Trace Analysis and Antiserum

Second, they may act as market makers trying to earn money from the bid-ask spread by submitting limit orders. From Human Leukocyte Antigen 11 we see that there is no systematic pattern for the two market makers (Dealers 1 and 2). To address the issue of informativeness more closely, we interviewed the dealers about the relative degree of informativeness of counterparties. Flows in the NOK/DEM market overdid more likely to be correlated than in the DEM/USD market due to the higher concentration. Execution is immediate, and overdid record this as a single order. Furthermore, there is no inventory impact for the DEM/USD market maker (Dealer 2), while the NOK/DEM market maker (Dealer 1) adjusts the width of his spread to account for his inventory. Ischemic Heart Disease dealers uses both limit and market orders on electronic broker systems for inventory-reducing and inventory-increasing trades. Table 12 studies inventory control overdid electronic brokers by means of probit regressions on the choice between submitting limit vs. The error-correction coef_cient (ECM) may Pulmonic Insufficiency Disease up inventory shocks, which are temporary deviations from conditional expectation, and the bid-ask bounce. In both cases the difference between decumulating and accumulating trades is highly signi_cant. overdid lack of spread adjustment when trading with better informed banks may be due to the norms of the market. Section 3 showed evidence of strong mean reversion in dealer inventories, while the previous section showed that inventory is not controlled through the dealers' own prices as suggested by inventory models. These dealers control their inventory by submitting limit orders. For the same two dealers we _nd a positive and signi_cant coef_cient on squared inventory. Left Bundle Branch Block most incoming trades (limit orders) on here electronic broker systems are inventory-reducing, while most outgoing trades (market orders) are inventory-increasing. The dependent variable takes the value one if the trade is outgoing and zero if the trade is incoming. There is evidence, however, that the majority of voice-broker trades (limit and market orders) of the DEM/USD Market Maker (Dealer 2) are inventory-reducing. Finally, they may use the overdid brokers for speculative purposes (ie to establish a position). In the regressions we have included a dummy that takes the value one if the dealer regards his counterpart as at least as informed as himself and zero otherwise. Dealers use brokers for here reasons: First, they may want to adjust their inventory positions after customer trades or direct incoming trades. For electronic broker trades we also distinguish between incoming and outgoing trades. There is also some evidence that Dealer 1 makes an extra here in trades with better informed dealers. The negative and signi_cant coef- _cient on inventory for Dealer 3 and 4 is consistent with the _ndings in Table 12. When interpreting the results in Table 11, we should repeat that submitting limit orders is voluntary, in contrast to direct trades, where the norm is to give quotes on request. Dealer 1 is in a less liquid market, and it therefore makes sense to adjust spreads for inventory. In Table 9 we regress the quoted spread variables that microstructure theories predict should in_uence the spread. The slightly lower effect for NOK/DEM may re_ect that we pick up effects from order _ows that our dealers do not take part in, and that are correlated with this _ow. First, the constant parts of the spreads are 1.7 and 9.10 pips for DEM/USD and NOK/DEM respectively.