In a decade defined more by economic challenge than growth worldwide, The Bahamas International Securities Exchange (BISX) market has surged nearly 400% from a market capitalization of $820 million at inception to today’s $3.8 billion.
read more...BISX CEO Addresses Rotary Club Of East Nassau - BISX CEO: âBahamian Capital Market Vibrant,â
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SIFMA President And CEO Kenneth E. Bentsen, Jr. Named Chairman Of Financial Services Industry's Engage China Coalition
SIFMA announced today that the members of the Engage China coalition have agreed the Honorable Kenneth E. Bentsen, Jr. will take over as chairman. Mr. Bentsen is currently the president and CEO of SIFMA and the CEO of the Global Financial Markets Association (GFMA). From 1995 to 2003, he served as a Member of the United States House of Representatives from Texas, where he sat on the House Financial Services Committee (and its predecessor House Banking and Financial Services Committee), and separately on the House Budget Committee. Prior to his service in Congress, Mr. Bentsen was an investment banker at both a major Wall Street firm and a large regional firm, where he specialized in municipal and mortgage finance.
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Federal Reserve Board Issues Interim Final Rule Regarding Dividend Payments On Reserve Bank Capital Stock
The Federal Reserve Board on Thursday issued an interim final rule that amends Regulation I to implement provisions of the Fixing America's Surface Transportation (FAST) Act. The FAST Act reduced the dividend rate applicable to Reserve Bank depository institution stockholders with total assets of more than $10 billion (large member banks) to the lesser of 6 percent or the most recent 10-year Treasury auction rate prior to the dividend payment. The dividend rate for other member banks remains at 6 percent. Reserve Banks typically pay dividends to member banks in June and December each year.
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BM&FBOVESPA Announces Results For The Fourth Quarter Of 2015
BM&FBOVESPA S.A. (ticker: BVMF3) today reported its fourth-quarter earnings for the period ending on December 31, 2015 (4Q15). In this quarter, revenues reached R$603.3 million, a 1.8% increase year-over-year (4Q14), while the full-year total revenues reached R$2,458.8 million, 9.5% growth versus the previous year.
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IIIROC Issues Compliance Priorities Report For 2015/2016 - Signals Key Surveillance And Exam Priorities For Coming Year
The Investment Industry Regulatory Organization of Canada (IIROC) today published its annual Compliance Priorities Report outlining its key compliance and registration priorities for 2016.
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Ontario Securities Commission Releases Results Of Insider Reporting Compliance Review
The Ontario Securities Commission (OSC) today published OSC Staff Notice 51-726 Report on Staff’s Review of Insider Reporting and User Guides for Insiders and Issuers, which sets out the results of its review of the continuous disclosure records and insider filings of 100 reporting issuers whose principal regulator is Ontario.
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Pathways towards instability in financial networks. (arXiv:1602.05883v1 [q-fin.RM])
There is growing consensus that processes of market integration and risk diversification may come at the price of more systemic risk. Indeed, financial institutions are interconnected in a network of contracts where distress can either be amplified or dampened. However, a mathematical understanding of instability in relation to the network topology is still lacking. In a model financial network, we show that the origin of instability resides in the presence of specific types of cyclical structures, regardless of many of the details of the distress propagation mechanism. In particular, we show the existence of trajectories in the space of graphs along which a complex network turns from stable to unstable, although at each point along the trajectory its nodes satisfy constraints that would apparently make them individually stable. In the financial context, our findings have important implications for policies aimed at increasing financial stability. We illustrate the propositions on a sample dataset for the top 50 EU listed banks between 2008 and 2013. More in general, our results shed light on previous findings on the instability of model ecosystems and are relevant for a broad class of dynamical processes on complex networks.
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On the Profitability of Optimal Mean Reversion Trading Strategies. (arXiv:1602.05858v1 [q-fin.PM])
We study the profitability of optimal mean reversion trading strategies in the US equity market. Different from regular pair trading practice, we apply maximum likelihood method to construct the optimal static pairs trading portfolio that best fits the Ornstein-Uhlenbeck process, and rigorously estimate the parameters. Therefore, we ensure that our portfolios match the mean-reverting process before trading. We then generate contrarian trading signals using the model parameters. We also optimize the thresholds and the length of in-sample period by multiple tests. In nine good pair examples, we can see that our pairs exhibit high Sharpe ratio (above 1.9) over the in-sample period and out-of-sample period. In particular, Crown Castle International Corp. (CCI) and HCP, Inc. (HCP) achieve a Sharpe ratio of 2.326 during in-sample period and a Sharpe ratio of 2.425 in out-of-sample test. Crown Castle International Corp. (CCI) and Realty Income Corporation (O) achieve a Sharpe ratio of 2.405 and 2.903 respectively during in-sample period and out-of-sample period.
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On utility maximization in the Arbitrage Pricing Model. (arXiv:1602.05758v1 [q-fin.MF])
We consider a classical market model of mathematical economics with infinitely many assets: the Arbitrage Pricing Model.We study optimal investment under an expected utility criterion and prove the existence of optimal strategies. Previous results require a certain restrictive hypothesis on the non-triviality of the tails of asset return distributions. Using a different method, we manage to remove this hypothesis in the present article, at the price of stronger assumptions on the moments of asset returns. We thus complement earlier results.
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Value-at-Risk and backtesting with the APARCH model and the standardized Pearson type IV distribution. (arXiv:1602.05749v1 [q-fin.RM])
We examine the efficiency of the Asymmetric Power ARCH (APARCH) model in the case where the residuals follow the standardized Pearson type IV distribution. The model is tested with a variety of loss functions and the efficiency is examined via application of several statistical tests and risk measures. The results indicate that the APARCH model with the standardized Pearson type IV distribution is accurate, within the general financial risk modeling perspective, providing the financial analyst with an additional skewed distribution for incorporation in the risk management tools.
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The Postulate of the Three Regimes of Economic Growth Contradicted by Data. (arXiv:1602.05718v1 [q-fin.EC])
Economic growth in Western Europe, Eastern Europe, Asia, countries of the former USSR, Africa and Latin America were analysed. It is demonstrated that the fundamental postulate of the Unified Growth Theory about the existence of the three regimes of growth (Malthusian regime, post-Malthusian regime and sustained-growth regime) is contradicted by data. These regimes did not exist. In particular, there was no escape from the Malthusian trap because there was no trap. Economic growth in all these regions was not stagnant but hyperbolic. Unified Growth Theory is fundamentally incorrect. However, this theory is also dangerously misleading because it claims a transition from the endless epoch of stagnation to the new era of sustained economic growth, the interpretation creating the sense of security and a promise of prosperity. The data show that the opposite is true. Economic growth in the past was sustained and secure. Now, it is supported by the increasing ecological deficit. The long-term sustained and secure economic growth has yet to be created. It did not happen automatically, as suggested incorrectly by the Unified Growth Theory.
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Wiley CIAexcel Exam Review 2016: Complete Set
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VimpelCom To Pay $795 Million In Global Settlement For FCPA Violations
The Securities and Exchange Commission today announced a global settlement along with the U.S. Department of Justice and Dutch regulators that requires telecommunications provider VimpelCom Ltd. to pay more than $795 million to resolve its violations of the Foreign Corrupt Practices Act (FCPA) to win business in Uzbekistan.
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VimpelCom Limited And Unitel LLC Enter Into Global Foreign Bribery Resolution Of More Than $795 Million - United States Seeks $850 Million Forfeiture In Corrupt Proceeds of Bribery Scheme - Companies Agree To Pay $230 Million U.S. Criminal Fine In Connection With Foreign Corrupt Practices Act Resolution - Largest Case Ever Brought Under The Kleptocracy Asset Recovery Initiative
Amsterdam-based VimpelCom Limited, the world’s sixth-largest telecommunications company and an issuer of publicly traded securities in the United States, and its wholly owned Uzbek subsidiary, Unitel LLC, entered into resolutions with the Department of Justice today in which they admitted to a conspiracy to make more than $114 million in bribery payments to a government official in Uzbekistan between 2006 and 2012 to enable them to enter and continue operating in the Uzbek telecommunications market.
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International Customer Trades Hit 50.8% of Total Volume At TOCOM In January 2016 â An All-Time High
The Tokyo Commodity Exchange, Inc announced today that the January 2016 monthly volume of customer trades (combined sell & buy sides) originating overseas was 2,486,232 contracts, accounting for 50.8 percent of the total trades of 4,898,562 contracts. This surpassed the previous record ratio of 49.8 percent with 2,394,206 contracts in August 2015.
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ASEAN+3 Macroeconomic Research Office â Singapore Hosts First ASEAN+3 International Organisation
The ASEAN+3 Macroeconomic Research Office (“AMRO”) held its opening ceremony in Singapore today to commemorate its establishment as an international organisation. AMRO was formally accorded the legal status of an international organisation on 9 February 2016, when the agreement signed by ASEAN+3 member states to establish AMRO entered into force. AMRO is the first international organisation established by the ASEAN+3 member states and is headquartered in Singapore. It has close to 40 staff from ASEAN+3 countries.
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China Exchanges Services Co Index Report For January 2016
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Malawi Stock Exchange Weekly Trading Report - 19 February, 2016
Click here to download Malawi Stock Exchange's weekly trading report for thec week ending 19 February, 2016.
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LuxSE Lists 100th Green Bond, Confirming Its International Leader Positioning
Today, the Luxembourg Stock Exchange (LuxSE) celebrated an important milestone in its commitment to green finance, with the listing of the 100th green bond admitted on its markets on 18 February 2016.
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UKâs Financial Conduct Authority: Advice Firms Demonstrate Some Good Practice On Due Diligence But Greater Consistency Needed
Financial advice firms are seeking to achieve positive outcomes for their clients when it comes to undertaking research and due diligence, a thematic review by the Financial Conduct Authority (FCA) has found.
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