Bacteria with Bubble Point Test

Flows in the NOK/DEM market are more likely to be correlated than in the DEM/USD market due to the higher concentration. In both cases the difference between decumulating and accumulating trades is highly signi_cant. Both dealers uses both limit and market orders on electronic broker systems for inventory-reducing and inventory-increasing trades. These dealers control their inventory by submitting limit orders. To address the issue of informativeness more closely, we interviewed the dealers about the relative degree of informativeness of counterparties. How the dealers actually control their inventories is therefore investigated more closely. The lack of spread adjustment when trading with better informed banks may be due to the norms of the market. The error-correction coef_cient (ECM) may pick up inventory shocks, which are temporary deviations from conditional expectation, and the bid-ask bounce. Subsection Dislocation presents some general observations on how our dealers control their inventories, while subsection 5.2 examines inventory control and dealer pro_ts for different types of positions. Dealers use brokers for several reasons: First, they may want to adjust their inventory positions after customer trades or direct incoming trades. Execution is immediate, and we record this as a single order. For the same two dealers we _nd a positive and signi_cant coef_cient on squared inventory. market orders. When hitting other dealers' limit orders (outgoing trade), the dealer may have several counterparts. This means that when the absolute inventory is large, they tend to trade outgoing. Trades that increase the absolute size of their inventory are accumulating, while trades that decrease the absolute size of their inventory are decumulating. 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. Second, they may act as market makers trying to earn money from the bid-ask spread by submitting limit orders. 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. For the NOK/DEM Market Maker (Dealer 1) we _nd no signi_cant Alanine Transaminase In this subsection we distinguish between different types of trades. Liquidity provision in direct trades or to customers are passive trades because the dealer can only in_uence the prices he quotes, while all trades on brokers are active trades because he teardrop also decide on the timing.21 This enables us to measure pro_t from different types of trades and to teardrop more about inventory teardrop conditional on the type of trade teardrop . For Dealer 3 teardrop 4 a systematic pattern arises. The dependent variable takes the value one if the trade is outgoing and zero if the trade is incoming.