionary vs non discretionary trading: EU Securities and Financial Markets Regulation Niamh Moloney, 2023-03-29 Over the decade or so since the global financial crisis rocked EU financial markets and led to wide-ranging reforms, EU securities and financial markets regulation has continued to evolve. The legislative framework has been refined and administrative rulemaking has expanded. Alongside, the Capital Markets Union agenda has developed, the UK has left the EU, and ESMA has emerged as a decisive influence on EU financial markets governance. All these developments, as well as the Covid-19 pandemic, have shaped the regulatory landscape and how supervision is organized. EU Securities and Financial Markets Regulation provides a comprehensive, critical, and contextual account of the intricate rulebook that governs EU financial markets and its supporting institutional arrangements. It is framed by an assessment of how the regime has evolved over the decade or so since the global financial crisis and considers, among other matters, the post-crisis reforms to key legislative measures, the massive expansion of administrative rulemaking and of soft law, the Capital Markets Union agenda, the development of supervisory convergence as the means for organizing pan-EU supervision, and ESMA's role in EU financial markets governance. Its coverage extends from capital-raising and the Prospectus Regulation to financial market intermediation and the MiFID II/MiFIR and IFD/IFR regimes, to the new regulatory regimes adopted since the global financial crisis (including for benchmarks and their administrators), to retail market regulation and the PRIIPs Regulation, and on to the EU's third country regime and the implications of the UK's departure from the EU. This is the fourth edition of the highly successful and authoritative monograph first published as EC Securities Regulation. Heavily revised from the third edition to reflect developments since the global financial crisis, it adopts the in-depth contextual and analytical approach of earlier editions and so considers the market, political, institutional, and international context of the regulatory and supervisory regime. |
| discretionary vs non discretionary trading: Exchange Rate Economics Ronald MacDonald, 2007-03-12 First published in 2007. Exchange Rate Economics: Theories and Evidence is the second edition of Floating Exchange Rates: Theories and Evidence, and builds on the successful content and structure of the previous edition, but has been comprehensively updated and expanded to include additional literature on the determination of both fixed and floating exchange rates. Core topics covered include: • the purchasing power parity hypothesis and the PPP puzzle; • the monetary and portfolio-balance approaches to exchange rates; • the new open economy macroeconomics approach to exchange rates; and • the determination of exchange rates in target zone models and speculative attack models. Exchange Rate Economics: Theories and Evidence also includes extensive discussion of recent econometric work on exchange rates with a particular focus on equilibrium exchange rates and measuring exchange rate misalignment, as well as discussion on the non-fundamentals-based approaches to exchange rate behaviour, such as the market microstructure approach. The book will appeal to academics and postgraduate students with an interest in all aspects of international finance and will also be of interest to practitioners concerned with issues relating to equilibrium exchange rates and the forecastability of currencies in terms of macroeconomic fundamentals. |
| discretionary vs non discretionary trading: The Oxford Handbook of Financial Regulation Niamh Moloney, Eilís Ferran, Jennifer Payne, 2015-08-27 The financial system and its regulation have undergone exponential growth and dramatic reform over the last thirty years. This period has witnessed major developments in the nature and intensity of financial markets, as well as repeated cycles of regulatory reform and development, often linked to crisis conditions. The recent financial crisis has led to unparalleled interest in financial regulation from policymakers, economists, legal practitioners, and the academic community, and has prompted large-scale regulatory reform. The Oxford Handbook of Financial Regulation is the first comprehensive, authoritative, and state of the art account of the nature of financial regulation. Written by an international team of leading scholars in the field, it takes a contextual and comparative approach to examine scholarly, policy, and regulatory developments in the past three decades. The first three parts of the Handbook address the underpinning horizontal themes which arise in financial regulation: financial systems and regulation; the organization of financial system regulation, including regional examples from the EU and the US; and the delivery of outcomes and regulatory techniques. The final three Parts address the perennial objectives of financial regulation, widely regarded as the anchors of financial regulation internationally: financial stability, market efficiency, integrity, and transparency; and consumer protection. The Oxford Handbook of Financial Regulation is an invaluable resource for scholars and students of financial regulation, economists, policy-makers and regulators. |
| discretionary vs non discretionary trading: Wealthbuilding Kurt Rosentreter, 2005 Rosentreter, a senior financial advisor and insurance agent at a major financial services firm in Toronto, presents a personal finance guide tailored to Canadians. |
| discretionary vs non discretionary trading: Dark Trading Anna-Carina Salger, 2020-01-20 This timely book explores the pressing topic of dark trading. Following new EU legislation regulating financial markets (MiFID II and MiFIR), it traces the rapid development of off-market securities trading (dark trading), analyzes economic studies of this development, and positions the resulting regulatory framework of the EU over against that of the US. The study closes with proposals for reform that provide new impetus for further scientific discussion. |
| discretionary vs non discretionary trading: CFA Program Curriculum 2017 Level III, Volumes 1 - 6 CFA Institute, 2016-08-01 Apply CFA Program concepts and skills to real-world wealth and portfolio management for the 2017 exam The same official curricula that CFA Program candidates receive with program registration is now publicly available for purchase. CFA Program Curriculum 2017 Level III, Volumes 1-6 provides complete, authoritative guidance on synthesizing the entire CFA Program Candidate Body of Knowledge (CBOK) into professional practice for the 2017 exam. This book helps you bring together the skills and concepts from Levels I and II to formulate a detailed, professional response to a variety of real-world scenarios. Coverage spans all CFA Program topics and provides a rigorous treatment of portfolio management, all organized into individual study sessions with clearly defined Learning Outcome Statements. Visual aids clarify complex concepts, and practice questions allow you to test your understanding while reinforcing major content areas. Levels I and II equipped you with foundational investment tools and complex analysis skill; now, you'll learn how to effectively synthesize that knowledge to facilitate effective portfolio management and wealth planning. This study set helps you convert your understanding into a professional body of knowledge that will benefit your clients' financial futures. Master essential portfolio management and compliance topics Synthesize your understanding into professional guidance Reinforce your grasp of complex analysis and valuation Apply ethical and professional standards in the context of real-world cases CFA Institute promotes the highest standards of ethics, education, and professional excellence among investment professionals. The CFA Program Curriculum guides you through the breadth of knowledge required to uphold these standards. The three levels of the program build on each other. Level I provides foundational knowledge and teaches the use of investment tools; Level II focuses on application of concepts and analysis, particularly in the valuation of assets; and Level III builds toward synthesis across topics with an emphasis on portfolio management. |
| discretionary vs non discretionary trading: CFA Program Curriculum 2018 Level III CFA Institute, 2017-08-01 Apply CFA Program concepts and skills to real-world wealth and portfolio management for the 2018 exam The same official curricula that CFA Program candidates receive with program registration is now publicly available for purchase. CFA Program Curriculum 2018 Level III, Volumes 1-6 provides complete, authoritative guidance on synthesizing the entire CFA Program Candidate Body of Knowledge (CBOK) into professional practice for the 2018 exam. This book helps you bring together the skills and concepts from Levels I and II to formulate a detailed, professional response to a variety of real-world scenarios. Coverage spans all CFA Program topics and provides a rigorous treatment of portfolio management, all organized into individual study sessions with clearly defined Learning Outcome Statements. Visual aids clarify complex concepts, and practice questions allow you to test your understanding while reinforcing major content areas. Levels I and II equipped you with foundational investment tools and complex analysis skill; now, you'll learn how to effectively synthesize that knowledge to facilitate effective portfolio management and wealth planning. This study set helps you convert your understanding into a professional body of knowledge that will benefit your clients' financial futures. Master essential portfolio management and compliance topics Synthesize your understanding into professional guidance Reinforce your grasp of complex analysis and valuation Apply ethical and professional standards in the context of real-world cases CFA Institute promotes the highest standards of ethics, education, and professional excellence among investment professionals. The CFA Program Curriculum guides you through the breadth of knowledge required to uphold these standards. The three levels of the program build on each other. Level I provides foundational knowledge and teaches the use of investment tools; Level II focuses on application of concepts and analysis, particularly in the valuation of assets; and Level III builds toward synthesis across topics with an emphasis on portfolio management. |
| discretionary vs non discretionary trading: Quantitative Financial Economics Keith Cuthbertson, Dirk Nitzsche, 2005-05-05 This new edition of the hugely successful Quantitative Financial Economics has been revised and updated to reflect the most recent theoretical and econometric/empirical advances in the financial markets. It provides an introduction to models of economic behaviour in financial markets, focusing on discrete time series analysis. Emphasis is placed on theory, testing and explaining ‘real-world’ issues. The new edition will include: Updated charts and cases studies. New companion website allowing students to put theory into practice and to test their knowledge through questions and answers. Chapters on Monte Carlo simulation, bootstrapping and market microstructure. |
| discretionary vs non discretionary trading: Dealing in Securities: The Law and Regulation of Sales and Trading in Europe Christos Nifadopoulos, 2021-11-30 Begins with the essential questions: - whether brokerage and dealing in securities is regulated in a jurisdiction - what aspects of the activity could bring it in scope for authorisation; and - how it is determined which regulator has legal competence to supervise the business in scope. The recent liberalisation of national authorisation regimes across Europe in the wake of MiFID II and Brexit, which has resulted in tensions with recent attempts by the EU to harmonise centrally the single market authorisation regime, is fully addressed. It reviews the details of the activities of sales, sales trading, trading and execution, what they each constitute (with reference to established communication and order management systems), the potential conflicts of interest that they bring about for a firm and how such conflicts can be managed. Each of these activities are mapped against specific regulatory obligations, such as best execution, pre- and post-trade transparency, inducements, dealing commissions rules, the short selling regime and shareholder disclosures, depicting the obligations schematically to assist the practitioner. Also covers: - dealing commission unbundling, which has reformed the way the provision and consumption of independent research and corporate access are related to execution services, - the question of multilateral trading, in other words the point at which the activity of a broker becomes exchange-like and needs to be authorised as such, - principal trading and the ability of firms to advance risk to their clients in the wake of the Volcker rule in the United States and similar legislation in Germany and elsewhere, - the rise of Systematic Internalisers and the constraints imposed on them, such as the pre-trade transparency requirements and the tick size regime, and - electronic trading, algorithmic trading, direct electronic access and high frequency trading, as well as the risk control framework that is relevant to all these activities. |
| discretionary vs non discretionary trading: Advanced Trading Rules Emmanual Acar, Stephen Satchell, 2002-06-05 Advanced Trading Rules is the essential guide to state of the art techniques currently used by the very best financial traders, analysts and fund managers. The editors have brought together the world's leading professional and academic experts to explain how to understand, develop and apply cutting edge trading rules and systems. It is indispensable reading if you are involved in the derivatives, fixed income, foreign exchange and equities markets. Advanced Trading Rules demonstrates how to apply econometrics, computer modelling, technical and quantitative analysis to generate superior returns, showing how you can stay ahead of the curve by finding out why certain methods succeed or fail. Profit from this book by understanding how to use: stochastic properties of trading strategies; technical indicators; neural networks; genetic algorithms; quantitative techniques; charts. Financial markets professionals will discover a wealth of applicable ideas and methods to help them to improve their performance and profits. Students and academics working in this area will also benefit from the rigorous and theoretically sound analysis of this dynamic and exciting area of finance. The essential guide to state of the art techniques currently used by the very best financial traders, analysts and fund managers Provides a complete overview of cutting edge financial markets trading rules, including new material on technical analysis and evaluation Demonstrates how to apply econometrics, computer modeling, technical and quantitative analysis to generate superior returns |
| discretionary vs non discretionary trading: Securities Industry Essentials Exam For Dummies with Online Practice Steven M. Rice, 2018-12-11 Get ready to qualify for the security industry job of your dreams The Securities Industry Essentials (SIE) Exam is a new test administered by FINRA beginning in October 2018. This exam is required as a prerequisite to each series level knowledge exam (such as Series 7). If you’re prepping for the exam, you need a trusted resource to ensure your very best performance. Securities Industry Essentials Exam For Dummies with Online Practice gives you everything you need to score high on this important exam. With two practice tests in the book, plus two bonus tests online, you can practice your way to a calm and confident experience on exam day. Take 4 full-length practice tests with answers and full explanations Get 1-year access to practice and tests online Find strategies and tips for breaking into the securities industry Increase your chances of scoring higher SIE scores are expected to be a critical factor in determining qualification to enter the securities industry, so the stakes are high. With the help of this book, you’ll up your chances of breaking into this field and landing your dream job. |
| discretionary vs non discretionary trading: Dalhuisen on Transnational and Comparative Commercial, Financial and Trade Law Volume 6 Jan H Dalhuisen, 2022-06-16 “... a wide-ranging, historically and comparatively very deep and comprehensive commentary, but which is also very contemporary and forward-looking on many or most of the issues relevant in modern transnational commercial, contract and financial transactions” (International and Comparative Law Quarterly) Volume 6 of this new edition deals with financial regulation of banks and banking activities and products. It critically reviews micro-prudential regulation, the need for macro-prudential supervision and an independent macro-prudential supervisor, the role of resolution authorities, the operation of the shadow banking system, and the extraterritorial reach and international recognition of financial regulation. The volume considers in particular the fallout from the 2008 financial crisis and the subsequent regulatory responses in the US and Europe. The complete set in this magisterial work is made up of 6 volumes. Used independently, each volume allows the reader to delve into a particular topic. Alternatively, all volumes can be read together for a comprehensive overview of transnational comparative commercial, financial and trade law. |
| discretionary vs non discretionary trading: Practical Portfolio Performance Measurement and Attribution Carl R. Bacon, 2011-02-23 Performance measurement and attribution are key tools in informing investment decisions and strategies. Performance measurement is the quality control of the investment decision process, enabling money managers to calculate return, understand the behaviour of a portfolio of assets, communicate with clients and determine how performance can be improved. Focusing on the practical use and calculation of performance returns rather than the academic background, Practical Portfolio Performance Measurement and Attribution provides a clear guide to the role and implications of these methods in today's financial environment, enabling readers to apply their knowledge with immediate effect. Fully updated from the first edition, this book covers key new developments such as fixed income attribution, attribution of derivative instruments and alternative investment strategies, leverage and short positions, risk-adjusted performance measures for hedge funds plus updates on presentation standards. The book covers the mathematical aspects of the topic in an accessible and practical way, making this book an essential reference for anyone involved in asset management. |
| discretionary vs non discretionary trading: Federal Securities Law Reporter , 1941 |
| discretionary vs non discretionary trading: Federal Register , 2013-05 |
| discretionary vs non discretionary trading: China’s Implementation of the Rulings of the World Trade Organization Weihuan Zhou, 2019-10-03 Amid the ongoing crisis surrounding the WTO, China's role and behaviour in the multilateral trading system has attracted overwhelming attention. This timely monograph provides the first comprehensive and systemic analysis of China's compliance with the rulings of the WTO's dispute settlement mechanism (DSM). It covers all the disputes in which China has been a respondent during its 17-year WTO membership and offers a detailed discussion of China's implementation of adverse WTO rulings, its approaches to settling WTO disputes, the possible explanations for such approaches, and post-compliance issues. The book shows how China has utilised the limitations and flexibilities of WTO rulings to ensure that its implementation of the rulings not only delivers adequate compliance but also maintains its own interests. Overall, this book argues that the issues relating to the quality of China's compliance and post-compliance practices concern the loopholes within the DSM itself which may be utilised by all WTO Members. However, despite the loopholes, China's record of compliance suggests that the DSM has been largely effective in inducing compliance and influencing domestic policy-making. It is therefore in the interest of all WTO Members and other stakeholders to protect the DSM as the 'crown jewel' of the multilateral trading system. |
| discretionary vs non discretionary trading: Professional Automated Trading Eugene A. Durenard, 2013-10-04 An insider's view of how to develop and operate an automated proprietary trading network Reflecting author Eugene Durenard's extensive experience in this field, Professional Automated Trading offers valuable insights you won't find anywhere else. It reveals how a series of concepts and techniques coming from current research in artificial life and modern control theory can be applied to the design of effective trading systems that outperform the majority of published trading systems. It also skillfully provides you with essential information on the practical coding and implementation of a scalable systematic trading architecture. Based on years of practical experience in building successful research and infrastructure processes for purpose of trading at several frequencies, this book is designed to be a comprehensive guide for understanding the theory of design and the practice of implementation of an automated systematic trading process at an institutional scale. Discusses several classical strategies and covers the design of efficient simulation engines for back and forward testing Provides insights on effectively implementing a series of distributed processes that should form the core of a robust and fault-tolerant automated systematic trading architecture Addresses trade execution optimization by studying market-pressure models and minimization of costs via applications of execution algorithms Introduces a series of novel concepts from artificial life and modern control theory that enhance robustness of the systematic decision making—focusing on various aspects of adaptation and dynamic optimal model choice Engaging and informative, Proprietary Automated Trading covers the most important aspects of this endeavor and will put you in a better position to excel at it. |
| discretionary vs non discretionary trading: Reauthorization of the Commodity Futures Trading Commission United States. Congress. Senate. Committee on Agriculture, Nutrition, and Forestry, 1986 |
| discretionary vs non discretionary trading: EU Capital Market Law Rüdiger Litten, 2024-11-08 This book gives systematic insight into the principles underlying EU capital market law which has developed from a narrowly defined matter for legal specialists to a core component of modern business law. It analyses key EU capital market legislation such as MiFID, IFD, MAR, ProspR, EMIR, UCITSD and AIFMD and examines their interrelationships, always aiming to foster a practical understanding of the law. |
| discretionary vs non discretionary trading: Application of Anti-manipulation Law to EU Wholesale Energy Markets and Its Interplay with EU Competition Law Huseyin Cagri Corlu, 2018-06-05 In the course of energy liberalisation, electricity and natural gas contracts have been separated from physical delivery, and these contracts are now traded as commodities in multilateral trading facilities. Although designed to render energy trading standardised and efficient, this system raises serious questions as to whether existing regulatory and antitrust provisions are sufficient to address market abuses that cause imbalances in demand and supply. The European Union’s (EU’s) Regulation on Wholesale Energy Market Integrity and Transparency (REMIT), adopted to combat such market manipulation, is still lacking in significant case law to bolster its effectiveness. Addressing this gap, this invaluable book provides the first in-depth analysis of market manipulation in the energy sector, offering a deeply informed understanding of the new anti-manipulation rules and their implementation and enforcement. Focusing on practices that perpetrators employ to manipulate electricity and natural gas markets and the applicability of anti-manipulation rules to combat such practices, the analysis examines such issues and topics as the following: – factors and circumstances that determine when and what market misconduct can be subject to enforcement; – the European Commission’s criteria to determine whether a particular market is susceptible to regulation; – jurisdiction of REMIT and the Market Abuse Regulation (MAR) with respect to the prohibitions of insider trading in financial wholesale energy markets; – to what extent anti-manipulation rules and EU competition law may be applied concurrently; and – types of physical and financial instruments that market participants have employed in devising their manipulative schemes. Because market manipulation is rather new in the EU context but has been prohibited and prosecuted under US law for over a century, much of the case law analysis is from the United States and greatly clarifies how anti-manipulation rules may be enforced. A concluding chapter offers policy recommendations to mitigate legal uncertainties arising from REMIT. Energy market participants, such as energy producers, wholesale suppliers, traders, transmission system operators and their counsel, and legal practitioners in the field will welcome this book’s extensive legal analysis and its clear demarcation of the objectives that REMIT seeks to accomplish with respect to energy market liberalisation. |
| discretionary vs non discretionary trading: The Economics of Exchange Rates Lucio Sarno, Mark P. Taylor, 2003-01-09 In the last few decades exchange rate economics has seen a number of developments, with substantial contributions to both the theory and empirics of exchange rate determination. Important developments in econometrics and the increasingly large availability of high-quality data have also been responsible for stimulating the large amount of empirical work on exchange rates in this period. Nonetheless, while our understanding of exchange rates has significantly improved, a number of challenges and open questions remain in the exchange rate debate, enhanced by events including the launch of the Euro and the large number of recent currency crises. This volume provides a selective coverage of the literature on exchange rates, focusing on developments from within the last fifteen years. Clear explanations of theories are offered, alongside an appraisal of the literature and suggestions for further research and analysis. |
| discretionary vs non discretionary trading: Capital Markets Law and Compliance Paul Nelson, 2008-01-10 The Markets in Financial Instruments Directive (MiFID) is a detailed re-writing of the regulation of capital markets. To the extent those rules permit, the Financial Services Authority (FSA) is also introducing high-level 'principles-based regulation'. In response to this, Paul Nelson presents practical guidance on the regulation of the capital markets, ranging from new issues and IPOs to investment banking, broker-dealing and asset management. All laws and rules relevant to the regulation of the capital markets are explained and put into context within the economic operation of markets, institutions and products, the European Single Market, the FSA's policies and objectives, the historical evolution of the regulations and the general civil and criminal law. Drawing on 30 years' experience as a practitioner, and referring to a vast range of supporting materials, the author provides an insightful analysis and critique of the rules, the rule makers and the institutions. |
| discretionary vs non discretionary trading: Annotated Alberta Securities Legislation Alberta, 2002 |
| discretionary vs non discretionary trading: Annotated British Columbia Securities Legislation 2001 British Columbia, 2001 |
| discretionary vs non discretionary trading: Irish Securities Law Paul Egan, 2021-11-29 This new title is concerned with the securities law provisions in the Companies Act 2014 and derivative enactments, which are of most concern to listed companies and companies issuing equity and debt securities in Ireland. It deals comprehensively with the legal obligations to produce a prospectus or similar document, what is in it, what are the exceptions, what information must be made available to the markets and what are the other legal consequences on companies and dealers in shares and other securities as a result of having securities admitted to listing. Part A of the book gives an overview of the four key areas: Prospectus, Listing, Market Abuse and Transparency. It explains the structure of the law to enable non-experts to understand the law. Part B gives the legal and regulatory texts, which will be more of interest to lawyers and financiers in this area who need to be familiar with the primary law, which is not as yet readily accessible. |
| discretionary vs non discretionary trading: Digital Finance in Europe: Law, Regulation, and Governance Emilios Avgouleas, Heikki Marjosola, 2021-12-20 Global finance is in the middle of a radical transformation fueled by innovative financial technologies. The coronavirus pandemic has accelerated the digitization of retail financial services in Europe. Institutional interest and digital asset markets are also growing blurring the boundaries between the token economy and traditional finance. Blockchain, AI, quantum computing and decentralised finance (DeFI) are setting the stage for a global battle of business models and philosophies. The post-Brexit EU cannot afford to ignore the promise of digital finance. But the Union is struggling to keep pace with global innovation hubs, particularly when it comes to experimenting with new digital forms of capital raising. Calibrating the EU digital finance strategy is a balancing act that requires a deep understanding of the factors driving the transformation, be they legal, cultural, political or economic, as well as their many implications. The same FinTech inventions that use AI, machine learning and big data to facilitate access to credit may also establish invisible barriers that further social, racial and religious exclusion. The way digital finance actors source, use, and record information presents countless consumer protection concerns. The EU’s strategic response has been years in the making and, finally, in September 2020 the Commission released a Digital Finance Package. This special issue collects contributions from leading scholars who scrutinize the challenges digital finance presents for the EU internal market and financial market regulation from multiple public policy perspectives. Author contributions adopt a critical yet constructive and solutions-oriented approach. They aim to provide policy-relevant research and ideas shedding light on the complexities of the digital finance promise. They also offer solid proposals for reform of EU financial services law. |
| discretionary vs non discretionary trading: Determinants of Market Liquidity and Price Efficiency in Financial Markets Avanidhar Subrahmanyam, 1990 |
| discretionary vs non discretionary trading: The Development Dimensions of Trade OECD, 2001-12-07 This publication provides an in-depth analysis of the development dimensions of trade, with particular emphasis on the integration of non-OECD countries into the global economy. |
DISCRETIONARY Definition & Meaning - Merriam-Webster
The meaning of DISCRETIONARY is left to individual choice or judgment : exercised at one's own discretion. How to use discretionary in a sentence.
DISCRETIONARY | English meaning - Cambridge Dictionary
DISCRETIONARY definition: 1. able to be decided by a particular person or group in a particular situation, rather than being…. Learn more.
discretionary adjective - Definition, pictures, pronunciation and …
Definition of discretionary adjective from the Oxford Advanced Learner's Dictionary. decided according to the judgement of a person in authority about what is necessary in each particular …
DISCRETIONARY definition and meaning | Collins English Dictionary
Discretionary things are not fixed by rules but are decided on by people in authority, who consider each individual case.
Discretionary - definition of discretionary by ... - The Free …
discretionary - having or using the ability to act or decide according to your own discretion or judgment; "The commission has discretionary power to award extra funds"
What does discretionary mean? - Definitions.net
Discretionary refers to something that is subject to one's own judgment or decision, not determined by laws or regulations. It gives a person or authority the right or power to decide or …
DISCRETIONARY Definition & Meaning - Dictionary.com
Discretionary definition: subject or left to one's own discretion.. See examples of DISCRETIONARY used in a sentence.
Discretionary - Definition, Meaning & Synonyms - Vocabulary.com
Discretionary comes from the word discretion, which can be used to mean “the right to decide something based on one’s own judgment.” If you're given a task to complete at your discretion, …
discretionary - WordReference.com Dictionary of English
not earmarked for a particular purpose: discretionary income; a discretionary fund. the power to decide or act according to one's own judgment: The judge has discretion in the matter of …
Discretionary Definition & Meaning | Britannica Dictionary
DISCRETIONARY meaning: 1 : available to be used when and how you decide; 2 : done or used when necessary
DISCRETIONARY Definition & Meaning - Merriam-Webster
The meaning of DISCRETIONARY is left to individual choice or judgment : exercised at one's own discretion. How to use discretionary in a sentence.
DISCRETIONARY | English meaning - Cambridge Dictionary
DISCRETIONARY definition: 1. able to be decided by a particular person or group in a particular situation, rather than being…. Learn more.
discretionary adjective - Definition, pictures, pronunciation and …
Definition of discretionary adjective from the Oxford Advanced Learner's Dictionary. decided according to the judgement of a person in authority about what is necessary in each particular …
DISCRETIONARY definition and meaning | Collins English Dictionary
Discretionary things are not fixed by rules but are decided on by people in authority, who consider each individual case.
Discretionary - definition of discretionary by ... - The Free …
discretionary - having or using the ability to act or decide according to your own discretion or judgment; "The commission has discretionary power to award extra funds"
What does discretionary mean? - Definitions.net
Discretionary refers to something that is subject to one's own judgment or decision, not determined by laws or regulations. It gives a person or authority the right or power to decide or …
DISCRETIONARY Definition & Meaning - Dictionary.com
Discretionary definition: subject or left to one's own discretion.. See examples of DISCRETIONARY used in a sentence.
Discretionary - Definition, Meaning & Synonyms - Vocabulary.com
Discretionary comes from the word discretion, which can be used to mean “the right to decide something based on one’s own judgment.” If you're given a task to complete at your discretion, …
discretionary - WordReference.com Dictionary of English
not earmarked for a particular purpose: discretionary income; a discretionary fund. the power to decide or act according to one's own judgment: The judge has discretion in the matter of …
Discretionary Definition & Meaning | Britannica Dictionary
DISCRETIONARY meaning: 1 : available to be used when and how you decide; 2 : done or used when necessary
