How to get crypto data

Posted on October 4, 2023 by Snehasish CHINARA

How to get crypto data

In this article, Snehasish CHINARA (ESSEC Business School, Grande Ecole Program – Master in Management, 2022-2024) explains how to get crypto data.

Types of data

Number of coins

The information on the number of coins in circulation for a given currency is important to compute its market capitalization. Market capitalization is calculated by multiplying the current price of the cryptocurrency by its circulating number of coins (supply). This metric gives a rough estimate of the cryptocurrency’s total value within the market and its relative size compared to other cryptocurrencies. A lower circulating supply often implies a greater level of scarcity and rarity.

For cryptocurrencies (unlike fiat money), the number of coins in circulation is given by a mathematical formula. The number of coins may be limited (like the Bitcoin) or unlimited (like Ethereum and Dogecoin) over time.

Cryptocurrencies with limited supplies, such as Bitcoin’s maximum supply of 21 million coins, can be perceived as more valuable due to their finite nature. Scarcity can contribute to investor interest and potential price appreciation over time. A lower circulating supply might indicate the potential for future adoption and value appreciation, as the limited supply can create scarcity-driven demand, especially if the cryptocurrency gains more utility and usage.

Bitcoin’s blockchain also relies on a key equation to steadily allow new BTC to be introduced. The equation below gives the total supply of bitcoins:

Total supply of bitcoins

Figure 1 below represents the evolution of the supply of Bitcoins.

Figure 1. Evolution of the supply of Bitcoins

Source: computation by the author.

Market price of a coin

The market price of a cryptocurrency in the market holds crucial insights into how well the cryptocurrency is faring. Although not the sole factor, the market price significantly contributes to evaluating the cryptocurrency’s performance and its prospects. The market price of a cryptocurrency is a dynamic and intricate element that reflects a multitude of factors, both intrinsic and extrinsic. The gradual rise in market value over time indicates a willingness among investors and traders to offer higher prices for the cryptocurrency. This signifies a rising interest and strong belief in the project’s potential for the future. The market price reflects the collective sentiment of investors and traders. Comparing the market price of a cryptocurrency to other similar cryptocurrencies or benchmark assets like Bitcoin can provide insights into its relative strength and performance within the market. A rising market price can indicate increasing adoption of the cryptocurrency for various use cases. Successful projects tend to attract more users and real-world applications, which can drive up the price.

The value of cryptocurrencies in the market is influenced by a variety of elements, with each factor contributing uniquely to their pricing. One of the most significant influences is market sentiment and investor psychology. These factors can cause prices to shift based on positive news, regulatory changes, or reactive selling due to fear. Furthermore, the real-world implementation and usage of a cryptocurrency are crucial for its prosperity. Concrete use cases such as Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and international transactions play a vital role in creating demand and propelling price appreciation. Meanwhile, adherence to basic economic principles is evident in the supply-demand dynamics, where scarcity due to limited issuance, halving events, and token burns interact with the balance between supply and demand.

With the number of coins in circulation, the information on the price of coins for a given currency is also important to compute its market capitalization.

Figure 2 below represents the evolution of the price of Bitcoin in US dollar over the period October 2014 – August 2023. The price corresponds to the “closing” price (observed at 10:00 PM CET at the end of the month).

Figure 2. Evolution of the Bitcoin price

Source: computation by the author (data source: Yahoo! Finance).

Trading volume

Trading volume is crucial when assessing the health, reliability, and potential price movements of a cryptocurrency. Trading volume refers to the total amount of a cryptocurrency that is bought and sold within a specific time frame, typically measured in units of the cryptocurrency (e.g., BTC) or in terms of its equivalent value in another currency (e.g., USD).

Trading volume directly mirrors market liquidity, with higher volumes indicative of more liquid markets. This liquidity safeguards against drastic price fluctuations when trading, contrasting with low-volume scenarios that can breed volatility, where even a single substantial trade may disproportionately shift prices. Price alterations are most reliable and meaningful when accompanied by substantial trading volume. Price movements upheld by heightened volume often hold greater validity, potentially pointing to more pronounced market sentiment. When price surges parallel rising trading volume, it suggests a sustainable upward trajectory. Conversely, low trading volume amid rising prices may hint at a forthcoming correction or reversal. Scrutinizing the correlation between price oscillations and trading volume can uncover potential divergences. For instance, ascending prices coupled with dwindling trading volume may suggest a weakening trend.

Figure 3 below represents the evolution of the monthly trading volume of Bitcoin over the period October 2014 – July 2023.

Figure 3. Evolution of the trading volume of Bitcoin

Source: computation by the author (data source: Yahoo! Finance).

Bitcoin data

You can download the Excel file with Bitcoin data used in this post as an illsutration.

Python code

You can download the Python code used to download the data from Yahoo! Finance.

Python script to download Bitcoin historical data and save it to an Excel sheet:

import yfinance as yf
import pandas as pd

# Define the ticker symbol and date range
ticker_symbol = “BTC-USD”
start_date = “2020-01-01”
end_date = “2023-01-01”

# Download historical data using yfinance
data = yf.download(ticker_symbol, start=start_date, end=end_date)

# Create a Pandas DataFrame
df = pd.DataFrame(data)

# Create a Pandas Excel writer object
excel_writer = pd.ExcelWriter(‘bitcoin_historical_data.xlsx’, engine=’openpyxl’)

# Write the DataFrame to an Excel sheet
df.to_excel(excel_writer, sheet_name=’Bitcoin Historical Data’)

# Save the Excel file
excel_writer.save()

print(“Data has been saved to bitcoin_historical_data.xlsx”)

# Make sure you have the required libraries installed and adjust the “start_date” and “end_date” variables to the desired date range for the historical data you want to download.

APIs

Calculating the total number of Bitcoins in circulation over time
Access – Bitcoin Blockchain data
By running a Bitcoin node or by using blockchain data providers like Blockchain.info, Blockchair, or a similar service.

Extract Block Data: Once you have access to the blockchain data, you would need to extract information from each block. Each block contains a record of the transactions that have occurred, including the creation (mining) of new Bitcoins in the form of a “Coinbase” transaction.

Calculate Cumulative Supply: You can calculate the cumulative supply of Bitcoins by adding up the rewards from each block’s Coinbase transaction. Initially, the block reward was 50 Bitcoins, but it halves approximately every four years due to the Bitcoin halving events. So, you’ll need to account for these halving in your calculations.

Code – python

import requests

# Replace ‘YOUR_API_KEY’ with your CoinMarketCap API key
api_key = ‘YOUR_API_KEY’

# Define the endpoint URL for CoinMarketCap’s API
url = ‘https://pro-api.coinmarketcap.com/v1/cryptocurrency/quotes/latest’

# Define the parameters for the request
params = {
‘symbol’: ‘BTC’,
‘convert’: ‘USD’,
‘CMC_PRO_API_KEY’: api_key
}

# Send the request to CoinMarketCap
response = requests.get(url, params=params)

# Parse the response JSON
data = response.json()

# Extract the circulating supply from the response
circulating_supply = data[‘data’][‘BTC’][‘circulating_supply’]

print(f”Current circulating supply of Bitcoin: {circulating_supply} BTC”)

## Replace ‘YOUR_API_KEY’ with your actual CoinMarketCap API key.

Why should I be interested in this post?

Cryptocurrency data is becoming increasingly relevant in these fields, offering opportunities for research, data analysis skill development, and even career prospects. Whether you’re aiming to conduct research, stay informed about the evolving financial landscape, or simply enhance your data analysis abilities, understanding how to access and work with crypto data is an asset. Plus, as the cryptocurrency industry continues to grow, this knowledge can open new career paths and improve your personal finance decision-making. In a rapidly changing world, diversifying your knowledge with cryptocurrency data acquisition skills can be a wise investment in your future.

Useful resources

APIs

CoinMarketCap Source of API keys and program

CoinGecko Source of API keys and Programs

CryptoNews Source of API keys and Programs

Data sources

Yahoo! Finance Historical data for Bitcoin

Coinmarketcap Historical data for Bitcoin

Blockchain.com Market Data and charts on Bitcoin history

About the author

The article was written in October 2023 by Snehasish CHINARA (ESSEC Business School, Grande Ecole Program – Master in Management, (2022-2024).

Posted in Financial techniques | Tagged Bitcoin, Cryptocurrencies, Python | Leave a comment

My Experience as an External Junior Consultant with Eurogroup Consulting

Posted on August 2, 2023 by Snehasish CHINARA

My Experience as an External Junior Consultant with Eurogroup Consulting

In this article, Snehasish CHINARA (ESSEC Business School, Grande Ecole Program – Master in Management, 2022-2024) shares his experience as an External Junior Consultant with Eurogroup Consulting, which is a consulting company specialized in organization and operations (supply chain).

About Eurogroup Consulting

Eurogroup Consulting, founded in 1982, is a French consulting firm with a European approach to management, strategy and organization. With a focus on freedom to take risks, requirements of the clients and the projects, and solidarity to the success of their entrepreneurial partners, Eurogroup consulting has been able to expand its network to 16 countries and clientele to all sectors of activity. They have grown significantly in the areas of banking and finance, business, insurance and welfare, logistics and transportation, retail, energy and the environment, and public sector, including healthcare. Today, Eurogroup Consulting stands out as a highly reputable and able partner for companies seeking all-encompassing solutions and knowledgeable advisory in the areas of Digital, Operational Excellence, and Transitions.

Eurogroup Consulting Logo

Source: Eurogroup Consulting.

Junior Consultant Experience

As a part of my Master in Management program at ESSEC Business School, I and a few other students a ESSEC (my team) collaborated as an External Junior Consultant with Eurogroup Consulting for a consulting project in the aviation sector based in Singapore. With my team, I closely worked with the managing partner of Eurogroup Consulting in Singapore to offer strategic recommendations to one of the firm’s clients in the aviation sector dealing with logistics (for the maintenance, repair and overhaul (MRO) of airplanes). Our focus was on addressing the real-world challenges faced by the aviation industry in the post-Covid era in the Asia-Pacific region.

My project with Eurogroup Consulting dealt with logistics and supply chain within the aviation sector. Efficient logistics and supply chain management are vital for businesses to remain competitive in today’s globalized marketplace as they ensure the efficient flow of goods, services and information from the point of origin to the point of consumption.

Our focus was on Contract Logistics in the aviation sector, which is a type of third-party logistics (3PL) service where a company delegates certain aspects of its supply chain operations to a specialized provider. This provider, known as the contract logistics provider, oversees a portion or all the company’s supply chain, which includes transportation, distribution, and related activities, as per the contractual agreement. The primary objective of contract logistics is to enhance the efficiency of the customer’s supply chain, reduce expenses, and optimize overall performance. By leveraging expertise, resources, and technology, contract logistics providers enable clients to concentrate on core business activities while entrusting the management of their logistics operations to the specialized service. Contract logistics providers provide services such as warehouse management, inventory management, order fulfillment, distribution and transportation management. In the aviation sector, contract logistics play an important role in offering services like space part logistics. Airlines face challenges with “Inoperable parts” (INOPs), which necessitate costly replacements or risk grounding the aircraft indefinitely. Major companies provide essential services to address this spare parts availability issue, such as Order Tracking & Tracing, spare parts storage management, advanced stock organization, and repair logistics management.

My missions

The objective my project was to achieve the following:

Identify the post-Covid supply chain strategies of major multinational corporations (MNCs) in the aviation sector, including the evolution of their supply chain footprints and their expectations from contract logistics providers (an intermediary between the different manufacturers and an airline company).
Evaluate the current positioning and services offered by prominent contract logistics providers and anticipate how their positioning and offerings might evolve in the future.
Recommend new potential offerings and analyze their suitability and key factors for success.

Required skills and knowledge

As a part of a cross-functional team of ESSEC students to achieve the shared project objectives through efficient cooperation, and decision-making, I gained an understanding of the aerospace Third Party Logistic (3PL) and Maintenance, Repair and Overhaul (MRO) industry in the Asia-Pacific region as we conducted comprehensive market research. We gathered and analysed large sets of data related to the aviation contract-logistics market, customers, competitors, and industry trends to identify growth opportunities. Following the analysis, we had weekly meetings with the managing partner of Eurogroup consulting, a professor-mentor of the team at ESSEC and the client to discuss our approach to the problem statement, challenges faced by the team to gather access to information, since aviation industry is well-known for its confidentiality norms, and the assessments produced after detailed analysis of the data. Attending the weekly team-mentor meetings was vital to our learning, providing us with first-hand exposure to the real-life operations within a consulting firm. In these meeting we decided upon the objective targets for the coming weeks and how to address the challenges faced this week.

As a junior consultant, I engaged with subject matter experts in the region in order to gain a holistic understanding of the impact of Covid-19 on the aviation contract-logistics industry. I conducted detailed financial statement analysis to understand how the larger players and competition were leveraging their cash flows, and debt to counter the crisis caused on the industry by the pandemic. In order to measure the risk of the competitors of the client, we conducted a fundamental calculation of Altman’s Z-Score and developed a credit rating model based on key financial indicators, both quantitative and qualitative, in Excel. This allowed us to scrutinize the key players in the current market and identify competitors to be focused on. Based on our discussions with experts, and analysis conducted, we identified the gap in the service offerings which allowed us to provide strategic recommendations for the client company. This 3-month long learning-by-doing experience gave me immense exposure to the operations of a consulting firm and the way they respect the needs of the stakeholders of the project.

What I learned

Key Learning Outcomes of this project :

To utilise evidence-based conclusions and strategic thinking to propose new strategic initiatives that aligned with industry innovations and key success factors.
To analyse corporate information and financial statements, preparing pitch-books and presentations while collaborating with stakeholders.
To define the value chain of aviation contract-logistics industry in Asia-Pacific region and observe potential channels to expand.
To develop custom credit rating tool based on key performance indicators.

Concepts related my internship

Third-Party Logistics in Aviation Sector

Third-Party Logistics (3PL) is a crucial aspect of Logistics and Supply Chain Management, that has transformed how businesses handle the transportation and storage of products and services. Through strategic outsourcing, companies delegate specific logistics tasks to external service providers, known as 3PL providers. These service providers streamline supply chain processes, resulting in increased efficiency, cost reduction, and improved overall performance. Within the aviation sector, 3PL is crucial for aiding airlines, aircraft manufacturers, and associated enterprises with intricate global logistics. Due to the complexity and time-sensitivity of aviation operations, 3PL providers offer customized solutions to address the unique demands and challenges of the industry. 3PL companies in the aviation industry offer a range of essential services to streamline operations. These include arranging the transportation of aviation-related cargo and goods, managing efficient warehousing and inventory systems for quick access to items, handling customs clearance for international shipments, ensuring prompt last-mile delivery to designated destinations, managing the distribution of critical spare parts for airlines’ maintenance facilities worldwide, and facilitating smooth transportation of large components and sub-assemblies for aircraft manufacturers. These services contribute significantly to the industry’s efficiency and help reduce aircraft downtime, making them indispensable partners for aviation businesses.

Aviation 3PL Services:

Freight Transportation: 3PL companies arrange timely transport of aviation cargo to airports, maintenance facilities, and aircraft assembly lines.
Efficient Warehousing: These providers manage aviation-related inventory in well-organized warehouses, reducing lead times.
Customs Compliance: 3PLs handle international shipments’ customs documentation, ensuring smooth clearance.
Last-Mile Delivery: They ensure prompt delivery of aviation components to their destinations.
Spare Parts Distribution: Airlines rely on 3PLs for critical spare parts distribution, minimizing aircraft downtime.
Aircraft Manufacturing Support: Specialized 3PLs facilitate smooth production by transporting large components for aircraft manufacturers.

Aviation companies benefit from the expertise of 3PL providers in handling complex logistics. Outsourcing these services saves on capital investments and allows them greater flexibility in scaling services based on demand. 3PL providers’ extensive network aids in smoother international operations for the customers.

Credit risk

The evaluation of credit risk holds significant importance in financial risk management, especially concerning lending and investment activities. It pertains to the potential financial loss that a lender or investor might encounter in the event of non-payment or failure of a borrower or counterparty to fulfil their financial commitments. Credit risk occurs when people, companies, or governmental entities take loans or offer credit with the possibility that they might be unable to repay the borrowed amount according to the agreed terms.

Several key concepts allow us to gauge the risk involved with an investment and make better decisions. The Probability of Default (PD) is a measure that evaluates the probability of a borrower being unable to fulfil their contractual obligations and defaulting. Although defaulting doesn’t always result in immediate losses, it can raise the risk of bankruptcy and eventual losses. PD is expressed as a percentage, with higher percentages indicating a higher risk of default. Loss Given Default (LGD) is a commonly used expression to describe the ‘loss severity’ of an investment. It calculates the proportion of an exposure (such as a bond or loan equivalent) that is expected to remain unrecovered if a default occurs. It is a percentage of the outstanding debt or investment that is not recoverable after a default occurs.

Credit agencies are responsible for assigning credit ratings to both corporations and governments based on their ability to fulfil financial obligations. These credit ratings serve as indicators for lenders regarding the entity’s capacity to repay loans. Each credit agency employs slightly varied approaches in determining credit ratings. On the other hand, credit scores pertain to individuals and reflect their creditworthiness, considering their credit history and financial conduct. Credit risk models play a vital role in the financial industry as they employ mathematical techniques to foresee the probability of default, evaluate potential losses, and handle credit risk. These sophisticated tools aid both financial institutions and investors in making well-informed choices concerning lending and investment matters. As the global economy continues to evolve, understanding and managing credit risk will remain paramount for safeguarding financial stability and ensuring sustainable growth in lending and investment sectors. By employing comprehensive credit risk analysis, stakeholders can navigate potential challenges, capitalize on opportunities, and foster a resilient financial landscape for the future.

The evaluation of credit risk had a vital role in the extensive market research conducted for the top players in the aviation contract logistics segment. Although credit risk analysis mainly concentrates on appraising the creditworthiness of potential collaborators or customers, it offered valuable insights that prove beneficial for competitive intelligence and market research objectives. Conducting credit risk analysis on companies within the industry allowed for the identification of major players and their market position. Assessing financial stability, including liquidity, profitability, and debt levels, helped evaluate potential investment opportunities and market disruptions. Additionally, studying competitors’ credit risk provided insights into their market share, customer base, and potential risks of default or bankruptcy. Understanding their financial strength aided in formulating effective strategies for competitive positioning in the aviation contract logistics niche.

Corporate Risk Management

In order to mitigate various types of financial risks, such as credit risk, market risk, liquidity risk, and operational risk, investors and management can use risk analysis to identify, measure, and mitigate these risks effectively. Instabilities and losses in financial markets generally caused by fluctuations in stock prices, currencies, interest rates and more lead to rise in financial risks. Market risk reflects the fluctuations of interest rates, currencies, and prices of raw materials. Probability of failing to pay creditors such as banks or lenders leads to credit risk. Liquidity risk is the inability of a company to meet its short-term financial obligations (to pay the salaries of its employees, to settle the invoices to its suppliers, to pay back the capital and interests to the bank, to pay the taxes to the State, etc.) and is generally signs of cashflow inefficiencies. Flawed policies, processes, events or systems disrupt business operations and are known to cause operational risks. Financial risks are measured by calculating specific ratios that indicate the overall health of a company, which are then compared against the industry benchmark.

The following table provides some of the important financial ratios used to estimate the risk of a company. High financial risk is implied by high or low measure according to the ratio.

Table 1. Financial ratios

Source: The author.

Ratios are most useful when compared between companies in similar sectors and over time. Multiple measurements may be necessary for each given firm to fully comprehend the financial risk.

Why should I be interested in this post?

Working closely with subject matter experts and engaging in financial statement analysis to assess the impact of Covid-19 on the various industries equipped us with valuable skills and knowledge in financial analysis and risk assessment. Additionally, learning to calculate Altman’s Z-Score and developing a credit score model allowed us to evaluate the financial health of companies, a crucial skill in the finance industry. The exposure to strategic decision-making, data analysis, and client interactions during this consulting project helped me develop problem-solving capabilities and communication skills, which are highly sought-after attributes in the finance job market. Overall, this hands-on experience provided me with practical experience for finance roles, especially in consulting firms.

Useful resources

Eurogroup Consulting

Financial Risk – Allianz Trade

Financial Risk – Deloitte

About the author

The article was written in August 2023 by Snehasish CHINARA (ESSEC Business School, Grande Ecole Program – Master in Management, 2022-2024).

Posted in Contributors, Professional experiences | Tagged Eurogroup consulting | Leave a comment

Netflix ‘Billions’ Analysis of characters through CFA Code and Standards

Posted on July 24, 2023 by William LONGIN

Netflix ‘Billions’ Analysis of characters through CFA Code of Ethics and Standards of Professional Conduct

In this article, William LONGIN (EDHEC Business School, Global BBA 2020-2024) analyzes the show “Billions” through the lens of the Code of Ethics and Standards of Professional Conduct developed by the CFA Institute. I wrote this post while I prepared for the Level 1 of the CFA exam.

Overview of ‘Billions’ and ethics

The Netflix show “Billions,” set in New York City, portrays the intense story between three individuals: Bobby Axelrod, CEO of hedge fund ‘Axe Capital’, Chuck Rhoades, a tenacious US Attorney, and Wendy Rhoades, the wife of Chuck Rhoades and a talented performance coach working at Axe Capital. Bobby Axelrod and Chuck Rhoades fight for their honor and survival throughout the series with sometimes questionnable actions. Wendy Rhoades often plays the role of a middle person to find compromise and communication between Bobby Axelrod and Chuck Rhoades. The main characters insatiable greed has led them to indulge in misconduct, disregarding the ethical rules that govern investment and legal professionals in the real world.

Billions
Source: Showtime / Netflix.

CFA Institute’s Code of Ethics and Standards of Professional Conduct

The CFA Institute’s Code of Ethics and Professional Standards defines a comprehensive canvas for ethical and professional behavior. It states that it is for “investment professionals globally, regardless of job function, cultural differences, or local laws and regulations.” The Code places a strong emphasis on honesty to ensure that investment professionals operate in clients’ best interests. In “Billions”, the characters’ choices and actions often cross paths with these moral guidelines. In this article we will explore the three main characters Bobby Axelrod, Chuck and Wendy Rhoades through the lens of the CFA Code of Ethics and Standards of Professional Conduct.

“Billions” main characters: Bobby Axelrod, Chuck and Wendy Rhoades
Billions main characters: Bobby Axelrod, Chuck and Wendy Rhoades
Source: Netflix.

Bobby Axelrod: the hedge fund manager

Bobby Axelrod is the main character of the series “Billions”. He is the CEO of the hedge fund Axe Capital. Bobby Axelrod possesses exceptional financial acumen (the ability to make good judgements and take quick decisions) but his actions often push the boundaries of ethical behavior. These actions are driven by the drive to always beat the market at whatever cost.

Insider trading

By definition, insider trading is the illegal practice of trading on the stock exchange to one’s own advantage using material non-public information (confidential information).

One important ethical concern surrounding Bobby is his open willingness to engage in insider trading for himself and his firm. Despite having a legal department at Axe Capital, insider trading has been normalized throughout the series and undetected in most cases by the Securities and Exchange Commission (SEC) – the US authority in charge of regulating the financial markets. Bobby Axelrod gets his information through his extensive professional network and from his spies. Insider trading is forbidden by CFA standards of professional conduct as it violates point II.A. of CFA standards of professional conduct.

II.A. Material Nonpublic Information. Members and Candidates who possess material nonpublic information that could affect the value of an investment must not act or cause others to act on the information.

Insider trading is also forbidden by law in the United States. According to Cornell Law School “Courts impose liability for insider trading with Rule 10b-5 under the classical theory of insider trading and, since U.S. v. O’Hagan, 521 U.S. 642 (1997), under the misappropriation theory of insider trading”.

An example of insider trading is in the Episode 1 Season 1: “Pilot”. Bobby Axelrod approves a short-sell on Superior Automotive based on insider information. In this scene, Bobby Axelrod listens to two points of view: a deduction based on public information from one of his employees and another point of view based on confidential information from the character Dollar-Bill. When Axe asks Dollar-Bill “his level of certainty” about the excess supply that wasn’t disclosed by the company, there is a cut scene that shows the bribing with cash & watches of an employee of Superior Automotive and Dollar-Bill directly looking at the physical inventories of the company. To which Dollar-Bills answers famously “I am not uncertain”. When in possession of insider information, professionals cannot share, or influence action based on that information according to CFA Code of Professional Standards. Although Dollar-Bill is the one that actively tried to act on insider information, Axelrod is also in fault because of his lack of due diligence and supervision of his employee.

Independence and Objectivity

Bobby Axelrod has been found to use financial incentives to influence other people’s decisions in his favor. For example, Axelrod tipped the policeman that was going to arrest his employee. This tip avoided legal charges for his employee and bad image for the firm. Axelrod is found to disregard point I.B of the CFA standards of professional conduct.

I.B. Independence and Objectivity. (…) Members and Candidates must not offer, solicit, or accept any gift, benefit, compensation, or consideration that reasonably could be expected to compromise their own or another’s independence and objectivity.

In season 1 episode 7 “The Punch”, Bobby Axelrod pays a police officer named Lonnie Watley to prevent the arrest of one of his employees, Donnie Caan. Donnie Caan is a key member of Axe Capital, and Bobby Axelrod takes measures to protect him from legal troubles related to an insider trading investigation. In a later episode this incident was discovered by Raul Gomez, New York City Police and Fire Department Pension Fund Manager that asks him to not “greed” his colleagues in the future.

Unethical behavior

Axelrod frequently engages in aggressive tactics to push his personal agenda. A major example of unethical behavior is the Ice Juice Scheme from Season 2. In this case Bobby Axelrod sabotaged the initial public offering (IPO) of a company called “Ice Juice.” He used insider information to short the stock and profit immensely when the stock price immediate crash due to his scheme. His plan was to have some people get instantly sick after drinking Ice Juice and profit from media coverage. His scheme tampered with the public opinion and destabilised the fair consideration of Ice Juice on its IPO day. This also impacted his colleagues in the investment profession and their clients. According to point 1 of the CFA Code of Ethics this behaviour is unethical.

Act with integrity, competence, diligence, respect and in an ethical manner with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets.

Chuck Rhoades: the US Attorney for Southern district of New York

Chuck Rhoades is the United States Attorney for the Southern district of New York. During the first season Chuck attempts to take down Bobby Axelrod to protect fair competition in the markets. Bobby and Chuck both used their network to try and destabilize the other but ended in a stalemate in the 1rst season. It is important to note that Chuck Rhoades is not an investment professional, but the Code and Standards promotes ethical guidelines that can be interpreted in various professions.

Fraud

Chuck’s methods and ethical choices also raise concern. Chuck often bends the rules, manipulates evidence, and employs coercion to secure convictions and survive in his industry. Manipulating evidence goes against point II.D of the Code of standards of professional conduct regarding misconduct.

II.D. Misconduct. Members and Candidates must not engage in any professional conduct involving dishonesty, fraud, or deceit or commit any act that reflects adversely on their professional reputation, integrity, or competence.

Conflicts of interests

Additionally, Chuck’s relationship with Wendy Rhoades, who works as a performance coach for Axe Capital, raises ethical concerns regarding conflicts of interest and the appropriate boundaries between personal and professional relationships. While Chuck initially recuses himself from the Axe Capital case, he continued to work on the case behind the scene. This goes against the interest of the American people because he is biased in his work. Point VI.A. of CFA standards of professional conduct on conflicts of interests states the following.

VI.A. Disclosure of Conflicts. Members and Candidates must make full and fair disclosure of all matters that could reasonably be expected to impair their independence and objectivity or interfere with respective duties to their clients, prospective clients, and employer. Members and Candidates must ensure that such disclosures are prominent, are delivered in plain language, and communicate the relevant information effectively.

Wendy Rhoades: the middle woman

Wendy Rhoades is a performance coach at Axe Capital. She plays a key role in the series and is a powerful woman that often plays a role in resolving the fights between Axe and Chuck. Wendy tries to balance her professional responsibilities at Axe Capital while managing her personal relationship with Chuck Rhoades. Since Wendy Rhoades works in the finance industry she is therefore directly concerned by the Code of Ethics and Standards.

Whistleblowing

Wendy Rhoades is entrusted with confidential information, serving as a confidante to many within the organization. This fiduciary (involving trust) duty requires her to prioritize the interests and welfare of these individuals, acting with integrity and avoiding any conflicts that could compromise their trust. Across Season 2 we see that the information that Wendy has on the company is compromising and therefore we may ask ourselves if under national law she would be required to play a role of whistleblower. Indeed, Wendy has had knowledge of criminal activity and refused to whistle blow mostly due to her friendship with Bobby. This goes against point I.A of CFA standards of professional conduct.

I.A. Knowledge of the Law. Members and Candidates must understand and comply with all applicable laws, rules, and regulations (including the CFA Institute Code of Ethics and Standards of Professional Conduct) of any government, regulatory organization, licensing agency, or professional association governing their professional activities. (…) Members and Candidates must not knowingly participate or assist in and must dissociate from any violation of such laws, rules, or regulations.

Wendy’s loyalty to Bobby Axelrod adds another layer of complexity. Bobby relies heavily on Wendy’s expertise and guidance, seeking her advice on critical business decisions and relying on her insight into the minds of Axe Capital employees.

Wendy’s dual loyalties place her in a delicate position, as her duty to uphold the best interests of Axe Capital and with her personal relationship with her husband Chuck Rhoades.

Importance of ethics in the investment industry and popular media’s influence

Ethics play an important role in the investment industry as it gives it reputation and trust. A Code of Ethics and Professional Standards as proposed by the CFA Institute helps to work towards a stable financial system while reducing the likelihood of wrongdoings.

The Netflix series “Billions” that started in 2016, almost 10 years after the financial crisis of 2007 portrays traders as greedy and unethical in many cases. “Billions” stays nonetheless a fictional representation of the financial industry. However, this portrayal could badly influence and create false impressions, especially for future analysts and viewers who aspire to these positions.

Television shows and movies have the power to shape public opinion. “Billions” contributes to the overall perception of the financial sector along with other films like the Wolf of Wall Street and The Big Short. The financial sector is often a sector that is unknown or known very little by the average person. The portrayal of ethical dilemmas in popular media could raise awareness and generate important discussions about the role of ethics in finance. It encourages critical thinking and prompts viewers to question the ethical boundaries they would be willing to cross in pursuit of success.

Useful resources

U.S Securities Exchange Commission (SEC)

Cornell Law School Insider trading

CFA Code of Ethics and Professional Standards

About the author

Article written in July 2023 by William LONGIN (EDHEC Business School, Global BBA, 2020-2024).

Posted in Contributors, Movies and documentaries | Tagged Billions, Bobby Axelrod, CFA, CFA Code of Ethics, Chuck Rhoades, Ethical Analysis, Ethical Behavior, Ethics in Entertainment, Ethics in Finance, Financial Crisis, Financial Ethics, Financial Industry, Influence of Media, Insider trading, Insider Trading Laws, Investment Professionals, Netflix, Pop Culture, SEC (U.S. Securities and Exchange Commission), Standards of Professional Conduct, Wendy Rhoades | Leave a comment

Top 5 companies by market capitalization in India

Posted on July 23, 2023 by Nithisha CHALLA

Top 5 companies by market capitalization in India

In this article, Nithisha CHALLA (ESSEC Business School, Grande Ecole Program – Master in Management, 2021-2023) presents the top 5 companies by market capitalization in India.

Introduction to market capitalization

Market capitalization is a crucial factor in investment analysis. Learning about the market capitalization of companies helps you evaluate their size, growth potential, and overall value in the market. This knowledge can assist you in making informed investment decisions and assessing the financial health of companies.

Top 5 companies by market capitalization in India

The top 5 companies in India according to market capitalization by 2023 are as follows:

Stock chart for Hindustan Unilever

Source: Yahoo! Finance.

The historical data for Hindustan Unileverstock prices can be downloaded from Yahoo! Finance website: Download the data for Hindustan Unilever

Why should I be interested in this post?

As a management student, understanding the top companies in different markets and their market capitalization holds significant value. It provides you with industry insights, allowing you to comprehend the competitive landscape and trends within specific sectors.

Analyzing market capitalization aids in investment analysis, enabling you to assess the size, growth potential, and financial health of companies. Moreover, studying successful companies (success being measured by their market capitalization) provides valuable lessons in competitive strategy, organizational management, and leadership practices.

Useful resources

Companies Market Cap Largest Indian companies by market capitalization

Yahoo! 15 Biggest Indian State-Owned Companies

Wikipedia List of largest companies in India

About the author

The article was written in June 2023 by Nithisha CHALLA (ESSEC Business School, Grande Ecole Program – Master in Management, 2021-2023).

Posted in Contributors, Financial news | Tagged HDFC Bank, Hindustan Unilever, Infosys, Market capitalization, Reliance, Tata Consultancy Services | Leave a comment

Top 5 companies by market capitalization in Europe

Posted on July 23, 2023 by Nithisha CHALLA

Top 5 companies by market capitalization in the Europe

In this article, Nithisha CHALLA (ESSEC Business School, Grande Ecole Program – Master in Management, 2021-2023) presents the top 5 companies by market capitalization in Europe.

Introduction to market capitalization

Market capitalization, often referred to as “market cap,” is a key metric used in the financial world to assess the size and value of a publicly traded company. Market capitalization provides insights into a company’s position in the market and its relative size compared to other companies. It is a measure of a company’s total market value, calculated by multiplying its current stock price by the total number of outstanding shares. It is an important indicator for investors, analysts, and market participants as it reflects the perceived worth of a company by the investing public. Note that market capitalization assesses the size of the company in the equity market, but the total value of the company measured by its assets or the sum of its liabilities and shareholders’ equity may be larger if the company uses debt (financial leverage).

Top 5 companies by market capitalization in Europe

The top 5 companies in the European market according to market capitalization by 2023 are as follows:

Stock chart for SAP

Source: Yahoo! Finance.

The historical data for SAP stock prices can be downloaded from Yahoo! Finance website: Download the data for SAP

Why should I be interested in this post?

Useful resources

Companies Market Cap Largest European companies by market capitalization

Statista Market capitalization of leading companies on Euronext stock exchange as of February 2023

Yahoo! 10 Best European Companies To Invest In

About the author

The article was written in June 2023 by Nithisha CHALLA (ESSEC Business School, Grande Ecole Program – Master in Management, 2021-2023).

Posted in Contributors, Financial news | Tagged ASML, Market capitalization, Nestlé, Novartis, Roche, SAP | Leave a comment

Top 5 companies by market capitalization in China

Posted on July 23, 2023 by Nithisha CHALLA

Top 5 companies by market capitalization in China

In this article, Nithisha CHALLA (ESSEC Business School, Grande Ecole Program – Master in Management, 2021-2023) presents the top 5 companies by market capitalization in China.

Introduction to market capitalization

Top 5 companies by market capitalization in China

The top 5 companies in the Chinese market according to market capitalization by 2023 are as follows:

Stock chart for Ping An Insurance

Source: Yahoo! Finance.

The historical data for Ping An Insurance prices can be downloaded from Yahoo! Finance website: Download the data for Ping An Insurance

Why should I be interested in this post?

Useful resources

Companies Market Cap Largest Chinese companies by market capitalization

Yahoo! 15 Biggest Chinese State-Owned Companies

About the author

The article was written in June 2023 by Nithisha CHALLA (ESSEC Business School, Grande Ecole Program – Master in Management, 2021-2023).

Posted in Contributors, Financial news | Tagged Alibaba, JD.com, Market capitalization, Meituan, Ping An, Tencent | Leave a comment

Top 5 companies by market capitalization in the US

Posted on June 28, 2023 by Nithisha CHALLA

Top 5 companies by market capitalization in the US

In this article, Nithisha CHALLA (ESSEC Business School, Grande Ecole Program – Master in Management, 2021-2023) presents the top 5 companies by market capitalization in the US.

Introduction to market capitalization

Market capitalization is an important indicator for investors, analysts, and market participants as it reflects the perceived worth of a company by the investing public. Note that market capitalization assesses the size of the company in the equity market, but the total value of the company measured by its assets or the sum of its liabilities and shareholders’ equity may larger if the company uses debt (financial leverage).

The top 5 corporations in the US market according to market capitalization by 2023 are as follows:

Logo of Meta Platforms Inc.

Source: the company.

The historical data for Meta Platforms stock prices can be downloaded from Yahoo! Finance website: Download the data for Meta Platforms

Why should I be interested in this post?

Useful resources

Companies Market Cap Largest American companies by market capitalization

Yahoo! The 30 Largest Companies on the Stock Market

About the author

The article was written in June 2023 by Nithisha CHALLA (ESSEC Business School, Grande Ecole Program – Master in Management, 2021-2023).

Posted in Contributors, Financial news | Tagged Alphabet, Amazon, Apple, Facebook, Google, Market capitalization, Meta, Microsoft | Leave a comment

Market Capitalization

Posted on June 28, 2023 by Nithisha CHALLA

Market Capitalization

In this article, Nithisha CHALLA (ESSEC Business School, Grande Ecole Program – Master in Management, 2021-2023) explains Market Capitalization and its specificities.

What is Market Capitalization?

Market capitalization is a key metric used to assess the size and value of publicly traded companies. It represents the company’s value for the owners of the company (the shareholders or stockholders). This metric allows companies to be classified as large-cap, mid-cap, or small-cap based on their respective market-capitalization sizes.

Large-cap companies are typically more established, with market capitalizations exceeding several billion dollars. They are more stable and frequently represent industry leaders. In the US stock market, Apple, Microsoft, and Amazon are examples of large-cap companies.

Mid-cap companies fall between large-cap and small-cap companies. They are typically businesses that have seen moderate growth and may still have room for expansion. Mid-cap companies are frequently regarded as having a good balance of growth potential and stability. For example, Etsy Inc., DocuSign Inc., Spotify Technology S.A. etc.

Small-cap companies have lower market capitalizations than large-cap and mid-cap firms. They are generally thought to have greater growth potential, but also greater risk due to their smaller size and possibly limited resources. NeoGenomics, Inc., Clean Energy Fuels Corp., Axon Enterprise Inc. etc.

Mathematical formula?

The general formula for calculating market capitalization:

Market Capitalization = Current Share Price x Number of Outstanding Shares

In this formula:
“Current Share Price” refers to the price of a single share of the company’s stock. It is the latest transaction price. As Market Capitalization is usually computed every day, the current share price corresponds to the closing price of the trading session.

“Number of Outstanding Shares” represents the total number of shares of the company’s stock that are publicly available and held by investors.

The Significance of Stock Price

When considering market capitalization, the stock price is an important factor to consider. It represents the current market price at which a company’s shares are bought and sold. Stock prices, which are influenced by factors such as supply and demand, market sentiment, and company-specific news, play a critical role in determining a company’s market capitalization.

On the short term, as the number of shares issued by the company is stable, the stock price is the main factor which influences market capitalization.

How is the Number of Shares Computed?

The total number of outstanding shares of a company’s stock is used to calculate market capitalization. The outstanding shares are those that the company has issued and are held by shareholders, which include individual investors, institutional investors, and insiders.

The number of outstanding shares can be found in the company’s financial statements, specifically the balance sheet and the notes to the financial statements.

Which Shares are Included?

The outstanding shares generally include common shares or ordinary shares, which are the most common types of shares issued by companies. Preferred shares or other types of securities that may have different rights or characteristics are typically excluded from the calculation of market capitalization.

When we compute market capitalization, we take into consideration all outstanding shares of stock, which include publicly traded shares plus restricted shares held by the top management team and the founders of the company. Note that market capitalization is different from the float which takes into consideration only the shares available for trading in the secondary market.

If a company has different classes of shares with different voting rights or other characteristics, each class of shares may have its own market capitalization calculation based on the respective share price and the number of outstanding shares for that class.

Market capitalization provides an estimate of the overall value of the publicly traded portion of a company and is commonly used as a measure to compare companies or track changes in a company’s value over time.

Why should I be interested in this post?

Understanding market capitalization allows management students to analyze the financial health and performance of companies. By considering market capitalization along with other financial indicators, students can assess the relative size and value of companies in the market. Management students need to evaluate investment opportunities and determine the attractiveness of different stocks or companies based on their market capitalization and growth potential. Large-cap companies often offer stability and lower risk, while small-cap companies tend to be riskier but may have higher growth potential. Management students need to understand the risk-return tradeoff associated with different market capitalization segments.

Useful resources

Fidelity Investments Market capitalization

Wikipedia Market capitalization

Motley Fool An Example of Market Capitalization

About the author

The article was written in June 2023 by Nithisha CHALLA (ESSEC Business School, Grande Ecole Program – Master in Management, 2021-2023).

Posted in Contributors, Financial techniques | Tagged Financial index, Float, Market capitalization | Leave a comment

My experience as a trading floor intern at CIC Market Solutions

Posted on June 22, 2023 by Tanguy TONEL

My experience as a trading floor intern at CIC Market Solutions

In this article, Tanguy TONEL (ESSEC Business School, Global BBA, 2019-2023) shares his professional experience as an intern at the Bordeaux trading floor of CIC.

About CIC Market Solutions

Logo of the CIC Market Solutions.
Logo of CIC Market Solutions
Source: CIC Market Solutions

My internship

I joined the trading floor of CIC Sud-Ouest (the South-West branch of CIC) which is divided in two desks (FICC – Fixed Income, Currencies and Commodities, and asset management) to provide personalized advice to local corporate clients for their investments and risk management. There, I assisted sales and asset managers in their daily duties.

My missions

As an intern, my tasks were very diverse as I have been assisting both FICC and asset management desks. In a day, I would operate the trades reconciliation, monitor the limit orders execution for the sales traders, research and analyze data for the asset managers in preparation of client meetings and do reporting to track the performance of investments. Finally, I helped with management control and middle office tasks such as new clients’ registration.

Required skills and knowledge

While some technical skills such as Excel/VBA are welcomed, the most important skill to have is curiosity. Indeed, as financial markets are constantly evolving it is important to look for anything that can help explain any change, whether in the products’ performances, in the regulatory environment or in clients’ demand to react proactively.

What I learned

During the internship, I learned about the financial solutions provided by a trading floor. On the FICC desk, I was exposed to derivatives and other complex products. On the asset management desk, I discovered the world of EMTNs (Euro Medium Term Notes) which are structured products.

Overall, the internship allowed me to get a broader understanding of the financial markets as I could see the impacts of the markets and the broader economy on clients’ needs, and the impact of client’s needs on the type of products offered by the bank.

Financial concepts related my internship

EMTNs

Euro Medium Term Notes (EMTNs) are a type of debt security that is issued by large corporations, financial institutions, and sovereign governments to raise funds for financing purposes (so the bank can loan money). EMTNs are similar to traditional bonds in that they pay a fixed or floating rate of interest and have a maturity date. One of the key advantages of EMTNs is their flexibility. They can indeed be tailored to meet the specific needs of investors. In practice, the structurers can work on guaranteeing the capital, on the yield… They usually obey rules (such as “The EMTN pays 7% per year for 3 years, then the spread between a rate and another. When the EMTN has paid 22% or at the end of the seventh year, the product ends, and the investor gets his or her capital back.”).

Derivatives

Financial derivatives are financial instruments used to manage risk. They derive their value from an underlying asset or group of assets. Derivatives can be sold for a wide range of assets such as interest rates, currencies and commodities, which are traded by the FICC desk.

There are several types of financial derivatives. The best-known include futures contracts, options contracts, swaps, and forwards.

Futures contracts are agreements to buy or sell an asset at a predetermined price and date in the future.
Options contracts give the holder the right, but not the obligation, to buy or sell an asset at a predetermined price and date in the future.
Swaps are agreements to exchange cash flows based on different financial instruments, such as interest rates or currencies.
Forwards are similar to futures contracts, but they are customized agreements between two parties rather than standardized contracts traded on an exchange.

Structured products

Structured products are financial instruments that are created by combining multiple financial assets, such as stocks, bonds, and derivatives, into a single investment product. These products are designed to meet specific investment objectives, such as providing income, capital protection, or exposure to a particular market or asset class.

Structured products are typically created by financial institutions, such as banks or investment firms, and are sold to investors. They can be customized to meet the specific needs of individual investors and can be structured to provide a range of risk and return profiles.

Some common types of structured products include:

Principal-protected notes: These products provide investors with a guaranteed return of their initial investment, while also offering exposure to the performance of an underlying asset or index.
Autocallable notes: These products provide investors with a fixed income stream, while also offering the potential for higher returns if an underlying asset or index meets certain performance criteria.
Reverse convertibles: These products provide investors with a fixed income stream, while also exposing them to the risk of a decline in the value of an underlying asset or index.

Why should I be interested in this post?

The trading floor is the link between the financial markets and the rest of the business world. Understanding the products offered allows one to get a better grasp on both sides of the economy.

Useful resources

Academic resources

Hull J.C. (2015) Options, Futures, and Other Derivatives, Ninth Edition.

Business resources

CIC Market Solutions

About the author

The article was written in June 2023 by Tanguy TONEL (ESSEC Business School, Global BBA, 2019-2023).

Posted in Contributors, Professional experiences | Leave a comment

My experience as an Investment Specialist at Amundi Asset Management

Posted on June 22, 2023 by Tanguy TONEL

My experience as an Investment Specialist at Amundi Asset Management

In this article, Tanguy TONEL (ESSEC Business School, Global BBA, 2019-2023) shares his professional experience as an investment specialist in the ETF, Smart Beta & Indexing division of Amundi Asset Management.

About Amundi Asset Management

Amundi Asset Management is a leading global asset manager with over €1.7 trillion in assets under management as of December 31, 2022. The company was founded in 2010 as a joint venture between Crédit Agricole and Société Générale and has since grown to become one of the largest asset managers in Europe.

Amundi offers a wide range of investment solutions across all major asset classes, including equities, fixed income, multi-asset, and alternative investments. The company serves a diverse client base, including institutional investors, corporations, and individual investors.

Logo of Amundi.

Source: Amundi

My internship

I joined the Investment Specialist team of the ETF, Smart Beta & Indexing division which works as a facilitator for the asset management and the sales teams. The team answers clients on the most technical questions and their due diligence inquiries, applies to calls for tenders, monitors the market and does the reporting of the funds.

My missions

During my internship, I shadowed the team, helping them on a broad variety of their tasks.
Among those, I worked on the reporting of the funds, researching data to answer clients’ questions and on drafting sales offers for calls for bids. Additionally, I documented the tools used by the team in their daily activity which allowed me to get involved in nearly all the team’s duties.

Required skills and knowledge

While some technical skills such as Excel/VBA are welcomed, the most important skill to have is curiosity. Indeed, as financial markets are constantly evolving it is important to look for anything that can help explain any change, whether in fund performance, in the regulatory environment or in clients’ demand to react proactively. The ability to adapt is crucial, tools change.

What I learned

During the internship, I have been able to learn a lot about passive management. Indeed, the funds offered by Amundi are very diverse and allowed me to discover the concept of Smart Beta, how indices are built and replicated by asset managers, how ESG rules are incorporated into funds…

Financial concepts related my internship

Passive asset management

Passive asset management is an investment strategy that seeks to replicate the performance of a market index or benchmark. It involves investing in a diversified portfolio of securities that closely mirrors the composition of a particular index.

Usually replicated by index funds or ETFs, the indices follow different kind of rules in their composition while the asset managers work to replicate them without getting involved in the composition.

Physical and Synthetic ETFs

There are two main ways that an ETF can replicate an index: physically and synthetically.

A physically replicated ETF holds all or a representative sample of the securities in the index it tracks. For example, if an ETF tracks the S&P 500 index, it will hold all 500 stocks in the index or a representative sample of those stocks. The ETF’s performance would then closely track the performance of the index.

A synthetically replicated ETF, on the other hand, does not hold the underlying securities in the index. Instead, it uses derivatives, such as swaps, to replicate the index performance. The ETF enters into an agreement with a counterparty, such as a bank, to receive the returns of the index in exchange for paying the counterparty a fee. The counterparty holds the underlying securities and takes on the risk of holding them.

Physical replication tends to be more straightforward and transparent, as investors can see exactly what securities the ETF holds. However, it can also be more expensive, as the ETF incurs costs associated with buying and selling the underlying securities.

Synthetic replication can be cheaper, as the ETF does not need to buy and sell the underlying securities. However, it also introduces counterparty risk, as the ETF is reliant on the counterparty to fulfill its obligations. Additionally, synthetic ETFs may be less transparent, as investors may not know exactly what securities the counterparty is holding.

Smart Beta

Smart Beta is a strategy used in asset management that seeks to outperform traditional market-cap weighted indices by selecting stocks based on factors other than their market capitalization. These factors can include value, momentum, quality, and low volatility, among others.

Using Smart Beta, investors will seek to lower the variance of their portfolio, reducing risk or try to improve returns.

Indeed, one of the flaws of passive funds such as ETFs is that by following the indices, they might bear unrewarded risk or miss rewarded risk. This is due to the fact that for market-cap weighted funds, when a company’s market cap rises as a share of the index, it will also rise as a share of the fund, even if it yields less returns to the holder than another stock.

This has lately been seen with tech companies that grew exponentially as money flowed into those funds.

Why should I be interested in this post?

As passive management is taking a larger share of the asset management industry, understanding this growing trend can provide a valuable edge whether to work inside it or deal with it. Nonetheless, the concepts detailed in this article can also be useful for personal finance decisions.

Useful resources

Amundi ETF, Gestion indicielle et Smart Beta

Amundi ETF

About the author

The article was written in June 2023 by Tanguy TONEL (ESSEC Business School, Global BBA, 2019-2023).

Posted in Contributors, Professional experiences | Leave a comment

How to get crypto data

Types of data

Number of coins

Market price of a coin

Trading volume

Bitcoin data

Python code

APIs

Why should I be interested in this post?

Related posts on the SimTrade blog

Useful resources

APIs

Data sources

About the author

My Experience as an External Junior Consultant with Eurogroup Consulting

About Eurogroup Consulting

Junior Consultant Experience

My missions

Required skills and knowledge

What I learned

Concepts related my internship

Third-Party Logistics in Aviation Sector

Credit risk

Corporate Risk Management

Why should I be interested in this post?

Related posts on the SimTrade blog

Useful resources

About the author

Netflix ‘Billions’ Analysis of characters through CFA Code of Ethics and Standards of Professional Conduct

Overview of ‘Billions’ and ethics

CFA Institute’s Code of Ethics and Standards of Professional Conduct

Bobby Axelrod: the hedge fund manager

Insider trading

Independence and Objectivity

Unethical behavior

Chuck Rhoades: the US Attorney for Southern district of New York

Fraud

Conflicts of interests

Wendy Rhoades: the middle woman

Whistleblowing

Importance of ethics in the investment industry and popular media’s influence

Related posts on the SimTrade blog

Useful resources

About the author

Top 5 companies by market capitalization in India

Introduction to market capitalization

Top 5 companies by market capitalization in India

#1 Reliance Industries Limited

Statistics

Revenues

Stock chart

#2 Tata Consultancy Services Limited (TCS)

Statistics

Revenues

Stock chart

#3 HDFC Bank Limited

Statistics

Revenues

Stock chart

#4 Infosys Limited

Statistics

Revenues

Stock chart

#5 Hindustan Unilever Limited

Statistics

Revenues

Stock chart

Why should I be interested in this post?

Related posts on the SimTrade blog

Useful resources

About the author

Top 5 companies by market capitalization in the Europe

Introduction to market capitalization

Top 5 companies by market capitalization in Europe

#1 Nestlé S.A.

Statistics

Revenues

Stock chart

#2 ASML Holding N.V.

Statistics