And, in a sign of the times, Husky International waded into the market on July 30 to reprice its covenant-lite loan (the plastics company originally tested the market for a lower spread in May before shelving the transaction amid deteriorating market conditions).

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The investor behind the transaction may be implementing the spread to hedge a long position in ADS shares, or may be establishing an outright bearish stance on the stock.

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Like all brokerage fees, the APT tax establishes a spread between the buy and sell price of every transaction.

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The new transaction has some similarities and some differences compared to the last butterfly spread.

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Advisors typically collect higher fees for trading strategies, brokers collect more commissions, exchanges earn a fee from each transaction, and market makers gorge themselves on the bid-ask spread.

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The largest transaction on the fund today was the purchase of a massive call butterfly spread in the December contract.

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The largest transaction in Safeway options today was the one-by-two ratio put spread initiated in the March expiry in the first half of the trading session.

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Instead of charging a fixed transaction fee for clearing the rights, Corbis tries to buy low and sell high, capturing the spread as revenue.

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