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On March 22, 2017, the Securities and Exchange Commission amended Exchange Act Rule 15c6-1 to shorten the standard settlement cycle for broker-dealers transaction from “T+3” to “T+2,” subject to certain exceptions. The SEC’s Office of Investor Education and Advocacy (OIEA) is issuing this investor bulletin to explain the new “T+2” settlement cycle and how it will affect certain transactions you place with your full-service or online brokerage firm

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The last time that volatility didn’t increase in the fall was 2009, as it was declining from the extremely high volatility caused by the Financial Crisis. Even so, there was a move from below 20 to above 30 in $VIX. One of the most benign volatility seasons was 2006, where volatility decreased from 19 to 10 during the July – October period. 2003 showed a similar, non-volatile seasonality

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At the time, Global Payments (ticker GPN) acquisition of Accelerated Payment Technology (APT) for $413 million did not seem to be a milestone event. GPN’s stock in mid-August of 2012 was roughly $20 per share, and the deal to acquire this fully- integrated software solution was met with a resounding yawn. Henry David Thoreau is not usually considered a luminary for financial or stock market wisdom, but we find one of his quotes quite appropriate: “It’s not what you look at that matters, it’s what you see.” Five years after its modest APT acquisition, GPN has dramatically altered the traditional merchant acquiring industry. At $95 per share, up nearly 400%, GPN’s stock reflects its 1st mover advantage

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