nyuuzyou/wikis huggingface dataset:
Sovereign wealth fund

A sovereign wealth fund is a state-owned investment fund composed of financial assets such as stocks, bonds, real estate, or other financial instruments funded by foreign exchange assets. SWFs can be structured as a fund or as a reserve investment corporation. Some funds also invest indirectly in domestic state-owned enterprises. SWFs tend to prefer returns over liquidity and have a higher risk tolerance than traditional foreign exchange reserves. SWFs also tend to have a long investment horizon and don’t need to be 100 percent in foreign currencies, but should be mostly in foreign currency terms.
A sovereign wealth enterprise (SWE) is a sovereign investment vehicle that is owned and controlled by a sovereign wealth fund.
 
Since 2005, at least 16 SWFs have been created and the U.S. Department of Treasury estimates they control around $2.5 trillion. Their growth skyrocketed in 2007-2008 thanks to rising commodity prices including oil and gas. But in late 2008-2009 the sovereign funds that held shares suffered large losses as the global credit crisis shifted priorities. Some countries, such as Russia, depleted their reserves to defend their currencies from capital outflows. As Western governments had to borrow to fund bail-outs and stimulus packages, so many surplus countries had to tap their reserves of extra cash. A paper by Brad Setser of the Council on Foreign Relations and Rachel Ziemba of RGE Monitor, a research firm, estimated that Gulf foreign-reserve funds and SWFs lost $350 billion in 2008, or 27% of the value of their assets. 
The Sovereign Wealth Fund Institute is an organization designed to study SWFs and their impact on global economics, politics, financial markets, trade, and public policy. They provide specialized services such as research and consulting to various corporations, funds, and governments.
== References ==
Category:Definitions
Category:Sovereign Wealth Funds
Spear, Leeds & Kellogg

Spear, Leeds & Kellogg Specialists LLC is a specialist on the New York Stock Exchange. It is a subsidiary of Goldman Sachs Group. 
The firm was founded as in 1931 as Spear, Leeds & Co. by Harry Spear and Larry Leeds. James Kellogg joined the firm in 1941.
Goldman Sachs acquired it in 2000. 
In addition to its market maker services, it also offers clearing, trading, and reporting tools. It also offers financing to customers and loans out stocks, especially hard-to-borrow securities. In addition it provides custody reporting services and a Web-based portfolio accounting system.
 
== History ==
SLK has long been known as a leading specialist on the New York Stock Exchange. In 2004 SLK and four other specialist firms paid $240 million to settle with the Securities and Exchange Commission (SEC), which accused them of "front-running," artificially inflating the price of shares they held as a way to skim additional profits.
== Products and Services ==
Market making, clearing, and reporting tools
== Key People ==
== References ==
Specialist

A specialist is a member of a stock exchange who acts as the market maker to maintain liquidity in a given stock. The specialist keeps an inventory of the stock, posts the bid and ask prices, manages limit orders and executes trades. Specialists are required to trade out of their own inventory, if necessary, to manage large movements in the stock's price. If a big shift in demand occurs either on the buy side or the sell side, the specialist sells stock out of his own inventory to meet the demand, thus narrowing the gap.
Generally, one specialist per stock stands ready to step in and buy or sell as many shares as needed to ensure a fair and orderly market in that security.
== References ==
Category:Securities
Category:Stocks
Category:Market Making
Spectron Group

Spectron Group Limited is a subsidiary of Marex Spectron, a global broker and market maker in energies, metals, agriculture and FX markets. Spectron was acquired by Marex Group in May 2011 for £94.5 million.
Founded in 1988, Spectron Group was the holding company of Spectron Energy Services Limited and Spectron Commodities Limited. It was owned by Imarex, a Norway-based freight and energy broker, which purchased Spectron in 2008 for £70.35 million. 
Spectron operated an independent global marketplace for energy. It has offices in London, Singapore, Frankfurt and across the US. 
== History ==
Spectron was involved in developing online trading technology since 1994 and was the first company to launch an online platform for metals and coal. In 2000 it launched SpectronLive.com, its electronic trading platform, and the hybrid voice/screen model this created has since become the industry benchmark in Europe. 
In 2006 the company was selected to act as the market operator for the CIF electronic multi-broker platform for dry FFAs (Freight Forward Agreements).
Spectron pioneered various market initiatives. It was the first company in Europe to broker several markets, including online gas swaps, cleared OTC coal, 2012 emissions allowances, online gas storage products, spark spreads and dark spreads. It was the first to launch a set of audited energy indices, and the first to offer straight-through deal processing via API. And it was the first to offer OTC clearing across the main electricity and gas markets.
== Products and Services ==
Spectron, as part of Marex Spectron, is still active in the crude oil and petroleum products markets in Europe, the USA and Asia. In Europe, Spectron intermediates transactions in a variety of physical and financially-settled crude oil products including outrights, spreads, and swaps. It intermediates transactions in European petroleum products such as automotive diesel, heating oil, fuel oil and gasoline; it primarily focuses on UK, France, Benelux and Germany. 
Spectron also provided energy market services such as market data, benchmark energy indices, OTC clearing and consultancy. 
== Key People ==
== References ==
Category:Energy Brokers
Speculative bubble

A speculative bubble is a rapid run-up in prices caused by excessive buying that is unrelated to any of the underlying factors that normally affect the supply or demand for a commodity or other asset. In such a bubble, speculators usually rush to buy the commodity before the price run-up ends, and that rush is followed by an even greater rush to sell the commodity (unwind positions) when prices reverse.
A stock or commodity is often thought to exhibit a bubble when its price is greater than the value of future income (such as interest or dividends) received by owning it to maturity. 
Examples of purported bubbles include the Dutch tulip mania, the Stock Market Crash of 1929, the Japanese property bubble in the 1980s, the dot-com bubble in 2000-2001, and the 2007-2008 U.S. housing bubble.
== References ==
Category:Definitions
Category:Bubbles
Speculator

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A speculator is someone who trades derivatives, commodities, bonds, equities or currencies for the sole purpose of realizing a profit with the money put at risk. A speculator differs from an investor in that an investor typically puts money at risk both for the purpose of achieving a profit, and also for assisting the investment vehicle in prospering or achieving greater success.
In commodity futures trading, a speculator is considered to be in a separate class from a hedger, even though their actions in the marketplace may be similar; though a speculator can buy and hold a futures contract as a hedger can, the speculator has neither the actual commodity in production, nor a commercial need to purchase the commodity, that hedgers have.
Speculators as a class are not defined by universal characteristics. They may be sophisticated investment firms employing complex algorithms that govern their trading; they may also be individuals with limited capital trading in small quantities for their own accounts. Speculators are commonly found trading highly-leveraged products, but the strict definition of the term does not require this to be the case.
== History == 
The word "speculation," in the sense of "buying and selling in search of profit from the rise or fall of market value" is recorded as early as 1774.
== Controversy Over Speculators ==
Speculation in commodity futures markets have been a target for concern for decades, and speculation has been considered at times either for the cause of unfairly low prices, as when problems in the onion market in the 1950's led to a ban on the trading of onion futures or for unpleasantly high prices.
In 2008, extremely high oil prices led Washington politicians to examine the role of speculators in the energy and commodity markets, holding more than 40 separate hearings to address the issue.
 
In response to this onslaught of political attention, the Intercontinental Exchange (ICE) launched a new web site, oilfuturesmarketfacts.com. The CME Group also set up a page within its web site to inform the public about the role of speculators in the commodities markets. 
During the controversy, a number of airlines in the U.S. sent a letter to their customers promoting a newly launched web site, stopoilspeculationnow.com, where they tried to rally populist suppport for the speculation-limiting bills being considered before congress. 
== External Links ==
*Speculation
*Airlines Speculation Letter
== References ==
Category:Types of Traders
Category:Trading Terms
SpeedWell

Founded in 1999, SWD provides software, weather data, forecasts and consultancy to the weather derivative and energy markets. SWD is the provider of the Speedwell Weather System (SWS). SWD also helps companies looking to hedge against weather risk by quantifying such exposure, structuring an appropriate hedge and placing the risk within the weather market. Speedwell Weather Derivatives have clients in insurance, banking, investment funds, energy and broking sectors in Europe, North America, Africa and the Asia Pacific region. SWD is authorised and regulated by the UK financial services regulator, the Financial Services Authority.
Due to the growth of the weather markets, Speedwell has created a US office near Washington DC that will focus on working with US clients. David Whitehead, a former EarthSat weather data veteran brings a extensive knowledge on weather data to Speedwell 
== Products and Services ==
Speedwell Weather System 
SWS-Oasis is an open, client-server software application for the weather derivatives market which covers pricing, risk management, data and forecast warehousing and weather exposure analysis. Both the capital-markets, portfolio and actuarial methodologies used in the weather market are supported. SWS-Oasis integrates live OTC price and exchange data as well as with historical weather data and forecasts supplied by multiple suppliers. SWS functionality covers full support for front, middle and back office including the process management of the entire life cycle of a weather derivative trade. SWS is used by primary and secondary market traders in the USA and Europe and Asia.
== References ==
Speed Bump

A speed bump in financial markets is a mechanism that puts a fraction of a second delay in before a trade is executed. 
For many speed bumps, the delay is several milliseconds, and is aimed at thwarting ultra-high speed trading strategies that are considered by some to be unfair to the broader market participants. High speed traders argue that speed bumps increase transaction costs for investors.
===Background===
The first markets believed to have instituted speed bumps were ParFX and EBS Market in 2013. IEX, which launched in 2016 and was prominently featured in the Michael Lewis book "Flash Boys," was the most prominent exchange to build its trading platform using a 350 microsecond delay before allowing orders to be executed. 
Other markets have since employed speed bumps, including TSX Alpha in 2015, Refinitiv Matching in 2016, Eurex in 2017, NYSE American in 2017, Nasdaq and Intelligent Cross in 2018 and Moscow Exchange in 2019. 
The Intercontinental Exchange's ICE Futures market plans to implement 3 millisecond speed bumps on its daily gold and silver futures contracts in 2020. It was the first US futures market to receive CFTC approval, in May 2019, for speed bumps on futures. The London Metal Exchange and Cboe EDGA plan to implement speed bumps in 2020. 
== References ==
Speedwell

Speedwell Weather Derivatives (SWD) provides software, weather data, forecasts and consultancy to the weather derivatives and energy markets. SWD is the provider of the Speedwell Weather System (SWS). SWD also helps companies looking to hedge against weather risk by quantifying such exposure, structuring an appropriate hedge and placing the risk within the weather market. Speedwell Weather Derivatives have clients in insurance, banking, investment funds, energy and broking sectors in Europe, North America, Africa and the Asia Pacific region. 
== Products and Services ==
Speedwell Weather System (SWS)
*SWS-Oasis is an open, client-server software application for the weather derivatives market which covers pricing, risk management, data and forecast warehousing and weather exposure analysis. Both the capital-markets, portfolio and actuarial methodologies used in the weather market are supported. SWS-Oasis integrates live OTC price and CME Group weather products data as well as with historical weather data and forecasts supplied by multiple suppliers. SWS functionality covers full support for front, middle and back office including the process management of the entire life cycle of a weather derivative trade. SWS is used by primary and secondary market traders in the USA and Europe and Asia.
== Key People ==
*Steven Dougherty, CEO
*David Whitehead, Director of US Operations 
== References ==
Category:Weather
Spencer Campbell

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Spencer Campbell is a Singaporean financial markets professional specializing in precious metals. He currently serves as the director of SE Asia Consulting Pte Ltd, a Singapore-based business consulting firm providing advisory, assurance, and due diligence services in financial and precious metals markets.
== Background ==
Campbell has over a decade of experience in the precious metals industry, having joined SE Asia Consulting in 2011. In his role as director, he provides key advisory services across the mining and precious metal refining sectors, working with several leading gold refiners and processors.
Prior to his current position, Campbell held various roles in the financial and commodities sectors across Asia. These include:
* General Manager - Precious Metals at Kaloti Precious Metals (2015-2017)
* Sales Director - Precious Metals at Vrobal Energy & Resources (2018-2019)
* Board Member at Singapore Mining Club (2022-2023)
Earlier in his career, Campbell served as a senior vice president of business development and marketing at the Singapore Mercantile Exchange and held executive roles with companies such as Mizuho Futures, Fimat, and Refco Singapore. He began his professional journey as a pit trader with GNI Ltd and Tullett & Tokyo. He also served as the managing director of Southeast Asia for the Hong Kong Mercantile Exchange. He was responsible for marketing strategy, member recruitment and management of the Southeast Asia region for the HKMex.
=== Expertise ===
Campbell's key areas of expertise include market risk, precious metals trading, payment systems, and financial consulting. He is recognized as a thought leader in the industry, frequently contributing articles on topics such as gold markets, financial strategies, and economic trends.
==Education==
Campbell holds an International Advanced Diploma in Business Administration from the University of Cambridge, which he completed in 2003.
== Video ==
Spencer Campbell SE Asia Consulting - Singapore Mining Club
== References ==	
Category:Hong Kong Mercantile Exchange
Category:Hong Kong Mercantile Exchange - Former Employees
Category:Financial Services
Category:Precious Metals Industry
Category:Consultants
Category:SE Asia Consulting Pte Ltd
Category:Kaloti Precious Metals
Category:Kaloti Precious Metals - Former Employees
Category:Vrobal Energy & Resources
Category:Vrobal Energy & Resources - Former Employees
Category:Singapore Mercantile Exchange
Category:Singapore Mercantile Exchange - Former Employees
Category:Mizuho Futures
Category:Mizuho Futures - Former Employees
Category:Tullett & Tokyo
Category:Tullett & Tokyo - Former Employees]]
Spencer Doar

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Spencer Doar is head of content strategy with 3Points Communications in Chicago. 
He was previously an editor with John J. Lothian & Co. responsible for aggregating newsletters, original content, updating MarketsWiki.com and assisting with video production. He was promoted to editor from associate editor in April of 2018.
Doar was the star of "The Spread," a humorous look at weekly options news produced by John Lothian News.
== Background ==
Doar worked for the Arts & Entertainment desk of the Minnesota Daily from 2012 to 2014. He was the editor of the desk for one year. He worked at John Lothian News from 2015 to 2019.
== Education ==
Doar graduated from the University of Minnesota in 2014 with a degree in journalism.
== References ==	
Category:Public Relations Professionals
Category:John J. Lothian & Company, Inc. - Former Employees
Category:John Lothian News
Spencer Lake

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Spencer Lake is a long time banking executive who is a non-executive director on the board of Duco.
He is also an advisor and board member to several technology firms, including Fenergo, nCino, Nivaura, Inforalgo and Callsign.
== Background ==
Before joining Duco, Lake spent 10 years at HSBC, where he served as a group general manager, vice chairman of global banking and markets, co-head of global markets, and global head of capital financing. Previously he spent 17 years at Merrill Lynch in senior roles in investment banking, debt capital markets, and real estate finance. 
== Education ==
Lake holds a bachelor of business administration in finance and marketing from Suffolk University. He also holds a masters in business administration in finance from the NYU Stern School of Business.
== References ==	
Category:HSBC - Former Employees
Spider Rock Trading

Spider Rock Trading is a financial services company that specializes in algorithmic stock and options trading. The company provides a trading platform that enables systematic traders to implement and scale multi-asset class strategies in a compliant framework.
== Trading Platform ==
Spider Rock's trading platform is designed to operate at market scale, integrating all clients and markets into a single high-performance system. The platform supports active managed derivatives strategies with positions in hundreds or thousands of underliers, maintained by teams of traders, risk managers, and compliance supervisors.
Key features of the platform include:
* Market data and idea generation
* Risk management
* Execution services
* APIs for accessing live market data and analytics
* Risk-constrained basket orders with algorithmic parameters
The platform is currently in its seventh generation, comprising dozens of machines, thousands of active cores, and very low latency data transport.
== Data and Analytics ==
In addition to its trading platform, Spider Rock offers data and analytics services. These services combine derivatives expertise with technology to provide raw and normalized market data feeds, as well as robust historical datasets updated daily from live markets.
== Key People ==
File:George-Papa-300px.jpg|George Papa - CEO
File:Annabelle-Baldwin-300px.jpg|Annabelle Baldwin - Chief Revenue Officer
File:CraigIseli-300px.jpg|Craig Iseli - Chief Operating Officer
File:Pat-Read-300px.jpg|Patrick Read - Director of Business Development
File:Erik-Raschke-300px.jpg|Erik Raschke - Chief of Enterprise Operations
File:ADerstine-300px.jpg|Aron Derstine - Chief Client Experience Officerc
File:KHolbert-300px.jpg|Kevin Holbert - Director of Business Development
File:DanBrodsky-300px.jpg|Dan Brodsky - Head of Capital Markets
File:KKobylavz-300px.jpg|Kasia Kobylarz - Sales and Business Development, Data & Analytics
== References ==
Category:Proprietary Trading Firms
Category:Chicago-based Firms
Category:Trading
Category:Derivatives
Category:Algorithmic Trading
Category:Financial Services
Sponsor News

=== Partners ===
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=== Supporters ===
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== Friends ==
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<rss max=6 title="CQG News Headlines">https://rss.app/feeds/4Ur4gpSOEzk2O3MR.xml</rss>
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Sponsor Page

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== Partners ==
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== Contributors ==
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==Supporters==
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== Friends ==
CCP12 	CQG	Exchange Analytics
Marquette Partners	RSM	
Category:Main Pages
Sponsored Access

Sponsored Access refers to the practice in which a bank or brokerage firm offers a client direct market access to an exchange without any pre-trade risk management present. Sponsored access allows high frequency traders to access low-latency markets with pre-execution controls provided by the exchange.
Sponsored access has many different meanings for market participants, and is often misunderstood. Its origin can be traced back to the practice of direct market access (DMA), in which a broker who is a member of an exchange provides its market participant identification (MPID) and exchange connectivity infrastructure to a customer interested in sending orders directly to the exchange.
In a December 2009 report on sponsored access, Aite Group defined it as when a non-member entity (i.e., a sponsored participant) gains direct access to market centers by using the MPID of a member broker/dealer, leveraging access infrastructure not owned by the sponsoring broker. 
Firms may decide to go through a sponsored access arrangement for many reasons, including reduced latency, additional revenue opportunities, and hitting volume discounts. 
== References ==
Category:Electronic Trading