Taiwan stock exchange electronic sector index futures

T able 2, panel C contains the results. Font: S M L. Stoc k-Index Derivati ves. The testing statistic t. The daily settlement price of the Contracts shall be determined based on the following: The last executed trade price on the given day; or A price determined by the TAIFEX if there is no trade price in the last 15 minutes before the close of market on the given day or the settlement price referred to in the preceding subparagraph is obviously unreasonable. T hus, major price pressure can. For futur es and options in the Hang Seng.

Our empirical findings indicate that expiration days in Hong Kong may be associated with a negative price effect and some return volatility on the underlying stock market, but there is no evidence of abnormal trading volume on the expiration day, or price reversal after expiration. This could present an interesting entry point for emerging markets equities as historically, emerging markets equities tend to outperform in times of strong US growth. Notes: This table explains the price-re versal phenomenon of the stock market when the. The expiration of the Ibex index derivatives is associated with an increase in the trading volume of the underlying asset, but it has no significant effect on either the underlying asset prices or on the level of volatility on the expiration day. The Futures Trading Law was enacted in March , which replaced the Foreign Futures Trading Law and established the legal guidelines for the domestic futures market. As the table shows, we cannot r eject the null hypothesis under.

Futures commission merchants that engage in trading of the Contracts shall observe these Rules as well as the Futures Trading Act and applicable acts and regulations. Similar to studies of U. Please refer to Trading Rules. This result concurs with the other expiration effects stated pre viously. This procedure.

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If the stock market does not have an abnormal volume ef fect, then. Daily Settlement Price The daily settlement price is the volume weighted average price, which is calculated by dividing the value of trades by the volume within the last one minute of regular trading session, or otherwise determined by TAIFEX according to the Trading Rules. August —April —0. January — 7 9 Final Settlement Day The same day as the last trading day Final Settlement Price The average price of the underlying index disclosed within the last 30 minutes prior to the close of trading on the final settlement day. TAIFEX keeps abreast with the trendy development of global markets, and maintains a fully-fledged platform of its trading, clearing and market oversight functions.
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Download full-text PDF. Author content All content in this area was uploaded by Heng-Chih Chou. Hancock, G. Heng-Chih Chou hcchou mcu. T he r eversal may also.
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Similar to studies of U. The minimum fluctuation in premium quotations shall be as follows: Under 0. Since they manage the subsidiaries of business groups, they have multiple channels i. The clearing fees shall be based upon the number of futures contracts transacted that month. When accepting an order to sell the Contracts, a futures commission merchant shall first collect from the seller the trading margin required for the total volume of the sell order.
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Notwithstanding, the US President-elect has also promised more infrastructure spending and lower taxes. Equity Index Futures. Panel A: Whole expiration day. It is not necessary to post margin for a short position that is taken to offset an earlier long position. W e use two measures to test whether the reve rsal. If the stock index falls on the e xpiration day , it will.
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This document is not intended for distribution to, or for use by or to be acted on by any person or entity located in any jurisdiction where such distribution, use or action would be contrary to applicable laws or regulations or would subject SGX to any registration or licensing requirement. If Rev is negati ve, then it indicates that the. Markets: The Spanish Stock E xchange. F or the t th one-minute interv al on an expira tion day or. W illiams. I find that the impact is discontinuous after the first year of departure from the judiciary: former senior judge attorneys who represent cases more than one-year after retirement do not alter the likelihood of leniency for clients.
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