...D Disrupting Wall Street High Frequency Trading Case I, Group A6 13.10.2015 Case I: High Frequency Trading Group A6 1 1. Describe the current market structure and trends of US equities trading. The current US equity trading market structure can be evaluated from different perspectives. In light of the actual case study the focus of this brief analysis lies on the way how trades were respectively are actually pursued. Originally - until the late 1970s / early 1980s – trading took place on a physical trading floor. Brokers among floor traders and runners once populated the physical exchanges (Siddaiah, 2009). Nowadays the physical trading floors are not relevant anymore and solely exist as part of an historical brand identity (Ivey, 2014). However, even those traders still present at a physical trading floor, e.g. at the New York Stock Exchange (NYSE), rely on electronic support: quote filled computer screens provide information while electronic handhelds are used to eventually execute trades. Since the 1980s electronic trading constantly gained importance. Today virtually 100% of all trades are done electronically or at least with a remarkable amount of computer support. Special servers not only match ‘buy’ and ‘sell’ orders within fractions of a second but are also capable of confirming thousands of individual orders per second. Based on execution speed and power one can rank different electronic trading systems as follows1: (1) Direct Market...
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...Table of Contents Introduction: The Importance of Communication 4 Emergency Communications and Warning Systems 5 Technologies behind Warning Systems 7 WARNING FLOW DIAGRAM 8 Principles of Emergency Communications 9 The Motorola Pro 5150 Handset Radio 12 Methods of communication 13 HF Radio. 19 VHF Radio. 19 UHF – Mobile / Fixed Trunk. 21 Satellite Communications. 21 POTS or Plain Old Telephone System. 21 Cellular Telephone. 22 Internet. 22 Broadcast Services. 22 Cable. 22 Pager. 23 Civil Communications. 23 Military Communications. 23 Amateur Radios. 23 Private/Commercial Communications. 23 Marine and Aeronautical Communications. 23 Citizens Band (CB) 24 THE ICOM 718 High Frequency (HF) general coverage radio 25 The Main Components of a Typical HF Radio Station: 26 Operating Modes 27 SIMPLEX OPERATION 27 DUPLEX OPERATION VIA REPEATER 27 Radio Relay/Rebroadcast 28 Extending Range 28 Linked Repeater System 29 Proper Use of Repeaters. 30 Radio checks, Signal strength and Readability 31 Preliminary Calls 31 OPERATIONAL INFORMATION 33 INCOMING RADIO MESSAGES 33 INCOMING TELEPHONE MESSAGES 34 OUTGOING MESSAGES 34 RECEPTION OF DISTRESS, URGENCY AND SAFETY MESSAGES 35 Sample Message Form 36 Calling Procedures 37 Collective calls and Radio check 38 Lost Communications Procedure. 39 Communications Electronic Instructions (CIE) 39 Call Signs 40 Caribbean Country...
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...LOGISTICS TEST A) TELECOMMUNICATIONS: 1. What do “VHF” and “HF” mean in radio communications? ➢ VHF- Very high Frequencies ➢ HF –High Frequencies 2. What are the frequency ranges for these two modes? ➢ VHF- 30-300MHZ ➢ HF-3-30 MHZ 3. What do “LSB” and “USB” mean in reference to “HF”? ➢ LSB-Lower side band ➢ USB-Upper side band 4. What basic checks would you make when setting up a radio communications system for the first time in a country? ➢ Radio communication system for the first time in the country is Government or Authority approval to issue license to frequencies 5. What energy sources are required to operate an HF radio system? ➢ Electricity –AC OR DC ➢ Solar panel 6. Please give the international radio alphabet. ➢ A- Alpha ➢ B- Bravo ➢ C- Charlie ➢ D- Delta ➢ E- Echo ➢ F- Foxtrot ➢ G- Golf ➢ H- Hotel ➢ I – India ➢ J- Juliet ➢ K- Kilo ➢ L- Lima ➢ M- Mike ➢ N- November ➢ O- Oscar ➢ P- Papa ➢ Q-Quebec ➢ R- Romeo ➢ S-Sierra ➢ T- Tango ➢ U- Uniform ➢ V- Victor ➢ W- Whiskey ...
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...aviation field every day. This is especially true for communication between pilots in the air, and air traffic controllers on the ground, allowing them to communicate through text messages. Previously, the only way to communicate was by talking over the radio on VHF frequency. This technology is a great benefit to pilots and controllers reducing their work load. But some challenges lie ahead to fully integrate this system. Europe has been using this technology for a few years now while the United States is just recently out of the testing phase to implement this technology. (Eurocontrol.TV, 2010) The flight data processing system in Europe is trajectory based, and is constantly being updated throughout the flight. This gives flight controllers the most up to date information and gives them the ability to predict workloads for various control sectors. This technology allows controllers to view instrument data from the cockpit in real time. Commercial aircraft in the United States has just recently started using the global High Frequency Data Link (HFDL) network as a means to communicate with ATC. This gives controllers and pilots the ability to exchange text and data messages over a long range utilizing high-frequency radio signals. (Keller, 2012) “FANS is short for the Future Air Navigation System avionics, which enables aircraft pilots and air traffic controllers to exchange data, such as clearances, pilot requests, and position reporting.” FANS is used by transmitting data...
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...navigation device (two new products for Techsonic) and a new depth sounder (an extension or modification to its current productions.). I have done individual SWOT analysis for each product to better understand the products characteristics better. (SWOT) New Depth Sounder (The 901) Strengths: * Representation for robust products * Robust supply chain in place * High potential for high margin for dealers * Potential customers for first, second and third years * High potential for market growth * Favorable customer interest * It earned the highest score for uniqueness | Weaknesses: * Price point may be an issue with the low end market * Distribution channels view the some Techsonic products negatively * Dealer thought last product was a gimmick and mainly good for first time buyers * Marine dealers lost money or broken even on prior Humminbird product | Opportunities: * New first time customers * Possible growth in market share * Segment leader | Threats: * Prone to market fluctuation * Many competitors with similar products | (SWOT) VHF Marine Radio Strengths: * High potential for mounted radios customers | Weaknesses: * Fragmented market * Lack of brand recognition * Most of the customers purchased their radios from marine dealers where Techsonic is weak. * Marine dealers have been “burned” by Humminbird * Resistance by Humminbird to increasing number...
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...The Begging of Broadcast Television - Broadcast Television on a national level began on July 1, 1941, - 1947 had only 60,000 TV sets in the USA, in bars, malls, and upper class homes - In 1951, over 10 million TV sets existed in the USA, virtually owned by everyone Technical Considerations - RCA-NBC pushed for black and white broadcasting in VHF (Very High Frequency) - CBS pushed to establish colour broadcasting in UHF (Ultra High Frequency) - RCA-NBC & VHF prevailed, surpassing its competitor, but could only appear on a limited amount of screens simultaneously - This caused them to stop selling licenses from 1948 – 1952, until the problem was fixed, and more stations were able to operate in different towns & cities. Political Considerations - Non-profit and educational broadcasting suffered in 1934, when the Wagner-Hatfield Bill was rejected by congress - The Bill was made so that 25% of broadcasting frequencies would be reserved for educational and non-profit broadcasting. Economic Considerations - Creating a national broadcasting system was too expensive to support non-profit & educational specials - Thus, already established commercial radio networks undertook financing of the development of broadcasting television in the US. - Television became a means of selling products with some entertainment to fill out the time between advertisements Analysis on Lipsitz and Haralovitch Readings: Lipsitz: “The...
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...Summary In 2000, Australian broadcasters became the roll out of digital terrestrial television services (digital service) across the country as the replacement technology for the old analogue system. In order to meet the cut-over date set by the Australian Federal Government, all analogue television services have to be converted to digital by the year 2013. This document does not discuss the entire analogue to digital migration in Australia but it only covers implementation of the Sunshine Network (SN) digital service in the town of Longreach located in outback Queensland. The planning, design, implementation, and testing were done by an external contractor, but in close cooperation with the SN, at the total cost of $250,000. The Longreach digital service is one of the key services in Queensland providing coverage to around 3750 people in the area, mostly engaged in farming. The brief scope of work for the new service included: * Mains power and air-condition system upgrade, * Installation of additional equipment rack to accommodate extra equipment, * Improvement of the existing earthing system, * Installation of the new transmission system. After the completion of the project the town’s audience was delivered with more television channels and significantly enriched content. Table of Contents Introduction 1 Project classification 1 Organizations’ business model 2 Stakeholders’ analysis 2 Project Scope and Work Breakdown Structure 3 ...
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...RESEARCH REPORT: Title: An investigation into the adoption of Digital Terrestrial Television in Gauteng A project report submitted in partial fulfilment of the requirements for the degree of Master of Science (MTM) In the GRADUATE SCHOOL OF TECHNOLOGY MANAGEMENT, FACULTY OF ENGINEERING, BUILT ENVIRONMENT AND INFORMATION TECHNOLOGY, UNIVERSITY OF PRETORIA 09 April 2012 Table of Contents Contents RESEARCH REPORT: 0 Title: An investigation into the adoption of Digital Terrestrial Television in Gauteng 0 Student name 0 Bongane Brian Mabaso 0 Master of Science (MTM) 0 GRADUATE SCHOOL OF TECHNOLOGY MANAGEMENT, 0 FACULTY OF ENGINEERING, BUILT ENVIRONMENT AND INFORMATION TECHNOLOGY, 0 UNIVERSITY OF PRETORIA 0 09 April 2012 0 Table of Contents 1 Abstract i Acknowledgements ii List of Figures iii List of Tables iv List of Acronymns/Definitions/Abbreviations v 1. Background to the research study 1 1.1. Introduction 1 1.1.1. Advantages of Terrestrial Microwave over Satellite 2 1.1.2. Digital Terrestrial Television value chain 4 1.1.3. Benefits of Digital Terrestrial Television to the consumer 5 1.1.4. Benefits of Digital Terrestrial Television to the broadcaster 5 1.1.5. Public broadcaster’s commercial activities 6 1.1.8 International Public Broadcasters 7 1.2. Historical development and current state of the industry...
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...RFID Name: Ramu Navalli ID No: 15805 Instructor: Richard Borrelli Abstract Radio-frequency identification (RFID) is the wireless use of electromagnetic fields to transfer data, for the purposes of automatically identifying and tracking tags attached to objects. RFID tags are used in many industries. An RFID tag attached to an automobile during production can be used to track its progress through the assembly line. RFID can be used in a variety of applications such as Access management, tracking of goods, tracking of persons and animals. There is another use of RFID which is recently introduced in ships. RFID in ships. When Royal Caribbean International's newest cruise ship, the Quantum of the Seas, embarks on its maiden voyage on Nov. 2, its passengers will be treated to several RFID-based features, including passive high-frequency (HF) RFID "WOWband" wristbands that they can use to unlock their staterooms' doors and make purchases onboard. The ship is also adopting RFID luggage tags, enabling guests to use their cell phones to view the locations of their bags during loading and unloading. Quantum of the Seas, the world's third-largest cruise ship, will be based in Bayonne, N.J., during its inaugural season sailing (2014 to 2015). The 1,142-foot-long ship includes 2,090 passenger staterooms and 16 passenger-accessible decks, and features multiple new technologies. For example, passengers can access RFID-enabled Royal iQ kiosks (as well as a Royal iQ app on their smartphones)...
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...AS History: Enquiry Paper Guidance Question (a) – The Comparison. In question (a) the focus is on the direct comparison of two sources. Without explicit comparison candidates will not get above Band IV. A substantial number of candidates still adopt a sequential approach, and others limit themselves to a low Band III by confining their comparisons to a brief conclusion after a sequential analysis of the two Sources. A continuously comparative approach is required. Candidates should, however, not assume that a comparison is established simply by the introduction of comparative words and phrases such as ‘whereas’, ‘on the other hand’, ‘by contrast’, or by setting points from the Sources alongside each other. Similarity or difference of content has to be demonstrated in relation to a point which is genuinely comparable, either because both Sources refer to it or because one draws attention to it but the other ignores it. Likewise comparison of qualities other than content requires assessment of the same qualities in both Sources. Another common weakness is a failure to realise that comparisons are only relevant if they relate to the issue raised in the question. * Sequencing is a major problem. There is a reluctance to select issues and themes from the two Sources and build the comparison around these. Many candidates, often able, prefer paraphrase. Two separate accounts are provided with perhaps a final paragraph making a few belated comparisons. * Not focusing...
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...Development of UHF Satcom Frequency reuse planning tool Junghoon Lee*1, Anthony Vescio*1, Tony Puzio*1, George Elmasry*1, Richard Ardolino*2, and Austin Mroczek*3 *1. XPRT Solutions, Inc., Eatontown, NJ *2. Space and Naval Warfare Systems Command, San Diego, CA *3. SBG Technology Solutions, Inc., Stafford, VA ABSTRACT U.S. Navy’s UHF SATCOM operation needs a tool to automate the frequency planning process, maximizing the efficiency of the spectrum use. This paper presents a UHF SATCOM frequency reuse planning tool developed for the operational needs. The design concept of the Tool is explained in consideration of the technical analyses needs and usability of the software for the UHF SATCOM operation. The multi-tier architecture of the software application is described. The analytical functions are programmed using MATLAB for ease of the software development. The major capabilities and features of the Tool are described with its benefits to the SATCOM operation. Analyses results with reference to an illustrative operational scenario demonstrate that the Tool can provide technical analyses needed for the UHF SATCOM operation. Having reviewed by UHF SATCOM community including GSSC, the Tool has shown the applicability to the operation. I. INTRODUCTION Frequency planning for UHF SATCOM is an increasingly complex and important issue for the Navy’s operation, as the demand for the communications capacity has continuously...
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...1. Define modulation. Impressing a low-frequency intelligence signal onto a higher-frequency carrier signal 2. What is carrier frequency? The higher frequency that carries the modulation(Intelligience) 3. Describe the two reasons that modulation is used for communications transmissions. To transfer information, such as voices, images, or data. Also, the frequencies employed by the modulated signal are high enough to permit the use of antennas of reasonable length. 4. List the three parameters of a high-frequency carrier that may be varied by a low-frequency intelligence signal. amplitude, frequency, and phase 5. What are the frequency ranges included in the following frequency subdivisions: MF (medium frequency), HF (high frequency), VHF (very high frequency), UHF (ultra high frequency), and SHF (super high frequency)? MF:300 kHz–3 MHz, 3-30MHz: HF, 30–300 MHz: VHF, 300 MHz–3 GHz: UHF, 3–30 GHz: SHF 7. A microwave transmitter typically requires a +8-dBm audio level to drive the input fully. If a +10-dBm level is measured, what is the actual voltage level measured? Assume a 600- sys- tem. (2.45 V) 9. Convert the following powers to their dBm equivalents: (a) p = (b) p = (c) p = (d) p = 1 W (30 dBm) 0.001 W (0 dBm) 0.0001 W (-10 dBm) 25mW (-16 dBm) 15. Define information theory. 16. What is Hartley’s law? Explain its significance. 23. A triangle wave of the type shown in Table 1-3(e) has a peak-to-peak amplitude of 2 V and f = 1 kHz. Write...
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...a period of intense seasonal meteor showers, and several YouTube users reported hearing sonic booms in the area that could have indicated a local shock wave. This would be one non-hidden, natural cause that actually makes sense, but it is hard to connect to both birds and fish, unless it produced a deactivating frequency. There were indeed other sound exceptions according to the report highlighted above.” There is also an excellent article by The American Dream collated data about the recent earthquake activity along this fault line that runs along the mid-eastern section of the U.S. Combined with gas exhaust, the huge geological activity in the region, and the BP oil drilling disaster, which produced off the dispersant, Corexit, into the atmosphere, and we should be wondering about any mass deaths in the region. Regardless, this has turned into a global event, so the above could be a side effect of something larger, or a direct leading influence. Scalar weapons are another factor that is debatable. These directed energy beam weapons can be deployed via satellite and create a wide range of “natural disasters” that can be tuned to certain frequencies. Their radius is...
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...The High Frequency Active Auroral Research Program (HAARP) was an ionospheric research program jointly funded by the U.S. Air Force, the U.S. Navy, the University of Alaska[clarification needed], and the Defense Advanced Research Projects Agency (DARPA),[1] designed and built by BAE Advanced Technologies (BAEAT). Its purpose was to analyze the ionosphere and investigate the potential for developing ionospheric enhancement technology for radio communications and surveillance.[2] The HAARP program operated a major sub-arctic facility, named the HAARP Research Station, on an Air Force-owned site near Gakona, Alaska. The most prominent instrument at the HAARP Station is the Ionospheric Research Instrument (IRI), a high-power radio frequency transmitter facility operating in the high frequency (HF) band. The IRI is used to temporarily excite a limited area of the ionosphere. Other instruments, such as a VHF and a UHF radar, a fluxgate magnetometer, a digisonde (an ionospheric sounding device), and an induction magnetometer, were used to study the physical processes that occur in the excited region. Work on the HAARP Station began in 1993. The current working IRI was completed in 2007, and its prime contractor was BAE Systems Advanced Technologies.[1] As of 2008, HAARP had incurred around $250 million in tax-funded construction and operating costs. It was reported to be temporarily shut down in May 2013, awaiting a change of contractors. In May 2014, it was announced that the...
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...Impact of high-frequency trading on stock Exchanges Maastricht University | | | | School of Business & Economics | | | | Place & date: | Maastricht, 22 January 2013 | | | | Name, initials: | B.G.M. Lens | | For assessor only | | ID number: | I6048482 | | 1. Content | | Study: | International Business/Economics | | 2. Language structure | | Course code: | EBS1001 | | 3. Language accuracy | | Group number: | C | | 4. Language: Format & citing/referencing | | Tutor name: | Cigdem Akbulut | | Overall: | | Writing tutor name: | / | | Advisory grade | | Writing assignment: | High frequency trading paper | | Assessor’s initials | | Your UM email address: brianlens@gmail.com 1. Introduction On 6 May 2010 the stock market experienced a period of high instability generally known as the Flash Crash. This Flash Crash was the second largest point swing (1,010.14 points) and the biggest one-day point decline (998.5 points) in the history of the Dow Jones Industrial Average (Easley, Lopez de Prado, & O’Hara, 2010). For a few minutes, 1 trillion dollars in market value vanished. Therefore, it raised numerous alerts in the U.S. stock market and world markets. It was mainly attributed to the algorithms that nearly all high frequency traders (HFTs) use to make their stock trades. However, primarily blaming high frequency traders and their complex algorithms would ignore the other conditions that allowed the Flash Crash to occur...
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