Showing papers on "Algorithmic trading published in 1984"

A Complete Guide to the Futures Markets: Fundamental Analysis, Technical Analysis, Trading, Spreads, and Options

Abstract: Partial table of contents: For Beginners Only. FUNDAMENTAL ANALYSIS. Types of Fundamental Analysis. Analyzing Market Response. A PRACTICAL GUIDE TO REGRESSION ANALYSIS. A Brief Review of Elementary Statistics. Practical Considerations in Applying Regression Analysis. FUNDAMENTAL ANALYSIS APPLIED. Forecasting Currency Rates. TECHNICAL ANALYSIS. Commodity Price Circles. UNDERSTANDING SPREAD TRADING. The Concepts and Mechanics of Spread Trading. Spread Trading in Currency Futures. PRACTICAL TRADING GUIDELINES. Trading Rules and Market Observations. Appendix. Index.

From Fairness to Contract: The New Direction of the Rules Against Insider Trading

Abstract: * Assistant Professor, Emory University School of Law. A.B., Harvard University 1977; J.D., Yale Law School, 1982. The author is grateful to Peter H. Aranson, William J. Carney, Fred S. McChesney, Henry G. Manne, William T. Mayton and Timothy P. Terrell for helpful comments on earlier drafts of this article. I received valuable research assistance from Cynthia Alexander, Emory Law School class of 1986. 1. As used in this Article, the term "insider trading" refers to trading on the basis of information not yet reflected in the price of a firm's securities. Such information is "inside information" because it is "nonpublic." It is not yet known by the market at large. Modern portfolio theory as well as the efficient market hypothesis, see infra note 55, suggest that only insiders can systematically outperform the stock market. The securities law restrictions on insider trading derive from section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b) (1982), and the Securities & Exchange Commission's (SEC) Rule lOb-5, 17 C.F.R. § 240.10b-5 (1984), as well as from section 16(b) of the 1934 Act, 15 U.S.C. § 78p(b) (1982). Rule lOb-5 was promulgated pursuant to the SEC's authority under section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b) (1982). Section 10(b) of the 1934 Act gives the SEC authority to prohibit "any manipulative or deceptive device or contrivance." Id. Rule 10b-5 states that: It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce, or of the mails, or of any facility of any national securities exchange, (a) To employ any device, scheme, or artifice to defraud, (b) To make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading, or (c) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person, in connection with the purchase or sale of any security. 17 C.F.R. § 240.10b-5 (1984). Section 16(b) restricts certain statutorily defined insiders from making "short swing" securities transactions within a six month period. See 15 U.S.C. § 78p(b) (1982). Because of the extremely limited scope of section 16(b), this Article will focus exclusively on Rule lOb-5. The ubiquitous Rule lOb-5 is referred to in over 3,000 cases, and more than 100 decisions expressly concern insider trading. Scott, Insider Trading: Rule l0b-5, Disclosure and Corporate Pri-

Implications of Electronic Trading for the Structure of Agricultural Markets

Abstract: Assessing the potential impact of the adoption of electronic trading systems on the structure of agriculture is a formidable task. The various pilot projects on agricultural commodity electronic trading did not generate empirical observations on structural variables in the same fashion as they did on price. While no electronic trading analysis is easy, price at least represents an empirical series which can be subjected to various statistical tests. Structural variables and market performance dimensions changed by the adoption of electronic trading necessarily reside in a more murky long-run and theoretical view of potential impacts. Despite the vagaries endemic to an assessment of agricultural market structure, the purpose here is to (a) deduce the potential longrun impact of electronic trading systems on selected structural variables and (b) draw some implications concerning market performance, especially pricing efficiency, garnered from adoption of electronic trading systems through changes in certain structural variables. Relatively more emphasis will be placed on the buyer side of producer-first handler markets, in particular the theoretical impact electronic trading systems have on the longrun average costs of buyers. Scant attention has been paid to this particular issue in previous electronic marketing literature, yet it is important to structural considerations. Because the pilot projects could not really generate data appropriate for assessing structure, sparse reference is made to these individual efforts. Rather, general arguments are used to identify potential impacts. Only experience and additional research after systems have been adopted and operated over a number of years can answer structure questions empirically.

Implications of Electronic Trading for Agricultural Prices

Abstract: Electronic trading is expected to result in net prices which are more favorable to producer sellers and/or buyers of agricultural products than those generated in traditional trading systems. Lower transaction costs and reduction of market power imbalances account for the difference in net prices. Review of the evidence from actual electronic trading supports these hypotheses. The importance of balanced information availability and effective loss of power by one side of the market due to electronic trading suggests that the move to greater use of such systems must come from agricultural producers.

Energy Futures: Trading Opportunities for the 1980s

Abstract: This text gives a broad background in both theory and practice of energy futures trading. It details successful contract requirements. It analyzes fundamental and technical pricing and using both to manage risk and achieve trading objectives. Hedging strategy, financial aspects of trading, accounting procedures, internal control systems and tax implications are all expertly covered. The book concludes with the potential impact of futures trading on the structure of world markets. Contents: Energy futures: an overview; Exchanges and their contracts; Fundamental analysis and the theory of hedging; The principles of technical analysis; Putting it all together; Integrated trading strategies; Energy futures; Financing and exposure management in the oil industry; Accounting principles, taxation, and internal control; The potential impacts of trading in oil futures on the world oil market; Appendix; Glossary; Index.