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Market Microstructure
Market microstructure is a branch of finance concerned with the details of how exchange occurs in markets. While the theory of market microstructure applies to the exchange of real or financial assets, more evidence is available on the microstructure in the financial field due to the availability of transactions data from them. The major thrust of market microstructure research examines the ways in which the working processes of a market affect determinants of transaction costs, prices, quotes, volume, and trading behavior. In the twenty-first century, innovations have allowed an expansion into the study of the impact of market microstructure on the incidence of market abuse, such as insider trading, market manipulation and broker-client conflict. Definition Maureen O'Hara defines market microstructure as "the study of the process and outcomes of exchanging assets under explicit trading rules. While much of economics abstracts from the mechanics of trading, microstructure liter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Finance
Finance refers to monetary resources and to the study and Academic discipline, discipline of money, currency, assets and Liability (financial accounting), liabilities. As a subject of study, is a field of Business administration, Business Administration wich study the planning, organizing, leading, and controlling of an organization's resources to achieve its goals. Based on the scope of financial activities in financial systems, the discipline can be divided into Personal finance, personal, Corporate finance, corporate, and public finance. In these financial systems, assets are bought, sold, or traded as financial instruments, such as Currency, currencies, loans, Bond (finance), bonds, Share (finance), shares, stocks, Option (finance), options, Futures contract, futures, etc. Assets can also be banked, Investment, invested, and Insurance, insured to maximize value and minimize loss. In practice, Financial risk, risks are always present in any financial action and entities. Due ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quantity Theory Of Money
The quantity theory of money (often abbreviated QTM) is a hypothesis within monetary economics which states that the general price level of goods and services is directly proportional to the amount of money in circulation (i.e., the money supply), and that the causality runs from money to prices. This implies that the theory potentially explains inflation. It originated in the 16th century and has been proclaimed the oldest surviving theory in economics. According to some, the theory was originally formulated by Renaissance mathematician Nicolaus Copernicus in 1517, whereas others mention Martín de Azpilcueta and Jean Bodin as independent originators of the theory. It has later been discussed and developed by several prominent thinkers and economists including John Locke, David Hume, Irving Fisher and Alfred Marshall. Milton Friedman made a restatement of the theory in 1956 and made it into a cornerstone of monetarist thinking. The theory is often stated in terms of the equat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Craig W
Craig may refer to: People and fictional characters * Craig (surname), including a list of people and fictional characters * Craig (given name), including a list of people and fictional characters * Clan Craig, a Scottish clan Places United States * Craig, Alaska, a city * Craig, Colorado, a city * Craig, Iowa, a city * Craig, Missouri, a city * Craig, Montana, an unincorporated place * Craig, Nebraska, a village * Craig, Ohio, an unincorporated community * Craig County, Oklahoma * Craig County, Virginia * Craig Township, Switzerland County, Indiana * Craig Township, Burt County, Nebraska * Mount Craig (Colorado) * Mount Craig (North Carolina) * Craig Mountain, Oregon * Craig Field (airport), a public airport near Selma, Alabama, formerly: ** Craig Air Force Base, a former United States Air Force base * Craig Hospital, a neurorehabilitation and research hospital in Englewood, Colorado, United States * Fort Craig, a United States Army fort in New Mexico * The Craig School, an inde ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Maker
A market maker or liquidity provider is a company or an individual that quotes both a buy and a sell price in a tradable asset held in inventory, hoping to make a profit on the difference, which is called the ''bid–ask spread'' or ''turn.'' This stabilizes the market, reducing price variation (Volatility (finance), volatility) by setting a trading price range for the asset. In U.S. markets, the U.S. Securities and Exchange Commission defines a "market maker" as a firm that stands ready to buy and sell stock on a regular and continuous basis at a publicly quoted price. A Designated Primary Market Maker (DPM) is a specialized market maker approved by an exchange to guarantee a buy or sell position in a particular assigned security, option, or option index. In currency exchange Most foreign exchange trading firms are market makers, as are many banks. The foreign exchange market maker both buys foreign currency from clients and sells it to other clients. They derive income from the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tick Size
In financial markets, the tick size is the smallest price increment in which the prices are quoted. The meaning of the term varies depending on whether stocks, bonds, or futures are being quoted. Bonds U.S. mortgage bonds and certain corporate bonds are quoted in increments of one thirty-second () of one percent. That means that prices will be quoted as, for instance, "99-30" (read as "99 and 30 ticks"), meaning 99 and percent of the face value. Prices can also be quoted with a "plus", adding one sixty-fourth () of one percent or half a tick. That means that a price is quoted as, for instance, "99-30+", meaning 99 and percent (or percent) of the face value. As an example, "par the buck plus" means 100% plus of 1% or 100.015625% of face value. Most European and Asian bond and futures prices are quoted in decimals so the "tick" size is of 1%. Stocks and futures Tick size is the smallest increment (tick) by which the price of stocks, futures contracts or other exchange-traded ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tianhui Li
Michael Li (born 1985, Portland, Oregon; Chinese name: Tianhui Li) is an American data scientist, entrepreneur, and the founder and Chief Executive Officer of The Data Incubator, a data science training and placement company. Since 2023, he has also been serving as CTO at Aerial, a legal-tech start-up helping companies manage their corporate information and scale fast. Early life Li attended Oregon Episcopal School in Portland, Oregon. In 2001, he was selected to perform with the Oregon Symphony. In 2003, he built a "desktop nuclear fusion reactor" based on work at NASA and won second place and $75,000 at the Intel Science Talent Search , becoming the youngest person to date to build a "fusor" desktop nuclear fusion reactor and receiving press coverage in ''The New York Times''. As a result of the competition, he has an asteroid ( 15083 Tianhuili) named after him. He was also a semifinalist at the Siemens Westinghouse Competition, founder of Oregon Episcopal School's sc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Almgren
Robert F. Almgren is an applied mathematician, academic, and businessman focused on market microstructure and order execution. He is the son of Princeton mathematician Frederick J. Almgren, Jr. With Neil Chriss, he wrote the seminal paper "Optimal Execution of Portfolio Transactions,"R.Almgren and N.Chriss, "Optimal execution of portfolio transactions" J. Risk, 3 (Winter 2000/2001) pp.5–39 which ''Institutional Investor'' said "helped lay the groundwork for arrival-price algorithms being developed on Wall Street." In 2008 with Christian Hauff, he cofoundeQuantitative Brokers(QB), a financial technology company providing agency algorithmic execution in futures and interest rate markets. He is currently chief scientist at QB and a professor of the Practice in Operations Research and Financial Engineering at Princeton University. Education Robert Almgren completed a B.S. in physics and a B.S. in mathematics at the Massachusetts Institute of Technology, then an M.S. in applied ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neil Chriss
Neil A. Chriss is a mathematician, academic, hedge fund manager, philanthropist and a founding board member of the charity organization " Math for America" which seeks to improve math education in the United States. Chriss also serves on the board of trustees of the Institute for Advanced Study. Early career Chriss learned programming at the age of 11. He developed a videogame called D' Fuse and sold it to Tymac when he was a sophomore in high school. The game quickly faded when the Commodore 64 with 64K of memory and much better graphics appeared. Chriss went to the University of Chicago, where he majored in mathematics. Following his junior year in college, he worked at Fermilab with Myron Campbell and Bruce Denby; he developed a neural network to find b-quark jets. He then earned his master's degree in applied mathematics at Caltech. Chriss studied pure mathematics at the University of Chicago, working in the Langlands Program. He received a Ph.D. in 1993, with the thesis ''A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adverse Selection
In economics, insurance, and risk management, adverse selection is a market situation where Information asymmetry, asymmetric information results in a party taking advantage of undisclosed information to benefit more from a contract or trade. In an ideal world, buyers should pay a price which reflects their willingness to pay and the value to them of the product or service, and sellers should sell at a price which reflects the quality of their goods and services. However, when one party holds information that the other party does not have, they have the opportunity to damage the other party by maximizing self-utility, concealing relevant information, and perhaps even lying. This opportunity has secondary effects: the party without the information may take steps to avoid entering into an unfair contract, perhaps by withdrawing from the interaction; a party may ask for higher or lower prices, diminishing the volume of trade in the market; or parties may be deterred from participatin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Economics
Monetary economics is the branch of economics that studies the different theories of money: it provides a framework for analyzing money and considers its functions (as medium of exchange, store of value, and unit of account), and it considers how money can gain acceptance purely because of its convenience as a Public good (economics), public good. The discipline has historically prefigured, and remains integrally linked to, macroeconomics. This branch also examines the effects of monetary systems, including regulation of money and associated financial institutions and international aspects. Modern analysis has attempted to provide microfoundations for the demand for money and to distinguish valid nominal value, nominal and real monetary relationships for micro or macro uses, including their influence on the aggregate demand for output. Its methods include deriving and testing the implications of money as a substitute for other assets and as based on explicit frictions. History I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mercantilism
Mercantilism is a economic nationalism, nationalist economic policy that is designed to maximize the exports and minimize the imports of an economy. It seeks to maximize the accumulation of resources within the country and use those resources for unilateralism, one-sided trade. The concept aims to reduce a possible current account (balance of payments), current account deficit or reach a current account surplus, and it includes measures aimed at accumulating foreign-exchange reserves, monetary reserves by a positive balance of trade, especially of finished goods. Historically, such policies may have contributed to war and motivated colonialism, colonial expansion. Mercantilist theory varies in sophistication from one writer to another and has evolved over time. Mercantilism promotes government regulation of a nation's economy for the purpose of augmenting and bolstering state power at the expense of rival national powers. High tariffs, especially on manufactured goods, were a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market (economics)
In economics, a market is a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in Exchange (economics), exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labour power) to buyers in exchange for money. It can be said that a market is the process by which the value of goods and services are established. Markets facilitate trade and enable the distribution and allocation of resources in a society. Markets allow any tradeable item to be evaluated and priced. A market emergence, emerges more or less spontaneous order, spontaneously or may be constructed deliberately by human interaction in order to enable the exchange of rights (cf. ownership) of services and goods. Markets generally supplant Gift economy, gift economies and are often held in place through rules and customs, such as a booth fee, competitive pricing, and source of goods for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
