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on 28-Jun-2015 (Sun)

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Flashcard 149669184

Tags
#finance #steiner-mastering-financial-calculations-3ed
Question
a "flat" short-term yield curve - in our example, the 3-month and 6-month rates are the same at 10.0% - does it imply that the market expects interest rates to remain stable?
Answer
No, it implies the market expects rates to fall (geometric average, reinvestment; also rate compounded twice has to be smaller than equivalent non-compounded rate over the same period). In other words, 6 month is equivalent to 3 months from now (known) and next 3 months unknown. for this compounding to work out to 10%, next 3 months (unknown) must be lower than 10%.

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a "flat" short-term yield curve - in our example, the 3-month and 6-month rates are the same at 10.0% - does not imply that the market expects interest rates to remain stable. Rather, it expects them to fall.

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Annotation 150892862

#finance #steiner-mastering-financial-calculations-3ed
For interest rate futures, the value of a 1 basis point movement is €25.00 and the value of a 1 tick movement (the tick value) is €12.50
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Flashcard 150897391

Tags
#artificial-intelligence #minsky #society-of-mind
Question
I suspect that, in order to commit ourselves to our largest, most ambitious plans, we learn to exploit agencies that operate on larger spans of time. Which are our slowest-changing agencies of all? Later we'll see that these must include the silent, hidden agencies that shape what we call [...]. These are the systems that are concerned not merely with the things we want , but with what we want ourselves to be-that is, the ideals we set for ourselves
Answer
character

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our largest, most ambitious plans, we learn to exploit agencies that operate on larger spans oftime. Which are our slowest-changing agencies of all? Later we'll see that these must include the silent, hidden agencies that shape what we call <span>character. These are the systems that are concerned not merely with the things we want , but with what we want ourselves to be-that is, the ideals we set for ourselves <span><body></html

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Flashcard 150897397

Tags
#artificial-intelligence #minsky #society-of-mind
Question
I suspect that, in order to commit ourselves to our largest, most ambitious plans, we learn to exploit agencies that operate on larger spans oftime. Which are our slowest-changing agencies of all? Later we'll see that these must include the silent, hidden agencies that shape what we call character. These are the systems that are concerned not merely with the things we [...] , but with what we want ourselves to be-that is, the ideals we set for ourselves
Answer
want

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arger spans oftime. Which are our slowest-changing agencies of all? Later we'll see that these must include the silent, hidden agencies that shape what we call character. These are the systems that are concerned not merely with the things we <span>want , but with what we want ourselves to be-that is, the ideals we set for ourselves <span><body><html>

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Flashcard 150897403

Tags
#artificial-intelligence #minsky #society-of-mind
Question
I suspect that, in order to commit ourselves to our largest, most ambitious plans, we learn to exploit agencies that operate on larger spans oftime. Which are our slowest-changing agencies of all? Later we'll see that these must include the silent, hidden agencies that shape what we call character. These are the systems that are concerned not merely with the things we want , but with what we want [...]-that is, the ideals we set for ourselves
Answer
ourselves to be

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e our slowest-changing agencies of all? Later we'll see that these must include the silent, hidden agencies that shape what we call character. These are the systems that are concerned not merely with the things we want , but with what we want <span>ourselves to be-that is, the ideals we set for ourselves <span><body><html>

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Flashcard 150897409

Tags
#artificial-intelligence #minsky #society-of-mind
Question
I suspect that, in order to commit ourselves to our largest, most ambitious plans, we learn to exploit agencies that operate on larger spans oftime. Which are our slowest-changing agencies of all? Later we'll see that these must include the silent, hidden agencies that shape what we call character. These are the systems that are concerned not merely with the things we want , but with what we want ourselves to be-that is, the [...]
Answer
ideals we set for ourselves

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es of all? Later we'll see that these must include the silent, hidden agencies that shape what we call character. These are the systems that are concerned not merely with the things we want , but with what we want ourselves to be-that is, the <span>ideals we set for ourselves <span><body><html>

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Annotation 150897470

#finance #steiner-mastering-financial-calculations-3ed
For interest rate futures, prices are quoted in units of 0.005. This minimum movement is called a tick.
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Flashcard 150897477

Tags
#finance #steiner-mastering-financial-calculations-3ed
Question
For interest rate futures, prices are quoted in units of [...]. This minimum movement is called a tick.
Answer
0.005 (half a basis point - mind that "par" price is 100)

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For interest rate futures, prices are quoted in units of 0.005. This minimum movement is called a tick.

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Flashcard 150897483

Tags
#finance #steiner-mastering-financial-calculations-3ed
Question
For interest rate futures, prices are quoted in units of 0.005. This minimum movement is called a [...].
Answer
tick

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For interest rate futures, prices are quoted in units of 0.005. This minimum movement is called a tick.

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Flashcard 150897493

Tags
#finance #steiner-mastering-financial-calculations-3ed
Question
if a 1-year deposit pays 2.5% each 3 months, the interest is quoted as
[...]
Answer
10% (no compounding effect is taken into account)

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if a 1-year deposit pays 2.5% each 3 months, the interest is quoted as 10% (no compounding effect is taken into account)

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