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Systematic Trading
Systematic trading (also known as mechanical trading) is a way of defining trade goals, risk controls and rules that can make investment and trading decisions in a methodical way. Systematic trading includes both manual trading of systems, and full or partial automation using computers. Although technical systematic systems are more common, there are also systems using fundamental data such as those in equity long:short hedge funds and GTAA funds. Systematic trading includes both high frequency trading ( HFT, sometimes called algorithmic trading) and slower types of investment such as systematic trend following. It also includes passive index tracking. The opposite of systematic trading is discretionary trading. The disadvantage of discretionary trading is that it may be influenced by emotions, isn't easily back tested, and has less rigorous risk control. Systematic trading is related to quantitative trading. Quantitative trading includes all trading that use quantitative techn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Technical Analysis
In finance, technical analysis is an analysis methodology for analysing and forecasting the direction of prices through the study of past market data, primarily price and volume. Behavioral economics and quantitative analysis use many of the same tools of technical analysis, which, being an aspect of active management, stands in contradiction to much of modern portfolio theory. The efficacy of both technical and fundamental analysis is disputed by the efficient-market hypothesis, which states that stock market prices are essentially unpredictable, and research on whether technical analysis offers any benefit has produced mixed results. History The principles of technical analysis are derived from hundreds of years of financial market data. Some aspects of technical analysis began to appear in Amsterdam-based merchant Joseph de la Vega's accounts of the Dutch financial markets in the 17th century. In Asia, technical analysis is said to be a method developed by Homma Munehisa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Black Box
In science, computing, and engineering, a black box is a system which can be viewed in terms of its inputs and outputs (or transfer characteristics), without any knowledge of its internal workings. Its implementation is "opaque" (black). The term can be used to refer to many inner workings, such as those of a transistor, an engine, an algorithm, the human brain, or an institution or government. To analyse an open system with a typical "black box approach", only the behavior of the stimulus/response will be accounted for, to infer the (unknown) ''box''. The usual representation of this ''black box system'' is a data flow diagram centered in the box. The opposite of a black box is a system where the inner components or logic are available for inspection, which is most commonly referred to as a white box (sometimes also known as a "clear box" or a "glass box"). History The modern meaning of the term "black box" seems to have entered the English language around 1945. In electr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stock Selection Criterion
In financial markets, stock valuation is the method of calculating theoretical values of companies and their stocks. The main use of these methods is to predict future market prices, or more generally, potential market prices, and thus to profit from price movement – stocks that are judged '' undervalued'' (with respect to their theoretical value) are bought, while stocks that are judged ''overvalued'' are sold, in the expectation that undervalued stocks will overall rise in value, while overvalued stocks will generally decrease in value. In the view of fundamental analysis, stock valuation based on fundamentals aims to give an estimate of the intrinsic value of a stock, based on predictions of the future cash flows and profitability of the business. Fundamental analysis may be replaced or augmented by market criteria – what the market will pay for the stock, disregarding intrinsic value. These can be combined as "predictions of future cash flows/profits (fundamental)", togeth ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Security Analysis
Security analysis is the analysis of tradeable financial instruments called securities. It deals with finding the proper value of individual securities (i.e., stocks and bonds). These are usually classified into debt securities, equities, or some hybrid of the two. Tradeable credit derivatives are also securities. Commodities or futures contracts are not securities. They are distinguished from securities by the fact that their performance is not dependent on the management or activities of an outside or third party. Options on these contracts are however considered securities, since performance is now dependent on the activities of a third party. The definition of what is and what is not a security comes directly from the language of a United States Supreme Court decision in the case of SEC v. W. J. Howey Co. Security analysis for the purpose to state the effective value of an enterprise is typically based on the examination of fundamental business factors such as financial state ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stock Picking
In financial markets, stock valuation is the method of calculating theoretical values of companies and their stocks. The main use of these methods is to predict future market prices, or more generally, potential market prices, and thus to profit from price movement – stocks that are judged '' undervalued'' (with respect to their theoretical value) are bought, while stocks that are judged ''overvalued'' are sold, in the expectation that undervalued stocks will overall rise in value, while overvalued stocks will generally decrease in value. In the view of fundamental analysis, stock valuation based on fundamentals aims to give an estimate of the intrinsic value of a stock, based on predictions of the future cash flows and profitability of the business. Fundamental analysis may be replaced or augmented by market criteria – what the market will pay for the stock, disregarding intrinsic value. These can be combined as "predictions of future cash flows/profits (fundamental)", toget ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk Modeling
Financial risk modeling is the use of formal mathematical and econometric techniques to measure, monitor and control the market risk, credit risk, and operational risk on a firm's balance sheet, on a bank's trading book, or re a fund manager's portfolio value; see Financial risk management. Risk modeling is one of many subtasks within the broader area of financial modeling. Application Risk modeling uses a variety of techniques including market risk, value at risk (VaR), historical simulation (HS), or extreme value theory (EVT) in order to analyze a portfolio and make forecasts of the likely losses that would be incurred for a variety of risks. As above, such risks are typically grouped into credit risk, market risk, model risk, liquidity risk, and operational risk categories. Many large financial intermediary firms use risk modeling to help portfolio managers assess the amount of capital reserves to maintain, and to help guide their purchases and sales of various classes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quantitative Financial
Mathematical finance, also known as quantitative finance and financial mathematics, is a field of applied mathematics, concerned with mathematical modeling of financial markets. In general, there exist two separate branches of finance that require advanced quantitative techniques: derivatives pricing on the one hand, and risk and portfolio management on the other. Mathematical finance overlaps heavily with the fields of computational finance and financial engineering. The latter focuses on applications and modeling, often by help of stochastic asset models, while the former focuses, in addition to analysis, on building tools of implementation for the models. Also related is quantitative investing, which relies on statistical and numerical models (and lately machine learning) as opposed to traditional fundamental analysis when managing portfolios. French mathematician Louis Bachelier's doctoral thesis, defended in 1900, is considered the first scholarly work on mathematical fina ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Perry J
Perry, also known as pear cider, is an alcoholic beverage made from fermented pears, traditionally the perry pear. It has been common for centuries in England, particularly in Gloucestershire, Herefordshire, and Worcestershire. It is also made in parts of South Wales and France, especially Normandy and Anjou, and in Commonwealth countries such as Canada, Australia, and New Zealand. Production Fruit Perry pears are thought to be descended from wild hybrids, known as ''wildings'', between the cultivated pear ''Pyrus communis'' subsp. ''communis'' and the now-rare wild pear ''Pyrus communis'' subsp. ''pyraster''. The cultivated pear ''P. communis'' was brought to northern Europe by the Romans. In the fourth century CE Saint Jerome referred to perry as ''piracium''. Wild pear hybrids were, over time, selected locally for desirable qualities and by the 1800s, many regional varieties had been identified. The majority of perry pear varieties in the UK originate from the counti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fundamental Analysis
Fundamental analysis, in accounting and finance, is the analysis of a business's financial statements (usually to analyze the business's assets, liabilities, and earnings); health; and competitors and markets. It also considers the overall state of the economy and factors including interest rates, production, earnings, employment, GDP, housing, manufacturing and management. There are two basic approaches that can be used: bottom up analysis and top down analysis. These terms are used to distinguish such analysis from other types of investment analysis, such as quantitative and technical. Fundamental analysis is performed on historical and present data, but with the goal of making financial forecasts. There are several possible objectives: * to conduct a company stock valuation and predict its probable price evolution; * to make a projection on its business performance; * to evaluate its management and make internal business decisions and/or to calculate its credit risk; * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York Stock Exchange
The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed companies at US$30.1 trillion as of February 2018. The average daily trading value was approximately 169 billion in 2013. The NYSE trading floor is at the New York Stock Exchange Building on 11 Wall Street and 18 Broad Street and is a National Historic Landmark. An additional trading room, at 30 Broad Street, was closed in February 2007. The NYSE is owned by Intercontinental Exchange, an American holding company that it also lists (). Previously, it was part of NYSE Euronext (NYX), which was formed by the NYSE's 2007 merger with Euronext. History The earliest recorded organization of securities trading in New York among brokers directly dealing with each other can be traced to the Buttonwood Agreement. Previously, sec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Short Hedge Funds
Short may refer to: Places * Short (crater), a lunar impact crater on the near side of the Moon * Short, Mississippi, an unincorporated community * Short, Oklahoma, a census-designated place People * Short (surname) * List of people known as the Short Arts, entertainment, and media * Short film, a cinema format (also called film short or short subject) * Short story, prose generally readable in one sitting * '' The Short-Timers'', a 1979 semi-autobiographical novel by Gustav Hasford, about military short-timers in Vietnam Brands and enterprises * Short Brothers, a British aerospace company * Short Brothers of Sunderland, former English shipbuilder Computing and technology * Short circuit, an accidental connection between two nodes of an electrical circuit * Short integer, a computer datatype Finance * Short (finance), stock-trading position * Short snorter, a banknote signed by fellow travelers, common during World War II Foodstuffs * Short pastry, one which is rich in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Designated Order Turnaround
SuperDot was the electronic system used by the New York Stock Exchange to route market orders and limit orders from investors or their agents to a specialist located on the floor of the exchange. SuperDot was the upgraded form of the previous electronic system used to route orders, known as the Designated Order Turnaround (DOT) system. Since 1976, most of the orders in NYSE had been transmitting electronically to specialists screens over the DOT or via the upgraded SuperDot. In 2009, SuperDOT was replaced by the new NYSE Super Display Book system (SDBK) for processing orders. In 2012, Display Book was replaced by Universal Trading Platform (UTP).http://traderupdates.nyse.com/2012/08/matching_engine_upgrade_univer.html NYSE press release The user, either an investor or a broker, used to enter the order into the system, which immediately reached the specialist to be executed. The users received a confirmation report of the transaction in real time, once the order was executed. Most ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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