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Trade in services Latest data on trade in services, which records the value of services exchanged between residents and non-residents of an economy, including services provided through foreign affiliates established abroad.

Bestimmte Industriebranchen sollen dabei jedoch auch weiterhin kostenlose Zertifikate erhalten, um möglichem Kostendruck und Abwanderungseffekten vorzubeugen. The spread between these two prices depends mainly on the probability and the timing of the takeover being completed as well as the prevailing level of interest rates. In the simplest example, any good sold in one market should sell for the same price in another. AVS is already used by most ecommerce vendors. Despite the problems the Opera of the Nobility was causing him at the time, Handel's neighbour in Brook Street, Mary Delany , reported on a party she invited Handel to at her house on 12 April where he was in good spirits:.


The nuclear warning system in the U.K. was based around colour coded messages and their associated warning signals. It was an extension of the system used in World War 2 to inform the public of two messages 'Attack Warning' and 'Raiders Passed' by using sirens.

It belongs to wider categories of statistical arbitrage , convergence trading , and relative value strategies. In finance, delta-neutral describes a portfolio of related financial securities, in which the portfolio value remains unchanged due to small changes in the value of the underlying security. Such a portfolio typically contains options and their corresponding underlying securities such that positive and negative delta components offset, resulting in the portfolio's value being relatively insensitive to changes in the value of the underlying security.

When used by academics, an arbitrage is a transaction that involves no negative cash flow at any probabilistic or temporal state and a positive cash flow in at least one state; in simple terms, it is the possibility of a risk-free profit at zero cost. During most trading days these two will develop disparity in the pricing between the two of them.

Arbitrage is not simply the act of buying a product in one market and selling it in another for a higher price at some later time. The long and short transactions should ideally occur simultaneously to minimize the exposure to market risk, or the risk that prices may change on one market before both transactions are complete.

In practical terms, this is generally only possible with securities and financial products which can be traded electronically, and even then, when first leg s of the trade is executed, the prices in the other legs may have worsened, locking in a guaranteed loss.

Missing one of the legs of the trade and subsequently having to open it at a worse price is called 'execution risk' or more specifically 'leg-in and leg-out risk'. In the simplest example, any good sold in one market should sell for the same price in another. Traders may, for example, find that the price of wheat is lower in agricultural regions than in cities, purchase the good, and transport it to another region to sell at a higher price.

This type of price arbitrage is the most common, but this simple example ignores the cost of transport, storage, risk, and other factors. Where securities are traded on more than one exchange, arbitrage occurs by simultaneously buying in one and selling on the other.

Such simultaneous execution, if perfect substitutes are involved, minimizes capital requirements, but in practice never creates a "self-financing" free position, as many sources incorrectly assume following the theory.

As long as there is some difference in the market value and riskiness of the two legs, capital would have to be put up in order to carry the long-short arbitrage position.

Mean reversion is a mathematical methodology sometimes used for stock investing, but it can be applied to other processes. In general terms the idea is that both a stock's high and low prices are temporary, and that a stock's price tends to have an average price over time. An example of a mean-reverting process is the Ornstein-Uhlenbeck stochastic equation.

Mean reversion involves first identifying the trading range for a stock, and then computing the average price using analytical techniques as it relates to assets, earnings, etc. When the current market price is less than the average price, the stock is considered attractive for purchase, with the expectation that the price will rise. When the current market price is above the average price, the market price is expected to fall.

In other words, deviations from the average price are expected to revert to the average. The standard deviation of the most recent prices e. Stock reporting services such as Yahoo! Finance, MS Investor, Morningstar, etc.

While reporting services provide the averages, identifying the high and low prices for the study period is still necessary.

Scalping is liquidity provision by non-traditional market makers , whereby traders attempt to earn or make the bid-ask spread. This procedure allows for profit for so long as price moves are less than this spread and normally involves establishing and liquidating a position quickly, usually within minutes or less. A market maker is basically a specialized scalper. The volume a market maker trades is many times more than the average individual scalper and would make use of more sophisticated trading systems and technology.

However, registered market makers are bound by exchange rules stipulating their minimum quote obligations. For instance, NASDAQ requires each market maker to post at least one bid and one ask at some price level, so as to maintain a two-sided market for each stock represented. Most strategies referred to as algorithmic trading as well as algorithmic liquidity-seeking fall into the cost-reduction category. The basic idea is to break down a large order into small orders and place them in the market over time.

The choice of algorithm depends on various factors, with the most important being volatility and liquidity of the stock. For example, for a highly liquid stock, matching a certain percentage of the overall orders of stock called volume inline algorithms is usually a good strategy, but for a highly illiquid stock, algorithms try to match every order that has a favorable price called liquidity-seeking algorithms.

The success of these strategies is usually measured by comparing the average price at which the entire order was executed with the average price achieved through a benchmark execution for the same duration.

Usually, the volume-weighted average price is used as the benchmark. At times, the execution price is also compared with the price of the instrument at the time of placing the order.

A special class of these algorithms attempts to detect algorithmic or iceberg orders on the other side i. These algorithms are called sniffing algorithms. A typical example is "Stealth. Modern algorithms are often optimally constructed via either static or dynamic programming.

Recently, HFT, which comprises a broad set of buy-side as well as market making sell side traders, has become more prominent and controversial. When several small orders are filled the sharks may have discovered the presence of a large iceberged order. Strategies designed to generate alpha are considered market timing strategies. These types of strategies are designed using a methodology that includes backtesting, forward testing and live testing.

Market timing algorithms will typically use technical indicators such as moving averages but can also include pattern recognition logic implemented using Finite State Machines. Backtesting the algorithm is typically the first stage and involves simulating the hypothetical trades through an in-sample data period. Optimization is performed in order to determine the most optimal inputs.

Forward testing the algorithm is the next stage and involves running the algorithm through an out of sample data set to ensure the algorithm performs within backtested expectations. Live testing is the final stage of development and requires the developer to compare actual live trades with both the backtested and forward tested models.

Metrics compared include percent profitable, profit factor, maximum drawdown and average gain per trade. As noted above, high-frequency trading HFT is a form of algorithmic trading characterized by high turnover and high order-to-trade ratios.

Although there is no single definition of HFT, among its key attributes are highly sophisticated algorithms, specialized order types, co-location, very short-term investment horizons, and high cancellation rates for orders. Among the major U. There are four key categories of HFT strategies: All portfolio-allocation decisions are made by computerized quantitative models.

The success of computerized strategies is largely driven by their ability to simultaneously process volumes of information, something ordinary human traders cannot do.

Market making involves placing a limit order to sell or offer above the current market price or a buy limit order or bid below the current price on a regular and continuous basis to capture the bid-ask spread. Another set of HFT strategies in classical arbitrage strategy might involve several securities such as covered interest rate parity in the foreign exchange market which gives a relation between the prices of a domestic bond, a bond denominated in a foreign currency, the spot price of the currency, and the price of a forward contract on the currency.

If the market prices are sufficiently different from those implied in the model to cover transaction cost then four transactions can be made to guarantee a risk-free profit. HFT allows similar arbitrages using models of greater complexity involving many more than 4 securities.

A wide range of statistical arbitrage strategies have been developed whereby trading decisions are made on the basis of deviations from statistically significant relationships.

Like market-making strategies, statistical arbitrage can be applied in all asset classes. A subset of risk, merger, convertible, or distressed securities arbitrage that counts on a specific event, such as a contract signing, regulatory approval, judicial decision, etc. Merger arbitrage also called risk arbitrage would be an example of this. Merger arbitrage generally consists of buying the stock of a company that is the target of a takeover while shorting the stock of the acquiring company.

Usually the market price of the target company is less than the price offered by the acquiring company. The spread between these two prices depends mainly on the probability and the timing of the takeover being completed as well as the prevailing level of interest rates. The bet in a merger arbitrage is that such a spread will eventually be zero, if and when the takeover is completed. The risk is that the deal "breaks" and the spread massively widens.

One strategy that some traders have employed, which has been proscribed yet likely continues, is called spoofing. It is the act of placing orders to give the impression of wanting to buy or sell shares, without ever having the intention of letting the order execute to temporarily manipulate the market to buy or sell shares at a more favorable price.

This is done by creating limit orders outside the current bid or ask price to change the reported price to other market participants. The trader can subsequently place trades based on the artificial change in price, then canceling the limit orders before they are executed.

The trader then executes a market order for the sale of the shares they wished to sell. The trader subsequently cancels their limit order on the purchase he never had the intention of completing. Quote stuffing is a tactic employed by malicious traders that involves quickly entering and withdrawing large quantities of orders in an attempt to flood the market, thereby gaining an advantage over slower market participants.

HFT firms benefit from proprietary, higher-capacity feeds and the most capable, lowest latency infrastructure. Researchers showed high-frequency traders are able to profit by the artificially induced latencies and arbitrage opportunities that result from quote stuffing.

Network-induced latency, a synonym for delay, measured in one-way delay or round-trip time, is normally defined as how much time it takes for a data packet to travel from one point to another. Joel Hasbrouck and Gideon Saar measure latency based on three components: Equipment has been installed for a pilot experiment and has been used to demonstrate its potentiality as a means of providing simultaneous one-way communication from a few control centres to many receiving points.

This is some 10 years before the full rollout of warning system. Under Home Office authority, work was put in hand, in April , to provide experimental apparatus and equipment for a field trial at Bristol.

The system allows audible warning and verbal information to be passed, simultaneously, to a large number of recipients within an air raid warning district. Equipment has been installed in the outer area and subscribers have been connected to the system for the purpose of the trials.

The apparatus required at the subscriber's installation consists of a carrier receiver, filter unit and standby 6-volt car battery provided to cater for mains failures at subscriber's premises, under emergency conditions.

The carrier receiver is illustrated. This early development work used mains operated thermionic valve receivers, using similar circuits to those in household radio receivers from the nineteen fifties.

The Carrier Receiver WB, looks very much like a radio of that period. In the image gallery, we have photographs from the BT Archives of the Receiver and a typical installation with incoming line and filters and battery, Operating Unit WB A, this was the Carrier Control Point equipment for use in the police station. Adapted from the case of the House Exchange System No. The final image in the gallery is the Control Unit WB A, presumably containing all the carrier generation equipment at the control point.

The field trial of equipment designed for distributing civil defence messages over working audio junctions and local lines was completed at the end of August after a successful run of 14 weeks.

During this period, operation of the trial was under control of the Home Office who arranged for test messages to be sent out twice daily. On completion of the operational trial, the subscribers' receivers were recovered but the exchange equipments at 29 exchanges were kept in operation and have been tested at three-monthly intervals; a number of receivers were also put on life test.

The field trial showed a number of ways in which the design of the equipment could be improved and further development work has been undertaken. The design of the equipment has been modified to provide for the simplification of the facilities offered, improved performance particularly with regard to quality of received speech and the use of dry batteries instead of secondary batteries to operate subscribers' receiving equipment in the event of failure of the mains power supply.

Further attention has also been given to the design of testing equipment. Financial authority for installation of the system. Drawings, specifications and final prototypes were prepared and held in readiness. The delay enabled further development work to progress, so by Financial authority for the scheme referred to in the report page 69 was not received during the year. Work was commenced on a revised design employing transistors instead of valves, one of the principal aims being to increase greatly the duration of working in the event of mains failure.

With the cold war beginning to hot up, the E-I-C Report said Work on the redesign of the equipment to employ transistors instead of valves report, page 67 proceeded slowly in the first half of the year under review, but it was speeded up on indication that authority for implementing the scheme might be forthcoming.

Instructions to proceed with the scheme were received in January The system designed so far was for a speech broadcast system from Police Control Centres to Warning Recipients. The next report indicates that a siren control system would be added later. Redesign of the circuits to employ transistors was completed in the year under review.

The system was coded Carrier System WB Authority was received for Stage 1 - comprising 2, exchanges, control centres and 14, subscribers' receivers - to be completely installed by March Orders were placed for some small items of the equipment, and negotiations were commenced with three transmission equipment contractors on the design for production of the control and exchange equipments.

Extensive field tests were made of the interference from radio stations that may be experienced on the system. A radio interference balancing unit was designed for use on lines containing open wire. Planning of the junction network for Stage 1 was substantially completed by the Regions and Directorates concerned. Work was commenced on a v. By the Report, some parts had been installed By the end of the year orders had been placed for equipment at control centres, 5, exchanges and 21, receiving points; 79 systems had been installed of which 24 had been handed over for service.

Development work was continued on a system for remote control of public sirens by means of v. Development work also continued on sub-audio signalling equipment intended for the distribution of local call timing meter supply pulses to U.

Work on the speech broadcast system was substantially complete by By the end of the year the carrier systems WB , together with the associated equipments terminating the national audio network connected to the central source of information, had been completed and approximately 20, receivers, distributed over 5, exchange areas, had been connected.

Additional receivers are being connected, as required by the Home Office. The design of the v. Work on the siren control system was reported in Carrier System for Civil Defence. The extensions to the WB system were connected and the installation of the siren control system WB was substantially completed. In the fifties and sixties, the General Post Office G. After many changes over the years, Post Office telecommunications branch became British Telecom BT a private company without the monopoly it once held.

It was an instant success and the service rapidly spread to all exchanges throughout the U. To avoid interruption to this important service, the Speaking Clock or Time Signal TIM as it was also known was distributed on a duplicated rings of lines between major telephones exchanges designed to raise a fault alarm if a ring failed.

The distribution amplifiers at these major exchanges would switch to the other ring circuit should the one currently in use fail, thus maintaining the time service. Damit sollten alle Fluglinien, die in der EU starten oder landen, in Zukunft unabhängig von ihrer Herkunft Emissionszertifikate kaufen — auch für Interkontinentalflüge. Bei Langstrecken-Flügen sei mit Preiserhöhungen von bis zu 40 Euro zu rechnen.

Stattdessen werden die Zertifikate direkt durch die Kommission verteilt. Indien , Russland , die Vereinigten Staaten und die Volksrepublik China verboten teilweise ihren Fluggesellschaften, sich den Regeln zu unterwerfen; so untersagte die Volksrepublik China den in ihrem Land registrierten Fluggesellschaften, Geldmittel für die Zertifikate aufzuwenden.

Bis will sie ein marktbasiertes System zur Emissionsbegrenzung entwickeln, das in Kraft treten soll. Ausgehend von dem dann erreichten Niveau sollen die Luftfahrt-Emissionen fortan nur noch CO 2 -neutral wachsen.

Zudem soll es Erleichterungen für Entwicklungsländer und für Staaten mit schwieriger Wirtschaftslage geben. Jährlich werden etwa 2 Mrd. Dadurch, dass pro Jahr ca. Zertifikate mehr ausgegeben werden als strukturell benötigt werden und zugleich nur 40 bis 50 Mio. Tonnen Zertifikate pro Jahr gelöscht werden, existiert ein Zertifikateüberschuss, der derzeit weiter ansteigt. Mit Stand Februar ist ein Überschuss von ca. Trotz des niedrigen Preises konnte für Deutschland nachgewiesen werden, dass nicht vom Zertifikatezwang befreite Firmen ihre Emissionen schneller senkten als der Durchschnitt, ohne Arbeitsplätze oder Exporte zu verlieren.

Dezember verabschiedete der im betreffenden Verfahren nicht federführende Umweltausschuss des EU-Parlaments im Rahmen der Beratungen zur Energieeffizienzrichtlinie einen Beschluss, wonach die EU-Kommission zu Beginn der dritten Handelsperiode weitere insgesamt 1,4 Milliarden Emissionshandelszertifikate zurückhalten könnte set aside , um den unerwartet niedrigen Preis von 7,40 Euro zu stützen.

Die Mengenkürzung entspräche mehr als dem dreifachen der Menge, die die deutsche Industrie pro Jahr benötigt. Die in Deutschland vermiedenen Emissionen bei der Stromerzeugung senken die europäische Nachfrage nach Zertifikaten. Der niedrigere Preis würde fossile Energien billiger machen und so in Ländern ohne vergleichbare Förderungen die Investitionen in fossile Energiegewinnung lenken. Die Kohle- und Gaskraftwerke stünden dann eben in Polen oder Italien, während Solaranlagen in der Estremadura verhindert würden.

Der federführende Umweltausschuss des Europäischen Parlaments beschloss am Februar Änderungsanträge zu diesem Vorschlag, die darauf hinauslaufen, dass die Kommission eine solche Änderung nur einmalig und unter bestimmten Voraussetzungen vornehmen darf. Der Umweltausschuss des Europäischen Parlaments sprach sich im Februar für den Vorschlag der Kommission aus, Millionen Emissionszertifikate vorübergehend aus dem Markt zu nehmen. Allerdings müssen diesem Plan noch das Plenum des Parlaments sowie die Mitgliedsstaaten zustimmen.

Auf diesem Weg der Entscheidung wird sich die Anzahl der stillzulegenden Emissionsrechte deutlich verringern. Das deutsche Umweltbundesamt drängt auf stärkere Anreize für den Klimaschutz durch den Emissionshandel und eine entsprechende Anpassung des Zertifikatebudgets.

Nur so gebe es für Energiesektor und Industrie genug Anreiz, mehr in den Klimaschutz zu investieren. Insgesamt müsse das Europäische Klimaschutzziel von 20 Prozent auf 30 Prozent erhöht werden. Bedenklich sei zudem, dass die Emissionen aus dem Verkehrsbereich steigen, die nicht im Emissionshandel einbezogen sind.

Ebenfalls wurde eine Umfrage des Instituts TNS Emnid veröffentlicht, der zufolge sich 73 Prozent der Deutschen dafür aussprechen, dass die EU ihr Emissionsziel für von den niedrigen 20 auf 30 Prozent unter dem Niveau von anhebt.

Polen ist derzeit der wichtigste Blockierer höherer Klimaziele. Nach Schätzungen des Instituts könnte der kumulierte Überschuss bis auf 2,6 Milliarden Tonnen ansteigen. Damit der Emissionshandel seine Lenkungswirkung erfüllen kann, müsse der Zertifikatsüberschuss dauerhaft abgebaut werden.

Eine Analyse des Instituts zeige, dass ein Teil des Überschusses durch die Hedging-Nachfrage von Stromerzeugern absorbiert werden könne. Der verbleibende Überschuss könnte durch die von der EU-Kommission vorgeschlagene Verschiebung von Zertifikatsversteigerungen Backloading innerhalb der laufenden Handelsperiode reduziert werden.

Zugleich sei ein Konsultationsprozess für eine strukturelle Reform des Emissionshandels eingeleitet worden. Andernfalls stehe die Glaubwürdigkeit der europäischen Klimapolitik auf dem Spiel. Angesichts niedriger CO 2 -Preise verschlechtere sich die Wettbewerbsfähigkeit von Erdgas- gegenüber Kohlekraftwerken und die Auslastung von Gaskraftwerken nehme ab.

Juli stimmte das Europäische Parlament für eine Verknappung der Zertifikate, um einen weiteren Preisverfall der Zertifikate zu verhindern. Nach einem Vorschlag der Europäischen Kommission soll das Überangebot von rund zwei Milliarden Zertifikaten von bis um Millionen zu reduzieren.

Verschmutzungsrechte, die nach ursprünglichen Plänen erst in den Jahren und freigegeben werden sollten, sollen dafür bereits ab auf den Markt kommen. November haben sich die Ständigen Vertreter der Mitgliedstaaten der EU für einen Vorschlag zum Backloading ausgesprochen, der vorsieht, dass Mio. Zertifikate aus der aktuellen Auktionierung herausgenommen werden, um diese nach wieder einzuspeisen.

Die Millionen Zertifikate aus dem Backloading sollen dauerhaft aus dem Markt genommen und in eine Reserve überführt werden. Darüber hinaus sollen die Zertifikate aus einer Handelsperiode nicht mehr automatisch in die nächste übertragen werden. Statt wie bisher geplant soll die Reform bereits in Kraft treten. Bestimmte Industriebranchen sollen dabei jedoch auch weiterhin kostenlose Zertifikate erhalten, um möglichem Kostendruck und Abwanderungseffekten vorzubeugen. Verschiedene Institutionen und Personen schlugen die Einführung eines Mindestpreises für Zertifikate vor.

In diesem Fall wäre der Mindestpreis für die absehbare Zukunft auch ein Höchstpreis, nämlich bis alle überschüssigen Zertifikate verbraucht sind. Verschiedene regionale Emissionshandelssysteme können sich verknüpfen, indem sie Emissionsgutschriften des anderen Systems für ihre Reduktionsverpflichtungen anerkennen.

Dabei werden die bei inner- und zwischenstaatlichem Handel in der EU geltenden Besonderheiten und unterschiedlichen Fristen für die Zahlung und Erstattung von Mehrwert- und Umsatzsteuer ausgenutzt. Juli auch in Deutschland zur Umkehrung der Steuerschuldnerschaft beim Handel mit Emissionszertifikaten kommen. Das System, das die Betrüger nutzen, um Steuergelder zu erschwindeln, hat mit dem Emissionshandel selbst nichts zu tun und hat somit auch keine direkten Folgen für den Klimaschutz.

Januar wurde bekannt, dass unbekannte Hacker bis zu zwei Millionen Emissionsberechtigungen im Wert von 28 Millionen Euro gestohlen haben. In Tschechien wurden nach Angaben eines Marktteilnehmers Februar lief der EU-Emissionshandel wieder an. Die fünf Staaten hatten gegenüber der Kommission zuvor nachgewiesen, dass ihre nationalen Handelssysteme alle notwendigen Sicherheitsanforderungen erfüllen.

Experten machen die laxen Sicherheitsregeln einzelner Länder für den Vorfall verantwortlich. So sei die Abfrage der Identität mangelhaft gewesen.

Der Generaldirektor für Klimaschutz , Jos Delbeke kündigte an, alle Mitgliedstaaten zu ihren Sicherheitsvorkehrungen zum Schutz vor Hackerangriffen und Diebstählen zu befragen.

Im Zusammenhang mit diesen Mechanismen kam es immer wieder zu Betrugsvorwürfen. NGOs und wissenschaftliche Institute kritisieren daher die praktische Umsetzung der flexiblen Mechanismen und fordern genauere Kontrollen und eine Begrenzung der erlaubten Gutschriften. Dieser Artikel oder Abschnitt bedarf einer Überarbeitung.