the microstructure of the mts trading platforms

... EuroMTS and the domestic MTS trading platforms? Throughout the paper, we provide a comparison of the trading costs and price dynamics on these platforms We calculate comparative measures of trading ... any prices on both the local MTS (like MTS Belgium, MTS Amsterdam, MTS Italy and MTS France) but also a European system (EuroMTS) 1 2The longer the maturity the higher the spread The maximum spread ... number of market makers which are both market maker on the local and EuroMTS market Market MTS Amsterdam MTS Belgium MTS Finland MTS France MTS Germany MTS Ireland MTS Italy MTS Portugal MTS Spain...

Ngày tải lên: 16/02/2014, 02:20

... in the context Design of the study Part I: Introduction Rationale of the study Scope of the study Methods of the study Aims of the study Design of the study Part II: development Chapter I: Theoretical ... reproduces the matter without the manner, or the content without the form of the original The advantage of this type of translation is that the text in TL sounds more natural On the contrary, the disadvantage ... on the readership of the translation as was obtained on the readership of the original There are different levels of equivalence: equivalence in respect of context, of semantics, of grammar, of...

Ngày tải lên: 11/12/2013, 23:55

... dramatically in the boom of the late 1920s The increase in stock trading activity raised the profits of the members of the Exchange Figure shows that seat prices (which reflect the expectation of the capitalized ... costs of the migration of bond trading to the OTC market? To answer these questions we first provide institutional information on the microstructure of the bond market in the twentieth century We then ... equities The reallocation of resources to stocks is reflected in the minutes of the Committee on Arrangements of the NYSE through the early part of 1929 In the minutes of January 3, for example, the...

Ngày tải lên: 22/03/2014, 20:20

... number, the listing date, and the status of the listing In addition, whenever relevant, each record includes the expiration date of the listing, the accepted offer date, the closing date, and the ... withdrawal of the property from the market, or transfer of the property to the MLS platform The staff of FSBOMadison.com monitors listings on the MLS and extinguishes any listings that appear on the ... all the listings on the service since it started in 1998 For each listing, we know the address of the property, the last name of the seller, the date the property is put on the Web, and sometimes...

Ngày tải lên: 23/03/2014, 03:20

... instruction of the homeowners Typical events that trigger removal include sale of the property, withdrawal of the property from the market, or transfer of the property to the MLS platform The staff of ... in the transaction, s/he deals with the listing agent to settle the terms of the transactions, and gets the share of the commission that would have otherwise gone to the seller’s agent When the ... subset of the stock of buyers The attraction of this option increases with the proportion of informed buyers, and declines with the number of sellers that list in F (sellers compete for the stock of...

Ngày tải lên: 23/03/2014, 04:21

... rights, the degree of central control over the system, the degree of local control over the system, fungibility of the emissions allowances and interregional trading, private ownership of the capped ... issue of whether pollution trading allowances, based on their use in the trading program, rather than their stated nature in the 1990 CAA Amendments, are property rights 86 ZhongMe Lv, The Green ... role of the government should also change during the different phases of the trading scheme Perhaps in the early phases, the government should actively help establish a market, because the trading...

Ngày tải lên: 29/03/2014, 18:20

... of limit orders In the empirical analysis we study the effect of the state of the limit order book on the submission of the different types of orders To measure the state of the book and liquidity ... us to explain most of the variation in the book Furthermore, we study the impact of volatility on trading activity Theory suggests that the level of volatility determines the choice between submitting ... hypotheses about the informativeness of the state of the order book We then count the submission/cancellation events in the different categories during each one minute interval of the sample The resulting...

Ngày tải lên: 23/04/2014, 16:11

... Figure 2b, c illustrates the scanning electron microstructure of the polished and thermally etched surface of the sintered HA and HAZ10, respectively Full densification of the optimized powders ... contributes to toughening of the composite SEM observations also sustain the role of crack deflection toughening in these composites The observation of indentation crack in the HAZ10 composite (Figure ... any phases other than HA and the tetragonal modification of zirconia, as revealed by their X-ray powder diffraction patterns in Figure 3a, b The patterns demonstrate the stable nature of HA; peaks...

Ngày tải lên: 21/06/2014, 08:20

... results of the standard regression analysis showed that the set of the three variables of predictors of this model could explain 49.7% of the variance in the intention variable Because of the small ... variable in this model (table 5) Table 5: The results of the examination of Slope Hypothesis for the determination of the presence and the power of the presence of predictor variables in regression ... planning of valid measurement tools for the execution of the research and the second stage comprised of reliable tests along with preliminary analysis of the behavioral model of the acceptance of electronic...

Ngày tải lên: 13/07/2014, 21:13

... just for the sake of taking a profit Options, of course, are different because of the inherent liquidity problems in some markets and because frequently the reason an option is purchased in the first ... it stands to reason that the more options the customer buys, the more money the broker makes Therefore, the cheaper the option premium the more options the customer can buy But not all options ... but the $430 "call" is worth zero That is why the further away from the market the strike price, the cheaper it costs to purchase The option unscrupulous brokers will sometimes convince their...

Ngày tải lên: 15/07/2014, 22:43

... today The precise timing of exit strategies will depend on the strength of the recovery, the exposure of Member States to the crisis and prevailing internal and external imbalances Part of the ... FOREWORD The European economy is in the midst of the deepest recession since the 1930s, with real GDP projected to shrink by some 4% in 2009, the sharpest contraction in the history of the European ... Anatomy of the crisis Root causes of the crisis 1.1 Introduction 1.2 A chronology of the main events 1.3 Global forces behind the crisis 10 14 Introduction 14 2.2 Great crises in the past 14 2.3 The...

Ngày tải lên: 10/08/2014, 07:21

... also for the coordination of policies in the pursuit of economic convergence At the global level, finally, the EU can offer a framework for the coordination of positions in e.g the G20 or the IMF ... summits of the European Council at the Heads of State Level in the autumn of 2008 – for the first time in history also of the Eurogroup – to coordinate these moves The Commission's role at that stage ... period of very high unemployment and the permanent exclusion of some from the labour force Product market reforms in line with the priorities of the Lisbon strategy (implementation of the single...

Ngày tải lên: 10/08/2014, 07:21

... First World War and the contractionary behaviour of France and the 18 The defence of the fixed rate to gold was the fundamental element of the ideology of central bankers in Europe They focused on ... the crisis in the financial sector deeper via adverse feedback loops The US crisis spread eventually to the rest of the world through the workings of the goldexchange standard By the summer of ... outlook They relate to the risks from the larger degree of financial leverage than in the 1930s, the workout of debt overhangs and the resolution of global imbalances that were among the underlying...

Ngày tải lên: 10/08/2014, 07:21

... Anatomy of the crisis of the credit allocation mechanism and to maintain public confidence in the banking system The crisis in the US financial system in the early 1930s spread eventually to the ... view the Great Depression as the end of the first period of globalisation It is true that the outbreak of war in 1914 closed borders and destroyed the order that had been established during the ... Have the five lessons above been absorbed into the policy response to the current crisis? While the jury is still out on some of the lessons, the present answer must be a positive one All of the...

Ngày tải lên: 10/08/2014, 07:21

... close to 11% in the EU by 2010 (and 11½ % in the euro area) The present chapter takes stock of labour market developments since the onset of the and examines the evidence on further job losses ... in the pipeline Until the financial crisis broke in the summer of 2007 the EU labour markets had performed relatively well The employment rate, at about 68% of the workforce, was approaching the ... Commission services Labour markets in the EU started to weaken in the second half of 2008 and deteriorated further in the course of 2009 In the second quarter of 2009 the unemployment rate had increased...

Ngày tải lên: 10/08/2014, 07:21

... in 2008 because of the steep increase in oil prices in the first half of the year, but this masks a marked reduction in the surpluses in the second half of the year This reflects the plunge in ... fiscal positions at the onset of the crisis are likely to remain below or close to the 3% of GDP mark this year and next But otherwise there will be an almost universal breach of the 3% mark next ... discusses the links between the implications of the global financial crisis and the global imbalances, including the implications if the crisis for the unwinding, and raises a number of associated...

Ngày tải lên: 10/08/2014, 07:21

... again possibly because of fears of the emergence of bubbles in equity markets On the one hand, there is a risk that investment demand could slow again On the other, there is a risk that heavy capital ... authorities themselves recognise the difficulty in raising consumption in the short to mediumterm, see the address at the global think-tank summit by Governor Zhou Xiaochuan of the People's Bank of China ... imbalances, the resolution of these imbalances will likely affect it heavily From a policy perspective, the euro area as well as the EU as a whole should therefore advocate in favour of an increase in the...

Ngày tải lên: 10/08/2014, 07:21

... policies aimed at containing the impact of the crisis on labour markets under the aegis of the EERP endorsed by the European Council of 12 December 2008 Table III.2.2 lists these measures This indicates ... number of instruments The assessment of crisis-related labour market policies needs to be seen in conjunction with the other features of the policy response to the crisis, in particular the financial ... conclusions about the adequacy of the measures in light of labour market developments and prospects in individual member states This also depends on the effectiveness of other parts of the recovery...

Ngày tải lên: 10/08/2014, 07:21

... monitor their implementation This body would have as voting members the members of the General Council of the ECB, a Member of the European Commission and the Chairpersons of the three committees of ... spillovers The coordinated response put in place in the autumn of 2008 in the face of the risk of financial meltdown shows that EU policymakers became fully aware of the need of a joint strategy The ... responses the adequacy of the measures taken In this context, the reluctance of many banks to reveal the true state of their balance sheets risks aggravating the situation This may jeopardise the recovery...

Ngày tải lên: 10/08/2014, 07:21

... to or from the nest, subjected them to ether anaesthesia, and then measured their entire length as well as the length of the gaster and the length of the head + thorax We also weighed these same ... than all the other body parts combined (i.e., the head and thorax), yet weight of the gaster is only about two thirds the weight of the rest of the body Thus, in the Oriental hornet, the gaster ... comprising the tip of the gaster are both brown in color For respiration purposes, hornets of genus Vespa possess a pair of air openings – the spiracles – in the last two segments of the thorax, in the...

Ngày tải lên: 11/08/2014, 00:22