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Series:Policy Discussion Paper Series  Bank:Federal Reserve Bank of Chicago 

Discussion Paper
Estimating the volume of counterfeit U.S. currency in circulation worldwide: data and extrapolation

The incidence of currency counterfeiting and the possible total stock of counterfeits in circulation are popular topics of speculation and discussion in the press and are of substantial practical interest to the U.S. Treasury and the U.S. Secret Service. This paper assembles data from Federal Reserve and U.S. Secret Service sources and presents a range of estimates for the number of counterfeits in circulation. In addition, the paper presents figures on counterfeit passing activity by denomination, location, and method of production. The paper has two main conclusions: first, the stock of ...
Policy Discussion Paper Series , Paper PDP-2010-02

Discussion Paper
Controlling risk in a lightning-speed trading environment

A small group of high-frequency algorithmic trading firms have invested heavily in technology to leverage the nexus of high-speed communications, mathematical advances, trading and high-speed computing. By doing so, they are able to complete trades at lightning speeds. High-frequency algorithmic trading strategies rely on computerized quantitative models that identify which type of financial instruments to buy or sell (e.g., stocks, options or futures), as well as the quantity, price, timing and location of the trades. These so-called black boxes are capable of reading market data, ...
Policy Discussion Paper Series , Paper PDP-2010-01

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