nyuuzyou/wikis huggingface dataset:
Swap

A swap is a privately negotiated agreement between two parties to exchange cash flows at specified intervals (payment dates) during the agreed-upon life of the contract (maturity or tenor). Entering a swap typically does not require the payment of a fee. 
While swaps are used for various purposes—from hedging to speculation—their fundamental purpose is to change the character of an asset or liability without liquidating that asset or liability. For example, an investor realizing returns from an equity investment can swap those returns into less risky fixed income cash flows—without having to liquidate the equities. A corporation with floating rate debt can swap that debt into a fixed rate obligation—without having to retire and reissue debt.
Swaps are cash-settled over-the-counter derivatives. Except for forwards, swaps are the most simple form of OTC derivative. 
== SEC Proposes Term Rules ==
In April of 2011, the Securities and Exchange Commission (SEC) voted unanimously to propose rules further defining the terms “swap,” “security-based swap,” and “security-based swap agreement.” The rules were proposed jointly with the Commodity Futures Trading Commission (CFTC) and stemmed from the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The joint proposal of the SEC and the CFTC would add rules under the Securities Exchange Act of 1934 and provide interpretive guidance regarding which products would – and would not – be considered a “swap” or a “security-based swap” (referred to collectively in the proposing release as “Title VII instruments”).
Common types of swaps agreements include:
*interest rate swaps
*commodity swaps
*credit default swaps
According to a survey by the International Swaps and Derivatives Association, Inc., (ISDA) the notional (underlying) outstanding value of credit derivatives - which for the purposes of the survey involved credit default swaps referencing single names, indexes, baskets and portfolios - grew by 32 percent in the first six months of 2007 to $45.46 trillion from $34.42 trillion. The annual growth rate for credit derivatives was up 75 percent from $26 trillion at mid-year 2006.
== References ==
Category:Definitions
Category:Market Terms
Category:Swaps
Swap Data Repository

A “swap data repository” (SDR) is an entity created by the Dodd-Frank Act in 2010 in order to provide a central facility for swap data reporting and recordkeeping. Swap data repositories are required to comply with data standards set by the CFTC, including real-time public reporting of swap transaction data to a "disseminator" such as a derivatives clearing organization or a swap execution facility.
At its August 4, 2011 open meeting, the CFTC approved its final rules regarding SDRs. For more information, see the Swap Data Regulation MarketsReformWiki page on swap data repositories.
==List of SDRs in the U.S.==
In the U.S., the following firms have been provisionally registered as SDRs:
*ICE Trade Vault, (Intercontinental Exchange, Inc.) Approved June 27, 2012
*DTCC Data Repository (Depository Trust & Clearing Corp.) Approved September 19, 2012
*CME Swap Data Repository (CME Group) Approved November 20, 2012
*BSDR LLC (Bloomberg) Approved January 17, 2014
*INFX SDR (Integral Development Corp.) Application withdrawn
==European Swaps Regulation==
In Europe, SDRs are known as "trade repositories," or "TRs." According to the European Central Bank, TRs are designed to be "authoritative registries of key information regarding open over-the-counter (OTC) derivatives trades", to "provide an effective tool for mitigating the 
inherent opacity of OTC derivatives markets." 
The European Market Infrastructure Regulation (EMIR), entered into force March 15, 2013, included several standards related to trade repositories, including:
*Minimum details of the data to be reported to trade repositories
*Application for registration as a trade repository
*Data to be published and made available by trade repositories and operational standards for aggregating, comparing and accessing the data. 
For more information, visit the EMIR page in MarketsReformWiki.
==List of European Trade Repositories==
The following firms have been approved by ESMA as trade repositories as of May 2015. Mandatory reporting begins February 12, 2014.
*DTCC Derivatives Repository - Global Trade Repository (GTR)
*CME Group - CME European Trade Repository
*Intercontinental Exchange - ICE Trade Vault
*REGIS-TR - joint venture between Iberclear and Deutsche Boerse's Clearstream subsidiary.
*UnaVista - owned by the London Stock Exchange Group
*KDPW Trade Repository - owned by The Central Securities Depository of Poland
== References ==
Category:Definitions
Swap futures

Swap futures are futures contracts based on interest rate swaps. 
They are designed to give fixed-income market participants a new way to hedge spread risk, for example from mortgage-backed securities, corporate bonds and Agency debentures. Swap futures are alternatives to OTC cleared swaps that are required to trade on swap execution facilities known as SEFs.
The CBOT was the first to launch swap futures in the U.S. It was acquired by the CME Group, which now offers the CBOT swap futures.
Its futures products include:
*CME Group 2 Year USD Deliverable Interest Rate Swap
*CME Group 5 Year USD Deliverable Interest Rate Swap
*CME Group 10 Year USD Deliverable Interest Rate Swap
*CME Group 30 Year USD Deliverable Interest Rate Swap
Eris Exchange was founded in 2010 specifically as an alternative to the OTC swaps market as regulatory developments in the wake of the financial crisis pushed more trading activity onto centrally cleared markets. Eris swap futures are cleared by CME Clearing. Eris' primary products fall into two buckets: Eris Standards and Eris Flexes. 
Eris' swap futures methodology is also licensed to other exchanges - CBOE, Montreal Exchange, Johannesburg Stock Exchange and Intercontinental Exchange all have licensing agreements with Eris. 
Germany's Eurex launched Europe's first deliverable swap future in September 2014. However, volumes over its first two months of trading have been low.
== References ==
Category:Swaps
Category:Futures
Swap rate

In the case of an interest rate swap, the swap rate is the market interest rate paid by the party responsible for the fixed payments. In general, a well-defined market rate exists for this payment, and when a swap is initiated, the fixed rate paid is usually quite close to the market swap rate. However, as the swap matures the fixed rate paid on the swap stays constant, while the swap rate might change, and these two rates can diverge.
== References ==
Swedish Financial Supervisory Authority

The Swedish Financial Supervisory Authority (Finansinspektionen) is a public authority established to promote stability and efficiency in the Swedish financial system and ensure effective consumer protection. 
== Organization and Purpose == 
The Swedish Financial Supervisory Authority authorizes, supervises and monitors all companies operating in Swedish financial markets. The Finansinspektionen is accountable to the Ministry of Finance. There is also a 10-person board whose members, as well as the director general, are appointed by the government. 
Operations that involve offering financial services require a permit granted by the SFSA. The Authority issues regulations and general guidelines and assesses whether existing legislation needs to be amended. It supervises compliance with the Swedish Insider Act and investigates cases of suspected offences and share price manipulations. It also conducts onsite investigations at branches of Swedish companies located in other EU countries.
The organization is a member of the Committee of European Securities Regulators. The director general serves as Finansinspektionen's representative on the Committee.
== History ==
The organization was established in 1991 to create a single integrated regulator to cover banking, securities and insurance. Finansinspektionen supervises about 3,700 companies that include banks and other credit institutions, securities companies and fund management companies, stock exchanges, authorised marketplaces and clearing houses and insurance companies, insurance brokers and friendly societies.
== Key People ==
*Erik Thedéen, Director General
*Martin Noréus, deputy Director General and Executive Director Banking 
*Henrik Braconier, Chief Economist
*Malin Omberg, Executive Director Markets
*Tove Friberg, Executive Director Administration
*Lars Hörngren, Senior Advisor to the Director General
== References ==
Category:European Securities Regulators
Swedish Money Market Council

The Swedish Money Market Council is the body in Sweden that monitors the Swedish Interbank repo market. 
 
== History ==
In early October of 2010, Nasdaq OMX entered into an agreement with Swedish Money Market Council, as a result entire Swedish Interbank repo market would ultimately be cleared through Nasdaq OMX Stockholm.
It was believed the agreement would make changes the structure of the Swedish repo market and could make central clearing an industry standard for the Swedish repo market.
== Products and Services ==
== Membership ==
== Key People ==
== References ==
Category:Sweden
Category:Repos
Swiss Block

Swiss Block is a new facility to be launched by SWX Europe that will offer trading of large blocks of stocks in a "dark pool."
Swiss Block will allow trading in blocks of shares worth more than SFr500,000 ($463,000), the equivalent of about 73,000 shares in UBS, the bank. The average size of a trade carried out normally on a European exchange is about a sixth of that.
Dark pools have been operated by independent specialists such as US-based Liquidnet and Nyfix, or the brokerage arms of investment banks. This will be the first time a Europoean exchange has entered the dark pool arena. 
Nyfix is partnering with the SWX on Swiss Block.
== References ==
Category: European Dark pool
Category:SWX Europe
Swiss Federal Banking Commission

The Swiss Federal Banking Commission (SFBC) is an administrative authority of the Confederation that is independent of the individual directives of the Federal Council and is not a part of central government administration.
== History ==
Historically the authority responsible for supervising the banking sector, the SFBC has with time developed into a supervisory authority responsible for broad areas of the financial sector.
== Products and Services ==
The SFBC is responsible for the following tasks:
*Supervision of banks and securities dealers 
*Supervision of audit firms as far as they verify banks, securities dealers, fund management companies, investment companies with variable capital, investment companies with fixed capital, limited partnerships for collective investments, asset managers of collective investments, representatives of foreign collective investment schemes and investment funds 
*Supervision of collective investment schemes 
*Supervision of mortgage bond business 
*Supervision of stock exchanges and markets 
*Disclosure of shareholdings and public takeover bids for listed companies 
*Supervision of banks, securities dealers, fund management companies, investment companies with variable capital, investment companies with fixed capital, limited partnerships for collective investments and asset managers of collective investments in matters of money laundering 
*Decisions about bankruptcy and restructuring of banks and securities dealers 
== Key People ==
The SFBC is managed by a Commission , appointed by the Federal Council, that consists of seven to 11 members, who serve four-year terms. The Commission consists of: 
*Eugen Haltiner , chairman
*Jean-Baptiste Zufferey, Vice-Chairman
*Peter Viktor Eckert, Commissioner
*Anne Hertier Lachat, Commissioner
*Rene Kastli, Commissioner
*Sabine Kilgus, Commissioner
*Charles Pictet, Commissioner
== References ==
Category:International Regulatory Organizations
Category:Switzerland
Swiss Financial Market Services

Swiss Financial Market Services AG is the user-owned holding company for the SWX Group, operator of the SWX Swiss Exchange, the SIS Group clearing business and Telekurs Group, a payment systems provider. SFMS was created on Jan. 1, 2008 and, through SIX, holds 50 percent of the voting rights and 15 percent of the share capital in Eurex, the derivatives platform.
== Background ==
The reorganization of Switzerland's financial services sector was announced in May 2007, approved by shareholders in September and given the go-ahead by regulators in October 2007. It and brings clearing under the control of the exchange operators, though an open multi-provider architecture system has been retained to foster competition.
Domestic banks are the largest shareholders - listed banks holding 31.1 percent and private banks 10.5 percent - while overseas banks own 31.1 percent, and the balance is held by regional and specialist banks.
== References ==
Swiss Futures and Options Association

The Swiss Futures and Options Association (SFOA) held its inaugural meeting in 1980 as the Swiss Commodities Industry Association, adding "futures" and "options" to its name (Swiss Commodity Futures and Options Association - SCFOA) before adopting the SFOA name in 1997. In January 2016 it was reborn as the International Commodities and Derivatives Association (ICDA).
The association was founded as a non-profit professional association for the purpose of promoting derivative financial instruments, particularly standard futures and options contracts on financial instruments and commodities, to the widest possible audience.
The creation of the association was the result of extensive preparatory work undertaken by an ad-hoc committee of the CFTC International Advisory Committee formed on the suggestion of the American Ambassador in Bern at the time.
 
SFOA serves users of commodity and financial derivatives, as well as professionals, their institutions and the exchanges. 
Each year since 1998, the association has held its annual autumn meeting, generally in Bürgenstock, Switzerland, hosting institutional professionals and exchange officials, and covering pertinent issues relating to the markets, regulation and competition. In 2008, it was held in Interlaken, Switzerland.
== Leadership ==
*Otto E. Nägeli, Chairman
*Dan Day-Robinson, Vice-Chairman & CEO
== References ==
Category:Industry Associations
Swiss Re

Swiss Reinsurance Co. (known as Swiss Re) is a diversified global reinsurer that offers financial services products that enable the transfer of risk. 
Swiss Re operates in more than 25 countries. It offers traditional reinsurance products and related services for property and casualty as well as for life and health business, as well as insurance-based corporate finance solutions and supplementary services for risk management.
== History ==
Swiss Re was founded in Zurich, Switzerland, in 1863.
In February 2009, billionaire Warren Buffett agreed to provide $2.63 billion to help shore up Swiss Re's finances, in a vote of confidence in the European insurance industry. Buffett will receive a high-yielding bond that can be converted into stock in three years, potentially giving Berkshire Hathaway, which already has at least a 3% stake in Swiss Re, a 20% holding in the company.
== Products and Services ==
== Key People ==
== References ==
Sydney Stock Exchange

The Sydney Stock Exchange (formerly the Asia Pacific Exchange (APX)) is a securities exchange in Australia that is intended to serve as a bridge for capital, knowledge, and investor relations between Asia and Australia. Because of its ties to Asia, especially China, the exchange aims to attract Chinese firms looking to strengthen their global presence and provide Chinese investors and companies with an alternative listing venue to the stock exchanges in China. 
The Sydney Stock Exchange provides both listing and trading facilities under a license granted by the Australian Securities & Investments Commission (ASIC). APX is scheduled to begin operations in July of 2012. 
== Background ==
The Sydney Stock Exchange began (as APX) as an exempt market exchange in 1997 and was granted a stock exchange license by the ASIC in August of 2004. In October of 2008, AIMS Financial Group acquired APX and facilitated the exchange's growth by providing necessary funding and developing key business strategies. APX's listing rules were approved by ASIC and Australia Federal Treasury in November of 2011.
== Key People ==
* Raymond John Schoer, Chairman
* George Wang, Deputy Chairman and Executive Director
== References ==
Category:Exchanges
Category:MarketsWiki Page of the Day
Sygnum

Sygnum is a Swiss- and Singapore-based digital asset bank for institutional customers. It holds both a Swiss banking license and a Singapore asset management license.
Sygnum joined with Deutsche Börse AG and Swisscom, the largest information and communication technology (or ICT) enterprise in Switzerland, to exploit distributed ledger technology (or DLT) in a regulatory compliant environment. The partnership was announced on March 11, 2019. In conjunction with that partnership, Deutsche Börse invested in Custodigit AG, which was formed in 2018 to develop a technical solution for managing the life cycle and custody of digital assets. Custodigit was a joint venture between Swisscom and Sygnum. Sygnum and Deutsche Börse also invested in daura AG, which had developed a platform for transferring digital securities.
 
Sygnum began on-boarding institutional customers on September 18, 2019.
== References ==
Category: fintech
Category: digital assets
Category: distributed ledgers
Category: cryptocurrency
Category: CryptoMarketsWiki
Symbiont

Symbiont is a technology company that uses enterprise blockchain applications. Symbiont announced in April 2016 that it was launching its blockchain based application called Assembly, which gained speed in processing by using a technology called "containerization."
== History ==
Symbiont became a partner of the Delaware Blockchain Initiative when it was founded in 2016 by then Governor Jack Markell. A year later, the Delaware legislature enacted changes to its securities laws that enable the use of blockchain technology in the issuance and transfer of securities. By February 2018, however, official enthusiasm for the blockchain had waned in light of the potential effect blockchain technologies could have on other sources of revenue in Delaware, according to Deputy Secretary of State Kristopher Knight. In June 2018, the State of Delaware awarded a contract to IBM to develop a blockchain prototype for corporations automatically to track stocks and collateral assets in real time.
In April 2018, Symbiont announced a partnership with Ranieri Solutions in order to create a platform for mortgage-backed securities management and trading.
In January 2019, Nasdaq and Citigroup Inc. led the series B round of investment for Symbiont. Other investors included Michael Novogratz's Galaxy Digital Holdings Ltd., as well as Raptor Group Holdings, an investment company backed by Jim Pallotta.
Symbiont announced on February 25, 2019 that it was partnering with Templum to develop a private blockchain for issuing and trading securities on Templum Markets.
== References ==
 
Category: digital assets
Category: blockchain
Category: altcoins
Category: regulation
Category: CryptoMarketsWiki
Symphono

__NOTOC__
Symphono is a technology consulting firm with a focus on custom development. 
== History ==
== Products and Services ==
Symphono’s Trading System X (“TSX”) was designed to be a low-latency market making and algorithmic trading solution for options. 
== Key People ==
*Dave Zaret, Chief Executive Officer
*Bob Schmitt, Chief Technology Officer
*Drew Shields, Chief Product Officer and Partner
*Adam Weyeneth, Chief Financial Officer
== References ==
Symphony

Symphony is a communication technology platform backed by seven major banks. They are: BNP Paribas, JPMorgan Chase, BNY Mellon, HSBC, Credit Suisse, Deutsche Bank and Citi.
Symphony combines conventional chat, voice, and video conferencing onto one platform.​ Its services combine the "trader voice" system with natural language processing (NLP) and automation technologies.
== History ==
On June 25, 2021 Symphony announced it had acquired the voice trading communications specialist Cloud9 Technologies in a bid to expand into voice trading.
== Products and Services ==
== Key People ==
*Brad Levy, CEO
*Ben Chrnelich, President & Chief Financial Officer
== References ==
Synthetic futures contract

A synthetic futures contract is a position created by combining call and put options in order to mimic the payout schedule and characteristics of a futures contract.
A synthetic long futures contract is created by combining long calls and short puts. A synthetic short futures contract is created by combining short calls and long puts. In order for both combinations to be identical to a futures position, the options must have the same expiry dates and strike prices. 
== References ==
Category:Definitions
Synthetic trades

A synthetic trade or synthetic position is one that mimics another position constructed of different elements. The result of the synthetic trade is in many ways the same as the position it mimics in that the win or loss is the same, ie it has the same risk-reward profile. 
For example, there are several popular synthetic options strategies.
* A long combo, the combination of buying a call and selling a put, acts as synthetic long stock. If the underlying stock goes up, so will the call, so the long combo's holder will profit from owning the call just as the holder of the stock profits. If the stock advances, however, the combo creator is at risk that the stock will be put to him or her at a loss. 
* A short combo, the combination of buying a put and selling a call, acts as a synthetic short sale of the underlying stock. If the underlying stock declines, the value of the put increases, and the creator of the short combo will profit, similar to someone shorting the stock. If the stock instead advances, the short combo creator is at risk on the short call. 
* A covered call, the combination of buying the stock and selling calls against it, acts as a synthetic short put. The covered call is a neutral-to-bullish position with limited risk and limited return. If the stock price rises or stays the same, it is a winning position. The short put likewise wins and loses if the stock stays flat or rises, and if the put is OTM it also wins if the stock drops but not as far as the breakeven.
== Advantages ==
There are a few advantages to using synthetic positions as opposed to the alternative standard positions. One benefit to synthetic positions is that it enables traders to take advantage of discrepancies in options theoretical values. The theoretical value or delta of a call and a put is required to equal 100. For example, a put would have a delta of 20 and a corresponding call would have a delta of 80 so the combined delta is 100. If a put had a delta of 23 however, then the trader could arbitrage by buying both the put and the underlying futures contract which would create the same outcome as buying the call.
Synthetic positions are also beneficial to short sellers because you don't need to borrow the actual stock to short sell it. You also do not have to worry about paying dividends on the short stock. 
 
== References ==