Unlike the NYSE, the Toronto Stock Exchange (TSX) does not adjust prices in the outstanding limit orders on ex-dividend days. We find that TSX ex-day stock price behavior differs from that on the NYSE in several key aspects. In each case, the TSX ex-day behavior is consistent with the lack of a limit order adjustment mechanism. Our findings confirm that market microstructure is an important factor that contributes to the observed Canadian ex-day price behavior. Our findings also resolve the puzzle of the relatively small ex-day price drop in Canada.
... to be priced within Brokerplex at a defined limit price which is one minimum price increment (normal...
The NYSE and Nasdaq stock markets treat limit orders differently before Nasdaq adopted the order handling rule (OHR) in 1997. Most of the studies before OHR, which compare the trading costs between these two markets, do not explicitly take this fact into consideration. As a consequence, the case for possible collusion among the Nasdaq dealers, as suggested by Christie and Schultz (1994), is likely to be overstated. We compare average trading costs on Nasdaq to those on the NYSE only when the specialists trade on their own account. We do not find strong evidence that trading costs on these two markets are significantly different for smaller firms or lower price stocks. In addition, after controlling for economic variables that are likely to affect spread sizes, the differences in spreads...
It became increasingly clear last week how the debt crisis will end - and it is not going to be comfortable. The latest phony solution is for the large, "responsible" countries to demand more fiscal responsibility from the smaller and purportedly "less responsible" countries. In Europe, Germany's Angela Merkel and France's Nicolas Sarkozy are demanding that other European states give up some of their sovereignty and agree to strict limits on their deficit spending. President Obama and Treasury Secretary Timothy F. Geithner, as well as British Prime Minister David Cameron, have been lecturing the European Union about being more fiscally responsible. How odd and hypocritical, based on their own behavior. Given normal growth of roughly 3 percent, annual deficits of 3 percent or less tend n...
Amended commission order allowed 60-day time limit to commence on date of amended order. Amended order was not literally a "nunc pro tunc" entry for purposes of Perfection Stove v. Scherer
A draft presidential order on foreign investment in U.S. companies would limit government security reviews and give more power to such pro-business agencies as the Treasury Department, The Washington Times has learned. The draft order is opposed by the Defense, Justice and Homeland Security departments as contrary to the intent of a law created in response to the uproar that killed a bid by a United Arab Emirates company to operate several U.S. ports.
...) may electronically submit for execution an order it represents as agent on behalf of a public custo... not smaller than one cent) better than any limit order on the limit order book on the same side of ...
The insurance industry covers establishments that collect premiums in exchange for providing financial benefits in the event of loss or injury. Common forms of insurance include life, health and medical, home and property, workers' compensation, automobile, retirement, and title insurance. The insurance industry serves both corporate clients and individual customers. As such, the industry can be vulnerable to economic downturns that limit both business and personal spending. Many insurers are pursuing business abroad in order to counter the downturn in domestic sales. There's also a competition issue, as banks may offer products from multiple insurers, seeking to find the best match for their client's needs. Times are hard for the insurance sector. The weak US economy not only impacts s...
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