Spread Cs

Spread Cs




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Spread Cs

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In finance, a spread refers to the difference between two prices, rates, or yields One of the most common types is the bid-ask spread, which refers to the gap between the bid (from buyers) and the ask (from sellers) prices of a security or asset Spread can also refer to the difference in a trading position – the gap between a short position (that is, selling) in one futures contract or currency and a long position (that is, buying) in another

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The middle rate, also called mid and mid-market rate, is the exchange rate between a currency's bid and ask rates in the foreign exchange market.

Spread betting refers to speculating on the direction of a financial market without actually owning the underlying security.

A two-way quote indicates the current bid price and current ask price of a security; it is more informative than the usual last-trade quote.

A futures spread is an arbitrage technique in which a trader takes two positions on a commodity to capitalize on a discrepancy in price.

Quotation is a common term that refers to the highest bid price for a security or commodity and the lowest ask price available for the same asset.

A bid-ask spread is the amount by which the ask price exceeds the bid price for an asset in the market.

Credit Spread vs. Debit Spread: What's the Difference?

After-Hours Trading: Bid and Ask Quote Disparity

Option-Adjusted vs. Zero-Volatility Spread: What's the Difference?

Understanding the Numbers After Bid/Ask Prices

A Breakdown on How the Stock Market Works



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A spread can have several meanings in finance. Generally, the spread refers to the difference between two prices, rates, or yields . In one of the most common definitions, the spread is the gap between the bid and the ask prices of a security or asset, like a stock, bond , or commodity. This is known as a bid-ask spread.


Spread can also refer to the difference in a trading position – the gap between a short position (that is, selling) in one futures contract or currency and a long position (that is, buying) in another. This is officially known as a spread trade.


In underwriting , the spread can mean the difference between the amount paid to the issuer of a security and the price paid by the investor for that security—that is, the cost an underwriter pays to buy an issue, compared to the price at which the underwriter sells it to the public.


In lending, the spread can also refer to the price a borrower pays above a benchmark yield to get a loan. If the prime interest rate is 3%, for example, and a borrower gets a mortgage charging a 5% rate, the spread is 2%.


The bid-ask spread is also known as the bid-offer spread and buy-sell. This sort of asset spread is influenced by a number of factors:


For securities like futures contracts , options, currency pairs, and stocks, the bid-offer spread is the difference between the prices given for an immediate order—the ask—and an immediate sale – the bid. For a stock option , the spread would be the difference between the strike price and the market value .


One of the uses of the bid-ask spread is to measure the liquidity of the market and the size of the transaction cost of the stock. For example, on Jan. 11, 2022, the bid price for Alphabet Inc., Google's parent company, was $2,790.86 and the ask price was $2,795.47. 1 The spread is $4.61. This indicates that Alphabet is a highly liquid stock, with considerable trading volume.


The spread trade is also called the relative value trade. Spread trades are the act of purchasing one security and selling another related security as a unit. Usually, spread trades are done with options or futures contracts. These trades are executed to produce an overall net trade with a positive value called the spread.


Spreads are priced as a unit or as pairs in future exchanges to ensure the simultaneous buying and selling of a security. Doing so eliminates execution risk wherein one part of the pair executes but another part fails.


The yield spread is also called the credit spread . The yield spread shows the difference between the quoted rates of return between two different investment vehicles. These vehicles usually differ regarding credit quality .


Some analysts refer to the yield spread as the “yield spread of X over Y.” This is usually the yearly percentage return on investment of one financial instrument minus the annual percentage return on investment of another.


To discount a security’s price and match it to the current market price, the yield spread must be added to a benchmark yield curve . This adjusted price is called an option-adjusted spread . This is usually used for mortgage-backed securities (MBS), bonds, interest rate derivatives, and options. For securities with cash flows that are separate from future interest rate movements, the option-adjusted spread becomes the same as the Z-spread.


The Z-spread is also called the yield curve spread and zero-volatility spread . The Z-spread is used for mortgage-backed securities. It is the spread that results from zero-coupon treasury yield curves which are needed for discounting pre-determined cash flow schedule to reach its current market price. This kind of spread is also used in credit default swaps (CDS) to measure credit spread.

A yield spread is the difference between yields on differing debt instruments of varying maturities, credit ratings, issuer, or risk level, calculated by deducting the yield of one instrument from the other. This difference is most often expressed in basis points (bps) or percentage points. Yield spreads are commonly quoted in terms of one yield versus that of U.S. Treasuries, where it is called the credit spread. 
The option-adjusted spread (OAS) measures the difference in yield between a bond with an embedded option, such as an MBS, with the yield on Treasuries. It is more accurate than simply comparing a bond’s yield to maturity to a benchmark. By separately analyzing the security into a bond and the embedded option, analysts can determine whether the investment is worthwhile at a given price.
The zero-volatility spread (Z-spread) is the constant spread that makes the price of a security equal to the present value of its cash flows when added to the yield at each point on the spot rate Treasury curve where cash flow is received. It can tell the investor the bond's current value plus its cash flows at these points. The spread is used by analysts and investors to discover discrepancies in a bond's price.
Yahoo! Finance. " Alphabet Inc. (GOOGL) ." Accessed Jan. 11, 2022.

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From Wikipedia, the free encyclopedia
Spreading the frequency domain of a signal
This section needs additional citations for verification . Please help improve this article by adding citations to reliable sources . Unsourced material may be challenged and removed. ( January 2020 ) ( Learn how and when to remove this template message )

^ Torrieri, Don (2018). Principles of Spread-Spectrum Communication Systems, 4th ed .

^ Jump up to: a b David Kahn, How I Discovered World War II's Greatest Spy and Other Stories of Intelligence and Code, CRC Press - 2014, pages 157-158

^ Tony Rothman, Random Paths to Frequency Hopping, American Scientist, January–February 2019
Volume 107, Number 1, Page 46 americanscientist.org

^ Jonathan Adolf Wilhelm Zenneck, Wireless Telegraphy, McGraw-Hill Book Company, Incorporated, 1915, page 331

^ Denis Winter, Haig's Command - A Reassessment

^ Danilewicz later recalled: "In 1929, we proposed to the General Staff a device of my design for secret radio telegraphy which fortunately did not win acceptance, as it was a truly barbaric idea consisting in constant changes of transmitter frequency. The commission did, however, see fit to grant me 5,000 złotych for executing a model and as encouragement to further work." Cited in Władysław Kozaczuk , Enigma: How the German Machine Cipher Was Broken, and How It Was Read by the Allies in World War II , 1984, p. 27.

^ Ari Ben-Menahem, Historical Encyclopedia of Natural and Mathematical Sciences, Volume 1, Springer Science & Business Media - 2009, pages 4527-4530

^ American National Standard for Electromagnetic Noise and Field Strength Instrumentation, 10 Hz to 40 GHz—Specifications, ANSI C63.2-1996, Section 8.2 Overall Bandwidth


In telecommunication and radio communication , spread-spectrum techniques are methods by which a signal (e.g., an electrical, electromagnetic, or acoustic signal) generated with a particular bandwidth is deliberately spread in the frequency domain , resulting in a signal with a wider bandwidth . These techniques are used for a variety of reasons, including the establishment of secure communications, increasing resistance to natural interference , noise , and jamming , to prevent detection, to limit power flux density (e.g., in satellite downlinks ), and to enable multiple-access communications.

Spread spectrum generally makes use of a sequential noise -like signal structure to spread the normally narrowband information signal over a relatively wideband (radio) band of frequencies. The receiver correlates the received signals to retrieve the original information signal. Originally there were two motivations: either to resist enemy efforts to jam the communications (anti-jam, or AJ), or to hide the fact that communication was even taking place, sometimes called low probability of intercept (LPI). [1]

Frequency-hopping spread spectrum (FHSS), direct-sequence spread spectrum (DSSS), time-hopping spread spectrum (THSS), chirp spread spectrum (CSS), and combinations of these techniques are forms of spread spectrum. The first two of these techniques employ pseudorandom number sequences—created using pseudorandom number generators —to determine and control the spreading pattern of the signal across the allocated bandwidth. Wireless standard IEEE 802.11 uses either FHSS or DSSS in its radio interface.

The idea of trying to protect and avoid interference in radio transmissions dates back to the beginning of radio wave signaling. In 1899, Guglielmo Marconi experimented with frequency-selective reception in an attempt to minimize interference. [2] The concept of Frequency-hopping was adopted by the German radio company Telefunken and also described in part of a 1903 US patent by Nikola Tesla . [3] [4] Radio pioneer Jonathan Zenneck 's 1908 German book Wireless Telegraphy describes the process and notes that Telefunken was using it previously. [2] It saw limited use by the German military in World War I , [5] was put forward by Polish engineer Leonard Danilewicz in 1929, [6] showed up in a patent in the 1930s by Willem Broertjes ( U.S. Patent 1,869,659 , issued Aug. 2, 1932), and in the top-secret US Army Signal Corps World War II communications system named SIGSALY .

During World War II, Golden Age of Hollywood actress Hedy Lamarr and avant-garde composer George Antheil developed an intended jamming-resistant radio guidance system for use in Allied torpedoes , patenting the device under U.S. Patent 2,292,387 "Secret Communications System" on August 11, 1942. Their approach was unique in that frequency coordination was done with paper player piano rolls - a novel approach which was never put into practice. [7]

Spread-spectrum clock generation (SSCG) is used in some synchronous digital systems , especially those containing microprocessors, to reduce the spectral density of the electromagnetic interference (EMI) that these systems generate. A synchronous digital system is one that is driven by a clock signal and, because of its periodic nature, has an unavoidably narrow frequency spectrum. In fact, a perfect clock signal would have all its energy concentrated at a single frequency (the desired clock frequency) and its harmonics. Practical synchronous digital systems radiate electromagnetic energy on a number of narrow bands spread on the clock frequency and its harmonics, resulting in a frequency spectrum that, at certain frequencies, can exceed the regulatory limits for electromagnetic interference (e.g. those of the FCC in the United States, JEITA in Japan and the IEC in Europe).

Spread-spectrum clocking avoids this problem by using one of the methods previously described to reduce the peak radiated energy and, therefore, its electromagnetic emissions and so comply with electromagnetic compatibility (EMC) regulations.

It has become a popular technique to gain regulatory approval because it requires only simple equipment modification. It is even more popular in portable electronics devices because of faster clock speeds and increasing integration of high-resolution LCD displays into ever smaller devices. As these devices are designed to be lightweight and inexpensive, traditional passive, electronic measures to reduce EMI, such as capacitors or metal shielding, are not viable. Active EMI reduction techniques such as spread-spectrum clocking are needed in these cases.

However, spread-spectrum clocking, like other kinds of dynamic frequency change , can also create challenges for designers. Principal among these is clock/data misalignment, or clock skew . Consequently, an ability to disable spread-spectrum clocking in computer systems is considered useful.

Note that this method does not reduce total radiated energy, and therefore systems are not necessarily less likely to cause interference. Spreading energy over a larger bandwidth effectively reduces electrical and magnetic readings within narrow bandwidths. Typical measuring receivers used by EMC testing laboratories divide the electromagnetic spectrum into frequency bands approximately 120 kHz wide. [8] If the system under test were to radiate all its energy in a narrow bandwidth, it would register a large peak. Distributing this same energy into a larger bandwidth prevents systems from putting enough energy into any one narrowband to exceed the statutory limits. The usefulness of this method as a means to reduce real-life interference problems is often debated, as it is perceived that spread-spectrum clocking hides rather than resolves higher radiated energy issues by simple exploitation of loopholes in EMC legislation or certification procedures. This situation results in electronic equipment sensitive to narrow bandwidth(s) experiencing much less interference, while those with broadband sensitivity, or even operated at other higher frequencies (such as a radio receiver tuned to a different station), will experience more interference.

FCC certification testing is often completed with the spread-spectrum function enabled in order to reduce the measured emissions to within acceptable legal limits. However, the spread-spectrum functionality may be disabled by the user in some cases. As an example, in the area of personal computers, some BIOS writers include the ability to disable spread-spectrum clock generation as a user setting, thereby defeating the object of the EMI regulations. This might be considered a loophole , but is generally overlooked as long as spread-spectrum is enabled by default.


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