FINRA rule amendment requires registration of associated persons who develop algorithmic trading strategies

2016 ◽  
Vol 17 (3) ◽  
pp. 39-41
Author(s):  
Michael T. Foley ◽  
Janet M. Angstadt ◽  
Ross Pazzol ◽  
James D. Van De Graaff
Keyword(s):  
Design Methodology ◽  
Trading Strategy ◽  
Trading Strategies ◽  
Algorithmic Trading ◽  
Design Development ◽  
Significant Modification ◽  
Content Type ◽  
Rule Making

Purpose To analyze a recently approved FINRA rule amendment that will require registration with FINRA of associated persons of FINRA-member firms who are primarily responsible for the design, development or significant modification of an algorithmic trading strategy. Design/methodology/approach This article discusses the rationale and details of the proposed requirements. Findings The amended FINRA rule, particularly when combined with the SEC’s proposed amendments to Rule 15b9-1 under the Securities and Exchange Act of 1934, will result in many individuals who currently are not subject to a FINRA registration requirement to pass a qualification examination and register. Originality/value This article contains valuable information about important FINRA rule-making activity.

FINRA proposes requiring registration of associated persons who develop algorithmic trading strategies

2015 ◽  
Vol 16 (3) ◽  
pp. 33-36
Author(s):  
Janet M. Angstadt ◽  
Michael T. Foley ◽  
Ross Pazzol ◽  
James D. Van De Graaff
Keyword(s):  
Design Methodology ◽  
Trading Strategy ◽  
Trading Strategies ◽  
Algorithmic Trading ◽  
Design Development ◽  
Significant Modification ◽  
Current Form ◽  
Content Type ◽  
Rule Making

Purpose – To analyze FINRA’s proposal that would require registration with FINRA of associated persons of FINRA-member firms who are primarily responsible for the design, development or significant modification of an algorithmic trading strategy. Design/methodology/approach – This article discusses the rationale and details of the proposed requirements. Findings – If adopted in its current form, the proposed rule-making, particularly when combined with the SEC’s proposed amendments to Rule 15b9-1 under the Securities and Exchange Act, would result in many various individuals who currently are not subject to a FINRA registration requirement, to pass a qualification examination and register. Originality/value – This article contains valuable information about important FINRA rule making activity.

Executive education program faculty leaders: their “BASIC” roles

2019 ◽  
Vol 34 (3) ◽  
pp. 15-18
Author(s):  
Mark E. Haskins
Keyword(s):  
Education Program ◽  
Design Methodology ◽  
Executive Education ◽  
Design Development ◽  
Content Type ◽  
Home Building ◽  
Key Players ◽  
Faculty Leader ◽  
Practical Implications

Purpose This article highlights and codifies the primary responsibilities of those individuals tasked with leading an executive education (EE) custom program design, development, and delivery team. The perspective presented is comprehensive and client centric. Design/methodology/approach The personal insights presented are based on over 20 years of serving as an EE program faculty leader (FL) on some of the largest and longest-running custom clients at one of the world’s premiere EE providers, while also observing others serving in that same capacity on other clients. Findings The primary, ongoing responsibilities of a FL are presented in a fashion analogous to the key players in the custom home building setting. Those roles are: architect, builder, supervisor, inspector, and client liaison. Each role is highlighted and explained. Practical implications The FL roles described herein are easily understood and immediately actionable as a robust array of priorities for those potentially cast in a FL role or its equivalent. Originality/value The EE role of FL is an important one. This article is unique providing a robust and succinct depiction of the multi-faceted role for FLs to embrace in order to richly and effectively fulfill that position.

scholarly journals Daily abnormal price changes and trading strategies in the FOREX

2020 ◽  
Vol 48 (1) ◽  
pp. 211-222
Author(s):  
Guglielmo Maria Caporale ◽  
Alex Plastun
Keyword(s):  
Design Methodology ◽  
Abnormal Returns ◽  
Trading Strategies ◽  
Price Changes ◽  
Content Type ◽  
Cumulative Abnormal Returns ◽  
Market Inefficiency ◽  
Intraday Data ◽  
Abnormal Profits ◽  
New Evidence

PurposeThis paper explores abnormal price changes in the FOREX by using both daily and intraday data on the EURUSD, USDJPY, USDCAD, AUDUSD and EURJPY exchange rates over the period 01.01.2008–31.12.2018.Design/methodology/approachIt applies a dynamic trigger approach to detect abnormal price changes and then various statistical methods, including cumulative abnormal returns analysis, to test the following hypotheses: the intraday behaviour of hourly returns on overreaction days is different from that on normal days (H1), there are detectable patterns in intraday price dynamics on days with abnormal price changes (H2) and on the following days (H3).FindingsThe results suggest that there are statistically significant differences between intraday dynamics on days with abnormal price changes and normal days respectively; also, prices tend to change in the direction of the abnormal change during that day, but move in the opposite direction on the following day. Finally, there exist trading strategies that generate abnormal profits by exploiting the detected anomalies, which can be seen as evidence of market inefficiency.Originality/valueNew evidence on abnormal price changes and related trading strategies in the FOREX.

Constructing cointegrated cryptocurrency portfolios for statistical arbitrage

2019 ◽  
Vol 36 (4) ◽  
pp. 581-599 ◽  
Author(s):  
Tim Leung ◽  
Hung Nguyen
Keyword(s):  
Linear Combination ◽  
Statistical Methods ◽  
Design Methodology ◽  
Performance Metrics ◽  
Detailed Comparison ◽  
Trading Strategies ◽  
Content Type ◽  
Trading Systems ◽  
Statistical Arbitrage ◽  
Stop Loss

Purpose This paper aims to present a methodology for constructing cointegrated portfolios consisting of different cryptocurrencies and examines the performance of a number of trading strategies for the cryptocurrency portfolios. Design/methodology/approach The authors apply a series of statistical methods, including the Johansen test and Engle–Granger test, to derive a linear combination of cryptocurrencies that form a mean-reverting portfolio. Trading systems are designed and different trading strategies with stop-loss constraints are tested and compared according to a set of performance metrics. Findings The paper finds cointegrated portfolios involving four cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), and the corresponding trading strategies are shown to be profitable under different configurations. Originality/value The main contributions of the study are the use of multiple altcoins in addition to bitcoin to construct a cointegrated portfolio, and the detailed comparison of the performance of different trading strategies with and without stop-loss constraints.

Analysis of user satisfaction for unisex medical uniforms

2017 ◽  
Vol 21 (3) ◽  
pp. 162-177
Author(s):  
Injoo Kim ◽  
Brooke Brandewie ◽  
Myoung-Ok Kim
Keyword(s):  
User Satisfaction ◽  
Medical Staff ◽  
Design Methodology ◽  
Current Medical ◽  
Satisfaction Level ◽  
Design Development ◽  
Content Type ◽  
Sizing System ◽  
Practical Implications

Purpose This paper aims to analyze the medical uniform wearers’ needs by surveying the current medical uniform sizing system and issues, and to evaluate fit satisfaction level of medical uniform wear by gender with scrub shirts, pants and coats. Design/methodology/approach Research was conducted using a quantitative questionnaire, and the respondents’ data results were analyzed using SPSS. Findings The distinguished difference from the medical uniform and daily wear was that the medical garments’ sizing system had only alphabet sizing options, and the wearing ease was larger than that of daily wear. Fabric preferences included the combination of “stretch fabrics + non-stretch fabrics”. All male respondents’ satisfaction levels were reported higher than those of female respondents. Respondents were the least satisfied with the pants, followed by the shirts, and the coat in that order. As the current medical uniform has been developed based on the male figure, there were significant needs overall for improving the fit of the female medical uniform. Practical implications The study quantified fit satisfaction levels to suggest specific improvements that should be made to the design and fit of the female pants along with the coat using new comfortable textiles to achieve better performance for all medical staff. Originality/value This research specifically evaluated fit satisfaction levels of the medical uniform provided by hospital institutions in Ohio, attempting to suggest improvements for future medical uniform and design development to increase overall fit satisfaction.

The profitability of trading strategies from sharia-compliant and conventional banks in the GCC: a comparative study

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Hesham I. AlMujamed
Keyword(s):  
Weak Form ◽  
Efficient Market Hypothesis ◽  
Trading Strategy ◽  
Small Sample ◽  
Statistical Analyses ◽  
Trading Strategies ◽  
Accounting Disclosure ◽  
Content Type ◽  
Conventional Banks ◽  
Filter Rules

Purpose The purpose of this research was to examine the effectiveness of filter rules and investigate the weak form of the efficient market hypothesis (EMH) on sample shares of shariah-compliant vs. conventional banks listed on the Gulf Cooperation Council (GCC) stock market. Design/methodology/approach Nine trading filter strategies with different statistical analyses were used as defined in the literature (Fifield et al., 2005; Almujamed et al., 2018). Daily closing equity prices of a sample of twenty shariah-compliant banks and twenty conventional banks were recorded over the 18-year period ending 31 December 2017. Findings Shares of shariah-compliant banks in the GCC were not weak-form efficient since trading based on past information was predictable, profitable and outperformed the corresponding naïve buy-and-hold trading strategy. Shares of conventional GCC banks underperformed Research limitations/implications This paper’s findings should be useful for central banks and capital market authorities in GCC countries for evaluation when considering new regulations or process changes. Limitations include small sample numbers and need for more recent evaluations of accounting disclosure levels. A wider range of data, statistical analyses and other trading strategies is needed. Potential investors (Muslim and non-Muslim), shariah supervisory boards, and preparers of financial statements can benefit from this study. Practical implications The results suggest that selection of trading strategy affects the success of the rule and that mid-sized filters are the best. Originality/value This is an innovative study comparing performance of shariah-compliant and conventional banks under different filter rules.

Algorithmic Trading Strategies Berbasis Artificial Neural Network Sebagai Alat Bantu Analisis Teknikal Pada Perdagangan Valuta Asing

2018 ◽  
Vol 3 (2) ◽  
Author(s):  
Irwan Cahyadi
Keyword(s):  
Neural Network ◽  
Artificial Neural Network ◽  
Foreign Exchange Market ◽  
Trading Strategy ◽  
Trading Strategies ◽  
Algorithmic Trading ◽  
Market Strategy ◽  
Strategy Model ◽  
Artificial Neural ◽  
Investment System

Pasar valuta asing atau foreign exchange market adalah pasar yang memfasilitasi pertukaran (tempat bertemunya penawaran dan permintaan) valuta untuk mempermudah transaksi-transaksi perdagangan dan keuangan internasional. Untuk melakukan perdagangan valas (valuta asing) diperlukan metode atau alat-alat bantuan untuk menganalisa pergerakan harga valas dan mengambil keputusan berdasarkan analisa tersebut. Penelitian dilakukan untuk membangun algorithmic trading strategy (strategi dalam kaitannya dengan entry–exit pada market) yang terautomatisasi menggunakan teknologi komputer (dan bisa digunakan pada sub-jenis pasar finansial lainnya). Metodologi penelitian menggunakan KV methodology untuk pengembangan trading/investment system. Beberapa pertimbangan yang menjadikan KV methodology sebagai metodologi pada penelitian, KV methodology bisa diaplikasikan untuk pengembangan dan evaluasi trading/ investment system terlepas adanya perbedaan strategy, holding periods, benchmarks, atau market, strategy independent, dan mendukung continuous improvement / perbaikan berkelanjutan.KV methodology akan menghasilkan keluaran berupa trading strategy model dan diaplikasikan ke dalam automated trading system pada trading platform MT4 menggunakan bahasa pemrograman MQL untuk mengungkap / memahami kinerja dan potensi penuh trading strategy. Lebih jauh trading strategy model dikembangkan menggunakan artificial neural network ditujukan sebagai alat bantu untuk analisis (berupa prediksi harga ke depan, dan optimisasi strategy (signal) entry (buy-sell) / exit) ataupun sebagai full automated trading strategies. 

Conversion from 3D to 2D pattern algorithm for the 3D-shaped knitwear

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Xuan Luo ◽  
Gaoming Jiang ◽  
Honglian Cong
Keyword(s):  
Design Methodology ◽  
Three Dimensional ◽  
Design Model ◽  
Design Development ◽  
3D Design ◽  
Content Type ◽  
2D Pattern ◽  
Inverse Functions ◽  
The Relationship ◽  
Practical Implications

PurposeThe purpose of this paper is to develop the relationship among the three-dimensional-shaped (3D) knitwear on the flat knitting machine in a three-dimensional (3D) design model and the corresponding knitting in a two-dimensional (2D) pattern.Design/methodology/approachTo do this, map functions are defined to convert the expression of the 3D-shaped knitwear to the horizontal and the vertical knitting. When the inverse functions of the map functions exist, one type is knitting in the 2D pattern can be determined with the aid of the knitwear expression in the 3D design model, when another type of knitting is in the 2D pattern.FindingsThe simulations indicate that the proposed scheme can implement the conversion from the 3D-shaped knitwear in the 3D design model to the corresponding knitting in the 2D pattern. In addition, the generated knitting by the proposed method can meet the technological requirements, which means that the knitting in the 2D pattern, converted by the proposed scheme, can be implemented in reality and the differences between the real knitwear can also be obtained as same as the map functions.Practical implicationsThe generated 2D pattern can facilitate accelerating the design development of the 3D-shaped knitwear. Meanwhile, after accomplishing the 3D design, the relationship between 2D patterns in the two knitting directions is established through map functions.Originality/valueMap functions proposed in this paper can be used in the 3D design model of the 3D-shaped knitwear so as to obtain the relatively accurate 2D paper appropriate for machine-knitting direction, which omits the process of designer's single 2D pattern after accomplishing the 3D design and saves the developing time.

scholarly journals The early bird and the late bird: which catches more worms in Australia?

2019 ◽  
Vol 15 (4) ◽  
pp. 658-668
Author(s):  
Nirodha Imali Jayawardena ◽  
Akihiro Omura ◽  
Bin Li
Keyword(s):  
Design Methodology ◽  
Price Volatility ◽  
Investment Strategy ◽  
Trading Strategy ◽  
Optimal Time ◽  
Individual Investors ◽  
Content Type ◽  
Day Trading ◽  
Buying In ◽  
Practical Implications

Purpose The purpose of this paper is to examine what the optimal time is in a typical trading day for investors to buy/sell stocks in the Australian stock market. Design/methodology/approach The study mainly focuses on the S&P/ASX200. Each trading day, between 10:00 a.m. and 4:00 p.m., is divided into 30-min blocks. The effectiveness of easily implementable trading strategy to purchase the index in the morning and sell at the close is tested. The study controls for the excess overnight price volatility to improve the effectiveness of the investment strategy. This trading strategy is compared against other 66 possible day-trading combinations. Findings The results show that the trading strategy of buying in the first 30 min of the trading session and close off the position during the last 30 min obtains higher returns than other 66 strategies. Practical implications The day-trading strategy proposed in this study is very simple and therefore can be easily implemented by investors including individual investors. Originality/value To the best of our knowledge, this is the first study which constructs a trading strategy using the J- or U-shaped intraday return pattern.

Innovation-centric courses in hospitality management education in Dubai

2019 ◽  
Vol 11 (2) ◽  
pp. 166-172
Author(s):  
Sanjay Nadkarni ◽  
Stephanie Morris
Keyword(s):  
Higher Education ◽  
Design Methodology ◽  
Management Education ◽  
Education Institution ◽  
Hospitality Management ◽  
Iterative Approach ◽  
Exploratory Research ◽  
Design Development ◽  
Content Type ◽  
Policy Level

Purpose This paper aims to provide an overview of how a Dubai-based higher education institution in hospitality management has leveraged the enabling macro-environment for building innovation-centric courses in hospitality pedagogy. The policy-level initiatives focusing on innovation adopted by the UAE, and Dubai, in particular, are analyzed along with their impact on the higher education landscape. Design/methodology/approach An exploratory research design with an experimental component based on iterative approach has been adopted in this paper. Findings The synthesis of the exploratory analysis with the outcome of the experiment for developing innovation-centric courses and assessments which integrates elements of sustainability underscores the necessity for a scalable roadmap for developing an innovation-driven ecosystem. Implications for stakeholders in deploying the proposed roadmap are discussed. Originality/value The experience curated from the design development and delivery of innovation-focused courses with the mandated framework in a specific geography (in this case Dubai, UAE) attests to the originality. The research adds value by proposing an implementable roadmap for stakeholders to foster an innovation-driven socio-economic ecosystem that encompasses elements of sustainability.

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