Literature: authors starting with U

US Department of Justice (2020) · Pardons Granted by President Donald J. Trump (2017-2021): Michael Robert Milken, pardoned February 18, 2020

U.S. Department of Justice, Office of the Pardon Attorney. U.S. Department of Justice; accessed October 25, 2026. Source

States Milken's conviction in the Southern District of New York for conspiracy, securities, mail and tax fraud, false filings with the SEC and aiding and abetting a broker's violations of net capital rules, as well as the sentence.

Cited in: Legendary investors: the investment styles of the most famous investors, from Graham to Simons

US Section 871(m) Rules (2015) · 26 CFR § 1.871-15 – Treatment of dividend equivalents

U.S. Department of the Treasury; Internal Revenue Service. Code of Federal Regulations, text at the Legal Information Institute of Cornell University; accessed October 25, 2026. Source

Rules on dividend equivalents from derivatives on US equities; a qualified index with at least 25 constituents is treated as a single security that is not an underlying security.

Cited in: Basket swaps, total return swaps or futures: building market exposure efficiently · Index replication: full replication, optimized sampling and swaps · Glossary: Dividend equivalent

EIA (2024) · World Oil Transit Chokepoints

U.S. Energy Information Administration. U.S. Energy Information Administration, Country Analysis Brief, as of June 25, 2024. Source

Oil volumes through the major chokepoints of seaborne trade from 2018 to 2023, from Malacca and Hormuz to Panama, and the share of oil transported by sea.

Cited in: Ship tracking data and satellite images: what they reveal about commodities · Glossary: Chokepoint (maritime trade)

SEC Rule 17a-7 (2005) · 17 CFR § 270.17a-7: Exemption of certain purchase or sale transactions between an investment company and certain affiliated persons thereof (as amended in 2005)

U.S. Securities and Exchange Commission. Code of Federal Regulations, text at the Legal Information Institute of Cornell University; accessed October 25, 2026. Source

Permits transactions between funds of the same manager only for cash, at the independent current market price, without commission, in line with investment policy, and under board procedures with quarterly review and six-year record retention.

Cited in: Market making and bond trading: spread, inventory, axes, RFQ, cross trades and matrix pricing · Glossary: Cross trade

SEC (2019) · Exchange-Traded Funds, Rule 6c-11 under the Investment Company Act (Release No. 33-10695, September 25, 2019): Small Entity Compliance Guide

U.S. Securities and Exchange Commission. SEC; accessed October 25, 2026. Source

The US ETF rule: daily disclosure of holdings before the market opens, custom baskets under written policies; non-transparent active ETFs remain subject to individual exemptive orders.

Cited in: Active ETFs: how they work and what they deliver

SEC, derivatives rule (2020) · SEC Adopts Modernized Regulatory Framework for Derivatives Use by Registered Funds and Business Development Companies (Press Release 2020-269)

U.S. Securities and Exchange Commission. SEC, October 28, 2020; accessed October 29, 2026. Source

Adoption of Rule 18f-4: a derivatives risk management program, VaR at most 200% of a reference portfolio or 20% of net assets; for leveraged and inverse funds, this effectively limits the daily target to 200% of the index return, with an exception for existing funds.

Cited in: How leveraged ETFs are built: swaps, daily rebalancing and gamma risk

SEC Rule 18f-4 (2020) · 17 CFR § 270.18f-4: Exemption from the requirements of section 18 and section 61 for certain senior securities transactions

U.S. Securities and Exchange Commission. Code of Federal Regulations, text at the Legal Information Institute of Cornell University; accessed October 29, 2026. Source

Derivatives rule for US funds under the Investment Company Act of 1940: VaR (99%, 20 trading days) at most 200% of a reference portfolio or 20% of net assets; exception for leveraged and inverse funds above 200% that were in operation on October 28, 2020 and do not change their index or leverage.

Cited in: How leveraged ETFs are built: swaps, daily rebalancing and gamma risk

SEC (2021) · Staff Report on Equity and Options Market Structure Conditions in Early 2021

U.S. Securities and Exchange Commission. Report by the staff of the SEC, October 14, 2021; accessed October 25, 2026. Source

An analysis of trading in GameStop and other meme stocks in January 2021: price behavior, short selling, trading restrictions and the role of online forums.

Cited in: Alternative data: job ads, Reddit, X, satellites and card payments · Glossary: Meme stock · Glossary: Short squeeze

SEC press release (2021) · SEC Charges App Annie and its Founder with Securities Fraud (Press Release 2021-176)

U.S. Securities and Exchange Commission. SEC, September 14, 2021; accessed October 25, 2026. Source

The SEC's first case against an alternative data provider for securities fraud: confidential, non-anonymized data flowed into the estimates it sold, contrary to its assurances.

Cited in: Alternative data: job ads, Reddit, X, satellites and card payments

SEC, Rule 2a-5 (2021) · Good Faith Determinations of Fair Value (Final Rule, Rule 2a-5)

U.S. Securities and Exchange Commission. Federal Register 86, No. 3, January 6, 2021, pp. 748-808, FR Doc. 2020-26971; accessed October 25, 2026. Source

A rule on valuing fund assets at fair value; it requires oversight of pricing services that provide evaluated prices, matrix prices and similar estimates, and identifies their potential conflicts of interest.

Cited in: Market making and bond trading: spread, inventory, axes, RFQ, cross trades and matrix pricing · Glossary: Matrix pricing

SEC, Investor Bulletin (2021) · Updated Investor Bulletin: Insider Transactions and Forms 3, 4, and 5

U.S. Securities and Exchange Commission. Investor.gov, SEC Office of Investor Education and Advocacy, January 26, 2021; accessed October 25, 2026. Source

Officers, directors and shareholders owning more than 10% of a class of shares report their transactions; Form 4 must be filed within two business days of the trade.

Cited in: Insider trading: what is prohibited, what is allowed and what insider purchases reveal

SEC, Archegos (2022) · SEC Charges Archegos and Its Founder with Massive Market Manipulation Scheme (Press Release 2022-70)

U.S. Securities and Exchange Commission. SEC, April 27, 2022; accessed October 25, 2026. Source

According to the SEC's complaint, the asset manager Archegos bought total return swaps worth billions on credit, reached an exposure of US$160 billion in March 2021, could not meet margin calls and caused billions in credit losses at its counterparties.

Cited in: Basket swaps, total return swaps or futures: building market exposure efficiently · Glossary: Basket swap

SEC, Rule 10b5-1 (2022) · SEC Adopts Amendments to Modernize Rule 10b5-1 Insider Trading Plans and Related Disclosures (Press Release 2022-222, December 14, 2022, with Fact Sheet on Release No. 33-11138)

U.S. Securities and Exchange Commission. SEC; accessed October 25, 2026. Source

Cooling-off periods for Rule 10b5-1 plans (directors and officers: the later of 90 days or two business days after the quarterly results, at most 120 days; others 30 days), certification, good faith, limits on overlapping and single-trade plans, and a checkbox on Form 4.

Cited in: Insider trading: what is prohibited, what is allowed and what insider purchases reveal · Glossary: Rule 10b5-1 plan

SEC, Schedule 13D (2023) · SEC Adopts Amendments to Rules Governing Beneficial Ownership Reporting (Press Release 2023-219, October 10, 2023)

U.S. Securities and Exchange Commission. U.S. Securities and Exchange Commission; accessed October 25, 2026. Source

Shortens the deadline for the initial Schedule 13D filing for holdings of more than 5% of a class of shares from ten days to five business days, with amendments due within two business days; also accelerates the deadlines for Schedule 13G.

Cited in: Legendary investors: the investment styles of the most famous investors, from Graham to Simons · Glossary: Schedule 13D

SEC, Panuwat (2024) · Matthew Panuwat (Litigation Release No. 25970, April 8, 2024; SEC v. Matthew Panuwat, No. 4:21-cv-06322, N.D. Cal.)

U.S. Securities and Exchange Commission. SEC; accessed October 25, 2026. Source

Shadow trading: a Medivation employee who knew of Pfizer's planned takeover bought short-dated calls on the comparable company Incyte; the SEC sued in 2021, and a jury found in its favor on April 5, 2024.

Cited in: Insider trading: what is prohibited, what is allowed and what insider purchases reveal · Glossary: Shadow trading

SEC, ether ETPs (2024) · Order Granting Accelerated Approval of Proposed Rule Changes, as Modified by Amendments Thereto, to List and Trade Shares of Ether-Based Exchange-Traded Products (Release No. 34-100224, May 23, 2024)

U.S. Securities and Exchange Commission. U.S. Securities and Exchange Commission; accessed October 25, 2026. Source

Approval of the rule changes of NYSE Arca, Nasdaq and Cboe BZX for eight spot ether ETPs.

Cited in: Crypto in institutional portfolios: access, custody, regulation and risk budget

SEC, TRACE (2025) · Financial Industry Regulatory Authority, Inc.; Notice of Filing of Proposed Rule Change SR-FINRA-2025-008 (TRACE reporting deadlines)

U.S. Securities and Exchange Commission. Federal Register 90, No. 117, June 20, 2025, FR Doc. 2025-11298; accessed October 25, 2026. Source

FINRA has not implemented the reduction of the TRACE reporting deadline from 15 minutes to one minute for electronic trades approved in 2024; the 2025 proposal keeps the 15 minutes.

Cited in: Market making and bond trading: spread, inventory, axes, RFQ, cross trades and matrix pricing

SEC, Cross Trading (2026) · Investment Company Cross Trading (Proposed Rule, Release No. IC-36358, File No. S7-2026-36)

U.S. Securities and Exchange Commission. SEC, October 9, 2026; accessed October 25, 2026. Source

A proposal to allow cross trades also in securities valued using observable inputs (Level 2), at the next NAV or at a price from independent pricing sources, with new reporting on Form N-PORT.

Cited in: Market making and bond trading: spread, inventory, axes, RFQ, cross trades and matrix pricing

SEC, Form 13F (2026) · Frequently Asked Questions About Form 13F (Division of Investment Management, as of March 13, 2026)

U.S. Securities and Exchange Commission. U.S. Securities and Exchange Commission; accessed October 25, 2026. Source

Reporting obligation from US$100 million in Section 13(f) securities, a deadline of 45 days after quarter-end, no short positions or written options, an official list consisting mainly of US stocks and ETFs, confidential treatment on request, filing via EDGAR.

Cited in: Legendary investors: the investment styles of the most famous investors, from Graham to Simons · Glossary: 13F filing · Glossary: EDGAR

Uhlenbeck and Ornstein (1930) · On the Theory of the Brownian Motion

Uhlenbeck, G. E.; Ornstein, L. S.. Physical Review 36 (5), pp. 823–841. doi:10.1103/PhysRev.36.823

Brownian motion with friction: the model now known as the Ornstein-Uhlenbeck process, i.e. randomness plus a pull back toward equilibrium.

Cited in: Pairs trading and statistical arbitrage: idea, methods, research · Long/short and statistical arbitrage: methodology · Glossary: Half-life (mean reversion) · Glossary: Ornstein-Uhlenbeck process

Ulmer et al. (2024) · Luxury watches: a viable alternative investment or mere speculative trend? An analysis of two decades before the pandemic

Ulmer, Simon; Schmid, Patrick; Widenhorn, Andreas. The Journal of Investment Strategies 13 (1), pp. 39–64. doi:10.21314/jois.2024.006

More than 60,000 watch auctions 1999–2020: collectible watches returned 5.5% a year in real terms (7.7% nominal) in US dollars and were positively correlated with inflation and equities.

Cited in: Collectibles as an investment: what art, wine, watches and classic cars really return

US Bankruptcy Code (1978) · United States Code, Title 11 (Bankruptcy), § 362 (Automatic stay), § 364 (Obtaining credit), and § 1129 (Confirmation of plan)

United States Congress. Legal Information Institute, Cornell Law School; accessed October 25, 2026. Source

US bankruptcy law: an automatic stay on filing, new financing with priority during the proceedings (DIP financing) and confirmation of the plan, even over the objection of a dissenting class of creditors, if it is “fair and equitable”.

Cited in: Distressed debt: strategies, bankruptcy law, recovery rates and returns when investing in crises · Glossary: Absolute priority rule

Senate Ethics Committee (2012) · Periodic Transaction Requirements (STOCK Act), June 15, 2012

United States Senate, Select Committee on Ethics. U.S. Senate Select Committee on Ethics; accessed October 25, 2026. Source

Since July 3, 2012, senators have reported purchases, sales and exchanges of stocks, bonds and other securities above $1,000, including those of spouses and dependent children, within 30 days of becoming aware of them and no later than 45 days after the transaction; funds, ETFs and government bonds are exempt.

Cited in: Insider trading: what is prohibited, what is allowed and what insider purchases reveal

Urwin (2025) · Total Portfolio Approach (TPA)

Urwin, Roger. Thinking Ahead Institute (WTW), discussion paper, April 2025; accessed October 25, 2026. Source

Compares SAA and the total portfolio approach by benchmark, measure of success, capital allocation, roles and risk measurement, with case studies of large funds and results of a peer study of 26 investors.

Cited in: Strategic and tactical asset allocation and the total portfolio approach · Glossary: Total portfolio approach