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KAPERONI AND SHREDD ( BONDLADY) 10-9-2012


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[shredd] kaperoni hey kap

[kaperoni] hi

[kaperoni] i brought you something

[shredd] how about that news of new council?

[kaperoni] You are aware of this from the CBI I am sure

[shredd] ok,bring it

[kaperoni] http://www.cbi.iq/documents/press%20for%207-10-2012.pdf

[kaperoni] I got it translated

[shredd] geez

[shredd] ok,

[shredd] translate plz

[kaperoni] Here is the translation of this press release.... The CBI is aware of rumors circulating re the delay of eliminating the 3 zeros, we hereby reassert the importance of this project to the public interest, the economy and the country in general.There has been a temporary postponement in order to further coordinate between the CBI, the executive and legislative branches even though the CBI has done its task in preparing for the transition..Furthermore upon completing the printing of the new currency we remind the public that putting the new currency in circulation has to be at the beginning of the year (any year) and not during the year.. Please do not spread any rumors; always refer to the CBI announcements for this matter..

[shredd] oh yes, i read your translation this am

[shredd] great to see

[kaperoni] thought i would bring it here

[kaperoni] so your people can have it too

[shredd] yes! thank you sir

[kaperoni] now

[kaperoni] on your news

[kaperoni] interesting for sure

[kaperoni] but i have questions

[shredd] i do too

[shredd] what are yours

[kaperoni] same as yours

[kaperoni] settled that

[shredd] so i gotta say, i'm interested to see what happens to the trading platform you been talking about

[kaperoni] me too

[kaperoni] i think this part is interesting...

[shredd] so folks may be able to sell their dinar to this entity

[kaperoni] the CBI has done its task in preparing for the transition.

[shredd] so that they can sell to other central banks in order for them to inflate their reserves of the dinar?

[shredd] do i have that right?

[kaperoni] shredd, yes that will be the mechanisum we sell our dinar through

[kaperoni] so shredd, that part about the CBI...

[kaperoni] IMO, includes this agreement to free float

[kaperoni] the CBI has done its task in preparing for the transition.

[kaperoni] meaning they have the deal done and ready to go to raise the value of the dinar

[shredd] i read that in the translation....very interesting

[shredd] for a free float, i don't see it slowly creeping

[shredd] do you?

[kaperoni] nope

[shredd] i mean, demand will take off

[kaperoni] free float

[kaperoni] that was what i was told

[kaperoni] and so far the information has been accurate

[kaperoni] he said, you will see the announcement of the 3 zeros put off

[kaperoni] and sure enough

[shredd] so, has any other central bank gone from a dirty float, to a free float and then back to a managed float?

[kaperoni] it happened

[kaperoni] he said, it will free float

[kaperoni] well that is not fact yet

[kaperoni] i dont know

[kaperoni] hoping soon

[kaperoni] now

[shredd] see, that's the deal with me

[shredd] i just dont know if they can go back

[shredd] and if they can't

[kaperoni] they can do whatever they want

[shredd] a free float could escalate pretty quick

[kaperoni] well it depends

[kaperoni] the CBI controls the liquidity

[kaperoni] so they can control the rate of rise

[kaperoni] by turning off/on the dinar sales

[kaperoni] to fast, put more dinar out

[kaperoni] to slow, shut off supply

[kaperoni] wish i knew more about it

[shredd] auctions stop when it is internationally tradeable

[kaperoni] but they are tight lipped

[shredd] well, and rightly so

[kaperoni] i will say this...i saw with my own eyes the trading room

[shredd] and?

[kaperoni] so its real

[shredd] this intermediary has to have a bank behind it

[kaperoni] no reason to build it for nothing

[shredd] to cash out, etc.

[kaperoni] yes

[kaperoni] banks are behind it

[shredd] ok, US bank?

[kaperoni] on an instutional level

[shredd] i mean a domestic bank

[kaperoni] not on a consumer level

[kaperoni] yes

[kaperoni] domestic banks

[kaperoni] several

[kaperoni] are funding the ECN

[shredd] ok, so if they are existing domestic banks, we don't have to worry about kyc delays

[kaperoni] or market maker

[shredd] our banks verifying sources of funds, etc

[kaperoni] kyc?

[shredd] ok, so this ECN is structured more like a fund?

[shredd] kyc = know your customer

[kaperoni] oh no

[kaperoni] no problems

[shredd] ok

[kaperoni] bank transfers

[shredd] eft

[shredd] ok

[shredd] so, another question....

[shredd] you mentioned last night

[shredd] that some of us may choose to hold some dinar throught the ECN and cash out later?

[shredd] ride it out

[kaperoni] thought you were talking kfc for a minute...and i got hungry

[shredd] why couldn't we just do that on our own?

[kaperoni] maybe you can

[kaperoni] the concern we have is banks

[shredd] ok, so in no case will anyone be able to deposit their dinar and not get it exchanged right away

[kaperoni] i dont know of a bank that will be accepting the dinar from street consumers

[shredd] its immediate?

[kaperoni] and if there was, the spread would be 8% or higher

[kaperoni] i dont get that question

[shredd] right, unless they competitively try to get it from us

[kaperoni] i dont think they will

[kaperoni] but we see

[kaperoni] lots unknown at this point

[shredd] if they go to a free float, they will be on the level with other exotic currencies though

[kaperoni] i dont know

[shredd] hmm, we wait

[kaperoni] sorry have to go

[kaperoni] take care

[shredd] you too, good talk

[tlm724] kaperoni ty

[kaperoni] see ya all

[kaperoni] thanks for letting me come in and play

[shredd] anytime

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Kaperoni has seen the trading room???? :o:o:o:o

Also, if you wanted the "free float" exchange rate on the IQD to increase, I believ you would constrict the supply of Dinar not expand it. Example, if there is an oil shortage, doesn't price increase? I think so!!

Kap must be spending too much time by a hot pizza oven! :lol:

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An electronic communication network (ECN) is a financial term for a type of computer system that facilitates trading of financial products outside of stock exchanges. The primary products that are traded on ECNs are stocks and currencies. The first ECN, Instinet, was created in 1969. ECNs increase competition among trading firms by lowering transaction costs, giving clients full access to their order books, and offering order matching outside of traditional exchange hours.[citation needed] ECNs are sometimes also referred to as Alternative Trading Systems or Alternative Trading Networks.

To trade with an ECN, one must be a subscriber or have an account with a broker that provides direct access trading. ECN subscribers can enter orders into the ECN via a custom computer terminal or network protocols. The ECN will then match contra-side orders (i.e. a sell-order is "contra-side" to a buy-order with the same price and share count) for execution. The ECN will post unmatched orders on the system for other subscribers to view. Generally, the buyer and seller are anonymous, with the trade execution reports listing the ECN as the party.

Some ECN brokers may offer additional features to subscribers such as negotiation, reserve size, and pegging, and may have access to the entire ECN book (as opposed to the "top of the book") that real-time market data regarding depth of trading interest.

ECNs are generally facilitated by electronic negotiation, a type of communication between agents that allows cooperative and competitive sharing of information to determine a proper price.

[edit] Negotiation types

The most common paradigm is the electronic auction type. As of 2005, most e-business negotiation systems can only support price negotiations. Traditional negotiations typically include discussion of other attributes of a deal, such as delivery terms or payment conditions. This one-dimensional approach is one of the reasons why electronic markets struggle for acceptance. Multiattributive and combinatorial auction mechanisms are emerging to allow further types of negotiation.

Support for complex multi-attribute negotiations is a critical success factor for the next generation of electronic markets and, more generally, for all types of electronic exchanges. This is what the second type of Electronic negotiation, namely Negotiation support, addresses. While auctions are essentially mechanisms, bargaining is often the only choice in complex cases or those cases where no choice of partners is given. Bargaining is a hard, error-prone, ambiguous task often performed under time pressure. Information technology has some potential to facilitate negotiation processes which is analyzed in research projects/prototypes such as INSPIRE, Negoisst or WebNS.

The third type of negotiation is automated argumentation, where agents exchange not only values, but also arguments for their offers/counter-offers. This requires agents to be able to reason about the mental states of other market participants.

[edit] Technologies

One research area that has paid particular attention to modeling automated negotiations is that of autonomous agents. If negotiations occur frequently, possibly on a minute per minute basis in order to schedule network capacity, or negotiation topics can be clearly defined it may be desirable to automate this coordination effort.

Automated negotiation is a key form of interaction in complex systems composed of autonomous agents. Negotiation is a process of making offers and counteroffers, with the aim of finding an acceptable agreement. During negotiation, each offer is based on its own utility and expectation of what other agents do. This means that a multi criteria decision making is need to be taken for each offer.

[edit] In the stock market

For stock trading, ECNs exist as a class of SEC-permitted Alternative Trading Systems (ATS). As an ATS, ECNs exclude broker-dealers' internal crossing networks – i.e., systems that match orders in private using prices from a public exchange.

[edit] Fee structure

ECN's fee structure can be grouped in two basic structures: a classic structure and a credit (or rebate) structure. Both fee structures offer advantages of their own. The classic structure tends to attract liquidity removers while the credit structure appeals to liquidity providers. However since both removers and providers of liquidity are necessary to create a market, ECNs must choose their fee structures carefully.

In a credit structure ECNs make a profit from paying liquidity providers a credit while charging a debit to liquidity removers. Credits range from $0.002 to $0.00295 per share for liquidity providers, and debits from $0.0025 to $0.003 per share for liquidity removers. The fee can be determined by monthly volume provided and removed, or by a fixed structure, depending on the ECN. This structure is common on the NASDAQ market.[1]. Traders commonly quote the fees in millicents or mils (e.g. $0.00295 is 29.5 mils).

In a classic structure, the ECN will charge a small fee to all market participants using their network, both liquidity providers and removers. They also can attract volume to their networks by giving lower prices to large liquidity providers. Fees for ECNs that operate under a classic structure range from $0 to $0.0015, or even higher depending on each ECN. This fee structure is more common in the NYSE, however recently some ECNs have moved their NYSE operations into a credit structure.

[edit] Currency trading

The first ECN for internet currency trading was New-York based Matchbook FX formed in 1999. Back then, all the prices were created & supplied by Matchbook FX's traders/users, including banks, within its ECN network. This was quite unique at the time, as it empowered buy-side FX market participants, historically always "price takers", to finally be price makers as well. Today, FX ECNs like Currenex, Bloomberg Tradebook (an affiliate of Bloomberg L.P.), Hotspot FX, 360T, FXall & BAXTER Financial Services Ltd with Currency Dealing provide access to an electronic trading network, supplied with streaming quotes from the top tier banks in the world. Their matching engines perform limit checks and match orders, usually in less than 100 milliseconds per order. The matching is quote driven and these are the prices that match against all orders. Spreads are discretionary but in general multibank competition creates 1-2 pip spreads on USD Majors and Euro Crosses. The order book is not a routing system that sends orders to individual market makers. It is a live exchange type book working against the best bid/offer of all quotes. By trading through an ECN, a currency trader generally benefits from greater price transparency, faster processing, increased liquidity and more availability in the marketplace. Banks also reduce their costs as there is less manual effort involved in using an ECN for trading.

[edit] History

ECN: Hope this helps!

One of the key developments in the history of ECNs was the NASDAQ over-the-counter quotation system. NASDAQ was created following a 1969 American Stock Exchange study which estimated that errors in the processing of hand-written securities orders cost brokerage firms approximately $100 million per year. The NASDAQ system automated such order processing and provided brokers with the latest competitive price quotes via a computer terminal. In March 1994, a study by two economists, William Christie and Paul Schultz, noted that NASDAQ bid-ask spreads were larger than was statistically likely, indicating "We are unable to envision any scenario in which 40 to 60 dealers who are competing for order flow would simultaneously and consistently avoid using odd-eighth quotes without an implicit agreement to post quotes only on the even price fractions. However, our data do not provide direct evidence of tacit collusion among NASDAQ market makers." These results led to an antitrust lawsuit being filed against NASDAQ. As part of NASDAQ's settlement of the antitrust charges, NASDAQ adopted new order handling rules that integrated ECNs into the NASDAQ system. Shortly after this settlement, the SEC adopted Regulation ATS, which permitted ECNs the option of registering as stock exchanges or else being regulated under a separate set of standards for ECNs.[2][3]

At that time major ECNs that became active were Instinet and Island (part of Instinet was spun off, merged with Island into Inet, and acquired by NASDAQ), Archipelago Exchange (which was acquired by the NYSE) and Brut (now acquired by NASDAQ).

ECNs enjoyed a resurgence after the adoption of SEC Regulation NMS, which required "trade through" protection of orders in the market, regardless of where those orders are placed.

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