Financial Markets: Capital vs Money Markets, Impact of Quantitative Easing, Market Efficiency, Exchange Rate Volatility, Asymmetric Information

This article discusses the differences between capital and money markets, the impact of Bank of England's Quantitative Easing on bond and stock prices, levels of financial market efficiency, causes of exchange rate volatility, and asymmetric information in financial markets. It also critically assesses the efficiency of London Stock Exchange market in recent years and explains the implications.

Financial Markets

Table of Contents
MAIN BODY..................................................................................................................................3
Question 1:.......................................................................................................................................3
(a) Comparing and contrasting key role and functions of the capital markets with money
markets.........................................................................................................................................3
(b) Critical explanation of impact of Bank of England’ Quantitative Easing over bond and
stock prices..................................................................................................................................4
Question 2:.......................................................................................................................................6
(a) Distinguishing between different levels of financial market efficiency................................6
(b) Critically assessing the efficiency of London Stock Exchange market in recent years and
explaining the implications..........................................................................................................7
Question 3:.......................................................................................................................................9
Main causes of exchange rate volatility in the foreign exchange markets..................................9
Question 4:.....................................................................................................................................10
(a) Critically Explaining............................................................................................................10
(b) Need to regulate financial markets.......................................................................................12
REFERENCES................................................................................................................................1

MAIN BODY
Question 1:
(a) Comparing and contrasting key role and functions of the capital markets with money markets
Money Market is the term used for referring to the markets that are not organized. In
these markets financial instruments are quickly traded by banks, financial institutions, brokers
and money dealers. The financial instruments that are traded in money market are highly liquid
(Li and et.al., 2021). These instruments are redeemable within a period of less than a year. For
instance, commercial paper, trade credit, T bills, certificate of deposit etc. These are highly
significant for the business for improving their liquidity and meeting their requirements for
working capital.
Capital Market is a part of financial market which is related with the financial products
that are traded over a long period, like stocks and debentures. This helps businesses for meeting
their capital requirements for long term purposes, capital market deals in providing long term
finances to businesses (Han and et.al., 2018). There are two categories in this namely: primary
market – new issue of securities to the public, secondary market – exchange of securities
between investors.
Basis For Differentiation Money Market Capital Market
Definition It is that part of financial
market by which short term
instruments are traded.
This part of financial market is
concerned which trading of
long term financial
instruments.
Instruments Involved Promissory notes, trade credit,
treasury bills, commercial
papers, bills of exchange, call
money, etc.
Equity shares, preference
shares, bonds, debentures, etc.
Types of investors /institutions
involved
Commercial banks, financial
banks, central bank, chit
funds, financial companies,
etc.
Underwriters, mutual funds,
stockbrokers, commercial
banks, individual investors,
insurance companies, stock
exchanges, etc.
Nature of Market Informal in nature. More formal markets.

Liquidity of the Market High liquidity. Low liquidity.
Maturity Period Maturity period is less than a
year.
Maturity is longer, there is no
specific time frame.
Risk Factor As the maturity period is less
than one here, the involved
risk factor is low.
Less liquidity, long maturity is
associated with high risk.
Purpose Fulfilling the short term needs
of the businesses for credit.
To fulfil the needs of the
businesses for the long term
requirements of credit.
Functional Merit Increases the liquidity of funds
in the economy.
Brings stability in the
economy.
Return on Investment Low returns. High returns.
(b) Critical explanation of impact of Bank of England’ Quantitative Easing over bond and stock
prices
Bank of England is the central bank of United Nations. Quantitative Easing is the process
by which Bank of England purchases assets on large scale financed by issuing currency. It is
form of monetary policy used by the nation during crises for the first time. The report published
by the House of Lords Economic Affairs Committee in 2021 July concluded that the quantitative
easing by the Bank of England helped in successful stabilization of United Kingdom’s economy
in the conditions of crises.

The above bar chart shows the bonds that were purchased by the Bank of England during
the years 2009 to 2020 (What is quantitative easing and how will it affect you? 2022). It is
clearly indicated from the chart that purchase of bonds by the central bank were during the times
of crises.
The monetary policy of Quantitative Easing as first used during the year 2009. Before the
introduction of the QE the main tool that the Bank of England used to use at the time of crises
was the bank rate. Bank rate is that key interest rate whose influence is seen in all the other rates
of the economy along with some other economic variables (Philippas, Papadamou and
Tomuleasa, 2019). Rates were increased when there is need of withdrawing the money supply
from the economy alternatively bank reduces its rate when more money is made to be released in
the economy.

The Bank of England explains that the quantitative easing works in the similar way as the
bank rate. The impact of bank rate is seen over all the other rates in the economy. In a similar
way when the central bank purchases corporate bonds in a large scale the demand for the bond
increases that results in the increasing the prices of the bonds. As the relation between the bond
prices and the interest rate is inverse, an increasing trend in the bond prices brings about a
decrease in the interest rate in the economy.
Increase in the demand of bonds leaves the companies with increased level of cash. The
companies in turn invests the money in other assets (Fatouh, Giansante and Ongena, 2021). The
price of such assets increases. These resulting in creation of wealth for the households and
businesses and hence the spending is promoted. These institutions boost the economy by
increasing lending money to the businesses and households.
The Bank of England and many other professional economists supported that the
Quantitative Easing is crucial in the crisis. It stabilizes the economy which otherwise would
become dysfunctional in such conditions. The QE impacts both gross domestic production and
inflation in a good way. Initially QE was used with a perception of short term tool for stabilizing
the economy but now the tool has become main tool of UK’s monetary policy.
The QE expansion during the pandemic situation was motivated as it enables the
government to borrow money continually at lower interest rates. In conclusion QE with the
creation of new money inflates the financial system. These funds are used by the banks to buy
assets like government bonds (QE at the Bank of England: a perspective on its functioning and
effectiveness. 2022). The amount of money in the economy increases and the financial
institutions available to lend money increases (Rigby and Jones, 2020). This results in increasing
stock prices and lowering interest rates. The investment in the economy boosts up.
Question 2:
(a) Distinguishing between different levels of financial market efficiency
Market Efficiency explains the efficiency of existing price of the assets to reflect all the
information that is available for the price of that asset. The possibility of beating a market gets
eliminated in a market that is truly efficient, the reason being every information available already
incorporated in the market price (Wei, 2018). The efficiency of the market increases with the
quality and volume of information. The opportunities to earn high market returns reduces with
the more efficiency in the market.

The different levels of the market efficiency are weak – form, semi – strong and strong –
form efficiency. According to the weak from level of market efficiency it is suggested that the
stock prices that are today reflects all of the data related to the past prices and any form of
technical form of analysis can effectively be used for helping investors in making their decision
for investment (Hu, Valera, and Oxley, 2019). The supporters of this level believes that with the
use of fundamental analysis the stocks can be determined for undervalue and overvalue, by
which the financial statements of the company can be researched by the investors for making
profits higher than average profits.
Semi – Strong form theory of efficiency believes that as all the public information is used
for computing current price of stock investors cannot use both analysis, technical or fundamental
with the view to achieve high returns in the market (Acedo‐Ramírez, Díaz‐Mendoza and Ruiz‐
Cabestre, 2019). In the support of this level of market efficiency it is believed that information
which is not available to users readily is the only factor that can boost the returns for the
investors.
The last level of financial market efficiency that is strong form states that current stock
prices are computed based on both information that are accessible to the public and not
accessible to the public. And hence none of the two types of information can help investor to
take advantage from outperform of stock.
(b) Critically assessing the efficiency of London Stock Exchange market in recent years and
explaining the implications
Efficient Market Hypothesis is also referred by the term efficient market theory. The
hypothesis says that all the information is reflected by the share prices and consistent generation
of alpha is not possible to be reflected by the share prices. As per the efficient market hypothesis
shares are always traded or exchanged at the fair value and the possibility of investors
purchasing shares at undervalued or inflated prices is non-existent (Khursheed and et.al., 2020).
Using market timing or expert stock selection is impossible for more profitable performance of
the market overall. Purchase of riskier investment is the only way through which investor can
enjoy earning of high return.
The theory of efficient market hypothesis is a controversial theory that is disputed often.
It is argued that it is baseless to find a stock that is undervalued or trying prediction of trends

within the market by fundamental or technical analysis. In theory none of the analysis is capable
of giving excess returns that are risk adjusted on consistent basis.
Being market efficient means that all the available information is well reflected by the
prices. As efficient market hypothesis all the markets are efficient and the investors by investing
cannot make excess profits as all the shares are priced on fair and accurate basis (Patil and
Rastogi, 2020). The EMH, on theoretical and empirical both basis has been questioned in terms
of its validity. Market have been beaten by investors like Warren Buffet are example for various
other investors. Undervalued stocks were the focus area of their strategy for investment making
them earn billions. The people in against EMH argue that outperforming the market by some are
because of their luck rather than skills.
London Stock Exchange is a stock exchange in England’s city, London. The is the
largest stock exchange in Europe. The Great Britain and Ireland stock exchange merged in 1973
and renamed as London Stock Exchange, abbreviated as LSE (Barguellil, Ben-Salha and Zmami,
2018). The dominant index of LSE is FTSE, Financial Times Stock Exchange 100 Share Index.
It is among one of the oldest stock exchanges over the world. New York Stock Exchange is the
rival of LSE.
The above chart shows the fluctuations in the share return over a period of 90 days. From
the chart it is clear that the shares are traded at the prices that are fair and the existence of
information with the investors cannot benefit them by earning more profits.

Question 3:
Main causes of exchange rate volatility in the foreign exchange markets
Exchange rate is the rate at which the currency of a country is expressed or converted in
the currency of other country. The exchange rate fluctuates in accordance with the change in the
demand and supply forces for currency of one country to another within the global market
(Balaban, Živkov and Milenković, 2019). The demand for the currency of a country creates
when it exports the goods and services to other country and supply is generated when the country
imports goods or services from other country.
Causes of exchange rate vitality: Inflation Rates: Change in inflation brings about a change in exchange rate. When a
country’s rate of inflation is lower than the other country than the value of the currency of
the country will rise. In situation of low inflation rates the goods and services’ prices will
rise slowly. Interest Rates: There is correlation between the foreign exchange rates, inflation and
interest rates. In low inflation the value of currency appreciates for a country (Barguellil,
Ben-Salha and Zmami, 2018). Increase in the interest rates of a country attracts foreign
investors to invest as they will have higher interest. Rise in foreign investment increases
the exchange rate of the country. Current Account or BOP of country: Current account of the country includes all the
transactions of imports, exports, etc. Importing more by a country than exports results
spending more currency, this brings a fall in the value of the currency. Government Debt: The debt owned by the central government is term as government
debt. The country’s possibility of acquiring foreign capital less in case of high
government debt. This leads to inflation and the exchange rate of the currency falls.

The above chart shows the movements in UK Pound/US Dollar spot exchange rate for the
year 2020 (British Pound to US Dollar Spot Exchange Rates for 2020, 2020). The best exchange
rate is 1.3672 USD. Average and worst exchange rate is 1.2837 USD and 1.1492 USD
respectively for the year.
Question 4:
(a) Critically Explaining
Asymmetric Information: Information Failure is the term that is interchangeably used for
asymmetric information. The situation of asymmetric information or information failure occurs
when out of two parties involved in the economic transaction one party holds greater knowledge
than the other. It generally happens when in the economic transaction of buying or selling of
goods or services the seller has more knowledge than the customer involved. The reverse
situation is also possible (Davies and Giovannetti, 2018). Asymmetric information exists in
every economic transaction generally. The party possessing more information gets benefited in
the transaction.
The outcome of asymmetric information is considered desirable in healthy market
economy. The labour specializing in his trade becomes highly productive and in turn provides

great value in other trades to the workers. For instance, owner of a house wants to sell the house,
the owner will have more information relating the house than the person who wishes to buy the
house. The owner of the house will possess certain information like a house getting too cold in
times of winter, neighbours of the house being too loud, the house needs some repairing work.
The owner will not disclose such information as this will impact the buying decision of the buyer
or the value of the house (Brody, Hughston and Macrina, 2022). The buyer will get to know
these details after the purchase of the property and might feel that he has overpaid for the house.
Moral Hazard: Moral hazard refers to the risk of non-entrance of party with good faith
into contract or that party may have given information regarding assets, liabilities that misleads.
It may also refer to that in the attempt of earning more profit the party took unusual risks. Moral
hazards can exist at the times when two parties get involved into an agreement. Each party
involved in the agreement have the occasion to act in a manner that does not matches with set up
principles in the agreement (Hartley and Kuecker, 2020). The situation occurs when one of the
party in transaction has the chance to add on a risk that has adverse impact over the other party.
The decision of assuming such risk is based on the opportunity of doing something that is
immoral to have highest level of advantage. For instance, a person bought a new house and get it
insured. The contract between the insurance company and the owner of the house was based on
the term that the owner of the house in no case will act in a way that will cause harm to the
property. But the owner however having the house insured becomes careless towards protecting
the house and incident happens that damages the house because of the carelessness on the ned of
the owner. The owner hides it from the company and claims the insurance money, is an example
of moral hazard.
Adverse Selection: It refers to a situation where either of the buyer or seller have some
information about the quality of the product that is unknown to the other. The situation occurs
when a party has some relevant information that is not known to another party. Such a situation
initiates taking up of bad decisions. For instance, selling goods to the market segment that is less
profitable or risky. Companies avoid adverse selection (Aizenberg, Stashkevich and Voropai,
2019). For example, companies selling life insurance while doing evaluation relating to
undertaking of decision of selecting the applicant for policy and computing amount of premium
to be charged. The factors that are considered for evaluation by the underwriters are height,

weight, medical history current health, lifestyle of the applicant, this is done in order to avoid
selection of applicant that is at higher health risks and charge them more money.
(b) Need to regulate financial markets
Financial Regulation is a type of regulation that regulates or supervises the financial
markets and financial institutions. The main aim behind financial regulations is to ensure
integrity in financial system. The situation of failing of bank, in ability of it to pay for its
obligations causing wider problems in the economy. Laws that are applicable to financial
markets are enforced efficiently is ensured by the financial regulation. The cases of misconducts
in the market are avoided by the financial regulation. It is provider of the license for the financial
services to the providers of the services. In addition, it is essential for the protection of the
clients. Further financial regulation aims at the investigation of the complaints. Existence of
financial is significant for maintaining the confidence in the financial system.
Every individual depends on the financial institution in one or the another way. The
savers of money rely on the banks for saving their money safely and making them available to
them when they need it. Businesses depend on it to meet their financial requirements by
borrowing money from them. The borrowed money helps them to expand and maintain their
businesses (Ülgen, F., 2019). Customers take advice from them regarding the product that is best
for them during taking mortgage or insurance. Policy holders reply on insurance companies for
getting claim in the incidence of miss happenings.
Financial institutions are needed to be regulated to make sure that the firm follows the
regulatory rules and that they are supervised. The central bank reviews and reports every aspect
of the business by the firm in order to judge that they are running in such a manner that is safe
and sound or not. They approach the key decision makers by going on the site and inspects the
business related aspects (de Lima Junior¹ and Silva, 2020). The inspection is becoming in depth
over the years. Firms are supervised on the basis of the risk that they possess to the consumers
and the financial system. The supervision is closer when the potential harm is higher.

REFERENCES
Books and Journals
Acedo‐Ramírez, M. Á., Díaz‐Mendoza, A. C. and Ruiz‐Cabestre, F. J., 2019. IPO underpricing
in the second and main markets: The case of the London Stock Exchange. International
Finance. 22(1). pp.103-117.
Aizenberg, N., Stashkevich, E. and Voropai, N., 2019. Forming rate options for various types of
consumers in the retail electricity market by solving the adverse selection
problem. International Journal of Public Administration, 42(15-16), pp.1349-1362.
Balaban, S., Živkov, D. and Milenković, I., 2019. Impact of an unexplained component of real
exchange rate volatility on FDI: Evidence from transition countries. Economic
Systems. 43(3-4). p.100719.
Barguellil, A., Ben-Salha, O. and Zmami, M., 2018. Exchange rate volatility and economic
growth. Journal of Economic Integration. 33(2). pp.1302-1336.
Barguellil, A., Ben-Salha, O. and Zmami, M., 2018. Exchange rate volatility and economic
growth. Journal of Economic Integration. 33(2). pp.1302-1336.
Brody, D. C., Hughston, L. P. and Macrina, A., 2022. Modelling information flows in financial
markets. In Financial Informatics: An Information-Based Approach to Asset Pricing (pp.
157-177).
Davies, W. E. and Giovannetti, E., 2018. Signalling experience & reciprocity to temper
asymmetric information in crowdfunding evidence from 10,000 projects. Technological
Forecasting and Social Change. 133. pp.118-131.
de Lima Junior¹, J. M. and Silva, G. B., 2020. FINANCIAL MARKET SELF-REGULATION
IN BRAZIL: LEGAL DISRUPTION BETWEEN MARKET, LAW AND
POLITICS. REVISTA BRASILEIRA DE ESTUDOS JURÍDICOS. 15(1). p.10.
Fatouh, M., Giansante, S. and Ongena, S., 2021. Economic support during the COVID crisis.
Quantitative easing and lending support schemes in the UK. Economics Letters. 209.
p.110138.
Han, J. and et.al., 2018. Twenty years of accounting and finance research on the Chinese capital
market. Abacus. 54(4). pp.576-599.
Hartley, K. and Kuecker, G., 2020. The moral hazards of smart water management. Water
International. 45(6). pp.693-701.
Hu, Y., Valera, H. G. A. and Oxley, L., 2019. Market efficiency of the top market-cap
cryptocurrencies: Further evidence from a panel framework. Finance Research
Letters. 31. pp.138-145.
Khursheed, A. and et.al., 2020. Adaptive market hypothesis: An empirical analysis of time–
varying market efficiency of cryptocurrencies. Cogent Economics & Finance. 8(1).
p.1719574.
Li, L. and et.al., 2021. Liquidity restrictions, runs, and central bank interventions: Evidence from
money market funds. The Review of Financial Studies. 34(11). pp.5402-5437.
Patil, A. and Rastogi, S., 2020. Multifractal analysis of time-varying market efficiency:
Implications for adaptive market hypothesis. Test Engineering and Management. 83.
pp.16646-60.
Philippas, D., Papadamou, S. and Tomuleasa, I., 2019. The role of leverage in quantitative easing
decisions: Evidence from the UK. The North American Journal of Economics and
Finance. 47. pp.308-324.
1

Rigby, J. and Jones, B., 2020. Bringing the doctoral thesis by published papers to the Social
Sciences and the Humanities: A quantitative easing? A small study of doctoral thesis
submission rules and practice in two disciplines in the UK. Scientometrics. 124(2).
pp.1387-1409.
Ülgen, F., 2019. Stabilizing Endogenous Instability: Proposals for An Institutionalist Reform of
Financial Regulation. Journal of Economic Issues. 53(2). pp.488-495.
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pp.21-24.
Online
British Pound to US Dollar Spot Exchange Rates for 2020. 2020. [Online]. Available through:
<https://www.exchangerates.org.uk/GBP-USD-spot-exchange-rates-history-
2020.html#:~:text=This%20is%20the%20British%20Pound,USD%20on%2019%20Mar
%202020.>
QE at the Bank of England: a perspective on its functioning and effectiveness. 2022. [Online].
Available through: < https://www.bankofengland.co.uk/quarterly-bulletin/2022/2022-
q1/qe-at-the-bank-of-england-a-perspective-on-its-functioning-and-effectiveness>
What is quantitative easing and how will it affect you? 2022.[Online]. Available through: <
https://www.bbc.com/news/business-15198789 >
2

APPENDICES
Daily Stock Returns of Rio Tinto
Date Open High Low Close Adj Close Volume daily stock returns
2/28/2022 77.16 79.14 77.1 78.58 73.737 4751600 6747262.497
3/1/2022 80.25 81.45 79.09 80.03 75.09763 5329000 -1172385.329
3/2/2022 82.72 83.78 82.32 83.54 78.3913 6540800 5363456
3/3/2022 84.43 84.69 82.69 84 78.82295 6286400 -2703152
3/4/2022 81.14 82 80.79 81.88 76.83361 10406600 7700863.187
3/7/2022 80.86 81.46 78.96 79.54 74.63783 6169300 -8143476
3/8/2022 78.28 79.2 77.22 77.53 72.75171 7564200 -5673150
3/9/2022 75.67 77.98 75.05 77.72 72.93 7712700 15811058.14
3/10/2022 72.97 74.89 72.18 74.85 74.85 6792500 12769879.62
3/11/2022 73.11 74.36 72.68 72.72 72.72 4664600 -1819194
3/14/2022 71.04 71.31 68.95 69.37 69.37 8954200 -14953496.09
3/15/2022 67.91 69.21 67.5 69.08 69.08 8968000 10492542.06
3/16/2022 70.59 72.8 70.59 72.72 72.72 6816400 14518966.08
3/17/2022 73.32 74.85 73.14 74.84 74.84 4771600 7252812.914
3/18/2022 74.79 75.72 74.55 75.43 75.43 4637000 2967675.363
3/21/2022 77.1 77.79 76.91 77.69 77.69 3803000 2243785.212
3/22/2022 78.74 78.83 76.31 76.47 76.47 3668300 -8327029.995
3/23/2022 76.95 78.07 76.59 77.88 77.88 3853800 3584034
3/24/2022 78.7 78.91 77.98 78.3 78.3 3003800 -1201501.977
3/25/2022 78.92 79.58 78.72 79.52 79.52 2889900 1733937.11
3/28/2022 78.53 78.61 77.54 78.53 78.53 2574400 0
3/29/2022 77.26 78.41 76.77 78.38 78.38 3512000 3933422.44
3/30/2022 79.55 81.09 79.45 80.5 80.5 3057400 2904520.828
3/31/2022 81.63 81.92 80.3 80.4 80.4 2786400 -3427258.068
4/1/2022 81.49 82.88 81.4 82.68 82.68 3345700 3981389.691
4/4/2022 81.87 82.04 80.91 81.38 81.38 2800300 -1372163.802
4/5/2022 81.01 81.37 80.07 80.49 80.49 2861200 -1487835.445
4/6/2022 80.59 80.92 79.83 80.57 80.57 3680600 -73597.2776
4/7/2022 80.58 81.29 79.62 80.85 80.85 2936400 792816.2544
4/8/2022 81.26 81.48 80.11 80.28 80.28 2769500 -2714118.308
4/11/2022 80.59 80.65 79.47 79.74 79.74 2655900 -2257509.688
4/12/2022 80.87 81.93 80.24 80.49 80.49 3327500 -1264466.637
4/13/2022 80.77 82 80.75 81.94 81.94 2691200 3148717.456
4/14/2022 82 82.4 81.62 81.87 81.87 2644500 -343777.0665
4/18/2022 82.45 83.21 81.94 82.4 82.4 2575800 -128777.121
4/19/2022 81.16 81.6 80.31 80.7 80.7 2704800 -1244226.934
4/20/2022 78.04 78.62 76.02 78.58 78.58 6459800 3488298.46
4/21/2022 76.57 76.92 74.38 74.81 74.81 4776200 -8406121.552
4/22/2022 74.53 74.87 72.57 72.67 72.67 3842600 -7147239.843
3

4/25/2022 70.37 71.07 68.71 70.84 70.84 5313100 2497119.808
4/26/2022 69.69 70.47 68.66 68.74 68.74 4639700 -4407733.559
4/27/2022 71.9 72.76 70.76 71.9 71.9 4250000 0
4/28/2022 71.42 71.76 70.53 71.51 71.51 3416000 307453.664
4/29/2022 72.52 73.2 71.06 71.12 71.12 2905000 -4066982.57
5/2/2022 70.84 71.45 69.78 70.95 70.95 3688200 405705.6882
5/3/2022 71.52 71.99 70.73 71.12 71.12 3262000 -1304780.428
5/4/2022 69.98 72.01 69.11 71.81 71.81 3929300 7190599.353
5/5/2022 70.83 71.23 68.22 68.97 68.97 4992300 -9285682.992
5/6/2022 68.07 68.6 67.02 68.07 68.07 3784300 0
5/9/2022 65.74 65.96 64.61 64.97 64.97 4919400 -3787923.242
5/10/2022 65.65 65.83 64.1 65.1 65.1 3655300 -2010429.621
5/11/2022 66.5 67.58 65.38 65.42 65.42 4113600 -4442696.227
5/12/2022 63.71 64.76 63.17 64.42 64.42 4946500 3512010.054
5/13/2022 65.21 66.21 65.09 65.81 65.81 3053700 1832216.946
5/16/2022 66.61 67.01 65.84 66.57 66.57 3174900 -126999.1749
5/17/2022 68.97 69.16 68.19 68.96 68.96 3690200 -36909.3804
5/18/2022 67.97 68.06 66.44 66.67 66.67 2547200 -3311367.642
5/19/2022 67.16 68.42 67.12 67.93 67.93 2962000 2280728.152
5/20/2022 69.7 69.85 67.93 69.54 69.54 3177600 -508403.2896
5/23/2022 70.96 71.23 70.05 70.73 70.73 3009600 -692195.9616
5/24/2022 70.01 71.32 69.86 71.27 71.27 2566000 3233147.17
5/25/2022 71.3 72.15 71.03 71.89 71.89 2934100 1731107.264
5/26/2022 71.62 72.22 71.43 72.13 72.13 2550500 1300739.697
4