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<p>In finance, <b>quote stuffing</b> refers to a form of <a href="Market_manipulation" title="Market manipulation">market manipulation</a><sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> employed by <a href="High-frequency_traders" class="mw-redirect" title="High-frequency traders">high-frequency traders</a> (HFT) that involves quickly entering and withdrawing a large number of orders in an attempt to flood the market.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> This can create confusion in the market and trading opportunities for high-speed algorithmic traders.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> The term is relatively new to the financial market lexicon and was coined by <a href="Nanex" title="Nanex">Nanex</a> in studies on HFT behavior during the <a href="2010_Flash_Crash" class="mw-redirect" title="2010 Flash Crash">2010 Flash Crash</a>.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup>

</p><p>By quote stuffing, trading systems delay price quotes while the stuffing is occurring, simply by placing and canceling orders at a rate that substantially surpasses the bandwidth of market data feed lines. The orders pile up in buffers, and the delay (increased <a href="Latency_(engineering)" title="Latency (engineering)">latency</a>) lasts until the buffer drains. Trading systems slow down a direct exchange feed whenever they want, and the phantom orders do not need to be in a particular stock; they can be in any of the securities that cohabit the particular price (market data) feed. For example, phantom orders at the rate of over about 10,000 messages/second, even for fractions of a second, delay the <a href="New_York_Stock_Exchange" title="New York Stock Exchange">NYSE</a>'s CQS feeds.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup>

Exchanges profit by selling higher-capacity feeds to HFT traders, which disincentivizes self-regulation that could prevent the quote stuffing.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup>

</p><p>Quote stuffing happens frequently – when 6,000 replacement orders for one stock are crammed into a second, each order is valid for less time than it takes for the news of the order (traveling at close to the speed of light) to reach anyone not at the exchange; no normal person can execute a trade against the phantom order.<sup id="cite_ref-QSTS_7-0" class="reference"><a href="#cite_note-QSTS-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup>

</p>

<div class="mw-heading mw-heading2"><h2 id="Regulatory_changes_and_enforcement">Regulatory changes and enforcement</h2></div>

<p>In 2010, the <a href="Securities_and_Exchange_Commission" class="mw-redirect" title="Securities and Exchange Commission">Securities and Exchange Commission</a> (SEC) began looking at the practice of quote stuffing in relation to the Flash Crash. The agency started assessing whether the practice violated "existing rules against fraudulent or other improper behavior" or caused a disadvantage through distorted stock prices. SEC chairman Mary Schapiro said the agency would assess whether traders must hold orders open for minimum periods of time and other changes to financial trading.<sup id="cite_ref-wsj_8-0" class="reference"><a href="#cite_note-wsj-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> No such regulations have been enacted (except in Italy<sup id="cite_ref-Italy_9-0" class="reference"><a href="#cite_note-Italy-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Italia_10-0" class="reference"><a href="#cite_note-Italia-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup>).

</p>

<div class="mw-heading mw-heading2"><h2 id="Reception">Reception</h2></div>

<p>Due to its potential effect on the 2010 Flash Crash, quote stuffing has been debated by financial researchers, industry advocates and media outlets, including in <i><a href="Fox_Business" title="Fox Business">Fox Business</a></i>, <i>Wall Street Journal</i>, <i><a href="CBS_Money_Watch" class="mw-redirect" title="CBS Money Watch">CBS Money Watch</a></i>, <i><a href="Risk_(magazine)" title="Risk (magazine)">RISK</a></i>, and <i><a href="The_New_York_Times" title="The New York Times">The New York Times</a></i>.<sup id="cite_ref-foxbusiness_11-0" class="reference"><a href="#cite_note-foxbusiness-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-wsj_8-1" class="reference"><a href="#cite_note-wsj-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-cbsnews_12-0" class="reference"><a href="#cite_note-cbsnews-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> Some have noted that the release of the <a href="Michael_Lewis" title="Michael Lewis">Michael Lewis</a> book <i><a href="Flash_Boys%3A_A_Wall_Street_Revolt" class="mw-redirect" title="Flash Boys: A Wall Street Revolt">Flash Boys: A Wall Street Revolt</a></i> has helped to initiate the debate on high-frequency trading, including the tactics of <a href="Spoofing_(finance)" title="Spoofing (finance)">spoofing</a>, <a href="Layering_(finance)" title="Layering (finance)">layering</a> and quote stuffing.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> The book details the rise of high-frequency trading in the US market, which has caused financial regulators to clamp down on issues related to quote stuffing.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup>

</p><p>In September 2010, <i><a href="Business_Insider" title="Business Insider">Business Insider</a></i> reported that Trillium Capital had received a $1 million fine by the <a href="Financial_Industry_Regulatory_Authority" title="Financial Industry Regulatory Authority">Financial Industry Regulatory Authority</a> for trading strategies that were considered quote stuffing and market manipulation.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> The Financial Industry Regulatory Authority later clarified that the fine was for layering and market manipulation.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup>

</p><p>Quote stuffing is often described as a deliberate tactic to gain an unfair advantage over slower participants by flooding the market with large quantities of non-bona fide orders. HFT industry people argue that the phenomenon could be a software error. HFT insiders refer to quote stuffing as “flickering”, which is caused by <a href="Feedback_loops" class="mw-redirect" title="Feedback loops">feedback loops</a>. It is suggested that investors who engage in quote stuffing "put their own capital at risk" and increases "liquidity" for buy side <a href="Investors" class="mw-redirect" title="Investors">investors</a>.

</p><p>Diaz and Theodoulidis presented analysis contrary to the claim that HFT firms use the tactic to provide liquidity. It was rather shown that the potentially abusive and manipulative behavior known as quote stuffing is able to increase the gap of best bid and ask prices, thereby increasing costs for ordinary investors. The researchers concluded that “it is possible for a [high-speed] trader to profit by artificially creating latencies in trading data feeds that would make arbitrage possible by taking advantage of the HFT induced price differences between markets.”<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> Researchers also found that more than 74% of U.S. listed equity securities received at least one quote stuffing event during the 2010 Flash Crash.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup>

</p>

<ul><li><a href="Algorithmic_trading" title="Algorithmic trading">Algorithmic trading</a></li>

<li><a href="Feedback_loop" class="mw-redirect" title="Feedback loop">Feedback loop</a></li>

<li><a href="High-frequency_trading" title="High-frequency trading">High-frequency trading</a></li>

<li><a href="Market_manipulation" title="Market manipulation">Market manipulation</a></li>

<li><a href="Software_bug" title="Software bug">Software bug</a></li>

<li><a href="Flash_crash" title="Flash crash">Flash crash</a></li>

<li><a href="Denial_of_service" class="mw-redirect" title="Denial of service">Denial of service</a>, a similar concept in network security</li></ul>

<div class="mw-heading mw-heading2"><h2 id="References">References</h2></div>

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</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.investinganswers.com/financial-dictionary/stock-market/quote-stuffing-6320">"Quote Stuffing Definition & Example"</a>. <i>InvestingAnswers</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2019-08-27</span></span>. <q>Quote stuffing occurs when traders place a lot of buy or sell orders on a security and then cancel them immediately afterward, thereby manipulating the market price of the security. Manipulating the price of shares in order to benefit from the distortions in price is illegal.</q></cite></span>

</li>

<li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.investopedia.com/terms/q/quote-stuffing.asp">"Quote Stuffing Definition"</a>. Investopedia<span class="reference-accessdate">. Retrieved <span class="nowrap">2014-08-22</span></span>.</cite></span>

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<li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.nasdaq.com/investing/glossary/q/quote-stuffing">"Quote Stuffing"</a>. <i>nasdaq.com</i>. NASDAQ<span class="reference-accessdate">. Retrieved <span class="nowrap">10 September</span> 2014</span>.</cite></span>

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<li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><cite id="CITEREFSpicerLash2010" class="citation news cs1">Spicer, Jonathan; Lash, Herbert (September 7, 2010). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-sec-trades-idUSTRE6863QL20100907">"SEC probes "quote stuffing" practices: Schapiro"</a>. <i>Reuters</i><span class="reference-accessdate">. Retrieved <span class="nowrap">November 7,</span> 2014</span>.</cite></span>

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<li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.nanex.net/FlashCrash/FlashCrashAnalysis_LOD.html">"Latency On Demand?"</a>. Nanex. August 23, 2010.</cite></span>

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<li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://blog.themistrading.com/quote-stuffing-the-gateway-how-exchanges-are-profiting-from-manipulative-acts/">"Quote Stuffing The Gateway – How Exchanges Are Profiting From Manipulative Acts"</a>. Themis Trading. November 12, 2014.</cite></span>

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<li id="cite_note-QSTS-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-QSTS_7-0">^</a></b></span> <span class="reference-text"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.nanex.net/aqck2/4670.html">"The Quote Stuffing Trading Strategy"</a>. Nanex. August 15, 2014.</cite></span>

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<li id="cite_note-wsj-8"><span class="mw-cite-backlink">^ <a href="#cite_ref-wsj_8-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-wsj_8-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><cite id="CITEREFHolzerPhilbin2010" class="citation news cs1">Holzer, Jessica; Philbin, Brett (7 September 2010). <a rel="nofollow" class="external text" href="https://online.wsj.com/articles/SB10001424052748704358904575477921338633984">"SEC Is Looking at 'Quote Stuffing'"</a>. <i>Wall Street Journal</i><span class="reference-accessdate">. Retrieved <span class="nowrap">10 September</span> 2014</span>.</cite></span>

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<li id="cite_note-Italy-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-Italy_9-0">^</a></b></span> <span class="reference-text"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://www.dw.de/italy-first-to-slap-tax-on-high-speed-stock-trading/a-17060424">"Italy first to slap tax on high speed stock trading"</a>. <a href="Deutsche_Welle" title="Deutsche Welle">Deutsche Welle</a>. 2013-09-02<span class="reference-accessdate">. Retrieved <span class="nowrap">2013-09-03</span></span>.</cite></span>

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<li id="cite_note-Italia-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-Italia_10-0">^</a></b></span> <span class="reference-text"><cite id="CITEREFStafford2013" class="citation news cs1">Stafford, Philip (2013-09-01). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://www.ft.com/cms/s/0/378dcace-117e-11e3-8321-00144feabdc0.html">"Italy introduces tax on high-speed trade and equity derivatives"</a></span>. <i><a href="The_Financial_Times" class="mw-redirect" title="The Financial Times">The Financial Times</a></i><span class="reference-accessdate">. Retrieved <span class="nowrap">2013-09-03</span></span>.</cite></span>

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<li id="cite_note-foxbusiness-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-foxbusiness_11-0">^</a></b></span> <span class="reference-text"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://video.foxbusiness.com/v/4327881/what-is-quote-stuffing/?#sp=show-clips">"What is 'Quote Stuffing?'"</a>. Fox Business. 2 September 2010<span class="reference-accessdate">. Retrieved <span class="nowrap">1 September</span> 2015</span>.</cite></span>

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<li id="cite_note-cbsnews-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-cbsnews_12-0">^</a></b></span> <span class="reference-text"><cite id="CITEREFMirhaydari,_Anthony2014" class="citation web cs1">Mirhaydari, Anthony (31 March 2014). <a rel="nofollow" class="external text" href="http://www.cbsnews.com/news/market-rigging-is-nothing-new/">"Market rigging is nothing new"</a>. CBS Money Watch<span class="reference-accessdate">. Retrieved <span class="nowrap">1 September</span> 2015</span>.</cite></span>

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<li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><cite id="CITEREFPengelly,_Mark2010" class="citation web cs1">Pengelly, Mark (27 October 2010). <a rel="nofollow" class="external text" href="http://www.risk.net/risk-magazine/news/1811246/quote-stuffing-blame-flash-crash-berman-insists">"Quote stuffing not to blame for flash crash, Berman insists"</a>. Risk.net<span class="reference-accessdate">. Retrieved <span class="nowrap">1 September</span> 2015</span>.</cite></span>

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<li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://dealbook.nytimes.com/2010/09/02/s-e-c-said-to-look-at-quote-stuffings-role-in-crash/?_r=0">"S.E.C. Said to Look at Effects of Quote Stuffing"</a>. DealBook. 2 September 2010<span class="reference-accessdate">. Retrieved <span class="nowrap">1 September</span> 2015</span>.</cite></span>

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<li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><cite id="CITEREFWeil,_Jonathan2014" class="citation web cs1">Weil, Jonathan (1 April 2014). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150425220050/http://www.bloombergview.com/articles/2014-04-01/weil-on-finance-fbi-hops-on-michael-lewis-bandwagon">"Weil on Finance: FBI Hops on Michael Lewis Bandwagon"</a>. Bloomberg View. Archived from <a rel="nofollow" class="external text" href="http://www.bloombergview.com/articles/2014-04-01/weil-on-finance-fbi-hops-on-michael-lewis-bandwagon">the original</a> on 25 April 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">27 August</span> 2015</span>.</cite></span>

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<li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text"><cite id="CITEREFBradford,_Harry2014" class="citation news cs1">Bradford, Harry (31 March 2014). <a rel="nofollow" class="external text" href="http://www.huffingtonpost.com/2014/03/31/fbi-high-speed-trading_n_5065622.html">"FBI Investigating High-Frequency Traders: WSJ"</a>. <i>Huffington Post</i><span class="reference-accessdate">. Retrieved <span class="nowrap">27 August</span> 2015</span>.</cite></span>

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<li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><cite id="CITEREFSmith,_Andrew2014" class="citation news cs1">Smith, Andrew (7 June 2014). <a rel="nofollow" class="external text" href="https://www.theguardian.com/business/2014/jun/07/inside-murky-world-high-frequency-trading">"Fast money: the battle against the high frequency traders"</a>. <i>The Guardian</i><span class="reference-accessdate">. Retrieved <span class="nowrap">27 August</span> 2015</span>.</cite></span>

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<li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://blogs.wsj.com/marketbeat/2010/09/13/high-frequency-trader-fined-quote-stuffing-crackdown-afoot/">"High Frequency Trader Fined: 'Quote-Stuffing' Crackdown Afoot?"</a>. <i>MarketBeat</i>. Wall Street Journal. 13 September 2010<span class="reference-accessdate">. Retrieved <span class="nowrap">1 September</span> 2015</span>.</cite></span>

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<li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><cite id="CITEREFComstock,_Courtney2010" class="citation web cs1">Comstock, Courtney (13 September 2010). <a rel="nofollow" class="external text" href="http://www.businessinsider.com/huge-first-high-frequency-trading-firm-is-charged-with-quote-stuffing-and-manipulation-2010-9">"HUGE: First High Frequency Trading Firm Is Fined For Quote Stuffing And Manipulation"</a>. <i>Business Insider</i><span class="reference-accessdate">. Retrieved <span class="nowrap">1 September</span> 2015</span>.</cite></span>

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<li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text"><cite id="CITEREFSalmon,_Felix2010" class="citation news cs1">Salmon, Felix (14 September 2010). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100917080831/http://blogs.reuters.com/felix-salmon/2010/09/14/trillium-wasnt-quote-stuffing/">"Trillium wasn't quote-stuffing"</a>. <i>Reuters</i>. Archived from <a rel="nofollow" class="external text" href="http://blogs.reuters.com/felix-salmon/2010/09/14/trillium-wasnt-quote-stuffing/">the original</a> on 17 September 2010<span class="reference-accessdate">. Retrieved <span class="nowrap">1 September</span> 2015</span>.</cite></span>

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<li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><cite id="CITEREFDiazTheodoulidis2012" class="citation cs2">Diaz, David; Theodoulidis, Babis (January 10, 2012), <i>Financial Markets Monitoring and Surveillance: A Quote Stuffing Case Study</i>, <a href="SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2193636">2193636</a></cite></span>

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<li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><cite id="CITEREFEgginton,_Jared_F.Van_Ness,_Bonnie_F.Van_Ness,_Robert_A.2014" class="citation cs2">Egginton, Jared F.; Van Ness, Bonnie F.; Van Ness, Robert A. (22 March 2014), <i>Quote Stuffing</i>, <a href="SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1958281">1958281</a></cite></span>

</li>

</ol></div></div>

<div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2></div>

<ul><li><cite class="citation web cs1 cs1-prop-unfit"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20151006182730/http://lexicon.ft.com/Term?term=quote-stuffing">"Quote Stuffing Definition"</a>. <i>Financial Times Lexicon</i>. 2015-10-06. Archived from the original on 2015-10-06<span class="reference-accessdate">. Retrieved <span class="nowrap">2019-08-27</span></span>.</cite></li></ul>

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</style></div><div role="navigation" class="navbox" aria-labelledby="Financial_markets208" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Financial_markets208" style="font-size:114%;margin:0 4em"><a href="Financial_market" title="Financial market">Financial markets</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="Capital_market" title="Capital market">markets</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Primary_market" title="Primary market">Primary market</a></li>

<li><a href="Secondary_market" title="Secondary market">Secondary market</a></li>

<li><a href="Third_market" title="Third market">Third market</a></li>

<li><a href="Fourth_market" title="Fourth market">Fourth market</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="Stock" title="Stock">stocks</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Common_stock" title="Common stock">Common stock</a></li>

<li><a href="Golden_share" title="Golden share">Golden share</a></li>

<li><a href="Preferred_stock" title="Preferred stock">Preferred stock</a></li>

<li><a href="Restricted_stock" title="Restricted stock">Restricted stock</a></li>

<li><a href="Tracking_stock" title="Tracking stock">Tracking stock</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Share_capital" title="Share capital">Share capital</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Authorised_capital" title="Authorised capital">Authorised capital</a></li>

<li><a href="Issued_shares" title="Issued shares">Issued shares</a></li>

<li><a href="Shares_outstanding" title="Shares outstanding">Shares outstanding</a></li>

<li><a href="Treasury_stock" title="Treasury stock">Treasury stock</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Participants</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Broker" title="Broker">Broker</a>

<ul><li><a href="Floor_broker" title="Floor broker">Floor broker</a></li>

<li><a href="Inter-dealer_broker" title="Inter-dealer broker">Inter-dealer broker</a></li></ul></li>

<li><a href="Broker-dealer" title="Broker-dealer">Broker-dealer</a></li>

<li><a href="Market_maker" title="Market maker">Market maker</a></li>

<li><a href="Trader_(finance)" title="Trader (finance)">Trader</a>

<ul><li><a href="Floor_trader" title="Floor trader">Floor trader</a></li>

<li><a href="Proprietary_trading" title="Proprietary trading">Proprietary trader</a></li></ul></li>

<li><a href="Quantitative_analysis_(finance)" title="Quantitative analysis (finance)">Quantitative analyst</a></li>

<li><a href="Investor" title="Investor">Investor</a></li>

<li><a href="Hedge_(finance)" title="Hedge (finance)">Hedger</a></li>

<li><a href="Speculation" title="Speculation">Speculator</a></li>

<li><a href="Arbitrage" title="Arbitrage">Arbitrager</a>

<ul><li><a href="Scalping_(trading)" title="Scalping (trading)">Scalper</a></li></ul></li>

<li><a href="Financial_regulation" title="Financial regulation">Regulator</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading venues</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Exchange_(organized_market)" title="Exchange (organized market)">Exchange</a>

<ul><li><a href="List_of_major_stock_exchanges" title="List of major stock exchanges">List of major stock exchanges</a></li></ul></li>

<li><a href="Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter</a> (off-exchange)</li>

<li><a href="Alternative_trading_system" title="Alternative trading system">Alternative trading system</a> (ATS)</li>

<li><a href="Multilateral_trading_facility" title="Multilateral trading facility">Multilateral trading facility</a> (MTF)</li>

<li><a href="Electronic_communication_network" title="Electronic communication network">Electronic communication network</a> (ECN)</li>

<li><a href="Direct_market_access" title="Direct market access">Direct market access</a> (DMA)</li>

<li><a href="Straight-through_processing" title="Straight-through processing">Straight-through processing</a> (STP)</li>

<li><a href="Dark_pool" title="Dark pool">Dark pool</a> (private exchange)</li>

<li><a href="Crossing_network" title="Crossing network">Crossing network</a></li>

<li><a href="Foreign_exchange_aggregator" title="Foreign exchange aggregator">Liquidity aggregator</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Stock_valuation" title="Stock valuation">Stock valuation</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Alpha_(finance)" title="Alpha (finance)">Alpha</a></li>

<li><a href="Arbitrage_pricing_theory" title="Arbitrage pricing theory">Arbitrage pricing theory</a> (APT)</li></ul>

<li><a href="Buffett_indicator" title="Buffett indicator">Buffett indicator</a> (Cap-to-GDP)</li>

<li><a href="Book_value" title="Book value">Book value</a> (BV)</li>

<li><a href="Capital_asset_pricing_model" title="Capital asset pricing model">Capital asset pricing model</a> (CAPM)</li>

<li><a href="Capital_market_line" title="Capital market line">Capital market line</a> (CML)</li>

<li><a href="Dividend_discount_model" title="Dividend discount model">Dividend discount model</a> (DDM)</li>

<li><a href="Dividend_yield" title="Dividend yield">Dividend yield</a></li>

<li><a href="Earnings_yield" title="Earnings yield">Earnings yield</a></li>

<li><a href="EV/Ebitda" class="mw-redirect" title="EV/Ebitda">EV/EBITDA</a></li>

<li><a href="Fed_model" title="Fed model">Fed model</a></li>

<li><a href="Net_asset_value" title="Net asset value">Net asset value</a> (NAV)</li>

<li><a href="Security_characteristic_line" title="Security characteristic line">Security characteristic line</a></li>

<li><a href="Security_market_line" title="Security market line">Security market line</a> (SML)</li>

<li><a href="T-model" title="T-model">T-model</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading theories<br> and <a href="Trading_strategy" title="Trading strategy">strategies</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Algorithmic_trading" title="Algorithmic trading">Algorithmic trading</a></li>

<li><a href="Contrarian_investing" title="Contrarian investing">Contrarian investing</a></li>

<li><a href="Dollar_cost_averaging" title="Dollar cost averaging">Dollar cost averaging</a></li>

<li><a href="Efficient-market_hypothesis" title="Efficient-market hypothesis">Efficient-market hypothesis</a> (EMH)</li>

<li><a href="Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li>

<li><a href="Growth_stock" title="Growth stock">Growth stock</a></li>

<li><a href="Market_timing" title="Market timing">Market timing</a></li>

<li><a href="Modern_portfolio_theory" title="Modern portfolio theory">Modern portfolio theory</a> (MPT)</li>

<li><a href="Momentum_investing" title="Momentum investing">Momentum investing</a></li>

<li><a href="Mosaic_theory_(investments)" title="Mosaic theory (investments)">Mosaic theory</a></li>

<li><a href="Pairs_trade" title="Pairs trade">Pairs trade</a></li>

<li><a href="Post-modern_portfolio_theory" title="Post-modern portfolio theory">Post-modern portfolio theory</a> (PMPT)</li>

<li><a href="Random_walk_hypothesis" title="Random walk hypothesis">Random walk hypothesis</a> (RMH)</li>

<li><a href="Sector_rotation" title="Sector rotation">Sector rotation</a></li>

<li><a href="Style_investing" title="Style investing">Style investing</a></li>

<li><a href="Swing_trading" title="Swing trading">Swing trading</a></li>

<li><a href="Technical_analysis" title="Technical analysis">Technical analysis</a></li>

<li><a href="Trend_following" title="Trend following">Trend following</a></li>

<li><a href="Value_averaging" title="Value averaging">Value averaging</a></li>

<li><a href="Value_investing" title="Value investing">Value investing</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related terms</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Bid%E2%80%93ask_spread" title="Bid–ask spread">Bid–ask spread</a></li>

<li><a href="Block_trade" title="Block trade">Block trade</a></li>

<li><a href="Cross_listing" title="Cross listing">Cross listing</a></li>

<li><a href="Dividend" title="Dividend">Dividend</a></li>

<li><a href="Dual-listed_company" title="Dual-listed company">Dual-listed company</a></li>

<li><a href="DuPont_analysis" title="DuPont analysis">DuPont analysis</a></li>

<li><a href="Efficient_frontier" title="Efficient frontier">Efficient frontier</a></li>

<li><a href="Financial_law" title="Financial law">Financial law</a></li>

<li><a href="Flight-to-quality" title="Flight-to-quality">Flight-to-quality</a></li>

<li><a href="Government_bond" title="Government bond">Government bond</a></li>

<li><a href="Greenspan_put" title="Greenspan put">Greenspan put</a></li>

<li><a href="Haircut_(finance)" title="Haircut (finance)">Haircut</a></li>

<li><a href="Initial_public_offering" title="Initial public offering">Initial public offering</a> (IPO)</li>

<li><a href="Mandatory_offer" title="Mandatory offer">Mandatory offer</a></li>

<li><a href="Margin_(finance)" title="Margin (finance)">Margin</a></li>

<li><a href="Market_anomaly" title="Market anomaly">Market anomaly</a></li>

<li><a href="Market_capitalization" title="Market capitalization">Market capitalization</a></li>

<li><a href="Market_depth" title="Market depth">Market depth</a></li>

<li><a href="Market_manipulation" title="Market manipulation">Market manipulation</a></li>

<li><a href="Market_trend" title="Market trend">Market trend</a></li>

<li><a href="Mean_reversion_(finance)" title="Mean reversion (finance)">Mean reversion</a></li>

<li><a href="Momentum_(finance)" title="Momentum (finance)">Momentum</a></li>

<li><a href="Open_outcry" title="Open outcry">Open outcry</a></li>

<li><a href="Order_book" title="Order book">Order book</a></li>

<li><a href="Position_(finance)" title="Position (finance)">Position</a></li>

<li><a href="Public_float" title="Public float">Public float</a></li>

<li><a href="Public_offering" title="Public offering">Public offering</a></li>

<li><a href="Rally_(stock_market)" title="Rally (stock market)">Rally</a></li>

<li><a href="Returns-based_style_analysis" title="Returns-based style analysis">Returns-based style analysis</a></li>

<li><a href="Reverse_stock_split" title="Reverse stock split">Reverse stock split</a></li>

<li><a href="Share_repurchase" title="Share repurchase">Share repurchase</a></li>

<li><a href="Short_(finance)" title="Short (finance)">Short selling</a></li>

<li><a href="Short_squeeze" title="Short squeeze">Short squeeze</a></li>

<li><a href="Slippage_(finance)" title="Slippage (finance)">Slippage</a></li>

<li><a href="Speculation" title="Speculation">Speculation</a></li>

<li><a href="Squeeze-out" title="Squeeze-out">Squeeze-out</a></li>

<li><a href="Stock_dilution" title="Stock dilution">Stock dilution</a></li>

<li><a href="Stock_exchange" title="Stock exchange">Stock exchange</a></li>

<li><a href="Stock_market_index" title="Stock market index">Stock market index</a></li>

<li><a href="Stock_split" title="Stock split">Stock split</a></li>

<li><a href="Stock_swap" title="Stock swap">Stock swap</a></li>

<li><a href="Trade_(finance)" title="Trade (finance)">Trade</a></li>

<li><a href="Tender_offer" title="Tender offer">Tender offer</a></li>

<li><a href="Uptick_rule" title="Uptick rule">Uptick rule</a></li>

<li><a href="Volatility_(finance)" title="Volatility (finance)">Volatility</a></li>

<li><a href="Voting_interest" title="Voting interest">Voting interest</a></li>

<li><a href="Yield_(finance)" title="Yield (finance)">Yield</a></li></ul>

</div></td></tr></tbody></table></div></div><div><div class="zim-footer">

This article is issued from <a class="external text" title="Last edited on 2025-07-21" href="https://en.wikipedia.org/wiki/?title=Quote_stuffing&oldid=1301798602">Wikipedia</a>. The text is available under <a class="external text" href="https://creativecommons.org/licenses/by-sa/4.0/deed.en">Creative Commons Attribution-Share Alike 4.0</a> unless otherwise noted. Additional terms may apply for the media files.

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