In the world of the commodity futures markets, no subject generates more interest and questions than spread trading. A spread combines both a long and a short position put on at the same time in related futures contracts.
A pair trade is the taking of a long position in one security together with an equal short position in another that is strongly correlated with it. It is sometimes used to refer to multiple long and short positions that are similarly matched.
This presentation demonstrates that how economic concepts and/or econometric techniques can be useful in financial decision making (i.e. trading) and that how EViews can effectively handle the whole process.
The objective of this chapter is to present the main ideas related to option theory
within the very simple mathematical framework of discrete-time models. Essentially,
we are exposing the first part of the paper by Harrison and Pliska (1981).
Cox, Ross and Rubinstein's model is detailed at the end of the chapter in the form
of a problem with its solution.
Identifying order and disorder in chaotic market with elliott wave trendLeadingTrader21
We have briefly covered four main characteristics of a chaotic system. Stock and
forex market are the live example of a chaotic system. Order and disorder in
chaos theory describe that the financial market can transition from order to
disorder or from disorder to order. Order and disorder are highly related to the
predictability and unpredictability of market. Ordered market is much easier to
predict whereas disordered market is hard to predict. Every trader will agree
that sometimes market is easy to predict with some simple technical analysis.
Sometimes, the market is almost unpredictable no matter what kind of
information or analysis on your hands. If you felt this, then you are probably
right. This is the corresponding behaviour of order and disorder described in
chaos theory.
As a trader, your will be better off to avoid highly disorder market but to trade
on highly ordered market. Unfortunately, order and disorder does not provide
the rigid binary states, where you can pick up one or the other. We can only tell
that degree of order and disorder. For educational purpose, I always like to
present Hurst exponent. Hurst exponent will provide the some indication if the
market is predictable or not predictable.
Futures Trading Strategies on SGX - India chapter in AFACT in SingaporeQuantInsti
QuantInsti was invited to Participate in SGX India Suite in AFACT (Association of Financial and Commodity Traders, Singapore).
Mr. Nitesh Khandelwal, Founder of QuantInsti, spoke at SGX-India chapter in AFACT in Singapore on the 23rd of May. He gave a detailed presentation covering various Quantitative Trading Strategies. The session was based on the real life quantitative trading strategies with actual market data. Various models were also shown and explained to the audience.The presentation was very well received by the participants, which included many members of Association of Financial and Commodity Traders, Singapore.
Tap into the macro-economic coverage on India and gain trading insights centered around SGX’s India suite of derivative products namely SGX CNX Nifty Index Futures, SGX MSCI India Index Futures, SGX INR/USD FX Futures. With speakers covering macro-economic developments and delving into the finer details of trading strategies, this was an event not to be missed.
You can find a detailed version of this presentation on our blog - http://www.quantinsti.com/blog/afact-time-for-sgx-sgx-india-suite/
Connect with us:
Facebook - http://facebook.com/quantinsti
Twitter - http://twitter.com/quantinsti
Youtube - http://youtube.com/quantinsti
Modelling Trading Strategies In Equities PresentationQuantInsti
Mean Reversion strategy is a major component of technical acumen for trading. Prices and returns eventually move back to their mean or average stance, this concept forms the basis of many successful reversion strategies. And we at Quantra are proud to present our first webinar on ‘Basics of Mean Reversion Strategies’ in association with Dr. Ernest Chan.
Session Outline:
- Introduction
- Stationarity of Time Series
- Testing for Stationarity: ADF Test
- Cointegration vs. Correlation
- Mean Reversion Strategies
- Questions
Learn more about our EPAT™ course here: https://www.quantinsti.com/epat/
Most Useful links:
Join EPAT – Executive Programme in Algorithmic Trading: https://goo.gl/3Oyf2B
Visit us at: https://www.quantinsti.com/
Like us on Facebook: https://www.facebook.com/quantinsti/
Follow us on Twitter: https://twitter.com/QuantInsti
A pair trade is the taking of a long position in one security together with an equal short position in another that is strongly correlated with it. It is sometimes used to refer to multiple long and short positions that are similarly matched.
This presentation demonstrates that how economic concepts and/or econometric techniques can be useful in financial decision making (i.e. trading) and that how EViews can effectively handle the whole process.
The objective of this chapter is to present the main ideas related to option theory
within the very simple mathematical framework of discrete-time models. Essentially,
we are exposing the first part of the paper by Harrison and Pliska (1981).
Cox, Ross and Rubinstein's model is detailed at the end of the chapter in the form
of a problem with its solution.
Identifying order and disorder in chaotic market with elliott wave trendLeadingTrader21
We have briefly covered four main characteristics of a chaotic system. Stock and
forex market are the live example of a chaotic system. Order and disorder in
chaos theory describe that the financial market can transition from order to
disorder or from disorder to order. Order and disorder are highly related to the
predictability and unpredictability of market. Ordered market is much easier to
predict whereas disordered market is hard to predict. Every trader will agree
that sometimes market is easy to predict with some simple technical analysis.
Sometimes, the market is almost unpredictable no matter what kind of
information or analysis on your hands. If you felt this, then you are probably
right. This is the corresponding behaviour of order and disorder described in
chaos theory.
As a trader, your will be better off to avoid highly disorder market but to trade
on highly ordered market. Unfortunately, order and disorder does not provide
the rigid binary states, where you can pick up one or the other. We can only tell
that degree of order and disorder. For educational purpose, I always like to
present Hurst exponent. Hurst exponent will provide the some indication if the
market is predictable or not predictable.
Futures Trading Strategies on SGX - India chapter in AFACT in SingaporeQuantInsti
QuantInsti was invited to Participate in SGX India Suite in AFACT (Association of Financial and Commodity Traders, Singapore).
Mr. Nitesh Khandelwal, Founder of QuantInsti, spoke at SGX-India chapter in AFACT in Singapore on the 23rd of May. He gave a detailed presentation covering various Quantitative Trading Strategies. The session was based on the real life quantitative trading strategies with actual market data. Various models were also shown and explained to the audience.The presentation was very well received by the participants, which included many members of Association of Financial and Commodity Traders, Singapore.
Tap into the macro-economic coverage on India and gain trading insights centered around SGX’s India suite of derivative products namely SGX CNX Nifty Index Futures, SGX MSCI India Index Futures, SGX INR/USD FX Futures. With speakers covering macro-economic developments and delving into the finer details of trading strategies, this was an event not to be missed.
You can find a detailed version of this presentation on our blog - http://www.quantinsti.com/blog/afact-time-for-sgx-sgx-india-suite/
Connect with us:
Facebook - http://facebook.com/quantinsti
Twitter - http://twitter.com/quantinsti
Youtube - http://youtube.com/quantinsti
Modelling Trading Strategies In Equities PresentationQuantInsti
Mean Reversion strategy is a major component of technical acumen for trading. Prices and returns eventually move back to their mean or average stance, this concept forms the basis of many successful reversion strategies. And we at Quantra are proud to present our first webinar on ‘Basics of Mean Reversion Strategies’ in association with Dr. Ernest Chan.
Session Outline:
- Introduction
- Stationarity of Time Series
- Testing for Stationarity: ADF Test
- Cointegration vs. Correlation
- Mean Reversion Strategies
- Questions
Learn more about our EPAT™ course here: https://www.quantinsti.com/epat/
Most Useful links:
Join EPAT – Executive Programme in Algorithmic Trading: https://goo.gl/3Oyf2B
Visit us at: https://www.quantinsti.com/
Like us on Facebook: https://www.facebook.com/quantinsti/
Follow us on Twitter: https://twitter.com/QuantInsti
‘My Personal Forex Trading Plan’ is one of a small number of trading books from
which one can actually learn a complete Forex trading strategy as a systematic
process from beginning to end.
This book is as straight forward as can be. Each short chapter is a standalone trading concept and the last chapter ‘Putting it all together’ outlines a complete Forex trading plan of action.
QNBFS Daily Technical Trader - Qatar for April 18, 2018 التحليل الفني اليومي ...QNB Group
The general Index closed flat and remains below the 9,000 psychological level. We remain positive on the main direction on the Index, but we prefer to see a confirmation of our outlook with a close above the above mentioned level.
QNBFS Daily Technical Trader - Qatar for November 08, 2018 التحليل الفني اليو...QNB Group
The trend has been up on the Index and seems to be intact. Corrections are possible and can be used to add positions. A solid breakout above the 10,360 would take the index to the 10,550-10,600 levels.
This is my TRT-POV on Module 9 - Elliott Waves and Cycles of Time. I tried to simplify the Elliott Wave Theory as best as I could so that newbies will be able to understand the theory and the principles behind it. I also covered the 3 Cardinal Rules in using the Elliott Wave Theory for trading decision making.
QNBFS Daily Technical Trader - Qatar for March 07, 2018 التحليل الفني اليومي ...Aicha El-Mamy
Another day was concluded in the red zone and the MACD is moving below the zero line. We keep our first support level at the 8,350 mark and we await a reversal signal there.
QNBFS Daily Technical Trader - Qatar for September 04, 2018 التحليل الفني الي...QNB Group
The General Index started a correction on the daily chart but the main trend remains up. We await a reversal signal against the current correction to accumulate.
YOUR FREE TRADING SYSTEM: http://www.netpicks.com/tjgiveaway1
When I look at an area that has held price, what matters to me is how long price hung around at the support or resistance level. Fast rejections due to buying or selling pressure is something I would consider strong. If price tends to hang out at the level or rejects and quickly returns, I think it’s safe to suggest lack of buying or selling interest.
Multiple Price Rejections
I think it is a dangerous practice to simply assume that multiple hits and rejection is a direct relation to strong levels. What occurs quite often is a confidence booster that in the end, causes some oversize in the loss department.
Read more: http://www.netpicks.com/support-and-resistance-trading/
A session at the CBS Competitiveness Day 2015 - In recent years financial markets have undergone a huge transformation driven by technology and regulation. Both the structure of the markets in which participants operate and the behavior of those participants have seen a phase shift towards increasing fragmentation and digitalization where trades take place in micro- or even nanoseconds. We will present a study of high-frequency trading and show how the use of high-speed algorithms might transform the financial markets.
‘My Personal Forex Trading Plan’ is one of a small number of trading books from
which one can actually learn a complete Forex trading strategy as a systematic
process from beginning to end.
This book is as straight forward as can be. Each short chapter is a standalone trading concept and the last chapter ‘Putting it all together’ outlines a complete Forex trading plan of action.
QNBFS Daily Technical Trader - Qatar for April 18, 2018 التحليل الفني اليومي ...QNB Group
The general Index closed flat and remains below the 9,000 psychological level. We remain positive on the main direction on the Index, but we prefer to see a confirmation of our outlook with a close above the above mentioned level.
QNBFS Daily Technical Trader - Qatar for November 08, 2018 التحليل الفني اليو...QNB Group
The trend has been up on the Index and seems to be intact. Corrections are possible and can be used to add positions. A solid breakout above the 10,360 would take the index to the 10,550-10,600 levels.
This is my TRT-POV on Module 9 - Elliott Waves and Cycles of Time. I tried to simplify the Elliott Wave Theory as best as I could so that newbies will be able to understand the theory and the principles behind it. I also covered the 3 Cardinal Rules in using the Elliott Wave Theory for trading decision making.
QNBFS Daily Technical Trader - Qatar for March 07, 2018 التحليل الفني اليومي ...Aicha El-Mamy
Another day was concluded in the red zone and the MACD is moving below the zero line. We keep our first support level at the 8,350 mark and we await a reversal signal there.
QNBFS Daily Technical Trader - Qatar for September 04, 2018 التحليل الفني الي...QNB Group
The General Index started a correction on the daily chart but the main trend remains up. We await a reversal signal against the current correction to accumulate.
YOUR FREE TRADING SYSTEM: http://www.netpicks.com/tjgiveaway1
When I look at an area that has held price, what matters to me is how long price hung around at the support or resistance level. Fast rejections due to buying or selling pressure is something I would consider strong. If price tends to hang out at the level or rejects and quickly returns, I think it’s safe to suggest lack of buying or selling interest.
Multiple Price Rejections
I think it is a dangerous practice to simply assume that multiple hits and rejection is a direct relation to strong levels. What occurs quite often is a confidence booster that in the end, causes some oversize in the loss department.
Read more: http://www.netpicks.com/support-and-resistance-trading/
A session at the CBS Competitiveness Day 2015 - In recent years financial markets have undergone a huge transformation driven by technology and regulation. Both the structure of the markets in which participants operate and the behavior of those participants have seen a phase shift towards increasing fragmentation and digitalization where trades take place in micro- or even nanoseconds. We will present a study of high-frequency trading and show how the use of high-speed algorithms might transform the financial markets.
Presentación de la técnica y equipos. Raúl Guzmán, Daniel Talaván. AMBLINGCTAEX
09/04/2015 Jornada de Tecnología Hiperespectral aplicada a la industria agroalimentaria y la agricultura. Presentación de la técnica y equipos. Raúl Guzmán, Daniel Talaván. AMBLING
Here output is attached of pairs trading strategy using R. Daily free data of NIFTY and included bank stock are used for analysis. For details on strategy building, statistical analysis and financial model visit www.financemodel.co
Quantified News Based Trading: Is it the next big thing in algorithmic trading?QuantInsti
Recent Updates: http://www.slideshare.net/QuantInsti/quantitative-trading-using-sentiment-analysis-by-rajib-ranjan-borah-29-june16
Quantified News Based Trading: Is it the next big thing in algorithmic trading?
“News is the first order factor that affects prices, volume, volatility of stocks, currencies, commodities, etc”
This presentation explores the science behind quantified news based trading and will take you through how it is evolving with time. The presentation also highlights trading profitability results of strategies based on quantified news analytic
This topic was presented by Mr. Rajib Ranjan Borah, Founder & Director, QuantInsti, at the "4th Princeton-UChicago Quant Trading Conference" in University of Chicago.
This presentation will help you to understand:
· What is quantified new trading?
· How to quantify news report and articles?
· How can you make profit using Quantified news based trading?
· How is relevance scored?
· What are the challenges involved in Quantified news trading?
Watch a recorded video of a presentation on the same topic here:
http://youtu.be/UvfhuQddUXw?list=UU8kXgHG13XdgsigIPRmrIyA
In The Speed Traders, Edgar Perez, founder of the prestigious business networking community Golden Networking, opens the door to the secretive world of high-frequency trading (HFT). Inside, prominent figures of HFT drop their guard and speak with unprecedented candidness about their trade.
This presentation by Think Big principal Matt Cooke and Martin Oberhuber, Senior Data Scientist, discusses high frequency trading, requirements for success, and underlying architectures which may include Apache Spark.
Algorithmic trading, also called automated trading, black-box trading, or algo trading, is the use of electronic platforms for entering trading orders with an algorithm which executes pre-programmed trading instructions accounting for a variety of variables such as timing, price, and volume.
This webinar gives a brief introduction to Algorithmic Trading followed by the changing skill sets that are required in the new age trading business by mapping the required skill sets. This is followed by Industry trends in Algorithmic and Quantitative Trading. It also gives a detailed view of how Quantinsti's Algorithmic and Quantitative Trading programme: Executive Programme in Algorithmic Trading can assist the participants aspiring to enter the domain of Algorithmic and Quantitative Trading.
I express my sincere respect to the authors and my teachers from whom I remain updated in this segment. Due care have been taken so as not to violate the copyright issues.
This short course introduces novice traders to spread trading strategies on the US Treasury futures market. . Answers to questions relating to the yield curve, fixed income markets, and economic macro-fundamentals are offered.
The Simple Truth Behind Managed Futures & Chaos Cruncher
What is a Futures Contract?
What are Managed Futures?
Growth of Managed Futures?
BTOP50 Under Crisis
Robust Diversification
So Why Do Managers Use Futures?
Managed Futures Reduce Risk
Futures Markets are not a Casino
Hedging A Stock Portfolio
Algorithmic or “Systems” Trading
Why “Quant Trade” Uses Chaos Theory and Fractals in Trading
Efficient verses the Fractal Market Hypothesis
Fractal Attractors
Chaos Cruncher
Portfolio Scalability
Summary:
- Technical analysis doesn’t need to be complicated
- Methods like Gann theory and Elliot Waves are farcical
- Using common sense and logic, the typical retail investor can develop profitable strategies
- Understanding which levels are important, and the trends and momentum that is driving them is the key to success
- This class will benefit any style
- This class will teach you how to use the tools that will make you successful
This is a Presentation by Mr. Omkar Godbole & Mr. Aditya Dasgupta, for the purpose of financial training.
Please do not replicate without proper consent from the team of Total Package Project Associates.
Total Package Project Associates is into Business Auxiliary Services, and facilitates for the main dimensions for new and existing businesses. The following are our main activities :
- Project Financing / Financial Advisory (Equity / Currency Segment)
- IT Infrastructure Development
- Marketing Solutions
- Recruitment / Training & Development
- Operations Strategy (Start Up, Doc ! Project Blueprints)
Disclaimer : Total Package Project Associates is a proprietary concern registered in accordance with Municipal Laws of Mumbai (Maharashtra, India). For more information please mail us on director@totalpackageprojects.com or aditya@totalpackageprojects.com.
Trading in terms of probabilities is a key step to becoming a successful trader. Platinum Trading Academy described probablities in trading. Refer PTA's PPT.
10 Chart Patterns every pro trader should know Deriv.com Vince StanzioneVince Stanzione
New Ebook and Wall Chart written by top trader Vince Stanzione for Deriv.com on chart patterns that can help you make better trades using deriv.com these patterns can be used on Deriv for synthetic indices, deriv forex, stocks and stock indecies
Module 9 risk management & trading psychologyArjun Choudhary
very people want to invest money in different financial product like pf,fd,rd,sba. insurance ,mutual fund, bond ,debt,govt. securities and maximize wealth of money but all people are not aware about option trading strategy help you appreciate your investment amount.are you aware about risk management. you can learn about why risk management play a significant role in maximize wealth for all investors.
Similar to Learning spread trading is it worth it (20)
The lack of visibility given to the counterparties by Gunvor is posing a major
obstacle for an investor à la ADNOC to determine the group value.
● Gunvor USA has closed $1.45B “uncommitted” credit: an uncommitted facility
loan that once signed, does not oblige the lenders to provide the funds to the
borrower… previously it signed a near $1B in off-balance sheet financing facility.
● *****Muriel Anouk Scwab, CFO is on “sabbatical leave”.
● Gunvor Group poses substantial risks to the Swiss banking and financing sector:
By the derivatives even if Gunvor survives, the debt to equity is now 11X.
● It is a less than $1B balance-sheet carrying billions of MTM derivatives contracts
84% of its cash is generated by a debt-inflow.
This annual report of worldwide threats to the national security of the United States responds to Section 617 of the FY21 Intelligence Authorization Act (P.L. 116-260).
AOT’s complaint plausibly alleges that ADM violated the CEA by engaging in a scheme to
manipulate the Chicago Benchmark Price. ADM has not demonstrated otherwise, and its motion to
dismiss should be denied in its entirety.
In three trading days BROYLES lost $3.6M. His losses accelerated the following week. On January 9 lost $2.2M and twice as much as on January 8. As his losses mounted, Smith tried to reach BROYLES on the morning of January 10. However BROYLES did not arrived until the afternoon and his portfolio lost more than $5.2 Million that day.
CEMP USD Trade Flow Fund SP Tradeflow capital management pte risk report (2)GE 94
Tradeflow capital management pte risk report (1)
USD Trade Flow Fund SP Cayman Islands, Grand Cayman in the worst case is an outright fraud and in your very best case leverage is 75:3
Trade finance funds loaded up commodity sector transactional financing in the...GE 94
Trade finance funds loaded up commodity-sector transactional financing in the recent years have stopped redemptions to the investors
The damages have already been done. Some funds will cease unless they succeed to mash-out the losses into new funds.
The reality contrasts very much with the portrait brushed by INOKS and Scipion in trade finance.
Hin leong trading financial statements (unaudited) (1)GE 94
According to the Chinese Dao "reality is built from the beating of opposites". We can't fully comprehend the ocean of mysteries in the Hin Leong affair unless we understand "who hold the bag": the bigger risk, in all this is the banks.
Covered interest parity a law of nature in currency marketsGE 94
CIP is a cornerstone principle in international finance. First described by John Maynard Keynes in 1923, the idea that FX forward rates must reflect interest rate differentials between currencies has long been considered one of the best tested theories in financial economics. If a market participant is willing to swap a higher yielding currency for a lower yielding currency over some time horizon, he must be compensated for the difference in yield via an adjusted forward price. Otherwise an arbitrage opportunity arises until prices and interest rates align again.
The financial crisis and direct aftermath revealed cracks in the armour of CIP. In a market environment with scarce liquidity and high credit risks in forward markets, dealers were constrained in their ability to profit from what was previously regarded as an almost risk-free arbi¬trage trade. But as conditions in financial markets slowly normalised after the crisis, CIP deviations remained and cross-currency basis never returned to its pre-crisis levels. After narrowing for some time, it started to widen again across most G10 pairs since approximately 2015. Increasingly, FX forward markets seemingly do not reflect what would be expected given the observed interest rate differentials. Figure 1 illustrates these dynamics by depicting the magnitude of G10 cross-currency basis over time for an exemplary three-month tenor.
La région lémanique est l’un des sites les plus importants au monde pour le commerce des matières premières.
L’importance économique du secteur des matières premières
sur les rives du Léman est considérable. Sept des dix premières
entreprises suisses en termes de chiffre d’affaires sont issues de
ce secteur ou y sont fortement liées. Cinq d’entre elles (dont
Vitol, Trafigura et Cargill) sont basées à Genève, et une (Nestlé)
à Vevey. Près de deux tiers de toutes les entreprises de matières
premières en Suisse se trouvent dans les cantons de Genève et de
Vaud. L’industrie des matières premières ne comprend pas seulement des sociétés de négoce, mais intègre également des entreprises de secteurs qui y sont fonctionnellement liées comme
les banques, les compagnies d’assurance, les compagnies de
navigation et les groupes d’inspection de marchandises. Selon
les estimations| 1, ce cluster génère plusieurs milliers d’emplois
à Genève – dont un grand nombre de salariés hautement qualifiés – et 20% des recettes fiscales des personnes morales selon
l’administration cantonale. La région lémanique est le leader
mondial du négoce physique de matières premières (voir figure),
du financement du commerce et de l’inspection des marchandises. 22% des transports globaux de matières premières sont
organisés depuis la région.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
1. Learning Spread Trading,
is it worth it ?
POSTED ON DECEMBER 27, 2014 BY THE TRADE, SHIPPING AND FINANCE WIZARD
Lexicon:
ST=Spread trading
FT=Futures Trading
RM: Risk Management
In the world of the commodity futures markets, no subject generates more interest and
questions than spread trading. A spread combines both a long and a short position put on at
the same time in related futures contracts.
“Spreads should be regarded not as the cause behind the
actions but the results.”
One insight that I can give you comes from a discussion back in the early 2000’s with a
pedigreed trader and team leader at a Top-Tier merchant back in the Midwest.
We touched ST and he simply answered my question with this:
2. “Spreads & basis movements and the markets are “the results”, nothing less, nothing more.”
“The results are the fingerprints of what we do here; decisions to store or move the physical
from point A to B, in a chosen time-frame”.
Hedging ≠ Speculation, but speculation determines the
outcomes of hedging.
Learning the process of spread trading is useful for risk managers too.
If the goal is to hedge for risks, how could you also realize the goal at the minimum net cost?
However, you RM abilities depend still heavily on your ability to understand speculative
movements.
Market timing will always determine the outcomes of the hedging.
Mean Reversion and Spreads
Mean Reversion is very intuitive for anybody coming out from the bell-curve school!
One elegant idea is to use a strong mean-reverting (Co-integration) relationship between two
variable before initiating a spread trade.
In the trading world, the nearest thing to this mean-reversion concept is just known as range-
tradeor range-bound trading.
Suppose that you can detect this co-integration relationship with your algorithm, it will be
probably gone !
No such statistical models can predict the future co-integration between two variables.
Most Spreads are directional. Every non-reverting spreads are directional.
Mean reversion trading is one type of spread trading but in my opinion, it’s often better for a
master thesis than for trading markets because markets are too irrational.
3. Commodities Markets: not an asset class.
According to the CFA curriculum, commodities markets are an asset class.
It is fundamentally wrong to suggest it that a commodity is an asset class. I don’t think that
one can invest in commodities; I think that one can trade commodities.
I argue that those treating commodity as an asset class are leaving people down the road on a
very ill-advised path.
Nobody that I know invest in commodities, they trade and it’s a totally different mindset.
One tends to buy a commodity during certain times, one will
sell another commodities during another time.
Commodities Markets are more like currencies: Traders tend to be long of a commodity and
short of another commodity at the same time.
Prices in some commodities markets can be negative; the market can pay you to take the
delivery of a commodity. It’s not the condition for an asset class, commodities are a trading-
class not . Learning Spread Trading is a very relevant skillset for those aspiring to become
trader in the commodities trading-class, hedge fund universe.
From my personal observations and recent experiences, the
least understood aspect of trading in the medias (include
what is taught in the Business Schools) is the Gaming
element of the markets.
About the gaming aspect of markets, I’ve found that many people with absolutely no formal
education (sometimes High school dropouts) got it much better than very intelligent people
with formal education in finance.
4. One anecdote dated from my time as a Lecturer of Finance at the university is that they have
a hard time to understand the long/short universe, flows and flaws in the modern finance.
They would be terrible traders.
In fact both CFAs, academics should probably not trade.
They will do well in the long-only universe (investing) but will be disoriented by the various
unknown parameters and irrational movements of trading. (the most relevant examples
might come from the commodity markets).
Regrettably, the mood in the Modern finance is to focus on what we know, we don’t worry as
we should about what we don’t know.
Why is it fundamentally wrong?
My tenure as a lecturer of finance in derivative products has revealed me an unexpected
pattern.
99% of my students failed in logical problems applied to the
real world.
I have been able to measure this attitude in the exams as well.
It remains a big enigma for me and many people: why critical thinking and reasoning
skills are so low in our business schools whilst they are the most sought skill set in the real
world ? (Especially in the world of finance & economics).
It just too early to blame students because there are far more questions than answers.
Are the financiers, analysts and traders better than 30 years ago ?
Some have pointed out that yes.
At the top of the pyramid, it is very possible that today’s analysts are better trained than 30
years ago, but what about their decision-making skills ?
5. I repeat that in the real world of finance, there is an inverse relationship between trading
outcomes over what we think we can control…
The more your focus is on what don’t you know, the more effective is your trading. It’s not
clear if the actual trading context ( what you know) will be repeatable.
To me the smartest and best investors, hedge funds and traders that I have known since 10
years are critical thinkers that have made their trading dollars with groundbreaking ideas.
The good news is: the field is left wide open for candidates interested in learning for
themselves.
The bad news is that lack of critical judgment and poor reasoning skills = poor decision-
making in the world of finance and trading.
L for Liquidity
Liquidity: describes the total number of buy and sell orders in the waiting line+ how
fastthey are replenished. When I am long or Short I don’t add nor remove liquidity.
When I enter an order, I add liquidity, and when the order get a filled, ( long or short)
I remove liquidity.
It is believed that ST adds liquidity to the market but ST doesn’t necessarily add liquidity to
the market. You definitely need liquidity to trade ST.
The Market Depth is often bigger in Spreads quotes than on outright contracts.
6. There is a type of spread trading which is based on the flows, the liquidity differential
between contracts.
Delivery process
Every commodity has a specific, Delivery process. During the delivery process, FUT and
spreads become unstable.
In a spread position since you are LONG and SHORT, you still run a delivery risk on the
LONG leg if you don’t exit the position before the 1st day of notice.
Daily standard deviations (spot, futures) and daily futures-spot spreads in the delivery month
can give an indication of the convergence between physical and paper markets.
The delivery process affects your trading and your Rm.
A Break-point can be seen as an event ahead of the delivery.
7. ST, Volatility and Correlation.
In low Vol + high corr environment mean reversion and ST generally works very well.
Now for the human behind the machine it is always a different story… (Still Nobody can
pretend to predict future vol and corr…)
Outright/Spread Volatility with a naked eye.
Drawbacks of ST in equities and energy.
In Equities, many use the long-short sectors positions and termed it as Relative-Value
strategy but where is the relative-value ?
P&L is a function of leverage, hope and pray or relative-value ?
In Commodities break-ups in the volatility and corr are frequent, Quants referred it as
thejump process.
8. Think about a Katrina or an event that cause a total breakdown in correlations.
Think also about the Shale Gas revolution. Many people have deceptively try to predict a
reversion to the historical oil-gas ratios.
In Energy: Mean Reversion and Fat tails are extremely
important. http://www.econ.com/fattails.pdf. Seasonality is also important for NG and Power.
For seasonals, a positive premia are attached to calendar months of high demand or low
supply.
Institutional Asset Managers;
There are no upper, lower bounds in spread trading and some risks (Liquidity risk, Event
risk) have wiped out HFs.
In 1997, The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was
awarded to Robert C Merton and Myron Scholes for their work in determining the value of
the derivative products.
Robert Merton
9. Myron S. Scholes
The next year, their hedge-fund, Long-Term Capital Portfolio L.P specialized in relative-
value arbitrages collapsed.
We also saw this clearly in the 2007-2010 financial crisis, when a widely used method
resulted in massive losses because it ignored the impact of the movement of home prices
on CDO valuation.
Risk management must incorporate mean reversion, jump diffusion, seasonality into forward
curves or you run the risk to misrepresent the trade book risk over/under estimating risk.
The question is what the impact is of
- A parallel shift of the frwd curve (corr)
- The titling of the curve (slope) (change in the convenience yield, changes in
the expected long-term prices.
- A change in the curvatures related to vol of futures prices, long vs short-term
S/D expectations.
Bloomberg provides good models in NG, Fixed income, CDS. Sunguard’s Kiodex provides
excellent independent forward curves for energy.
The next frontier of ST is frwd curves (futures) adjusted for these factors.
The adjusted data and models can improve or change “What you See” in the markets.
(Especially in energy).
10. Natural Gas, Power
Natural Gas OTC is a playground for spread trading.
Ex: NG Otc Swap rate- Nymex GAS spread, Basis forward curve for NG delivered at a
location, electricity vs heat rate spread otc swap…
For instance utilities typically manage the risk around their retail load by contracting with a
rolling frwd hedge profile several seasons ahead of delivery.
Even if OTC contracts are cleared through an exchange such as ClearPort, derivatives are
often valued using forward curves that are often
not traded on exchanges. As such, the value of these derivatives depends on the OTC
forward prices of these contracts.
In order to independently value positions, it is imperative as a risk manager/trader/investor, to
have access to accurate and independent frwd curves and models.
In NG, The discrepancy between the CME ClearPort data and your independent fwrd curves
model is often due to the fact that the
exchange data does not provide adjustments for seasonal variations.
You run the risk of misrepresenting your risk, Mark your net asset value accurately but also
not trading what you think.
11. The forward prices shown are for IF Transco Z6 (exchange data) versus OTC voice broker
data on the same natural gas location provided by SunGard Kiodex.
The discrepancy between the curves is due to the fact that the exchange data does not provide
seasonal variations in winter months.
Suppose that you are Long Winter spreads at Transco Z6 (NG OTC Swap rate at Z6 –
Nymex Gas Future). What if the real fwrd curve is lower than Clearport data ?
The Relevant point for Spread trading is that with the independent frwd curves assessments
and getting the right data, you can increase your trading by picking a considerable edge in
either one or the other leg of the spread.
The Importance of choosing a partner
Phil Mickelson chats with his caddie Jim Mackay Source: Andy Lyons/Getty Images North
America
12. Learning Spread Trading is it worth it ?
Probably yes if you find a street-smart partner willing to show you.
Money can rarely be made by calling the future prices; it would take us too long to explain
further why.
For the sake of simplicity, nobody can predict the future in very complex systems.
Tail-risk is what you don’t see in the prices or curves.
Tail-risk is fundamental, to me most of the money made by the smartest and most successful
traders that I’ve known is based on tail-risk.
If you need to know what is wrong and why is it wrong, better to get it quick !
Getting the right Data alone is necessary but not sufficient for being a good trader.
For us the primary goal of this activity is to avoid tail-risk, understand what is the tail-risk of
others and generate trade patents from this understanding.
Do list:
1. In commodities, I believe that you must understand the flows from the
merchandising side, the risks, and the gaming aspect of trading.
2. Having the right data at the right time, represent this data and interpret this data with
the underlying flows can only increase your degree of self-confidence.
3. Trade pairs selection is the mother of all bomb, but given the irrational nature of
markets, the outcomes for traders (survival rates) are largely determined by Risk
Management.
4. Not all markets are traded equal and ST, like any type of trading, is more about
knowing the Don’t do list than knowing the Do List !
13. Your chance to break into trading: the field is wide open for candidates interested in learning
how the markets work.
Having a desire to study more what’s others do wrong in the markets more than what’s right
in the markets makes you the ideal candidate for spread trading.