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The above two backtesting types represent either end of the spectrum for this It is necessary also to think of Average Daily Volume (ADV) limits, especially for
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Form ADV Part 2A – Appendix 1 HSBC SPECTRUM AND SPECTRUM II PROGRAM BROCHURE HSBC Securities (USA) Inc. 452 Fifth Avenue, New York, NY 10018 Tel: 800-662-3343
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