Day: October 21, 2020

Foreign company stocks listed in US exchanges are commonly registered as American Depositary Receipts (ADRs). These are certificates, denominated in U.S. dollars, that represent shares of non-U.S. company securities. There are about 2000 ADRs traded on U.S. exchanges, namely NYSE and NASDAQ, or through the over-the-counter (OTC) market, representing shares of companies from at least 70 different countries.
The fundamental principle in derivatives pricing is the absence of arbitrage opportunities. Standard no-arbitrage pricing theory asserts that spot and futures prices must converge at expiration. Nevertheless, for years traders have observed significantly higher expiring futures prices for corn, wheat, and soybeans on the Chicago Board of Trade (CBOT) compared to the spot price of the physical grains.
In 2009, Bitcoin (BTC) was introduced to become the first decentralized digital currency. Since then, Bitcoin has been accepted by thousands of merchants and vendors, and the cryptocurrency market has seen enormous growth. Today, there are more than a thousand of cryptocurrencies besides Bitcoin, such as Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and more that are being traded on major cryptocurrency exchanges internationally.
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