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1 2 3 4 5 2 1809


宏观分析

Benzinga - These Were The 10 Most Actively Traded OTCQX and OTCQB Securities In November - By Spencer Israel


OTC Markets is a content partner of Benzinga

 

In November we wrote about October’s flight to safety in the OTC Markets, as multi-national conglomerates like Danone (OTCQX: DANOY) and BASF SE (OTCQX: BASFY) saw huge jumps in monthly dollar volume. This was a far cry from September when most of the securities with the highest dollar volume on the OTCQX and OTCQB markets were in emerging industries like cannabis and crypto.

According to data from OTC Markets, November was a bit of an amalgamation of the previous two months, at least on OTCQX.

 

OTCQX

Four of the top five stocks with the highest dollar volume in November on OTCQX were established corporations. Swiss pharmaceutical giant Roche, French food conglomerate Danone, and Spanish energy company Repsol S.A. all reprised their spots on the list, while German chemical giant BASF SE was replaced by British tobacco firm Imperial Brands.

At the same time, Grayscale-sponsored Bitcoin Investment Trust was the third most-traded security of the month. Over $276,000 traded in November, the most since August.

The changes to the top five signal that while investors are still favoring names in known industries, they are not quite done with sectors like crypto, despite recent headlines.

Company

Country

November Volume ($)

Roche Holding Ltd (OTCQX: RHHBY)

Switzerland

$661,432,699

Danone

France

$332,105,332

Bitcoin Investment Trust (OTCQX: GBTC)

USA

$276,976,942

Repsol S.A. (OTCQX: REPYY)

Spain

$186,104,485

Imperial Brands PLC (OTCQX: IMBBY)
 

United Kingdom

$182,737,306

 

OTCQB

The story on OTC Markets’ venture tier, OTCQB, is the popularity of government-sponsored mortgage giants Fannie Mae and Freddie Mac. Though cannabis stocks represent five of the top 10 most active stocks on the OTCQB last month, the common and preferred shares of Fannie and Freddie represented four of the top five most-active securities. $30.86 billion exchanged hands on the OTC Markets in November, and Fannie and Freddie accounted for just over $500 million of that volume.

This dramatic increase in volume came during a month in which homebuilder and housing sentiment dropped to a two-year low among consumers thanks to rising interest rates. At the start of November, interest rates for a 30-year fixed mortgage hit an eight-year high of 5.05, though it fell to 4.75 percent at the start of December.

Interestingly the two preferred shares outperformed their common share counterparts. Fannie and Freddie’s preferred shares rose 11 and 7 percent respectively in November, compared to common share declines of 12 and 8.5 percent.

Company

Country

November Volume ($)

Fannie Mae (OTCQB: FNMAS)

USA

$200,655,061

CV Sciences, Inc. (OTCQB: CVSI)

USA

$196,165,693

Freddie Mac (OTCQB: FMCKJ)

USA

$141,120,588

Fannie Mae (OTCQB: FNMA)

USA

$95,543,676

Freddie Mac (OTCQB: FMCC)

USA

$71,715,006

Click here to see the full list of November’s most active over-the-counter securities, along with their respective November dollar volume.

Click here to see the full list of October’s most active over-the-counter securities, along with their respective October dollar volume.

Click here to see the full list of September’s most active over-the-counter securities, along with their respective September, dollar volume.

--

Originally Posted on December 13, 2018

© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Benzinga is a fast-growing financial media outlet that empowers investors with market-moving content. The site also manages Benzinga Pro, a streaming platform with real-time headlines, data and actionable alerts. Sign up for a free trial and profit with faster news now.

An investment in an OTC security is speculative and involves a high degree of risk. Many OTC securities are relatively illiquid, or "thinly traded," which tends to increase price volatility. Illiquid securities are often difficult for investors to buy or sell without dramatically affecting the quoted price. In some cases, the liquidation of a position in an OTC security may not be possible within a reasonable period of time.

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Benzinga and is being posted with Benzinga's permission. The views expressed in this material are solely those of the author and/or Benzinga and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


22014




宏观分析

Schroders - How The Brexit Delay Has Moved Markets - And What It Means For The Economy - By Andrew Oxlade


As Theresa May meets European leaders seeking a better Brexit deal, the UK economy heads for a period of heightened uncertainty and stagflation.

 

  • Theresa May heads to Brussels to seek a new deal.
  • Sterling recovers after hitting a 20-month low against the dollar.
  • Domestically-focused FTSE 250 fell by nearly 2% on Monday.
  • Schroders Chief Economist suggests Bank of England may now "lean toward a rate cut".

Markets faced further uncertainty today after the Prime Minister Theresa May began a series of European meetings in the hope of securing an improved deal on Brexit.

However, Jean-Claude Juncker, President of the European Commission, this morning warned that the current agreement was “the only deal possible”.

Mrs May yesterday postponed parliament’s “meaningful vote” on the government’s proposed Brexit deal, accepting that the deal would be “rejected by a significant margin”.

She will meet European leaders including Angela Merkel today before heading to Brussels for talks with Mr Juncker and Donald Tusk, the president of the European Council.

The pound fell by as much as 1.8% against the dollar on Monday, taking it to $1.255, its lowest level since April 2017.  Sterling also slipped against the euro, edging close to the €1.10-mark.

 

The FTSE 100 index also fell yesterday, down 0.83%, even though UK stocks with international earnings normally benefit from falls in sterling. The FTSE 250, where fewer companies benefit from this effect, ended the day down 1.97%.

Gilt prices rose with the yield, which has an inverse relationship with price, falling seven basis points to 1.16%.

However, markets rallied this morning. By 4pm, the FTSE 100 was up by 102.3 points at 6,823.8, a rise of more than 1.5%.

Sterling had recovered some of yesterday’s falls, at $1.262 and €1.107 but demand remained weak. This weakness may explain some of the 

Here's what it might all mean from an economic and stockmarket point of view.

 

Keith Wade, Chief Economist at Schroders, said:

“Theresa May’s decision to pull the vote on her withdrawal deal from the EU means the UK now faces a prolonged period of uncertainty.

“The PM must get agreement from the EU on key changes to the deal in respect of the Irish border before going back to parliament. This will take time with talk of a vote in the new year.

“The deadline of March 29 will loom large and while the PM may use this to pressure MPs into accepting her deal rather than crashing out of the EU there will be more damage to the economy. 

“Recent data shows the UK decelerating rapidly as firms and households put spending plans on hold. Yesterday’s events will only reinforce this trend, with the added problem of a weaker pound which will feed through into higher inflation.

“The UK is in for a dose of stagflation – when low economic growth combines with higher inflation - leaving the Bank of England in a dilemma over policy, but probably leaning towards a rate cut in the new year as the data reveals the weakness of activity.” 

Issues for stock market investors to consider

The UK stock market has been increasingly shunned by international investors due to concerns about the unknown impact of Brexit negotiations.

Sue Noffke, Fund Manager, UK Equities, said:

“While the deferral of the 'meaningful vote' raises further political uncertainty as to the path and eventual outcome of any Brexit deal, the valuation of the UK equity market reflects considerable negative sentiment. 

"Global fund managers continue to underweight UK stocks, there have been substantial outflows from the market since the UK’s EU referendum and the UK stock market has seen a greater de-rating in the past two-and-a-half years compared to other equity markets.

“The UK equity market is not representative of the UK economy. The stock market is well diversified geographically, with just over one quarter of the revenues of the broad FTSE All Share Index derived from the UK economy. The balance of revenues, almost three quarters, are derived from overseas as a result of many multi-national companies being quoted on the UK index. The key factors dominating UK equity returns are therefore global economic activity, monetary policy globally and exchange rate movements rather than the performance of the UK domestic economy. 

“Weakness in sterling against other currencies boosts revenues, profits, dividends and values (in sterling) of the significant component of international companies quoted in the UK. This is supportive for the UK equity market as a whole in the event of a no-deal Brexit (international investors would need to hedge their currency exposure).

"In such a scenario large oil, pharmaceutical, consumer goods and business services companies would do well. Conversely, domestically-exposed stocks might be set to benefit the most from any, more positive Brexit news flow - favouring domestic banks and financials, house builders, property and construction companies among others.

“The level of pessimism towards the UK stock market is apparent when comparing the dividend yield gap between UK and global equities. The UK stock market has historically offered a higher yield than other regions; however, the premium is now at its most elevated in almost 20 years, at a level not seen since the 1999/2000 dotcom bubble.

“The UK market now has considerably more stocks with a price to earnings valuation of less than 10x - the highest number (83) outside the global financial crisis. Meanwhile, the number of high-rated stocks (with a price to earnings valuation of over 20x) has reduced substantially from its peak two years ago (127) to 76 today.  Most UK sectors are attractively valued relative to global peers. Indeed, there are good examples of both UK-focused and multinational companies based in the UK which are more lowly valued than their counterparts elsewhere.”

A price-to-earnings ratio, a measure of value, is calculated by dividing a company's share price by its earnings per share over 12 months. The same calculation can be applied to a whole market. A low number represents better value. It is only one method of valuation used by investors. Past performance should not be considered a guide to future returns and may not be repeated.

The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change. Forecasts and assumptions may be affected by external economic or other factors. Forecasts included should not be construed as advice or recommendation.  

  • To find out more about our view on the UK's prospects, please see our Outlook 2019: UK equities, which was published last week.

--

Originally Posted on December 11, 2018

Please remember past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.

Important Information: This communication is marketing material. The views and opinions contained herein are those of the author(s) on this page, and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds. This material is intended to be for information purposes only and is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. It is not intended to provide and should not be relied on for accounting, legal or tax advice, or investment recommendations. Reliance should not be placed on the views and information in this document when taking individual investment and/or strategic decisions. Past performance is not a reliable indicator of future results. The value of an investment can go down as well as up and is not guaranteed. All investments involve risks including the risk of possible loss of principal. Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy. Some information quoted was obtained from external sources we consider to be reliable. No responsibility can be accepted for errors of fact obtained from third parties, and this data may change with market conditions. This does not exclude any duty or liability that Schroders has to its customers under any regulatory system. Regions/ sectors shown for illustrative purposes only and should not be viewed as a recommendation to buy/sell. The opinions in this material include some forecasted views. We believe we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know. However, there is no guarantee than any forecasts or opinions will be realised. These views and opinions may change.  To the extent that you are in North America, this content is issued by Schroder Investment Management North America Inc., an indirect wholly owned subsidiary of Schroders plc and SEC registered adviser providing asset management products and services to clients in the US and Canada. For all other users, this content is issued by Schroder Investment Management Limited, 31 Gresham Street, London, EC2V 7QA. Registered No. 1893220 England. Authorised and regulated by the Financial Conduct Authority.

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Schroders and is being posted with Schroders’ permission. The views expressed in this material are solely those of the author and/or Schroders and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

 


21998




宏观分析

BlackRock - 3 Market Themes Likely To Shape 2019


2018 has been a tough year to navigate financial markets. What’s the outlook ahead? Richard shares three market themes to focus on in 2019.

It has been a tough year to navigate financial markets. We have seen more than $6.9 trillion shaved off global market cap since the equity market’s peak in January, and many equities have sold off despite strong earnings reports. We may end 2018 with a rare event: negative annual returns for both stocks and bonds. The culprits: uncertainty over trade disputes, late-cycle concerns and tighter financial conditions.

Where to next? Roughly 100 BlackRock investment professionals recently gathered for two days to talk markets and the outlook for 2019. A major takeaway from our discussions: Three themes are likely to shape markets in 2019, as we write in our 2019 Global investment outlook.

 

Theme 1: Growth slowdown

We see a slowdown in global growth and corporate earnings in 2019, with the U.S. economy entering a late-cycle phase. Our BlackRock Growth GPS has been trending lower across the U.S. and euro-zone, pointing to a slower pace of growth in the 12 months ahead. We see U.S. growth stabilizing at a much higher level than other regions, even as the fading effects of domestic fiscal stimulus weigh on year-on-year growth comparisons. This underscores our preference for U.S. assets within the developed world. We expect the Chinese growth slowdown to be mild, as the country appears keenly focused on supporting its economy via fiscal and monetary stimulus.

Slowing growth and the impact of tariffs make for a more cautious corporate outlook, with global earnings growth likely to moderate. In the U.S., the expected slowdown partly reflects a higher hurdle versus 2018 when corporate tax cuts provided a big boost to company earnings. U.S. earnings growth estimates look set to normalize from a heady 24% in 2018 to 9% in 2019, consensus estimates from Thomson Reuters data show. This is still above the global average. Emerging markets (EM) are set to maintain double-digit earnings growth, led by China as its tech sector recovers and a pivot toward economic stimulus supports its economy. The U.S. and EMs remain our favored regions, as we see U.S. and EM companies best positioned to deliver on expectations. Yet we expect muted returns for both stocks and bonds in 2019 against a backdrop of slowing growth.

 

Theme 2: Nearing neutral

We see the process of tightening financial conditions pushing yields up (and valuations down) set to ease in 2019. Why? U.S. rates are en route to neutral—the level at which monetary policy neither stimulates nor restricts growth ­—and the Federal Reserve looks likely to pause its tightening process. Our analysis pegs the current U.S. neutral rate at around 3.5%, a little above its long-term trend. While uncertainty abounds over where neutral lies in the long run, our estimate sits in the middle of the 2.5% to 3.5% range identified by the Fed. We currently see a rate near the top of this range needed to stabilize the U.S. economy and debt levels. Yet we expect the Fed to become more cautious as it nears neutral. As a result, we expect the FOMC to pause its quarterly pace of hikes amid slowing growth and inflation in 2019. We see the pressure on asset valuations easing as a result. Europe and Japan will likely take only timid steps toward normalization. We don’t expect the European Central Bank to raise rates before President Mario Draghi’s term ends in late 2019.

 

Theme 3: balancing risk and reward

Recession fears are joining trade as a key market worry in 2019. Markets are vulnerable to fears that a downturn is near, even as we see the actual risk of a U.S. recession as low in 2019. Still-easy monetary policy, few signs of economic overheating and a lack of elevated financial vulnerabilities point to ongoing economic expansion in 2019. Yet the odds are set to rise steadily thereafter by our analysis, with a cumulative probability of more than 50% that recession strikes by end-2021. See the chart below.

Trade frictions and a U.S.-China battle for supremacy in the tech sector also loom over markets. We see trade risks more fully reflected in asset prices than a year ago, but expect twists and turns in trade negotiations to cause bouts of anxiety. Increasing uncertainty points to the need for quality assets in portfolios—but also potential for upside should market fears about trade ebb in 2019.

We advocate a barbelled approach for carefully balancing risk and reward: exposures to government debt as a portfolio buffer, twinned with high-conviction allocations to assets that offer attractive risk/return prospects. Quality has historically outperformed other equity style factors in economic slowdowns, our analysis shows. We see EM equities as good candidates for the other end of the barbell. What to avoid? Assets with limited upside if things go right, but hefty downside if things go wrong. We see many credit and European assets falling into this category.

Richard Turnill is BlackRock’s global chief investment strategist. He is a regular contributor to The Blog.

--

Originally Posted on December 13, 2018

Investing involves risks, including possible loss of principal.

This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of the date indicated and may change as subsequent conditions vary. The information and opinions contained in this post are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents. This post may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any of these views will come to pass. Reliance upon information in this post is at the sole discretion of the reader. Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated securities.

International investing involves special risks including, but not limited to currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets.

©2018 BlackRock, Inc. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.

USRMH1218U-690961-1/1

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from BlackRock and is being posted with BlackRock’s permission. The views expressed in this material are solely those of the author and/or BlackRock and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice. 

 


21990




债券

FTSE Russell - China's Fixed Income Market: A Helicopter View - By Sandrine Soubeyran


China’s equity markets are rapidly opening to global investors, not least as index providers begin increasing China exposure in their mainstream indexes.

But the People’s Republic of China’s enormous bond market is changing, too. It has already come a long way since the first bond in the market was issued in 1980.

It now ranks as the third largest bond market in the world behind the United States and Japan, having quadrupled in size since 2009.

 




Bond Menu

China’s domestic bond market is dominated by sovereign and regional government bonds with a growing credit sector.

Investors view policy bank bonds (non-commercial, 100% state-owned banks that lend in support of government priorities) as having similar risk as sovereign bonds.

Municipal bonds have been growing rapidly since 2015.

 

Onshore Market

Chinese onshore bonds are mostly traded through the interbank bond market, which includes a wide range of financial institutions.

Much of the outstanding debt issuance has been tilted towards short maturities, with many issues due to mature in less than four years.
 

 

Sweeping changes

China’s onshore bond market has historically attracted domestic investors, but the balance has been slowly changing due to government efforts to attract a wider investor base.

China’s onshore bond market is quickly liberalizing through policy initiatives, including Qualified Foreign Institutional Investor (QFII) and Renminbi Qualified Foreign Institutional Investor (RQFII) schemes, which allow institutional investors who meet certain qualifications to invest in a limited scope of cross-border securities products.

 

Bond Connect

In July 2017, Bond Connect was launched, allowing investors from mainland China and overseas to trade in each other’s bond markets through connection between the related mainland and Hong Kong financial infrastructure institutions.

However, limitations have hampered access for international investors.

Sovereign credit risk has been difficult to assess given the potential large liabilities not reflected by the level of government debt and fiscal deficit.

 

 

Foreign Ratings

Also, there has not been any coverage of onshore CNY credit bonds by international rating agencies, which are in the process of getting a license.

International foreign ratings agencies were recently permitted to operate in China to rate domestic Chinese issuers, but at the time of writing, none had been granted a license. Prior to the change in the rules, global rating agencies could only hold minority stakes in joint-venture operations and not issue ratings on local bonds.


Default Rates

As the authorities continue to restrict off-balance sheet lending and push up funding costs, corporate bond defaults have risen six-fold since the end of 2015.

And 2016 saw the largest number of bond defaults (78), which represented RMB 39.3 billion in principal amount. In the first eight months in 2018, the issue sizes were significantly larger with 60 bond defaults representing RMB 57.38 billion in principal amount.

Nearly 20% of bond defaults have been by state-owned enterprises as regulators moved away from the old model of implicit guarantees for most debt securities to allow defaults to take place.

 

--

Originally Posted on December 6, 2018

© 2018 London Stock Exchange Group plc (LSEG Group). All information is provided for information purposes only. All information and data contained in this publication is obtained by the LSE Group, from sources believed by it to be accurate and reliable. Any representation of historical data accessible through FTSE Russell Indexes is provided for information purposes only and is not a reliable indicator of future performance. No member of the LSE Group nor their respective directors, officers, employees, partners or licensors provide investment advice and nothing contained in this document or accessible through FTSE Russell Indexes, including statistical data and industry reports, should be taken as constituting financial or investment advice or a financial promotion.

Interactive Brokers Asset Management, a division of Interactive Brokers Group, offers FTSE Russell Index Tracker portfolios on its online investing marketplace. Learn more about the Diversified Portfolios.

This material is not intended as investment advice. IBKR Asset Management or portfolio managers on its marketplace may hold long or short positions in the companies mentioned through stocks, options or other securities.

 

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from FTSE Russell and is being posted with FTSE Russell’s permission. The views expressed in this material are solely those of the author and/or FTSE Russell and Interactive Brokers is not endorsing or recommending any investment or trading discussed in the material. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

 


22013




期权

Cboe - Abating XBT Volatility


 

Kevin Davitt, Cboe Senior Instructor, discusses bitcoin activity.

 

Originally Posted on December 13, 2018

TRADING IN BITCOIN FUTURES IS ESPECIALLY RISKY AND IS ONLY FOR CLIENTS WITH A HIGH RISK TOLERANCE AND THE FINANCIAL ABILITY TO SUSTAIN LOSSES. More information about the risk of trading Bitcoin products can be found on the IBKR website. If you’re new to bitcoin, or futures in general, download The Beginners Guide to Bitcoin Futures.

Options involve risk and are not suitable for all investors. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options. Copies are available from your broker, or at www.theocc.com. The information in this program is provided solely for general education and information purposes. No statement within the program should be construed as a recommendation to buy or sell a security or to provide investment advice. The opinions expressed in this program are solely the opinions of the participants, and do not necessarily reflect the opinions of Cboe or any of its subsidiaries or affiliates. You agree that under no circumstances will Cboe or its affiliates, or their respective directors, officers, trading permit holders, employees, and agents, be liable for any loss or damage caused by your reliance on information obtained from the program.

Copyright © 2018 Chicago Board Options Exchange, Incorporated.   All rights reserved.

Options involve risk and are not suitable for all investors. For more information read the “Characteristics and Risks of Standardized Options”

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Cboe and is being posted with Cboe’s permission. The views expressed in this material are solely those of the author and/or Cboe and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice


21995




1 2 3 4 5 2 1809

披露

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