DERIVATIVES TRADERS DO WHAT, AGAIN?

So What Orders Do Informed Traders Use ? ∗

We present a simple, Glosten-Milgrom type equilibrium model to analyze the decision of informed traders on whether to use limit or market orders. We show that even after incorporating an order’s price impact, not only may informed traders prefer to use limit orders, but the probability that they submit limit orders can be so high that limit orders convey more information than market orders. We ...

Do retail traders suffer from high frequency traders?

Using a change in regulatory fees in Canada in April 2012 that affected algorithmic quoting activities, we analyze the impact of high frequency quoting and trading on market quality, trader behavior, and trading costs and profits. Following the change, algorithmic message traffic, i.e. the number of orders, trades, and order cancellations, dropped by 30% and the bid-ask spread rose by 9%. Using...

National Curriculum: What Do International Experiences Say?

The conceptions, practices and efforts of some education systems in ten countries and four continents of the world, in area of national curriculum, have been reviewed and analyzed in this inquiry to represent a brief look of their experiences and obtain some guidelines for delineating and developing national curriculum. The methodology in this inquiry has been descriptive and analytical researc...

Superior Capsule Reconstruction: What Do We Know?

The management of irreparable rotator cuff tears remains challenging. Since its introduction by Mihata in 2012, superiorcapsule reconstruction (SCR) has grown in popularity at an astonishingly rapid rate. The aim of this article is to providea comprehensive review of the available literature, in order to highlight what has so far been published on SCR,covering all aspects including biomechanica...

What is Presupposition Accommodation , Again ? ∗