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Thanks Yuki,
Nice post. When you consider this then we can appreciate the work
Tomasz has to make sure AB works all over the world. You are right
though, I needed to broaden my scope a bit.
Thanks again,
Barry
--- In amibroker@xxxxxxxxxxxxxxx, Yuki Taga <yukitaga@xxxx> wrote:
>
> Hi Barry,
>
> Thursday, November 3, 2005, 12:47:45 AM, you wrote:
>
> BS> ETFs do not require 100 shares per trade. I can buy more or
less than
> BS> a block size at Scottrade. Block size may be a broker thing.
>
> This is another thing that is all over the map, so to speak. (And
we
> have to remember that *many* countries are represented on this
list,
> involving significantly differing regulations, rules, customs, etc;
> one cannot assume -- not saying you did -- that anyone is from the
> US, or even that they use a broker with the same rules if they
are.)
>
> In Japan, block size is decided by *corporations*. The exchanges
and
> brokers have little to do with it; however some brokers now offer
> 'mini' lots that are smaller than the traditional 1,000 share round
> lot here.
>
> Moreover, many companies have now moved to 500 or even 100 share
> block sizes, trying to entice individual investors, who they once
> pretty much scorned, to mop up the (now dangerously, for
management)
> large floats that for the first time in Japanese corporate history
> make hostile takeovers a serious threat. That float used to be
> largely locked up via interlocking bank and corporate
shareholdings,
> but when the banking system almost went under 3 years ago, that
> system was largely unwound, and now the average shareholder here is
> finally getting some serious attention, even wooing. It's
> unbelievable, the change in attitude. Suddenly in the past few
> years, there are even IR websites for Japanese companies here.
Prior
> to this, it was 1,000 shares minimum, or go away; and, we will
> announce our earnings when we are ready to announce them -- the
date
> will be "somewhere around the end of this month or the beginning of
> next month, and we'll tell whomever we want to first, and it won't
> likely be that you will get very timely information". Now, they
are
> often getting into the quarterly habit, although many still report
> only twice a year. Still, we lag way behind the US in disclosure
> here. And some companies report according to US standards, others
> stick to Japanese accounting standards. So, if you pay attention
to
> these things, you have to understand a bit about both.
>
> Terry, to keep track of all the round lot changes, I had to go
> through the information dialog for my entire database, and input
the
> setting for every stock. Not much fun, but it was a one-time
effort
> that I spread out over some time, that now just needs the
occasional
> tweak. We have round lot sizes here of 1, 10, 50, 100, 500, and
> 1,000, at least; and they are constantly changing.
>
> Yuki
>
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