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207:. In the most basic sense, arbitrage is defined as taking advantage of a price discrepancy through the purchase or sale of certain combinations of securities to lock in a market-neutral profit. The trade will remain subject to various non-market risks, such as settlement risk and other operational risks. Investment banks, which are often active in many markets around the world, constantly watch for arbitrage opportunities.
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company rises (because the buyer usually buys those shares at a price higher than the current price). When an investment bank believes a buyout is imminent, it often sells short the shares of the buyer (betting that the price will go down) and buys the shares of the company being acquired (betting the price will go up).
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A broker who operates a proprietary trading desk can significantly increase the buyside's implicit trading costs. In the past couple of years, some investment banks' quarterly gains from principal trading alone have approached $ 1 billion. In certain cases, the assets of individual bank's hedge funds
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One of the more notable areas of arbitrage, called risk arbitrage or merger arbitrage, evolved in the 1980s. When a company plans to buy another company, often the share price of the buyer falls (because the buyer will have to pay money to buy the other company) and the share price of the purchased
253:, in which case the buy-side clients suffer from significantly higher trading costs. Front running per se is illegal, but there are circumstances under which a broker that operates a proprietary trading desk gains advantage over its clients based on inferences from
191:. Many reporters and analysts believe that large banks purposely leave ambiguous the proportion of proprietary versus non-proprietary trading, because it is felt that proprietary trading is riskier and results in more
152:, or other financial instruments with the firm's own money (instead of using depositors' money) to make a profit for itself. Proprietary trading can create potential conflicts of interest such as
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238:, these have come under closer scrutiny. One example of an alleged conflict of interest can be found in charges brought by the
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As investment banks are key figures in mergers and acquisitions, it is possible (though prohibited) for traders to use
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separating their trading and investment banking divisions; however, in recent years, especially since the
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One of the main strategies of trading, traditionally associated with banks, is
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285:. Some of the investment banks most historically associated with trading were
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592:"After Losing $ 2.3 Billion at UBS He Now Seeks Redemption in Ghanaian Bonds"
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lost $ 2.3 billion of the bank's money and was convicted for his actions.
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to engage in merger arbitrage. Investment banks are required to have a
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There are a number of ways in which proprietary trading can create
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Practice of trading financial instruments using a firm's own money
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have exceeded the combined assets of all of the bank's customers.
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577:"Proprietary Trading: What It Is & Related Trading Firms"
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Proprietary traders may use a variety of strategies such as
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between a bank's interests and those of its customers.
483:"Conflict of Interest Lessons From Financial Services"
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Another source of conflicts of interest is potential
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with unauthorized proprietary positions. UBS trader
611:"Kweku Adoboli: From 'rising star' to rogue trader"
49:. Unsourced material may be challenged and removed.
630:"BNP failed to book traders in Germany for a week"
240:Australian Securities & Investments Commission
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319:for 108 EUR each which were worth 54 00 EUR.
1143:Alternative investment management companies
1120:Standards Board for Alternative Investments
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1024:Taxation of private equity and hedge funds
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109:Learn how and when to remove this message
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579:. DayTradeTheWorld. 28 September 2020.
315:for 152m EUR because they sold to him
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724:fixed-income relative-value investing
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609:dalton, samantha (20 November 2012).
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47:adding citations to reliable sources
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457:Heather Stewart (21 January 2010).
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323:Notable proprietary trading firms
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1462:Electronic communication network
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590:dzawu, moses (22 January 2020).
459:"What is 'proprietary trading'?"
311:, a German private trader, sued
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628:Binham, Caroline (2018-12-20).
395:Susquehanna International Group
34:needs additional citations for
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481:Pitt, Harvey L. (2005-02-22).
1:
1456:Multilateral trading facility
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1879:Returns-based style analysis
1675:Post-modern portfolio theory
1581:Security characteristic line
998:security characteristic line
516:Johnston, Tim (2007-03-23).
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1633:Efficient-market hypothesis
1537:Capital asset pricing model
1474:Straight-through processing
986:Capital asset pricing model
705:Capital structure arbitrage
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1450:Alternative Trading System
788:Commodity trading advisors
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1514:Arbitrage pricing theory
962:Arbitrage pricing theory
547:"A Front-Running Smile?"
1793:Initial public offering
1654:Modern portfolio theory
1549:Dividend discount model
1432:List of stock exchanges
1074:Institutional investors
967:Assets under management
792:managed futures account
1681:Random walk hypothesis
1099:Sovereign wealth funds
871:High-frequency trading
720:Fixed income arbitrage
355:Headlands Technologies
350:Global Trading Systems
291:Drexel Burnham Lambert
1819:Market capitalization
1628:Dollar cost averaging
941:Structured securities
757:Distressed securities
729:Statistical arbitrage
715:Equity market neutral
710:Convertible arbitrage
365:IMC Financial Markets
221:conflicts of interest
215:Conflicts of interest
187:trading, much like a
169:statistical arbitrage
58:"Proprietary trading"
1639:Fundamental analysis
1623:Contrarian investing
1586:Security market line
1491:Liquidity aggregator
1468:Direct market access
1379:Quantitative analyst
1059:Financial endowments
1004:Fundamental analysis
752:Shareholder activism
734:Volatility arbitrage
360:Hudson River Trading
181:volatility arbitrage
177:fundamental analysis
43:improve this article
1884:Reverse stock split
1829:Market manipulation
1753:Dual-listed company
1613:Algorithmic trading
1543:Capital market line
1345:Inter-dealer broker
1173:List of hedge funds
1163:Hedge fund managers
1079:Insurance companies
1064:Fund of hedge funds
972:Black–Scholes model
886:Proprietary trading
861:Algorithmic trading
828:Fund of hedge funds
370:Jane Street Capital
317:structured products
122:Proprietary trading
1924:Stock market index
1763:Efficient frontier
1702:Technical analysis
1660:Momentum investing
1482:(private exchange)
1372:Proprietary trader
1314:Shares outstanding
1304:Authorised capital
1029:Technical analysis
335:Citadel Securities
228:inside information
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1525:Buffett indicator
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767:Special situation
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340:DRW Trading Group
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491:. Archived from
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173:merger arbitrage
128:) occurs when a
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1758:DuPont analysis
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1717:Value investing
1712:Value averaging
1707:Trend following
1692:Style investing
1687:Sector rotation
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420:Virtu Financial
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271:Steven A. Cohen
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165:index arbitrage
154:insider trading
124:(also known as
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553:. 26 May 2005
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99:December 2020
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60: –
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54:Find sources:
48:
44:
38:
37:
32:This article
30:
26:
21:
20:
1944:Tender offer
1864:Public float
1834:Market trend
1824:Market depth
1644:Growth stock
1618:Buy and hold
1527:(Cap-to-GDP)
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1367:Floor trader
1357:Market maker
1340:Floor broker
1328:Participants
1271:Golden share
1266:Common stock
1242:Third market
926:Fixed income
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802:Global macro
744:Event-driven
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555:. Retrieved
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527:. Retrieved
521:
497:. Retrieved
493:the original
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464:The Guardian
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438:Flow trading
375:Jump Trading
345:Flow Traders
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299:Barings Bank
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232:Chinese wall
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185:global macro
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126:prop trading
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41:Please help
36:verification
33:
1949:Uptick rule
1929:Stock split
1909:Squeeze-out
1904:Speculation
1849:Open outcry
1738:Block trade
1670:Pairs trade
1153:Hedge funds
916:Derivatives
911:Commodities
866:Day trading
776:Directional
675:Hedge funds
425:XTX Markets
313:BNP Paribas
295:Nick Leeson
267:Ivan Boesky
150:derivatives
146:commodities
1954:Volatility
1934:Stock swap
1854:Order book
1605:strategies
1531:Book value
1399:Arbitrager
1394:Speculator
1108:Governance
682:Investment
557:18 January
529:2014-10-11
499:2014-10-11
444:References
297:took down
279:Daniel Och
255:order book
189:hedge fund
142:currencies
69:newspapers
1570:Fed model
1565:EV/EBITDA
1480:Dark pool
1411:Regulator
1256:Types of
1222:Types of
1042:Investors
692:Arbitrage
293:. Trader
246:in 2007.
244:Citigroup
205:arbitrage
199:Arbitrage
195:profits.
1979:Category
1899:Slippage
1859:Position
1844:Momentum
1748:Dividend
1427:Exchange
1384:Investor
684:strategy
615:BBC News
432:See also
410:Tradebot
385:Quantlab
242:against
193:volatile
148:, their
1788:Haircut
1592:T-model
1404:Scalper
1224:markets
904:Markets
895:Related
854:Trading
380:Optiver
309:Armin S
132:trades
83:scholar
1809:Margin
1677:(PMPT)
1539:(CAPM)
1389:Hedger
1362:Trader
1335:Broker
1258:stocks
976:Greeks
921:Equity
281:, and
257:data.
134:stocks
130:trader
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1964:Yield
1939:Trade
1874:Rally
1795:(IPO)
1683:(RMH)
1656:(MPT)
1635:(EMH)
1588:(SML)
1577:(NAV)
1551:(DDM)
1545:(CML)
1516:(APT)
1509:Alpha
1476:(STP)
1470:(DMA)
1464:(ECN)
1458:(MTF)
1452:(ATS)
1019:Short
1009:Hedge
990:alpha
897:terms
821:Other
400:Tibra
183:, or
138:bonds
90:JSTOR
76:books
1799:Long
1603:and
1533:(BV)
1520:Beta
994:beta
950:Misc
559:2022
289:and
156:and
62:news
45:by
1981::
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