nyuuzyou/wikis huggingface dataset:
Regulation SHO

The SEC's Reg SHO was a set of rules governing short sales. It went into effect in January 2006. 
Compliance with Regulation SHO began on January 3, 2005. The rule was adopted to update short sale regulation in light of numerous market developments since short sale regulation was first adopted in 1938. Its goals included establishing uniform "locate" and "close-out" requirements in order to address problems associated with failure to deliver, including potentially abusive "naked" short selling. 
Locate Requirement: Regulation SHO requires a broker-dealer to have reasonable grounds to believe that the security can be borrowed by the delivery date before it can effect a short sale. The "locate" must be made before the short sale takes place. 
Close-out Requirement: Regulation SHO imposes additional delivery requirements on broker-dealers for securities in which there are a relatively substantial number of failures at a clearing agency. (These types of securities are known as "threshold securities.") For instance, with a few exceptions, Reg SHO requires brokers and dealers that are participants of a registered clearing agency to take action to "close-out" failure-to-deliver positions in threshold securities that have persisted for 13 consecutive settlement days. Closing out requires the broker or dealer to purchase securities of like kind and quantity. Until the position is closed out, the broker or dealer and any broker or dealer for which it clears transactions (for example, an introducing broker) may not effect further short sales in that threshold security without borrowing or formally agreeing to borrow the security. (This is known as the "pre-borrowing" requirement).
 
Reg SHO also created uniform order marking requirements for sales of all securities. This means that orders placed with a broker-dealer must be marked "long," "short," or "short exempt." 
== References ==
Category:SEC Regulations
Category:Regulation
Regulators

Regulators consist of government agencies that exist to enforce and monitor compliance with the rules of a jurisdiction. Financial markets are regulated by a number of agencies.
In the U.S., the agencies consist of:
*Securities and Exchange Commission (SEC): The SEC was created in 1934 after the Great Market Crash of 1929, during the days of the ensuing U.S. Depression, to protect investors, to maintain fair, orderly, and efficient markets, and to facilitate capital formation in the U.S. securities markets.
*Commodity Futures Trading Commission (CFTC): The CFTC was created in 1974 to regulate commodity futures and options markets in the United States. (Prior to that time, futures markets were regulated by the Commodity Exchange Authority (CEA), a division of the U.S. Department of Agriculture). The CFTC's mandate has been renewed and expanded several times since 1974, most recently by the Commodity Futures Modernization Act of 2000 (CFMA), and by the Dodd-Frank Act, which added swaps and OTC derivatives to the CFTC's mandate. 
*Office of the Comptroller of the Currency, U.S. Department of the Treasury (OCC): The OCC charters, regulates and supervises all national banks, and also supervises national affiliates of foreign banks. 
*Board of Governors of the Federal Reserve System (Fed): Founded in 1913 to provide stability to the nation's monetary and financial system, the Fed monitors and regulates banking institutions. Its dual mandate is to provide price stability and to maintain full employment. 
*Federal Deposit Insurance Corporation (FDIC): The FDIC was created through the Glass-Steagall Act of 1933 to maintain stability and confidence in the nation's banks and thrift institutions. The FDIC insures deposits, audits member banks for soundness, and manages receiverships.
*Farm Credit Administration (FCA): The Federal agency responsible for regulating credit and financial services for participants in the U.S. agriculture industry and in rural areas of the country. The agency was created during the Great Depression of the 1930s, and its authority was amended by the Farm Credit Act of 1971.
*Federal Housing Finance Agency (FHFA): The Federal agency created in 2008 to regulate Government Sponsored Enterprises (GSEs) Fannie Mae, Freddie Mac, and Federal Home Loan Banks. 
== References ==
Regulatory Compliance Association

The Regulatory Compliance Association (RCA) is a non-profit organization that provides firms with an all inclusive resource to effectively manage the operational risk management and compliance environment.
The RCA also serves as a philanthropic outlet to indigent and abused children by supporting organizations such as Hedge Funds Care. 
== History ==
== Products and Services ==
== Membership ==
== Key People ==
== References ==
Category:Industry Associations
Rehypothecation

Rehypothecation refers to the use the assets held as collateral for one client ("hypothecated" funds) in transactions for another. 
Hypothecation occurs when a borrower pledges collateral to secure a debt. The borrower retains ownership of the collateral but is “hypothetically” controlled by the creditor, who has a right to seize possession if the borrower defaults. A mortgage is an example of hypothecation, since the borrower has legal ownership of the property but the bank retains the title and has the legal right to sell the property should the borrower default. Because of this "hypothetical" control structure, the bank is allowed to re-pledge or "rehypothecate" the asset. Rehypothecation is a common practice among prime brokers of hedge funds.
Under U.S. securities regulations, a prime broker may rehypothecate assets to the value of 140% of a client's liability to the prime broker. In the UK, there is no statutory limit on the amount that can be rehypothecated. 
Rehypothecation became a central issue in the MF Global bankruptcy in October 2011, as the company used rehypothecation to leverage its position. The company was forced into bankruptcy when it could not meet its margin calls and, in the process, $1.6 billion of customer segregated funds went missing. 
 
== References ==
Reiner Musier

__NOTOC__ 
Reiner Musier has more than 17 years experience in business-to-business software technology development, product management, marketing, strategic planning, and sales. Prior to joining APX, Reiner was Vice President of Sales and Marketing for the Siemens Corporation division providing energy industry solutions for strategic and financial planning, energy trading and risk management, power market operations solutions, and market simulation. Previously, Reiner was Vice President of Product Marketing at AspenTechnology, a provider of modeling, simulation, optimization, and operations software and services to the petroleum, process, and pharmaceutical industries.
==Education==
Dr. Musier holds Ph.D. and M.S. degrees in Chemical Engineering from the Massachusetts Institute of Technology, and a B.S. degree from Northwestern University. He also completed the Wharton Management Program - a two-year certificate program for executives, and a one year post graduate fellowship at the Universitaet Karlsruhe in Germany. 
== References ==	
Category:Bios - Executives
Category:APX
Category:Weather
Category:Environmental Markets
Reinhardt Olsen

__NOTOC__ 
Reinhardt Olsen is managing director of North America and head of exchange-traded derivatives at UBS Securities LLC. Olsen also serves on the board of directors of the Futures Industry Association.
== Background ==
From 1989 to 2003, Olsen worked at Merrill Lynch.
== Education ==
== References ==
Category:Bios - Executives
Category:UBS
Category:FIA Board of Directors Members
Relative Strength Index

The Relative Strength Index or RSI is calculated with the following formula, where RS = Average Gain / Average Loss. 14 periods is generally used to calculate RSI but other periods may used, as long as the period is consistent throughout the calculation. The concept of Relative Strength Index is credited to J. Welles Wilder.
Average Gain = (SUM of the Total Gains for the preceding 14 periods)/ 14
Average Loss (|SUM of the Total Losses for the preceding 14 periods |) / 14
RS=Average Gain / Average Loss
RSI = 100 - ( 100 / 1 + RS ) 
== References ==
Category:Definitions
Category:Technical Analysis
Relative value strategies

See also convergence trades.
Relative value strategies are sometimes called market neutral strategies. A trader will go long a certain instrument while going short another instrument in a way that has no net exposure to broad market moves. They are widely used by hedge funds and proprietary traders to profit off of relative mispricings in the market, usually involving inefficiencies in the government bond market. 
For example, Long Term Capital Management, who heavily invested in relative value strategies, bought Italian government bonds and sold German Bund futures; buying the less liquid contracts and selling, at the time, the more liquid treasuries. After the hedge fund blew up in 1998, the strategy was shunned by investors. 
== Recent News ==
In August of 2010, Hedge Fund Research released reports that the strategy was gaining popularity again. At the time, the average relative value fund had returns of 5.33 percent and had taken in $10 billion from investors. Experts believe this is due to the massive issuance of bonds by the UK government, fiscal stimulus packages and unusual central bank monetary policies that have caused price inefficiencies. 
== References ==
Category:Investment Strategies
Remco Lenterman

__NOTOC__ 
Remco Lenterman is head of global business development at Citadel Securities. He joined Citadel in that role in September 2016. The hire came as Citadel was looking to expand in Europe during a regulatory overhaul of the financial markets.
In September of 2016 he also rejoined the FIA European Principal Traders Association as chairman, replacing Mark Spanbroek, who became vice chairman of the association.
== Background ==
Lenterman previously spent five years as managing director of the automated trading firm IMC Financial Markets in Amsterdam, where he focused on global corporate development before leaving in August 2015 to move to London with his family. During his absence from FIA EPTA’s executive committee, he continued to contribute to the work of the association.
Before that he was a managing director at Goldman Sachs Group Inc.
== Education ==
== References ==
Remote market maker

Remote Market Makers (RMM) are securities and options exchange individual market makers and member organizations allowed to engage in market making from any location, thereby adding additional liquidity and depth to markets. Prior to several exchanges making this means of market making available, market makers on a physical exchange had to be present at that venue. Electronic exchanges, obviously without a physical trading floor, did not have to be concerned with locality of market makers, which was an advantage. This led physical exchanges to enact new rules which would change how market makers could participate.
Remote market makers, who choose to operate solely from off the trading floor, can stream quotes into classes electronically (as in CBOE's Hybrid) in their market maker appointments, but they will not participate in open outcry trades. RMMs have quoting obligations, as well as other market maker obligations.
== References ==
Category:Market Terms
Ren Jin

__NOTOC__ 
Ren Jin is chief executive officer of JPMorgan First Capital Securities Co, JPMorgan Chase & Co.'s (JPMFC) joint venture in China. He was named to the position in January of 2013. He is responsible for driving JPMFC’s investment banking businesses and further advancing its client relationships.
 
== Background ==
Ren joined the China venture in June 2012 as deputy CEO and head of investment banking. He was previously at Bank of China Ltd. and its investment-banking unit for 24 years.
== Education ==
== References ==
Category:MarketsWiki Page of the Day
Renee Jones

__NOTOC__ 
Renee Jones was appointed director of the SEC's Division of Corporation Finance effective June 21, 2021. Jones is a member of the American Law Institute and has served as the co-chair of the Securities Law Committee of the Boston Bar Association.
In her SEC role, she will oversee a division of more than 400 lawyers and accountants that draft rules for companies raising capital and disclosing material news and events to shareholders. She takes over the division at a time when the commission is looking into the possibility of changing some rules that were implemented during the Trump administration, including the proxy-advice and shareholder-proposal rules.
Jones has written critically about large, private companies known as unicorns, which are valued at more than $1 billion before going public. 
== Background ==
Jones most recently served as professor of law and associate dean for academic affairs at Boston College Law School, starting in 2002, where she taught courses in corporations, securities regulation, startup company governance, and financial regulation. Previously, she represented private and public companies on corporate and securities matters at Hill & Barlow law firm, which shut its doors in 2002.
== Education ==
She received an undergraduate degree from Princeton University and a J.D. from Harvard University.
== References ==
Renewable Fuels Association

The Renewable Fuels Association is the national trade association for the U.S. ethanol industry. Organized in 1981, it promotes policies, regulations and research and development initiatives that will lead to the increased production and use of fuel ethanol, such as that involved with Ethanol Derivatives. RFA membership includes a broad cross-section of businesses, individuals and organizations dedicated to the expansion of the U.S. fuel ethanol industry.
The RFA is governed by a board of directors comprised of a representative from each producer member. The board meets several times a year to set association policy. RFA producer members represent 90% of U.S. ethanol production.
== History ==
== Products and Services ==
== Membership ==
Membership of the RFA includes:
*Producer Members (public and private companies and farmer-owned cooperatives)
*Associate Members (companies that provide products and services to the industry)
*Supporting Members (non-profit organizations, academia and government entities) 
== Key People ==
*Bob Dinneen, President & CEO
*Christina Martin, Executive Vice President
*Neill McKinstray, RFA Chairman
*Randall Doyal, RFA Vice Chairman
== References ==
Category:Industry Associations
René Karsenti

__NOTOC__ 
René Karsenti is executive director of the International Capital Market Association (ICMA). Karsenti is a member of the manager selection committee of the French Pensions Reserve Fund (FRR) and also a member of the strategic committee of Agence France Trésor (French Ministry of Finance). Since 2004 he has been chairman of AMTE (Euro Debt Market Association) which is a forum for debate among key participants in the euro-denominated fixed income and derivatives markets. 
== Background ==
Previously director general of finance of the European Investment Bank (EIB) in Luxembourg, Karsenti was also at one point the first treasurer of the European Bank for Reconstruction and Development (EBRD) in London. 
Karsenti held senior positions in the Treasury organizations of the World Bank Group in Washington including director of the Treasury and Financial Policy department of the International Finance Corporation (IFC).
Prior to joining the World Bank Group, Mr Karsenti was an investment analyst and portfolio manager at Caisse des Dépôts et Consignations in Paris. He holds an engineering degree from ESCIL, Lyon University, and a Doctorate in economics from Sorbonne University, Paris. He was also a researcher in finance and economics at the University of California, Berkeley. 
== Education ==
== References ==
Category:Bios - Executives
Renée Laird

__NOTOC__ 
Renée Laird is a grain and commodity markets veteran who is currently senior managing director and global head of commercial agriculture and OTC markets at R.J. O'Brien. She oversees both ag and OTC initiatives, including the OTC Structured Products Group led by Melisa Culbertson, the executive director and senior vice president, OTC Structured Products. 
== Background ==
Laird started her career as a grain merchandiser at Liberty Grain Co. She has held various roles, including in trading, risk management and sales, at Koch Industries, Inc., Rabobank and Newedge/Société Générale. More recently she was the founder and president of Tallgrass International Ltd., a consulting firm advising on strategic business and operational matters.
== Education ==
She earned a bachelor of science degree in agricultural economics from Kansas State University.
== References ==	
Category:Koch Industries - Former Employees
Category: Newedge - Former Employees
Repo

A repo, short for repurchase agreement, is a short-term secured funding instrument that makes it possible for dealers in different debt instruments to either loan or be loaned securities over days or hours. Repo trading allows banks to lend/borrow their security holdings in exchange for money and receive or grant liquidity as a result. 
A repo is essentially a contract for the sale and future repurchase of a financial asset, most often Treasury securities. On the termination date, the seller repurchases the asset at the same price at which he sold it, and pays interest for the use of the funds. Although legally a sequential pair of sales, in effect a repo is a short-term interest-bearing loan against collateral. 
The U.S. Federal Reserve system uses repurchase agreements to make collateralized loans to primary dealers. In a reverse repo, the Fed borrows money from primary dealers. The Fed uses these two types of transactions to offset temporary swings in bank reserves; a repo temporarily adds reserve balances to the banking system, while reverse repos temporarily drain balances from the system.
The European Central Bank (ECB) and the majority of national European central banks also use repo transactions to control money supply. 
The annualized rate of interest paid on the loan is known as the repo rate. Repos can be of any duration but are most commonly overnight loans. Repos for longer than overnight are known as term repos. There are also open repos that can be terminated by either side on a day’s notice. In common parlance, the seller of securities does a repo and the lender of funds does a reverse. Because money is the more liquid asset, the lender normally receives a margin on the collateral, meaning it is priced below market value, usually by 2 to 5 percent depending on maturity.
Every night, about $2.5 trillion turns over in the repo market. 
== References ==
Category:Repos
Repo-to-maturity

A repo-to-maturity is a repurchase agreement, or repo, that terminates on a bond's date of maturity. This type of transaction is typically low-risk, as the profit from the bond position is known in advance with the bond's maturity. In fact, this type of trade can often guarantee a profit for a financial institutions. The seller is in many cases not obligated to repurchase anything.
== Repo-To-Maturity Agreements In The News ==
In November 2011, repo-to-maturity agreements came into the spotlight as broker-dealer MF Global Holdings Ltd. began liquidation proceedings. The U.S. Securities and Exchange Commission (SEC) had questioned the company as early as March 2011 regarding the removal of assets from MF Global's balance sheet that then CEO Jon S. Corzine had pledged as collateral, while remaining viable to creditworthy bond issuers.
In the case of MF Global, regulators reportedly advocated raising more capital and disclosing the size of its positions. Based on these disclosures, ratings agencies then downgraded the company, and creditors on the other side of the repo-to-maturity agreements demanded more collateral.
== References ==
Category:Repos
Category:Bonds
Category:Definitions
Category:MarketsWiki Page of the Day
RepoClear

RepoClear €GC is a service offered by LCH.Clearnet to provide a mechanism for repo market participants to address their euro funding needs more effectively by allowing them to move the collateral that underlies their repo trades quickly and easily. 
RepoClear €GC was launched with a range of standardised pan-European government bond baskets, classified by credit rating. It currently clears Austrian, Belgian, Dutch, UK, Portuguese, Irish, Finnish and German government bond and German Jumbo Pfandbriefe repos and cash bonds. LCH.Clearnet plans to add further baskets following market consultation.
Repo dealers can trade either anonymously on the electronic platform of ICAP Electronic Broking and MTS Italy or through voice brokers. The trades can be cleared on an overnight, term and forward start basis.
== References ==
Category:Clearing
Category:Repos
Category:LCH.Clearnet
Repo 105

Repo 105 is the name of a financing technique that Lehman Brothers used to move around $50 billion in assets off its balance sheet.
 
Under accounting rules, the assets a bank uses in repo deals stay on the bank's balance sheet. But when Lehman Brothers wanted to make it look like it wasn't borrowing so much money, the company used a special technique to get around this rule. It did repo deals where it took slightly less cash than the asset was worth. 
== References ==
Category:Definitions
Report of Special Study of Securities Markets

Report of Special Study of Securities Markets was a comprehensive analysis of the U.S. securities markets conducted by the Securities and Exchange Commission (SEC) staff and published in 1963. The study was authorized by Congress to examine the adequacy of investor protections in the wake of the 1962 stock market crash.
== History ==
The Special Study was initiated in response to concerns about market practices and investor protection following the 1962 stock market decline. Congress authorized the SEC to conduct a broad examination of the securities industry and markets. The study began in late 1961 and the final report was submitted to Congress in 1963, published in multiple parts throughout that year.
== Key Findings and Recommendations ==
The Special Study made numerous findings and recommendations across various aspects of the securities markets, including:
* Floor trading practices on exchanges
* Over-the-counter markets
* Qualifications and supervision of securities industry personnel
* Corporate disclosure practices
* Distribution and trading of new issues
Regarding floor trading on exchanges, the Special Study was particularly critical. It recommended that the SEC exercise its authority under the Securities Exchange Act of 1934 to abolish floor trading by exchange members for their own accounts.
== Impact and Legacy ==
The Special Study had a significant impact on securities regulation and industry practices in the following years. Many of its recommendations were implemented through new SEC rules and industry reforms. The study is considered a landmark examination of U.S. financial markets that helped shape modern securities regulation.
Its critical stance on floor trading practices led to further scrutiny of this activity, including follow-up studies by exchanges like the New York Stock Exchange's 1964 study of floor trading conducted by Cresap, McCormick and Paget.
== References ==
Category:Securities Regulation
Category:Financial Market History
Category:Securities and Exchange Commission
Category:Market Structure
Category:Reports
Reportable position

In the futures industry, a reportable position is the level of held futures contracts at which the customer must be identified to the exchange and to the Commodity Futures Trading Commission (CFTC). The CFTC produces a bi-weekly report, called the Commitment of Traders Report, for each commodities market; the report shows whether different classes of traders, such as institutions or hedge funds, are net buyers or net sellers of each commodity or financial instrument. The report summarizes all of the reportable positions. 
== References ==
Category:Definitions