Click here to download the weekly statistics update of TOM MTF for week 22, 2016.
In week 22 a total of 296.992 equity and index option contracts were traded resulting in a TOM MTF market share versus Euronext of 40%
TOM MTF Statistics Week 22, 2016
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Federal Reserve Governor Lael Brainard At The Council On Foreign Relations, Washington, D.C., June 3, 2016, The Economic Outlook And Implications For Monetary Policy
In recent months, financial conditions have eased, and there are encouraging signs that consumption has regained momentum. On the other hand, there are tentative signs of slowing in the labor market and risks remain.1 We cannot take the resilience of our recovery for granted.
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CFTC Charges Haena Park And Her Companies Phaetra Capital GP LLC, a/k/a/ Argenta Capital GP LLC, Phaetra Capital Management LP, a/k/a Argenta Capital LLC, And Argenta Group LLC With Misappropriation And Fraud - The Complaint Also Charges Park And Yul Kaseman With False Statements To The NFA
The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of a civil enforcement action in the U.S. District Court for the Southern District of New York, charging Haena Park (Park) and her companies Phaetra Capital GP LLC, a/k/a/ Argenta Capital GP LLC, Phaetra Capital Management LP, a/k/a Argenta Capital LLC, and Argenta Group LLC, (collectively, Pool Defendants) with fraudulently operating a commodity pool and misappropriation of pool participants’ assets. The complaint also charges Park and Yul Kaseman with making false statements to the National Futures Association.
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Nigerian Stock Exchange Weekly Market Report For The Week Ended June 3, 2016
It was a four-day trading week as the Federal Government of Nigeria declared Monday 30th May, 2016 as Public Holiday to commemorate “Democracy day”.
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TMX Group Consolidated Trading Statistics â May 2016
TMX Group Limited today announced May 2016 trading statistics for its marketplaces – Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange (Alpha), Montréal Exchange (MX) and NGX.
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ESMA Publishes Updated AIFMD Q&A
The European Securities and Markets Authority (ESMA) has published an updated questions and answers document (Q&A) on the application of the Alternative Investment Fund Managers Directive (AIFMD).
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The Upside-down Economics of Regulated and Otherwise Rigid Prices -- by Casey B. Mulligan, Kevin K. Tsui
A version of the Becker-Lancaster characteristics model featuring quality-quantity tradeoffs reveals a number of surprising market behaviors that can result from price regulations that are imposed on competitive markets for products that have adjustable non-price attributes. Quality need not clear a competitive market in the same way that prices do, because quality can reduce the willingness to pay for quantity. Producers can benefit from price ceilings, at the expense of consumers. Price ceilings can result in quality-degradation "death spirals" that would not occur under quality regulation or excise taxation. The features of tastes and technology that lead to such outcomes are summarized with pairwise comparisons of (not necessarily constant) elasticities.
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Unsticking the Flypaper Effect Using Distortionary Taxation -- by Carlos A. Vegh, Guillermo Vuletin
The flypaper effect is a widely-documented puzzle whereby the propensity of sub-national governmental units to spend out of unconditional transfers is higher than the propensity to spend out of private income. Building on previous insights in the literature that rationalize this puzzle using costly taxation, we develop a simple optimal fiscal policy model with distortionary taxation that generates two novel and testable implications: (i) there should be a positive association between the size of the flypaper effect and the level of the tax rate, and (ii) the flypaper effect should be larger the lower the elasticity of substitution between private and public spending and, in fact, should vanish for very high degrees of substitution. We show that these hypotheses hold for Argentinean provinces and Brazilian states.
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Environmental Taxation -- by Roberton C. Williams III
This paper examines potential environmental tax policy reforms. It focuses primarily on a carbon tax, but also more briefly considers a range of other possible changes. These include revising or eliminating various energy and environmental tax credits and deductions (many of which might become unnecessary in the presence of a carbon tax), as well as changes to energy taxes that have substantial environmental implications (such as the federal gasoline tax). The paper draws on recent theoretical and empirical research to evaluate the effects of such reforms on tax revenue, pollution emissions, economic efficiency, and income distribution.
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Returns to Consumer Search: Evidence from eBay -- by Thomas Blake, Chris Nosko, Steven Tadelis
A growing body of empirical literature finds that consumers are relatively limited in how much they search over product characteristics. We assemble a dataset of search and purchase behavior from eBay to quantify the returns, and thus implied costs, to consumer search on the internet. The extensive nature of the eBay data allows us to examine a rich and detailed set of questions related to search in a way that previous structural models cannot. In contrast to the literature, we find that consumers search a lot: on average 36 times per purchase over 3 (distinct) days, with most sessions ending in no purchase. We find that search costs are relatively low, in the region of 25 cents per search page. We pursue the analysis further by, i) examining how users refine their search, ii) how search behavior spans multiple search sessions, and iii) how the amount of search relates to finding lower prices.
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Inter Vivos Transfers of Ownership in Family Firms -- by James R. Hines Jr., Niklas Potrafke, Marina Riem, Christoph Schinke
This paper examines the determinants of inter vivos (lifetime) transfers of ownership in German family firms between 2000 and 2013. Survey evidence indicates that owners of larger firms, and firms with strong current business conditions, transfer ownership at higher rates than others. When a firm's self-described business condition improves from "normal" to "good" the likelihood of an inter vivos transfer increases by 46 percent. Inter vivos transfer rates also rose following a 2009 reform that reduced transfer taxes. These patterns suggest that transfer taxes significantly influence rates and timing of inter vivos ownership transfers.
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Tourism and Economic Development: Evidence from Mexico's Coastline -- by Benjamin Faber, Cecile Gaubert
Tourism is one of the most visible and fastest growing facets of globalization in developing countries. This paper combines a rich collection of Mexican microdata with a quantitative spatial equilibrium model and a new empirical strategy to learn about the long-run economic consequences of tourism. We begin by estimating a number of reduced-form effects on local economic outcomes in today's cross-section of Mexican municipalities. To base these estimates on plausibly exogenous variation in long-term tourism exposure, we exploit geological and oceanographic variation in beach quality along the Mexican coastline to construct instrumental variables. To guide the estimation of the aggregate implications of tourism, we then write down a spatial equilibrium model of trade in goods and tourism services, and use the reduced-form moments to inform its calibration for counterfactual analysis. We find that tourism causes large and significant local economic gains relative to less touristic regions, and that these gains are in part partly driven by significant positive spillovers on manufacturing production. In the aggregate, however, we find that these local spillovers are largely offset by reductions in agglomeration economies among less touristic regions, so that the national gains from tourism are mainly driven by a classical market integration effect.
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A Contagious Malady? Open Economy Dimensions of Secular Stagnation -- by Gauti B. Eggertsson, Neil R. Mehrotra, Sanjay R. Singh, Lawrence H. Summers
Conditions of secular stagnation - low interest rates, below target inflation, and sluggish output growth - characterize much of the global economy. We consider an overlapping generations, open economy model of secular stagnation, and examine the effect of capital flows on the transmission of stagnation. In a world with a low natural rate of interest, greater capital integration transmits recessions across countries as opposed to lower interest rates. In a global secular stagnation, expansionary fiscal policy carries positive spillovers implying gains from coordination, and fiscal policy is self-financing. Expansionary monetary policy, by contrast, is beggar-thy-neighbor with output gains in one country coming at the expense of the other. Similarly, we find that competitiveness policies including structural labor market reforms or neomercantilist trade policies are also beggar-thy-neighbor in a global secular stagnation.
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Reverse Speculative Attacks -- by Manuel Amador, Javier Bianchi, Luigi Bocola, Fabrizio Perri
In January 2015, in the face of sustained capital inflows, the Swiss National Bank abandoned the floor for the Swiss Franc against the Euro, a decision which led to the appreciation of the Swiss Franc. The objective of this paper is to present a simple framework that helps to better understand the timing of this episode, which we label a "reverse speculative attack". We model a central bank which wishes to maintain a peg, and responds to increases in demand for domestic currency by expanding its balance sheet. In contrast to the classic speculative attacks, which are triggered by the depletion of foreign assets, reverse attacks are triggered by the concern of future balance sheet losses. Our key result is that the interaction between the desire to maintain the peg and the concern about future losses can lead the central bank to first accumulate a large amount of reserves, and then to abandon the peg, just as we have observed in the Swiss case.
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Incomplete Information in Macroeconomics: Accommodating Frictions in Coordination -- by George-Marios Angeletos, Chen Lian
This chapter studies how incomplete information helps accommodate frictions in coordination, leading to novel insights on the joint determination of expectations and macroeconomic outcomes. We review and synthesize recent work on global games, beauty contests, and their applications. We elaborate on the distinct effects of strategic uncertainty relative to fundamental uncertainty. We demonstrate the potential fragility of workhorse macroeconomic models to relaxations of common knowledge; the possibility of operationalizing the notions of "coordination failure" and "animal spirits" in a manner that unifies unique- and multiple-equilibrium models; and the ability of incomplete information to offer a parsimonious explanation of important empirical regularities. We provide a general treatment of these ideas, as well as specific applications in the context of business cycles, financial crises, and asset pricing.
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The Influence of Geography and Measurement in Estimating Cigarette Price Responsiveness -- by Michael F. Pesko, John A. Tauras, Jidong Huang, Frank J. Chaloupka, IV
We use data from the 2006-07 and 2010-11 waves of the Tobacco Use Supplement of the Current Population Survey to calculate cigarette price elasticities that compensate for within-state cigarette prices, which includes variation from the local tax environment. We use four state-level cigarette price measures and two sub-state-level cigarette price measures. For the two local price measures, we exploit month specific changes in these two prices in 446 sub-state areas of the United States. We document substantial variation in within-state prices, and we calculate that this variation approximately triples estimates of cigarette price responsiveness compared to using state-level prices. When using local prices, we calculate that a 10% rise in cigarette prices reduces cigarette consumption by a mean of 2.5%, which ranges from a 1.7% reduction at a price level $3 to a 5.6% reduction at a price level of $9. Our results suggest an important role for the local tax environment in studies of cigarette price responsiveness.
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Hong Kong's Securities And Futures Commission: Court Rules On Appeals Over Unlicensed Activities
The Court of First Instance has dismissed an appeal of C.L. Management Services Limited (C.L. Management) and its sole owner and director Ms Clarea Au Suet Ming against their convictions for holding out as providing advisory services on corporate finance without a licence.
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BME: 40 US Institutional Investors To Meet With Spanish Midcap Companies In New York And Chicago
Fifth edition of the Spanish Small & Midcaps Conference in New York hosted by BME, JB Capital Markets and Auerbach Grayson
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New Green Revenues Model From FTSE Russell Tracks Global Transition To A Green Economy
FTSE Russell, the global index and data provider, today announced the launch of its LCE data model, which measures the green revenues of 13,400 public companies, representing 98.5% of total global market capitalization. Revenues from a broad range of large, mid and small capitalization companies in 48 developed and emerging markets are mapped to 60 new green industrial subsectors, with FTSE Russell assigning each company in the model a low carbon industrial indicator (LOWCII) factor, representing the ratio of its green revenues to its total revenues.
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Nasdaq IR Insight⢠Boosts Its Services And Technology Capabilities With New Analytical Suite
Nasdaq IR Insight™, a comprehensive platform designed specifically for investor relations officers (IRO) and financial executives to boost strategic intelligence and support decision-making, announces another step in its evolution by releasing its new IR analytics suite, Nasdaq IR Analytics™.
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