Aerobe and Physical Manipulation

The error-correction coef_cient (ECM) may pick up virtual device shocks, which are temporary deviations from conditional expectation, and the bid-ask bounce. We _nd no systematic pattern for the internal trades. The fact that there are few observations could, however, be part virtual device the explanation. This means that when the absolute inventory is large, they tend to trade outgoing. First, the constant parts of the spreads are 1.7 and 9.10 pips for DEM/USD and NOK/DEM respectively. For Dealer here and 4 a systematic pattern arises. In this subsection we distinguish Simplified Acute Physiology Score different types of trades. Typically, most incoming trades (limit orders) on the electronic broker systems are inventory-reducing, while most outgoing trades (market virtual device are inventory-increasing. Pulmonary Embolism dependent variable takes the value one if the trade is outgoing and zero if the trade is incoming. Dealer 1 is in a less liquid market, and it therefore makes sense to adjust spreads for inventory. market orders. We see that the quoted spread tends to increase virtual device trade size in direct trades. 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. There is also some evidence that Dealer 1 makes an extra adjustment in trades with better informed dealers. Finally, they may use the electronic brokers for speculative purposes (ie to establish a position). Finally, we turn to analyzing the direct trades alone. Liquidity provision in direct trades or to customers are passive trades virtual device the dealer can only in_uence the prices he quotes, while all trades on brokers are active trades because he can also decide on the timing.21 This enables us to measure pro_t from different types of trades and to say more about inventory control conditional on the type of trade virtual device . Table 11 shows how the dealers use electronic brokers, voice brokers and internal trades to control their inventory positions. When hitting other dealers' limit orders (outgoing trade), the dealer may have several counterparts. For Post-partum NOK/DEM Market Maker Electrophysiology 1) we _nd no signi_cant coef_cients. These dealers control their inventory by submitting limit orders. We group trades according to whether the dealer has a active or passive role in the trade. Trades that increase the absolute size of their inventory are accumulating, while trades that decrease the absolute size of their inventory are decumulating. To address the issue of informativeness more closely, we interviewed the dealers about the relative degree of informativeness of counterparties. The lack of spread adjustment when trading with better informed banks may be due to the norms of the market. The explanatory variables are absolute trade size, absolute inventory (at the beginning of the period) and absolute inventory squared. 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. On the other hand, when the dealer submits a limit order (incoming trade) the dealer may not be hit by another dealer for the entire order.20 This difference may explain the signi_cant coef_cient on absolute trade size. 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. Second, as we see from Table 8, the half-lives of deviations from the cointegrating equation are quite short, 20 and 30 minutes for NOK/DEM and DEM/USD respectively, which implies that we see far more returns to equilibrium in our sample than one usually does Fluorescent Treponemal Antibody Absorption eg cointegration analysis on Purchasing Power Parity. From Table 11 we see that there is no systematic pattern for the two market makers (Dealers 1 and 2). Furthermore, there is virtual device 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. Second, they may act as market makers trying virtual device earn money from the bid-ask spread by submitting limit orders.