In June 2016, the international derivatives market Eurex, part of Deutsche Börse Group, recorded an average daily volume of 9.4 million contracts (June 2015: 8.6 million), an increase of around 10 percent. In total, 207.7 million contracts were traded at Eurex in June. On 14 June, daily volume recorded an annual high with more than 17 million contracts.
read more...Eurex: Trading Statistics June 2016 - Highest Monthly Trading Volumes In 2016
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P&G Overhauls Bonus System
The Wall Street Journal reports today that Proctor and Gamble has chosen to overhaul its bonus system for managers. According to the newspaper,
"Starting Friday, annual bonuses for thousands of senior managers will be tied more directly to the performance of each leaderâs specific business unit instead of being based on the companyâs broader, regional operations. âWe are trying to get a clearer line of sight between an individualâs responsibilities and their results and their compensation,â Chief Financial Officer Jon Moeller said this week in an interview.
P&G has been trying to reduce bureaucracy, give managers more autonomy to make key decisions for their units, and hold people more accountable for results. This compensation system change fits with those other efforts. You should not tie compensation more directly to a specific unit's performance unless you provide the unit manager with a sufficient level of autonomy to make important decisions.
We should keep in mind, however, that no compensation system is perfect. Diversified firms, in particular, always face a tension between tying compensation to local unit performance vs. the results of large segments or even the corporation as a whole. One the one hand, you want people to realize the benefits of managing their units effectively. On the other hand, related diversifiers such as P&G want managers to cooperate with the heads of other units so as to realize important synergies. The risk of this latest move for P&G is that managers may become too parochial, not thinking enough about how to collaborate with other units to achieve economies of scope.
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Weekly Top 5 Papers â July 1, 2016
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Statistics From Nasdaq Nordic Exchange June 2016
The value of average daily share trading amounted to EUR 3.1 billion, compared to EUR 3.0 billion during the past 12-month period. The average number of trades per trading day was 488,495 compared to 451,825 during the past 12-month period. The total market cap of listed companies at Nasdaq Nordic Exchange amounted to EUR 1 100 billion, compared to EUR 1 121 billion in June 2015.
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The Spanish Stock Exchange Traded â¬65.8 Bn. In June, Up 36.2% From May - The Number Of Trades Grows 51% - Monthly Trading Statements For BME Markets
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EEX Group: Key Figures Of June 2016
EEX Group provides the central market platform for energy and commodity products. The offering of the group comprises contracts listed at the European Energy Exchange (EEX), EPEX SPOT, Powernext, Cleartrade Exchange (CLTX), Gaspoint Nordic and Power Exchange Central Europe (PXE) as well as clearing and settlement via European Commodity Clearing (ECC). EEX Group connects a network of more than 450 trading participants across 14 locations ensuring optimal support for customers on site.
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ESMA Proposes Two Amendments To Natural Person Identifiers Under MiFID II
The European Securities and Markets Authority has today submitted two amendments to the European Commission in relation to the draft regulatory technical standards on reporting obligations under Article 26 of the Markets in Financial Instruments Regulation- MiFIR (RTS 22). ESMA first submitted RTS 22 to the European Commission on 25 September 2015.
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Social Security For Dummies, 2nd Edition
"Social Security for Dummies is a must read for people of any age who want a comfortable retirement. Jonathan
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Investing For Dummies, 7th Edition
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Statement On Passing Of Former SEC Commissioner Irving M. Pollack, SEC Chair Mary Jo White, July 1, 2016
Irving was the consummate gentleman and is remembered for his kindness and professionalism. The SEC’s work today is a reflection of his lasting impact. We extend our deepest sympathies to Irving’s family and loved ones.
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United Kingdom Parliament Treasury Committee Update: Future Economic Relationship With The European Union Examined
The Treasury Committee discusses the relationship that the UK might now seek with the EU, the trade-offs between market access and control that are likely to be involved, and the practical consequences for people and businesses.
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US market portrait 2016 week 27
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The Saudi Stock Exchange Announces The Publication Of The Weekly Stock Market Ownership And Trading Activity Report (By Nationality And Investor Type)
The total value of shares traded for the week ending 30 June 2016 amounted to SAR 21.71 billion, increasing by 40.60% over the previous week; while total stock market capitalization reached SAR 1,504.35 billion at the end of this period, decreasing by 0.59% over the previous week.
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The Saudi Stock Exchange Performance Report â First Half 2016
At the end of the 1st Half 2016 TADAWUL All Share Index (TASI) closed at a level of 6,499.88 decreased 2,587.01 points (28.47%) over the close of the same period of the previous year.
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The Oracle of Arithmetic Works Best Without Writing Down a Thing
Peter Scholzeâs and perfectoid spaces https://t.co/6j2Ooy6Dwi â moneyscience (@moneyscience) July 3, 2016
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Fake Brownian motion and calibration of a Regime Switching Local Volatility model. (arXiv:1607.00077v1 [math.PR])
By Gyongy's theorem, a local and stochastic volatility model is calibrated to the market prices of all call options with positive maturities and strikes if its local volatility function is equal to the ratio of the Dupire local volatility function over the root conditional mean square of the stochastic volatility factor given the spot value. This leads to a SDE nonlinear in the sense of McKean. Particle methods based on a kernel approximation of the conditional expectation, as presented by Guyon and Henry-Labord\`ere (2011), provide an efficient calibration procedure even if some calibration errors may appear when the range of the stochastic volatility factor is very large. But so far, no existence result is available for the SDE nonlinear in the sense of McKean. In the particular case where the local volatility function is equal to the inverse of the root conditional mean square of the stochastic volatility factor multiplied by the spot value given this value and the interest rate is zero, the solution to the SDE is a fake Brownian motion. When the stochastic volatility factor is a constant (over time) random variable taking finitely many values and the range of its square is not too large, we prove existence to the associated Fokker-Planck equation. Thanks to Figalli (2008), we then deduce existence of a new class of fake Brownian motions. We then extend these results to the special case of the LSV model called Regime Switching Local Volatility, where the stochastic volatility factor is a jump process taking finitely many values and with jump intensities depending on the spot level. Under the same condition on the range of its square, we prove existence to the associated Fokker-Planck PDE. We then deduce existence of the calibrated model by extending the results in Figalli (2008).
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Stock Market Insider Trading in Continuous Time with Imperfect Dynamic Information. (arXiv:1607.00035v1 [q-fin.MF])
This paper studies the equilibrium pricing of asset shares in the presence of dynamic private information. The market consists of a risk-neutral informed agent who observes the firm value, noise traders, and competitive market makers who set share prices using the total order flow as a noisy signal of the insider's information. I provide a characterization of all optimal strategies, and prove existence of both Markovian and non Markovian equilibria by deriving closed form solutions for the optimal order process of the informed trader and the optimal pricing rule of the market maker. The consideration of non Markovian equilibrium is relevant since the market maker might decide to re-weight past information after receiving a new signal. Also, I show that a) there is a unique Markovian equilibrium price process which allows the insider to trade undetected, and that b) the presence of an insider increases the market informational efficiency, in particular for times close to dividend payment.
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Closure Of Bursa Malaysia In Conjunction With Hari Raya Aidil Fitri Holidays
In conjunction with the Hari Raya Aidil Fitri holidays, Bursa Malaysia Berhad (“Bursa Malaysia” or “the Exchange”) and its subsidiaries will be closed on the following dates:
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DGCX Scales New Volume Records Amidst Global Market Volatility
As uncertainty over Brexit vote and its after effects on the global markets continue to unfold, trading volumes on the Dubai Gold & Commodities Exchange (DGCX) recorded an all-time high, exceeding 9.5 million contracts in the first half of this year. This marks the highest half-yearly trading volume recorded for the Exchange, growing 49.64% over the same period last year. On June 24, the Exchange recorded the highest ever daily volume with 150,570 contracts valued at USD 3.55 bn.
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Börse Berlin: Turnover In The First Half Of The Year Reaches â¬30.7 Billion
Börse Berlin’s Market places, Xontro and Equiduct, achieved a combined turnover of 30.7 billion and trades reached 5.1 million.
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