{"slug":"international-fund-nav-fair-value-pricing","qid":"clock_profile","label":"Average move by New York half hour, two foreign listings","post_title":"International Fund NAV: Fair Value Pricing","post_url":"/blog/international-fund-nav-fair-value-pricing#q-clock_profile","columns":["et_time","japan_adr_bps","europe_adr_bps"],"rows":[{"et_time":"04:00","japan_adr_bps":45.8,"europe_adr_bps":56.7},{"et_time":"04:30","japan_adr_bps":10,"europe_adr_bps":25.6},{"et_time":"05:00","japan_adr_bps":13.2,"europe_adr_bps":22.1},{"et_time":"06:00","japan_adr_bps":13.3,"europe_adr_bps":27.4},{"et_time":"06:30","japan_adr_bps":18,"europe_adr_bps":28.6},{"et_time":"07:00","japan_adr_bps":15.4,"europe_adr_bps":34.6},{"et_time":"07:30","japan_adr_bps":17.8,"europe_adr_bps":22.2},{"et_time":"08:00","japan_adr_bps":12.8,"europe_adr_bps":33.2},{"et_time":"08:30","japan_adr_bps":16.4,"europe_adr_bps":27.8},{"et_time":"09:00","japan_adr_bps":30.4,"europe_adr_bps":42.7},{"et_time":"09:30","japan_adr_bps":60.2,"europe_adr_bps":83.9},{"et_time":"10:00","japan_adr_bps":25.3,"europe_adr_bps":50},{"et_time":"10:30","japan_adr_bps":21,"europe_adr_bps":49.9},{"et_time":"11:00","japan_adr_bps":21.6,"europe_adr_bps":37.3},{"et_time":"11:30","japan_adr_bps":15.4,"europe_adr_bps":29.8},{"et_time":"12:00","japan_adr_bps":18,"europe_adr_bps":21.9},{"et_time":"12:30","japan_adr_bps":13.8,"europe_adr_bps":21.3},{"et_time":"13:00","japan_adr_bps":14.9,"europe_adr_bps":24.6},{"et_time":"13:30","japan_adr_bps":14.4,"europe_adr_bps":19},{"et_time":"14:00","japan_adr_bps":15.9,"europe_adr_bps":18.7},{"et_time":"14:30","japan_adr_bps":9,"europe_adr_bps":19.7},{"et_time":"15:00","japan_adr_bps":17.3,"europe_adr_bps":21.6},{"et_time":"15:30","japan_adr_bps":20.8,"europe_adr_bps":28.3},{"et_time":"16:00","japan_adr_bps":32.2,"europe_adr_bps":22.3},{"et_time":"16:30","japan_adr_bps":21.1,"europe_adr_bps":10.9}],"shape":"series","sql":"WITH buckets AS\n(\n    SELECT\n        ticker,\n        toDate(toTimeZone(window_start, 'America/New_York')) AS et_day,\n        formatDateTime(toStartOfInterval(toTimeZone(window_start, 'America/New_York'), INTERVAL 30 MINUTE), '%H:%i') AS et_time,\n        argMin(toFloat64(open), window_start)  AS bucket_open,\n        argMax(toFloat64(close), window_start) AS bucket_close\n    FROM global_markets.delayed_stocks_minute_aggs\n    WHERE ticker IN ('SONY', 'SAP')\n      AND window_start >= '2026-05-01 00:00:00'\n      AND window_start <  '2026-08-01 00:00:00'\n    GROUP BY ticker, et_day, et_time\n)\nSELECT\n    et_time,\n    round(avgIf(abs(bucket_close / bucket_open - 1) * 10000, ticker = 'SONY'), 1) AS japan_adr_bps,\n    round(avgIf(abs(bucket_close / bucket_open - 1) * 10000, ticker = 'SAP'), 1)  AS europe_adr_bps\nFROM buckets\nWHERE bucket_open > 0\nGROUP BY et_time\nHAVING countIf(ticker = 'SONY') >= 40\n   AND countIf(ticker = 'SAP')  >= 40\nORDER BY et_time","computed_at":"2026-08-10T15:50:12.778663+00:00","elapsed":0.005194026}