THE LEGAL STATUS OF THE SHARES TRADED ON RASDAQ MARKET

Directory of Open Access Journals (Sweden)

Cristian GHEORGHE

2015-07-01

Full Text Available RASDAQ Market was launched in Romania in 1996, appeared as a mirroring of the well-established American market NASDAQ (which stood for National Association of Securities Dealers Automated Quotations. The role designated for RASDAQ was as platform for valuing papers issued in the privatization program in Romania (mass privatization process - MPP. In fact the participating companies to MPP had the legal obligation, under first Romanian Capital Market Law, No 52/1194, to be listed on a stock exchange. Although it attended a US regulatory model, RASDAQ had to adapt to European rules with the accession of Romania to the European Union. The relevant EU rules (i.e., Directive 2004/39/EC on markets in financial instruments – MiFID, about to be replaced by Directive 2014/65/EU – MiFID II provide for only two types of trading systems, i.e. regulated markets and multilateral trading facilities (MTF, while the RASDAQ Market securities fall under none of these two trading systems regulated by MiFID1. After an entire decade of uncertainty concerning the status of the RASDAQ, Romanian legislator settled the situation of shares traded on this market. This regulation means the end for RASDAQ. Law No. 151/2014 provides that the RASDAQ Market is to be closed within twelve months as of the effective date of such law (October 27, 2014. To this end companies listed on the RASDAQ Market will have to opt for listing on a regulated market or on a MTF or for becoming private companies. Such option rests on the hands of shareholders. Going private asks for shareholders’ rights protection so Romanian Financial Supervisory Authority (FSA provides a procedure implementing the right to withdraw from the company of the dissenting shareholders and for computing compensation for their shares (FSA Regulation No. 17/2014.

Neural Correlates of Direct Access Trading in a Real Stock Market: An fMRI Investigation.

Science.gov (United States)

Raggetti, GianMario; Ceravolo, Maria G; Fattobene, Lucrezia; Di Dio, Cinzia

2017-01-01

Background: While financial decision making has been barely explored, no study has previously investigated the neural correlates of individual decisions made by professional traders involved in real stock market negotiations, using their own financial resources. Aim: We sought to detect how different brain areas are modulated by factors like age, expertise, psychological profile (speculative risk seeking or aversion) and, eventually, size and type (Buy/Sell) of stock negotiations, made through Direct Access Trading (DAT) platforms. Subjects and methods: Twenty male traders underwent fMRI while negotiating in the Italian stock market using their own preferred trading platform. Results: At least 20 decision events were collected during each fMRI session. Risk averse traders performed a lower number of financial transactions with respect to risk seekers, with a lower average economic value, but with a higher rate of filled proposals. Activations were observed in cortical and subcortical areas traditionally involved in decision processes, including the ventrolateral and dorsolateral prefrontal cortex (vlPFC, dlPFC), the posterior parietal cortex (PPC), the nucleus accumbens (NAcc), and dorsal striatum. Regression analysis indicated an important role of age in modulating activation of left NAcc, while traders' expertise was negatively related to activation of vlPFC. High value transactions were associated with a stronger activation of the right PPC when subjects' buy rather than sell. The success of the trading activity, based on a large number of filled transactions, was related with higher activation of vlPFC and dlPFC. Independent of chronological and professional age, traders differed in their attitude to DAT, with distinct brain activity profiles being detectable during fMRI sessions. Those subjects who described themselves as very self-confident, showed a lower or absent activation of both the caudate nucleus and the dlPFC, while more reflexive traders showed

Neural Correlates of Direct Access Trading in a Real Stock Market: An fMRI Investigation

Directory of Open Access Journals (Sweden)

GianMario Raggetti

2017-09-01

Full Text Available Background: While financial decision making has been barely explored, no study has previously investigated the neural correlates of individual decisions made by professional traders involved in real stock market negotiations, using their own financial resources.Aim: We sought to detect how different brain areas are modulated by factors like age, expertise, psychological profile (speculative risk seeking or aversion and, eventually, size and type (Buy/Sell of stock negotiations, made through Direct Access Trading (DAT platforms.Subjects and methods: Twenty male traders underwent fMRI while negotiating in the Italian stock market using their own preferred trading platform.Results: At least 20 decision events were collected during each fMRI session. Risk averse traders performed a lower number of financial transactions with respect to risk seekers, with a lower average economic value, but with a higher rate of filled proposals. Activations were observed in cortical and subcortical areas traditionally involved in decision processes, including the ventrolateral and dorsolateral prefrontal cortex (vlPFC, dlPFC, the posterior parietal cortex (PPC, the nucleus accumbens (NAcc, and dorsal striatum. Regression analysis indicated an important role of age in modulating activation of left NAcc, while traders' expertise was negatively related to activation of vlPFC. High value transactions were associated with a stronger activation of the right PPC when subjects' buy rather than sell. The success of the trading activity, based on a large number of filled transactions, was related with higher activation of vlPFC and dlPFC. Independent of chronological and professional age, traders differed in their attitude to DAT, with distinct brain activity profiles being detectable during fMRI sessions. Those subjects who described themselves as very self-confident, showed a lower or absent activation of both the caudate nucleus and the dlPFC, while more reflexive traders

Trading behaviour on the continuous intraday market ELBAS

International Nuclear Information System (INIS)

Scharff, Richard; Amelin, Mikael

2016-01-01

Intraday markets for electricity allow for trading of energy until shortly before the period of delivery. This offers market participants a possibility to reduce their expected imbalances and to offer own unused flexibility. Because this form of distributed balancing before the period of delivery can be profitable for market participants as well as beneficial for system operations, intraday trading is expected to gain more importance in future, especially with increasing shares of variable renewable energy sources in the generation mix. So far, intraday markets are still a research field with many open questions. This paper contributes by a first analysis of intraday trades on ELBAS, one of the European intraday markets. The analysis gives a detailed picture on trading activity and price development and is intended to improve understanding of continuous intraday trading. Findings include that trading activity differs significantly between price zones, that most trades occur in the last hours before gate closure and that market participants have to handle substantial price variations during the trading period. The paper also investigates the imbalance settlement rules in the Nordic countries and studies which effects one- and two-price imbalance settlement systems have on the market participants' profitability of intraday trading. - Highlights: • Insights into intraday trading: trading activity and price development. • Special focus is on characteristics of continuous trading. • Intrinsic problems in the Nordic imbalance pricing scheme are discussed. • Implications regarding balancing of generation from vRES.

Trade Publications in the Marketing Classroom.

Science.gov (United States)

Stull, William A.

1991-01-01

Describes how marketing teachers can use trade publications to enhance the quality of and provide relevance to the marketing education curriculum. Identifies representative trade publications; suggests how to get them for classroom use and how teachers can use them. (JOW)

Radiation technology enabled market access to Indian mango

International Nuclear Information System (INIS)

Sharma, Arun

2009-01-01

International trade in agricultural produce is subject to quarantine barriers imposed by importing countries to limit the entry of exotic pests and pathogens. Radiation technology provides an effective alternative to fumigants which are being gradually phased out. The technology has enabled market access to Indian mangoes in the US market after a gap of 18 years. The technology provides opportunity for export of other fruits and vegetables as well to countries like US, Australia and New Zealand. (author)

76 FR 1101 - Property Traded on an Established Market

Science.gov (United States)

2011-01-07

... Property Traded on an Established Market AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice... regulations relating to determining when property is traded on an established market (that is, publicly traded... traded on an established securities market (often referred to as ``publicly traded''), the issue price of...

75 FR 4007 - Risk Management Controls for Brokers or Dealers With Market Access

Science.gov (United States)

2010-01-26

... 3235-AK53 Risk Management Controls for Brokers or Dealers With Market Access AGENCY: Securities and... or other persons, to implement risk management controls and supervisory procedures reasonably... access may not utilize any pre-trade risk management controls (i.e., ``unfiltered'' or ``naked'' access...

International biodiesel markets. Developments in production and trade

Energy Technology Data Exchange (ETDEWEB)

Lamers, P. [Ecofys Germany, Berlin (Germany)

2012-01-15

The global biodiesel market has shown an exponential growth in production and trade across the past decade. Nowadays, more biodiesel than ever before is sourced from abroad and procurement areas - especially of large scale producers and traders - span the globe. While this trend is bound to continue, markets and trade developments are still strongly linked to support and trade policies. Furthermore, the biodiesel industry is strongly linked to other sectors (agriculture and mineral oil industry in particular) and faces significant market disturbances some of which have led to various inefficiencies in the past. Due to the pace of this market development, a methodological assessment and understanding of the numerous influencing factors was needed to reduce uncertainties and risks for those involved. A recently published analysis by Ecofys and the Copernicus Institute, Utrecht University, provided such an analysis. It evaluates how the interaction of domestic policies steered global trade streams towards different markets, in particular in connection to underlying trade policies and additional market forces, over the past decade. It provides robust data on international production and trade volumes which have already served as input to the recently published Special Report on Renewable Energy (SRREN) by the Intergovernmental Panel on Climate Change (IPCC). This market brochure was commissioned by UFOP to build upon the methodologies and findings of Lamers et al. and to provide a picture of the global biodiesel market in 2010/2011. It is structured in six sections: an overview of global production volumes (Section 2); developments of EU (Section 3) and other world (Section 4) markets and (trade) policies; global net trade volumes (Section 5); vegetable oil trade patterns and their link to biodiesel trade (Section 6); Conclusions and Outlook (Section 7)

The surveillance of the electricity wholesale market and emission trading market

International Nuclear Information System (INIS)

Luedemann, Volker

2015-01-01

The Regulation on Wholesale Market Integrity and Transparency (REMIT) and the German Law on the Establishment of a Market Transparency Office for Wholesale Trade in Electricity and Gas (MTS-G) have fundamentally changed the surveillance of electricity wholesale trade in Germany. From now on the Federal Network Agency and the Federal Cartel Office will be jointly responsible for monitoring the electricity wholesale trade for suspicious market phenomena and abusive behaviour. The REMIT specifies that the electricity trade must be surveilled ''with due consideration to interactions'' with the emission trade system. However, occurrences observed in recent years have shown that the emission trading system is in need of reform. This has also been recognised and has prompted extensive corrective action by the regulatory authorities of the European Union. These changes have yet to be transposed into the national surveillance regimes. The present article explains why the new role accorded to the Federal Network Agency under the REMIT fails to eliminate the structural shortcomings of the old surveillance system. At least the decision to put the collection and evaluation of data exclusively in the hands of the market transparency office and the cooperation this will prompt between the supervisory authorities responsible will make the task of surveilling the energy wholesale trading market a lot easier for the authorities. The energy transition and its exigencies will yet lead to further changes in the market and its surveillance regime.

Marketing instruments of foreign trade promotion

Directory of Open Access Journals (Sweden)

Bjelić Predrag

2011-01-01

Full Text Available Instruments of promotion as a part of marketing mix are usually associated with companies but more and more countries use this instrument in order to boost their exports. These foreign trade promotion instruments are now popular in many countries in the world since their use is not opposed to any World Trade Organization rules. Marketing instruments of trade promotions are the most important. They include National Exhibitions and National labels of origin and quality. In order to coordinate the application of these instruments countries have established national bodies for trade promotion. Many studies in the past had argued that national Agencies established to promote export did not had any real success, but recent studies indicate that they could have a significant impact on country export promotion. The result of this rise in impact of national export promotion agencies is due to international effort spearheaded by International Trade Center. The aim of this paper is to point out types and methods of marketing instruments application in trade promotion and to present the effectiveness of these instruments applications.

Optimal algorithmic trading and market microstructure

OpenAIRE

Labadie , Mauricio; Lehalle , Charles-Albert

2010-01-01

The efficient frontier is a core concept in Modern Portfolio Theory. Based on this idea, we will construct optimal trading curves for different types of portfolios. These curves correspond to the algorithmic trading strategies that minimize the expected transaction costs, i.e. the joint effect of market impact and market risk. We will study five portfolio trading strategies. For the first three (single-asset, general multi-asseet and balanced portfolios) we will assume that the underlyings fo...

Marketing instruments of foreign trade promotion

OpenAIRE

Bjelić Predrag

2011-01-01

Instruments of promotion as a part of marketing mix are usually associated with companies but more and more countries use this instrument in order to boost their exports. These foreign trade promotion instruments are now popular in many countries in the world since their use is not opposed to any World Trade Organization rules. Marketing instruments of trade promotions are the most important. They include National Exhibitions and National labels of origin and quality. In order to coordinate t...

Evaluation of the trading development in the Iberian Energy Derivatives Market

International Nuclear Information System (INIS)

Capitán Herráiz, Álvaro; Rodríguez Monroy, Carlos

2012-01-01

The efficiency of the Iberian Energy Derivatives Market in its first five and a half years is assessed in terms of volume, open interest and price. The continuous market shows steady liquidity growth. Its volume is strongly correlated to that of the Over The Counter (OTC) market, the amount of market makers, the enrolment of financial agents and generation companies belonging to the integrated group of last resort suppliers, and the OTC cleared volume in its clearing house. The hedging efficiency, measured through the ratio between the final open interest and the cleared volume, shows the lowest values for the Spanish base load futures as they are the most liquid contracts. The ex-post forward risk premium has diminished due to the learning curve and the effect of the fixed price retributing the indigenous coal fired generation. This market is quite less developed than the European leaders headquartered in Norway and Germany. Enrolment of more traders, mainly international energy companies, financial agents, energy intensive industries and renewable generation companies is desired. Market monitoring reports by the market operator providing post-trade transparency, OTC data access by the energy regulator, and assessment of the regulatory risk can contribute to efficiency gains. - Highlights: ► The continuous traded volumes in the Iberian power futures market grow steadily. ► Those volumes are correlated to OTC volumes and the enrolment of key players. ► Most liquid contracts show the smallest hedging ratio. ► Regulation fixing the coal fired generation price affects spot and forward prices. ► The overall efficiency can grow via market monitoring reports and OTC data access.

Insider trading under trading ban regulation in China’s A-share market

Directory of Open Access Journals (Sweden)

Chafen Zhu

2015-09-01

Full Text Available This study examines the effects of China’s 2008 trading ban regulation on the insider trading of large shareholders in China’s A-share market. It finds no evidence of insider trading during the ban period (one month before the announcement of a financial report, due to high regulation risk. However, the ban only constrains the profitability of insider trades during the ban period, while trades outside it remain highly profitable. Informed insider trading before the ban period is 2.83 times more profitable than uninformed trading. The regulation has changed insider trading patterns, but has been ineffective in preventing insider trading by large shareholders due to rigid administrative supervision and a lack of civil litigation and flexible market monitoring. This study enhances understanding of large shareholders’ trading behavior and has important implications for regulators.

Dispersed trading and the prevention of market failure

DEFF Research Database (Denmark)

Porter, David C.; Tanggaard, Carsten; Weaver, Daniel G.

2008-01-01

With augmented demands on power grids resulting in longer and larger blackouts combined with heightened concerns of terrorist attacks, trading institutions and policy makers have widened their search for systems that avoid market failure during these disturbing events. We provide insight...... into this issue by examining trading behaviour at the Copenhagen Stock Exchange during a major blackout. We find that although market quality declined, markets remained functional and some price discovery occurred during the blackout period suggesting that the NOREX structure of interlinked trading systems...... combined with widely dispersed trading locations may be a viable means of protection against market failure during massive power disruptions or terrorist attacks....

The challenges of the electricity trade in liberalised markets

International Nuclear Information System (INIS)

Wanzek, S.

2001-01-01

As a consequence of the electricity market liberalization a new market emerged allowing electricity to be traded as a commodity. The structure of the electricity companies has to be adopted in the new market model and the regulatory framework has to ensure a level playing field for the participants in the market. Trading has taken on considerable strategic significance for all market participants. The price of electricity is becoming more and more volatile. In this paper the targets, forms and lessons E. ON's electricity trade are discussed. In addition, the impacts of successful trading and obtained experiences are analysed. At the end an outlook for electricity trade in East and South-East Europe is given. (author)

Does Access to Foreign Markets shape Internal Migration? Evidence from Brazil

OpenAIRE

Laura Hering; Rodrigo Paillacar

2014-01-01

This paper investigates how internal migration is affected by Brazil’s increased integration into the world economy. It analyzes the impact of regional differences in access to foreign demand on sector-specific bilateral migration rates between the Brazilian states for the years 1995 to 2003. Using international trade data, a foreign market access measure is computed at the sectoral level,...

Brazil's Market for Trading Forest Certificates.

Science.gov (United States)

Soares-Filho, Britaldo; Rajão, Raoni; Merry, Frank; Rodrigues, Hermann; Davis, Juliana; Lima, Letícia; Macedo, Marcia; Coe, Michael; Carneiro, Arnaldo; Santiago, Leonardo

2016-01-01

Brazil faces an enormous challenge to implement its revised Forest Code. Despite big losses for the environment, the law introduces new mechanisms to facilitate compliance and foster payment for ecosystem services (PES). The most promising of these is a market for trading forest certificates (CRAs) that allows landowners to offset their restoration obligations by paying for maintaining native vegetation elsewhere. We analyzed the economic potential for the emerging CRA market in Brazil and its implications for PES programs. Results indicate a potential market for trading 4.2 Mha of CRAs with a gross value of US$ 9.2±2.4 billion, with main regional markets forming in the states of Mato Grosso and São Paulo. This would be the largest market for trading forests in the world. Overall, the potential supply of CRAs in Brazilian states exceeds demand, creating an opportunity for additional PES programs to use the CRA market. This expanded market could provide not only monetary incentives to conserve native vegetation, but also environmental co-benefits by fostering PES programs focused on biodiversity, water conservation, and climate regulation. Effective implementation of the Forest Code will be vital to the success of this market and this hurdle brings uncertainty into the market. Long-term commitment, both within Brazil and abroad, will be essential to overcome the many challenges ahead.

Brazil's Market for Trading Forest Certificates.

Directory of Open Access Journals (Sweden)

Britaldo Soares-Filho

Full Text Available Brazil faces an enormous challenge to implement its revised Forest Code. Despite big losses for the environment, the law introduces new mechanisms to facilitate compliance and foster payment for ecosystem services (PES. The most promising of these is a market for trading forest certificates (CRAs that allows landowners to offset their restoration obligations by paying for maintaining native vegetation elsewhere. We analyzed the economic potential for the emerging CRA market in Brazil and its implications for PES programs. Results indicate a potential market for trading 4.2 Mha of CRAs with a gross value of US$ 9.2±2.4 billion, with main regional markets forming in the states of Mato Grosso and São Paulo. This would be the largest market for trading forests in the world. Overall, the potential supply of CRAs in Brazilian states exceeds demand, creating an opportunity for additional PES programs to use the CRA market. This expanded market could provide not only monetary incentives to conserve native vegetation, but also environmental co-benefits by fostering PES programs focused on biodiversity, water conservation, and climate regulation. Effective implementation of the Forest Code will be vital to the success of this market and this hurdle brings uncertainty into the market. Long-term commitment, both within Brazil and abroad, will be essential to overcome the many challenges ahead.

Market impact and trading profile of hidden orders in stock markets.

Science.gov (United States)

Moro, Esteban; Vicente, Javier; Moyano, Luis G; Gerig, Austin; Farmer, J Doyne; Vaglica, Gabriella; Lillo, Fabrizio; Mantegna, Rosario N

2009-12-01

We empirically study the market impact of trading orders. We are specifically interested in large trading orders that are executed incrementally, which we call hidden orders. These are statistically reconstructed based on information about market member codes using data from the Spanish Stock Market and the London Stock Exchange. We find that market impact is strongly concave, approximately increasing as the square root of order size. Furthermore, as a given order is executed, the impact grows in time according to a power law; after the order is finished, it reverts to a level of about 0.5-0.7 of its value at its peak. We observe that hidden orders are executed at a rate that more or less matches trading in the overall market, except for small deviations at the beginning and end of the order.

Trade reforms, market access, and poverty in Argentina

OpenAIRE

Porto, Guido G.

2003-01-01

Much of the literature that studies the relationship between trade and poverty in developing countries focuses on the effects of national trade reforms, such as own tariff reductions. In contrast, the World Trade Organization negotiations at the Doha Round were more concerned with the poverty effects on low-income countries, and of foreign reforms, such as the elimination of agricultural s...

Redefining trade-based market manipulation

NARCIS (Netherlands)

Nelemans, Matthijs

2008-01-01

Trade-based market manipulation, which is usually described as trading shares to initiate a price change or to cause an artificial price, has received wide attention in policy and academic discussions, although the behavior is still poorly defined in both legal and economic literature. This Article

Trade credit supply, market power and the matching of trade credit terms

NARCIS (Netherlands)

Fabbri, D.; Klapper, L.F.

2008-01-01

This paper studies the decision of firms to extend trade credit to customers and its relation with their financing decisions. We use a novel firm-level database with unique information on market power in both output and input markets and on the amount, terms and payment history of trade credit

Studies in market-based electric power trade and regulation

International Nuclear Information System (INIS)

Hope, Einar

2000-01-01

This is a compilation of articles written by the author during the last fifteen years. Most of the articles are related to the reform of the Norwegian electric power market. This reform led to the Energy Act of 1990 and to the subsequent development of the power markets. Some of the sections are in Norwegian, some in English. The sections discuss (1) Markets for electricity trade in Norway, (2) Economic incentives and public firm behaviour, (3) Market alternatives to the present forms of occasional power trade, (4) Socio-economic considerations about electricity pricing, (5) Scenarios for market based power trade in Norway, (6) Markets for electricity: economic reform of the Norwegian electricity industry, (7) The Norwegian power market, (8) A common Nordic energy market?, (9) Organization of supply markets for natural gas in Europe, (10) The extent of the central grid, (11) Optimum regulation of grid monopolies in the power trade, (12) Power markets and competition policy, (13) Deregulation of the Norwegian power sector, (14) designing a market based system for the Icelandic electricity industry and (15) regulation regimes for the power sector

The new electricity trading arrangements: prospects for market development

International Nuclear Information System (INIS)

Anon

1999-09-01

This Briefing Paper from OXERA argues that the OFGEM proposals will not solve the fundamental market problems and might even make things worse. They focus too narrowly on the technical design of one small part of the market (the Balancing Mechanism and associated imbalance settlement process), without considering the market context and dynamics. OXERA argues that the central emphasis of the White Paper was misplaced: reform of the electricity trading arrangements, the basis of the government's strategy, will not solve the upstream and downstream market problems. The Briefing Paper includes analysis of: the structure and operation of the proposed new electricity trading arrangements; risk in the electricity wholesale market, and the responses of market participants; the interaction between the new trading arrangements and other energy market developments - in particular, vertical integration between generators and suppliers; energy supply competition, and wider government policy; the prospects for market development under the new electricity trading arrangements. (author)

Trade reform in Iran for accession to the World Trade Organization

NARCIS (Netherlands)

Farajzadeh, Zakariya; Zhu, Xueqin; Bakhshoodeh, Mohammad

2017-01-01

We developed a computable general equilibrium (CGE) model to study the potential welfare and environmental impacts of Iran's trade reform for accession to the World Trade Organization (WTO). Our results show that removing trade barriers not only results in higher welfare and GDP as well as lower

Clustering and Joint Marketing in Retail Trade

OpenAIRE

Bohlin, Nils

2001-01-01

This paper presents the idea that retail trade stories might cluster with their competitors to pool marketing expenses and thereby increase their individual visibility among consumers. In a model which presumes such a marketing technology we derive some new comparative statics results. In a small/mega center we expect more competing stores in retail trade markets where products are heterogenous and consumers like to compare products before they buy, i.e. where people like to shop around. The ...

TRADING RULES ON A SMALL STOCK MARKET

Directory of Open Access Journals (Sweden)

Stefán B. Gunnlaugsson

2018-03-01

Full Text Available In this article, the results of an extensive study of the weak form efficiency of the Iceland stock market are presented. This study almost covers the market’s entire history, with the research starting at the beginning of 1993 and ending in July 2017. Four trading rules based on 70-day moving averages were constructed and compared with the passive investment strategy of buying the market index. All of these trading rules provided significantly better returns than the passive strategy, even when considering trading costs. This result indicates that the Icelandic stock market did not show weak form efficiency, and past returns predicted future returns during the period examined.

Outline for the establishment of an orderly coal trade market

International Nuclear Information System (INIS)

Murai, S.

1988-01-01

This paper reports on the present situation of the coal trade market. It discusses the changes in the coal trade market, the present situation of the coal trade in Japan, supply trends, demand trends and fluctuation of exchange rates. This paper also reports on the problems associated with establishing an orderly coal trade market by the examination of contract form, development of coal technology to expand coal use, cooperation with developing countries and creating a new coal market by establishing a coal complex

Trading on extinction: An open-access deterrence model for the South African abalone fishery

Directory of Open Access Journals (Sweden)

Douglas J. Crookes

2016-03-01

Full Text Available South African rhinoceros (e.g.Diceros bicornis and abalone (Haliotis midae have in common that they both are harvested under open-access conditions, are high-value commodities and are traded illegally. The difference is that a legal market for abalone already exists. An open-access deterrence model was developed for South African abalone, using Table Mountain National Park as a case study. It was found that illegal poaching spiked following the closure of the recreational fishery. The resource custodian's objective is to maximise returns from confiscations. This study showed that a legal trade results in a trading on extinction resource trap, with a race for profits, an increase in the probability of detection after a poaching event and the depletion of populations. In contrast with HS Gordon's seminal article (J Polit Econ 1954;62:124-142, profit maximisation does not automatically improve the sustainability of the resource. Under certain conditions (e.g. a legal trade with costly enforcement, profit maximisation may actually deplete abalone populations. The article also has implications for rhino populations, as a legal trade is currently proposed.

Electricity trade under financial market supervision; Der Stromhandel unter Finanzmarktaufsicht

Energy Technology Data Exchange (ETDEWEB)

Hagena, Martin

2011-07-01

With the competitive opening of the electricity market at European and national level, the goods electricity became a freely traded commodity. The author of the contribution under consideration describes the legal consequences related to financial market for trading electricity in the context of the current Directive 2004/39/EC now under consideration of the commodity futures trading in its representational scope. The statements clearly indicate that the power market is a goods market with its own laws and not a classical financial market. It considers what characteristics exist in electricity trading and whether and how they are considered for regulatory purposes.

Opportunities for Pellet Trade - Towards a Single European Pellet Market

International Nuclear Information System (INIS)

Pigaht, Maurice; Janssen, Rainer; Rutz, Dominik; Boehm, Thorsten; Vasen, Norbert; Vegas, Laura; Karapanagiotis, Nicolas

2006-01-01

The potential for Pellets trade in Europe was researched and assessed. Such trade is of key importance for the development of a European pellet market of sufficient supply, demand, price and quality standards. Three target markets were taken as case studies for the trade assessment: Greece, Spain and Italy. All three markets stand to profit greatly from international trade. For these markets, pellet imports could supply the basis for the development of a domestic boiler market. At the same time, pellet exports would allow the planning of larger pellet production plants. Whilst these additional costs amount to some 10-20% of the Pellets price, they are financially acceptable, especially for new markets and 'peaks' in the demand/supply of established markets

Markets and Networks in International Trade

DEFF Research Database (Denmark)

Håkanson, Lars; Dow, Douglas

2012-01-01

is associated with a shift in the composition of trade towards goods requiring more extensive information exchange and personal interaction between buyers and sellers. An alternative explanation—‘the market view’—contends that improved availability of information and increasing transparency of markets have...... facilitated the matching of geographically more proximate buyers and sellers, and that the observed decline in average transportation distances is a reflection of increasingly efficient markets. This paper examines empirically the merits of these two arguments based on a longitudinal analysis of bilateral...... in support of the ‘market-view’, showing that the sensitivity of trade to psychic distance has declined dramatically for all categories of goods. The impact of geographic distance has increased markedly for homogenous goods, whereas for more differentiated goods it has decreased mildly....

Brazil’s Market for Trading Forest Certificates

Science.gov (United States)

Soares-Filho, Britaldo; Rajão, Raoni; Merry, Frank; Rodrigues, Hermann; Davis, Juliana; Lima, Letícia; Macedo, Marcia; Coe, Michael; Carneiro, Arnaldo; Santiago, Leonardo

2016-01-01

Brazil faces an enormous challenge to implement its revised Forest Code. Despite big losses for the environment, the law introduces new mechanisms to facilitate compliance and foster payment for ecosystem services (PES). The most promising of these is a market for trading forest certificates (CRAs) that allows landowners to offset their restoration obligations by paying for maintaining native vegetation elsewhere. We analyzed the economic potential for the emerging CRA market in Brazil and its implications for PES programs. Results indicate a potential market for trading 4.2 Mha of CRAs with a gross value of US$ 9.2±2.4 billion, with main regional markets forming in the states of Mato Grosso and São Paulo. This would be the largest market for trading forests in the world. Overall, the potential supply of CRAs in Brazilian states exceeds demand, creating an opportunity for additional PES programs to use the CRA market. This expanded market could provide not only monetary incentives to conserve native vegetation, but also environmental co-benefits by fostering PES programs focused on biodiversity, water conservation, and climate regulation. Effective implementation of the Forest Code will be vital to the success of this market and this hurdle brings uncertainty into the market. Long-term commitment, both within Brazil and abroad, will be essential to overcome the many challenges ahead. PMID:27050309

Qualified market access and inter-disciplinarity

Directory of Open Access Journals (Sweden)

Lisa Herzog

2014-05-01

Full Text Available This note offers reflections on qualified market access (QMA—the practice of linking trade agreements to values such as human rights, labour standards, or environmental protection. This idea has been suggested by political theorists as a way of fulfilling our duties to the global poor and of making the global economic system more just, and it has influenced a number of concrete policies, such as European Union (EU trade policies. Yet, in order to assess its merits tout court, different perspectives and disciplines need to be brought together, such as international law, economics, political science, and philosophy. It is also worth reflecting on existing practices, such as those of the EU. This note summarises some insights about QMA by drawing such research together and considers the areas in which further research is needed, whilst reflecting also on the merits of interdisciplinary exchanges on such topics.

Stock-market efficiency in thin-trading markets : the case of the Vietnamese stock market

NARCIS (Netherlands)

Truong Dong Loc, [No Value; Lanjouw, Ger; Lensink, Robert

2010-01-01

This article reviews developments in the Stock Trading Centre (STC) in Ho Chi Minh City, Vietnam, the main stock market in the country, since its start in 2000. It presents information about developments in the number of stocks traded, trading activity and stock-price developments. This article

Stock Market Efficiency in Thin Trading Markets: The Case of the Vietnamese Stock Market

NARCIS (Netherlands)

Dong Loc, T.; Lanjouw, G.; Lensink, B.W.

2010-01-01

This article reviews developments in the Stock Trading Centre (STC) in Ho Chi Minh City, Vietnam, the main stock market in the country, since its start in 2000. It presents information about developments in the number of stocks traded, trading activity and stock-price developments. This article

Characterising Wildlife Trade Market Supply-Demand Dynamics

Science.gov (United States)

Rowcliffe, M.; Cowlishaw, G.; Alexander, J. S.; Ntiamoa-Baidu, Y.; Brenya, A.; Milner-Gulland, E. J.

2016-01-01

The trade in wildlife products can represent an important source of income for poor people, but also threaten wildlife locally, regionally and internationally. Bushmeat provides livelihoods for hunters, traders and sellers, protein to rural and urban consumers, and has depleted the populations of many tropical forest species. Management interventions can be targeted towards the consumers or suppliers of wildlife products. There has been a general assumption in the bushmeat literature that the urban trade is driven by consumer demand with hunters simply fulfilling this demand. Using the urban bushmeat trade in the city of Kumasi, Ghana, as a case study, we use a range of datasets to explore the processes driving the urban bushmeat trade. We characterise the nature of supply and demand by explicitly considering three market attributes: resource condition, hunter behaviour, and consumer behaviour. Our results suggest that bushmeat resources around Kumasi are becoming increasingly depleted and are unable to meet demand, that hunters move in and out of the trade independently of price signals generated by the market, and that, for the Kumasi bushmeat system, consumption levels are driven not by consumer choice but by shortfalls in supply and consequent price responses. Together, these results indicate that supply-side processes dominate the urban bushmeat trade in Kumasi. This suggests that future management interventions should focus on changing hunter behaviour, although complementary interventions targeting consumer demand are also likely to be necessary in the long term. Our approach represents a structured and repeatable method to assessing market dynamics in information-poor systems. The findings serve as a caution against assuming that wildlife markets are demand driven, and highlight the value of characterising market dynamics to inform appropriate management. PMID:27632169

Volatility Informed Trading in the Options Market: Evidence from India

Directory of Open Access Journals (Sweden)

Rajesh Pathak

2015-12-01

Full Text Available The purpose of this paper is to investigate the trading activity in options market based on information about expected future volatility in spot market. We employ Common Implied Volatility as a measure of expected volatility and options volume and changes in Open Interests as measures of options trading activity. We first test for simultaneous information flow in the two markets using multiple regression technique. Next, we test for information based or hedge based use of options using Trivariate Vector-auto Regression framework. We further consider the classes of options moneyness and the market trends in our analysis to examine if the trader’s preference of options changes with change in description of options intrinsic value and market environment. We use daily closing data of S&P CNX Nifty Index options traded on National Stock Exchange, India. We, for the most part, find negative and significant relationship in contemporaneous regression suggesting active trading by arbitrageurs. A feedback relationship is observed in vector auto regression analysis suggesting that options are traded in India for both information based trading and hedging purposes. We also observe the relationship to be varying when market trends and classes of options moneyness are considered. This indicates that traders are not indifferent in their choice of trading venue when market conditions and factors change. The results of this study are helpful for traders in managing the risk and return of their portfolio based on volatility forecast. This study is distinctive as it examines the scarcely researched area of volatility informed trading in an emerging market set up.

Emissions trading under market imperfections

Energy Technology Data Exchange (ETDEWEB)

Lappi, P.

2013-08-15

In this thesis we consider emissions trading under various market imperfections such as uncertainty over permit price, imperfect competition and noncompliance. First, we study the effects of uncertain permit price on the firms choice of emission intensive and clean inputs in an multi-input production process. We also assess the risk aversion factors of some Finnish heat and power producers. Second, we study imperfect competition in output and permit markets with a two-stage model, where output decision is made before permit trades. The emphasis is on the strategic interaction between firms and on the efficiency increasing regulation. Third, we turn back to uncertainty and analyse the welfare difference between emissions trading and emission tax, when some of the firms may be noncompliant. The main finding is that welfare is greater with emission tax than with emissions trading, when at least one firm is noncompliant. Finally, we extend some existing models of permit banking and borrowing to encompass also noncompliant behavior of firms. Here, we analyse the incentives of compliant firms to become noncompliant at some point in time and also the time paths of the choice variables. (orig.)

Trade Fairs, Markets and Fields

DEFF Research Database (Denmark)

Moeran, Brian

2011-01-01

This article describes how trade fairs act as a framing mechanism that enables participants to come together for the exchange of goods and services and to perceive themselves as acting in a social field. This way, trade fairs make markets possible. Based on ongoing participant observation at book....../material, social, situational, content/appreciative, and the use value of goods, values which are then equated with a commodity exchange value in the form of price. Trade fairs frame order, but they are also events where the respective field might be reconfigurated. The contingency of personal interaction...

The Doha Agricultural Market Access Negotiations: Remaining Conceptual, Practical, and Technical Issues

OpenAIRE

Wainio, John; Podbury, Troy

2007-01-01

Before the World Trade Organization's (WTO) Doha round of multilateral trade negotiations can be concluded negotiators will need to agree on a host of market access issues, including the size of tariff cuts, a methodology for opening tariff quotas in the case of products exempted from applying full tariff cuts, and the amount of flexibility to be provided under special and differential treatment for developing countries. Each of these issues harbours a number of complex problems that will hav...

Intransparent Markets and Intra-Industry Trade

DEFF Research Database (Denmark)

Schmidt, Christian Gormsen

Buyers are typically unaware of the full set of offers when making a purchase. This paper examines how international trade interacts with this problem of market intransparency. Sellers must communicate their offers through costly advertising, but cannot reach all buyers. Consequently, no market...... in the model are identical, but appear heterogeneous due to their price randomization. In larger and more open economies, prices and markups will be lower, and exports are primarily realized by sellers who charge low prices. These predictions are similar to those of trade models where firm heterogeneity...

Can NGOs regulate medicines markets? Social enterprise in wholesaling, and access to essential medicines

Science.gov (United States)

2011-01-01

Background Citizens of high income countries rely on highly regulated medicines markets. However low income countries' impoverished populations generally struggle for access to essential medicines through out-of-pocket purchase on poorly regulated markets; results include ill health, drug resistance and further impoverishment. While the role of health facilities owned by non-governmental organisations (NGOs) in low income countries is well documented, national and international wholesaling of essential medicines by NGOs is largely unstudied. This article describes and assesses the activity of NGOs and social enterprise in essential medicines wholesaling. Methods The article is based on a set of interviews conducted in 2006-8 with trading NGOs and social enterprises operating in Europe, India and Tanzania. The analysis applies socio-legal and economic perspectives on social enterprise and market regulation. Results Trading NGOs can resist the perverse incentives inherent in medicines wholesaling and improve access to essential medicines; they can also, in definable circumstances, exercise a broader regulatory influence over their markets by influencing the behaviour of competitors. We explore reasons for success and failure of social enterprise in essential medicines wholesaling, including commercial manufacturers' market response; social enterprise traders' own market strategies; and patterns of market advantage, market segmentation and subsidy generated by donors. Conclusions We conclude that, in the absence of effective governmental activity and regulation, social enterprise wholesaling can improve access to good quality essential medicines. This role should be valued and where appropriate supported in international health policy design. NGO regulatory impact can complement but should not replace state action. PMID:21356076

Can NGOs regulate medicines markets? Social enterprise in wholesaling, and access to essential medicines.

Science.gov (United States)

Mackintosh, Maureen; Chaudhuri, Sudip; Mujinja, Phares Gm

2011-02-28

Citizens of high income countries rely on highly regulated medicines markets. However low income countries' impoverished populations generally struggle for access to essential medicines through out-of-pocket purchase on poorly regulated markets; results include ill health, drug resistance and further impoverishment. While the role of health facilities owned by non-governmental organisations (NGOs) in low income countries is well documented, national and international wholesaling of essential medicines by NGOs is largely unstudied. This article describes and assesses the activity of NGOs and social enterprise in essential medicines wholesaling. The article is based on a set of interviews conducted in 2006-8 with trading NGOs and social enterprises operating in Europe, India and Tanzania. The analysis applies socio-legal and economic perspectives on social enterprise and market regulation. Trading NGOs can resist the perverse incentives inherent in medicines wholesaling and improve access to essential medicines; they can also, in definable circumstances, exercise a broader regulatory influence over their markets by influencing the behaviour of competitors. We explore reasons for success and failure of social enterprise in essential medicines wholesaling, including commercial manufacturers' market response; social enterprise traders' own market strategies; and patterns of market advantage, market segmentation and subsidy generated by donors. We conclude that, in the absence of effective governmental activity and regulation, social enterprise wholesaling can improve access to good quality essential medicines. This role should be valued and where appropriate supported in international health policy design. NGO regulatory impact can complement but should not replace state action.

Can NGOs regulate medicines markets? Social enterprise in wholesaling, and access to essential medicines

Directory of Open Access Journals (Sweden)

Chaudhuri Sudip

2011-02-01

Full Text Available Abstract Background Citizens of high income countries rely on highly regulated medicines markets. However low income countries' impoverished populations generally struggle for access to essential medicines through out-of-pocket purchase on poorly regulated markets; results include ill health, drug resistance and further impoverishment. While the role of health facilities owned by non-governmental organisations (NGOs in low income countries is well documented, national and international wholesaling of essential medicines by NGOs is largely unstudied. This article describes and assesses the activity of NGOs and social enterprise in essential medicines wholesaling. Methods The article is based on a set of interviews conducted in 2006-8 with trading NGOs and social enterprises operating in Europe, India and Tanzania. The analysis applies socio-legal and economic perspectives on social enterprise and market regulation. Results Trading NGOs can resist the perverse incentives inherent in medicines wholesaling and improve access to essential medicines; they can also, in definable circumstances, exercise a broader regulatory influence over their markets by influencing the behaviour of competitors. We explore reasons for success and failure of social enterprise in essential medicines wholesaling, including commercial manufacturers' market response; social enterprise traders' own market strategies; and patterns of market advantage, market segmentation and subsidy generated by donors. Conclusions We conclude that, in the absence of effective governmental activity and regulation, social enterprise wholesaling can improve access to good quality essential medicines. This role should be valued and where appropriate supported in international health policy design. NGO regulatory impact can complement but should not replace state action.

Dispersed Trading and the Prevention of Market Failure

DEFF Research Database (Denmark)

Porter, David C.; Tanggaard, Carsten; G. Weaver, Daniel

With augmented demands on power grids resulting in longer and larger blackouts combined with heightened concerns of terrorist attacks, trading institutions and policy makers have widened their search for systems that avoid market failure during these disturbing events. We provide insight into thi......With augmented demands on power grids resulting in longer and larger blackouts combined with heightened concerns of terrorist attacks, trading institutions and policy makers have widened their search for systems that avoid market failure during these disturbing events. We provide insight...... combined with widely dispersed trading locations may be a viable means of protection against market failure during massive power disruptions or terrorist attacks....

Legal market abuse regulations of WpHG (law on stock trading) and the REMIT-VO in the electricity spot trading

International Nuclear Information System (INIS)

Retsch, Alexander T.

2014-01-01

The thesis on legal market abuse regulations of WpHG (law on stock trading) and the REMIT-VO in the electricity spot trading include the discussion of the following issues: market abuse, its forms of appearance (market manipulation, insider trade, insider information), electricity spot trading, relevant legislative frame, market abuse regulations (WpHG), interdiction of market manipulation and related regulations.

Online stock trading platform

Directory of Open Access Journals (Sweden)

Ion LUNGU

2006-01-01

Full Text Available The Internet is the perfect tool that can assure the market’s transparency for any user who wants to trade on the stock market. The investor can have access to the market news, financial calendar or the press releases of the issuers. A good online trading platform also provides real-time intraday quotes, trading history and technical analysis giving the investor a clearer view of the supply and demand in the market. All this information provides the investor a good image of the market and encourages him to trade. This paper wishes to draft the pieces of an online trading platform and to analyze the impact of developing and implementing one in a brokerage firm.

The market effectiveness of electricity reform: A case of carbon emissions trading market of Shenzhen city

Science.gov (United States)

Wang, Yongli; Wang, Gang; Zuo, Yi; Fan, Lisha; Xiao, Yao

2017-03-01

In the 13th Five-Year Plan, the Chinese government proposed to achieve the national carbon emission trading market established by 2017. The establishment of carbon emission trading market is the most important one in power reform, which helps to promote the power reform and achieve the goal of energy saving and emission reduction. As the bond of connecting environment energy issues and the economic development, carbon emissions trading market has become a hot research topic in the related fields, by market means, it incentive the lower cost subject emissions to undertake more reductions and therefore to benefit, the body of the high cost finished the task by buying quota reduction, to achieve the effect of having the least social total cost. Shenzhen has become the first city in China to start carbon trading pilot formally on June 16, 2013, online trading on June 18. The paper analyzes the market effectiveness of electricity reform in China, which takes carbon emissions trading market of Shenzhen city for example, and gives some suggestions for future development.

Intransparent Markets and Intra-Industry Trade

DEFF Research Database (Denmark)

Schmidt, Christian Gormsen

Buyers are typically unaware of the full set of offers when making a purchase. This paper examines how international trade interacts with this problem of market intransparency. Sellers must communicate their offers through costly advertising, but cannot reach all buyers. Consequently, no market...... clearing price exists, and sellers randomize over an equilibrium price distribution. Letting sellers advertise their offers abroad leads to international trade, which would not take place under complete information. Buyers then receive more offers, leading to lower prices and welfare gains. Sellers...... in the model are identical, but appear heterogeneous due to their price randomization. In larger and more open economies, prices and markups will be lower, and exports are primarily realized by sellers who charge low prices. These predictions are similar to those of trade models where firm heterogeneity...

Coordination mechanisms for quality improvement and market access in Ethiopian potato value chains

NARCIS (Netherlands)

Abebe, G.K.

2013-01-01

Market access for smallholders in developing countries often requires the improvement of product quality. As products are traded in value chains, quality improvement entails the coordination of activities and decisions by all actors in the chain. Thus, enhancing smallholders’

Uranium trade and global liberalization of markets

International Nuclear Information System (INIS)

Elagin, Yu.P.

2003-01-01

Present state of nuclear fuel market is reviewed. Political and economical aspects of nuclear fuel trade, traditional schemes of gain of nuclear fuel, tendencies and last innovations are treated. Price mechanisms, increase in part of traders, price indicators are discussed. Under the liberalization conditions the uranium market and common tendencies on the stages of nuclear fuel cycle as well as prospects of gain and sale of nuclear fuel, electronic trade are considered [ru

Fair Trade in Sustainable Development. The Potential for Fair Trade Market Growth in Poland

Directory of Open Access Journals (Sweden)

Grażyna Śmigielska

2015-11-01

Full Text Available The paper presents the concept of Fair Trade, which is considered an alternative to conventional trade, and becomes increasingly popular in the Western countries. In addition, some results of empirical research, conveyed in Poland and aimed at diagnosis and assessment of Fairtrade products market, are provided. Fair trade is analysed not only in the broad theoretical context which shows its contribution to sustainable development and relation to corporate social responsibility, but also in the framework of supply chains management. The benefits from the Fairtrade label, including transaction costs reduction are indicated. The assumption is that to achieve them, consumer acceptance of the idea and willingness to buy Fairtrade products are necessary. The empirical research was focused on answering the question whether a market niche for Fairtrade goods exists in Poland and how to develop it by the means of communication tools. The market niche, although very small, has been identified and described. It is apparent that, in order to develop it, a public policy, aimed at raising the awareness of Fair Trade idea, is necessary as well as marketing activities like social marketing Internet campaigns and better and more prominently products display.

75 FR 5782 - Noble Energy Marketing and Trade Corporation; Supplemental Notice That Initial Market-Based Rate...

Science.gov (United States)

2010-02-04

... Marketing and Trade Corporation; Supplemental Notice That Initial Market-Based Rate Filing Includes Request...-referenced proceeding of Noble Energy Marketing and Trade Corporation's application for market- based rate... electronic submission of protests and interventions in lieu of paper, using the FERC Online links at http...

Developments in the emissions trading market 2009; Utvecklingen paa utslaeppsraettsmarknaden 2009

Energy Technology Data Exchange (ETDEWEB)

Bohnstedt, Sophie; Karlberg, Marie; Myrman, Johanna

2010-07-01

The Energy Agency has analyzed the development of emissions trading within the EU and globally in 2009. The analysis relates to larger events which mainly affected the prices and traded volumes during the year. The analysis includes the market for European emissions, markets for the project-based mechanisms, development of trade with the assigned emission units (AAUs), the unregulated market and developments in other trading in the world. The report is based on existing studies and monitoring of markets development during January to November 2009

Forecasting market impact costs and identifying expensive trades

NARCIS (Netherlands)

Bikker, J.A.; Spierdijk, L.; Hoevenaars, R.P.M.M.; van der Sluis, P.J.

Often, a relatively small group of trades causes the major part of the trading costs on an investment portfolio. For the equity trades studied in this paper, executed by the world's second largest pension fund, we find that only 10% of all trades determines 75% of total market impact costs.

Brazil’s Market for Trading Forest Certificates

DEFF Research Database (Denmark)

Soares-Filho, Britaldo; Rajão, Raoni; Merry, Frank

2016-01-01

Brazil faces an enormous challenge to implement its revised Forest Code. Despite big losses for the environment, the law introduces new mechanisms to facilitate compliance and foster payment for ecosystem services (PES). The most promising of these is a market for trading forest certificates (CRAs...... value of US$ 9.2±2.4 billion, with main regional markets forming in the states of Mato Grosso and São Paulo. This would be the largest market for trading forests in the world. Overall, the potential supply of CRAs in Brazilian states exceeds demand, creating an opportunity for additional PES programs...... to use the CRA market. This expanded market could provide not only monetary incentives to conserve native vegetation, but also environmental co-benefits by fostering PES programs focused on biodiversity, water conservation, and climate regulation. Effective implementation of the Forest Code will be vital...

Cheap versus expensive trades: Assessing the determinants of market impact costs

NARCIS (Netherlands)

Bikker, J.A.; Spierdijk, L.; van der Sluis, P.J.

2005-01-01

This paper assesses the determinants of market impact costs of institutional equity trades, using unique data from the world's second largest pension fund. We allow the impact of trade characteristics and market conditions on trading costs to depend on the level of trading costs itself and establish

Czech experience with market maker trading system

Czech Academy of Sciences Publication Activity Database

Hanousek, Jan; Podpiera, R.

2004-01-01

Roč. 28, č. 2 (2004), s. 177-191 ISSN 0939-3625 R&D Projects: GA MŠk ME 595 Institutional research plan: CEZ:AV0Z7085904 Keywords : trading systems * informed trading * emerging markets Subject RIV: AH - Economics

Changes in Agricultural Markets in Poland following its Accession to the European Union

Directory of Open Access Journals (Sweden)

Czyżewski Andrzej

2017-12-01

Full Text Available This article attempts to determine the most significant tendencies and changes observed in Poland’s core markets of agricultural products, which occurred during the period preceding Poland’s accession to the European Union (1994-2003 and after the accession (2004-2013. The key markets of agricultural products include markets with the largest value of commodity production during the analysed period, such as cereals, potatoes, sugar beet, rapeseed, fruit, vegetables, pork, beef and poultry, cows’ milks and eggs. The development of domestic production, consumption and real purchasing prices were observed and compared in order to achieve the main objective. The research was preceded by the characterisation of macroeconomic and resource conditionalities of agricultural production as well as the trade balance of the Polish agri-food sector. On the basis of the conducted studies, there were singled out three groups of markets in which the situation during the period following Poland’s accession to the EU developed in a similar way.

Economic Effects of Russia’s Trade Liberalization: Russia’s WTO Accession and FTAs with EU and Korea

Directory of Open Access Journals (Sweden)

Chang-Soo Lee

2008-06-01

Full Text Available This paper estimates the economic impacts of the various liberalization scenarios of Russia (accession to the WTO, Russia-EU FTA, and Korea-Russia FTA using GTAP recursive dynamic and capital accumulation models. To compare liberalization gains from goods liberalization with those from goods-and-services liberalization, the original GTAP database is adjusted by inputting Australian sectoral indices as barriers in the service trade. The major findings and implications of this paper are as follows. First, without simultaneous improvement of market institutions, Russia's liberalization gains from its accession to the WTO are not so great. Second, the inclusion of the services sector in addition to the goods sector in the WTO liberalization scenarios does not greatly expand Russia's economic benefits from trade. This is quite different from the case of China's accession to the WTO. Third, Russia's liberalization gains from the Russia-EU FTA are not so great, either. This result is in contrast to that of CEEC's accession to the EU, where the CEEC enjoys large gaThis paper estimates the economic impacts of the various liberalization scenarios of Russia (accession to the WTO, Russia-EU FTA, and Korea-Russia FTA using GTAP recursive dynamic and capital accumulation models. To compare liberalization gains from goods liberalization with those from goods-and-services liberalization, the original GTAP database is adjusted by inputting Australian sectoral indices as barriers in the service trade. The major findings and implications of this paper are as follows. First, without simultaneous improvement of market institutions, Russia's liberalization gains from its accession to the WTO are not so great. Second, the inclusion of the services sector in addition to the goods sector in the WTO liberalization scenarios does not greatly expand Russia's economic benefits from trade. This is quite different from the case of China's accession to the WTO. Third, Russia

TRADING ACTIVITY AND PRICES IN ENERGY FUTURES MARKET

Directory of Open Access Journals (Sweden)

Aysegul Ates

2016-04-01

Full Text Available This paper aims to examine trading activity and the relationship between futures trading activity by trader type and energy price movements in three energy futures markets –natural gas, crude oil and heating oil. We find that the level of net positions of speculators are positively related to future returns and in contrast net positions of hedgers are negatively related to futures price changes in all three markets. The changes in net positions are relatively more informative compare to the level of net positions in predicting price changes in related markets.

Market impact costs of institutional equity trades

NARCIS (Netherlands)

Bikker, Jacob A.; Spierdijk, Laura; van der Sluis, Pieter Jelle

2007-01-01

This article analyzes market impact costs of equity trading by one of the world's largest pension funds. We find that, on average, these costs are small in terms of market disruption, but substantial in terms of costs for the pension fund. Average market impact costs equal 20 basis points for buys

Market Impact Costs of Institutional Equity Trades

NARCIS (Netherlands)

Bikker, J.A.; Spierdijk, L.; van der Sluis, P.J.

2008-01-01

This article analyzes market impact costs of equity trading by one of the world's largest pension funds. We find that, on average, these costs are small in terms of market disruption, but substantial in terms of costs for the pension fund. Average market impact costs equal 20 basis points for buys

Market Impact Costs of Institutional Equity Trades

NARCIS (Netherlands)

van der Sluis, P.J.; Bikker, J.A.; Spierdijk, L.

2007-01-01

This article analyzes market impact costs of equity trading by one of the world's largest pension funds. We find that, on average, these costs are small in terms of market disruption, but substantial in terms of costs for the pension fund. Average market impact costs equal 20 basis points for buys

Performance of technical trading rules: evidence from Southeast Asian stock markets.

Science.gov (United States)

Tharavanij, Piyapas; Siraprapasiri, Vasan; Rajchamaha, Kittichai

2015-01-01

This paper examines the profitability of technical trading rules in the five Southeast Asian stock markets. The data cover a period of 14 years from January 2000 to December 2013. The instruments investigated are five Southeast Asian stock market indices: SET index (Thailand), FTSE Bursa Malaysia KLC index (Malaysia), FTSE Straits Times index (Singapore), JSX Composite index (Indonesia), and PSE composite index (the Philippines). Trading strategies investigated include Relative Strength Index, Stochastic oscillator, Moving Average Convergence-Divergence, Directional Movement Indicator and On Balance Volume. Performances are compared to a simple Buy-and-Hold. Statistical tests are also performed. Our empirical results show a strong performance of technical trading rules in an emerging stock market of Thailand but not in a more mature stock market of Singapore. The technical trading rules also generate statistical significant returns in the Malaysian, Indonesian and the Philippine markets. However, after taking transaction costs into account, most technical trading rules do not generate net returns. This fact suggests different levels of market efficiency among Southeast Asian stock markets. This paper finds three new insights. Firstly, technical indicators does not help much in terms of market timing. Basically, traders cannot expect to buy at a relative low price and sell at a relative high price by just using technical trading rules. Secondly, technical trading rules can be beneficial to individual investors as they help them to counter the behavioral bias called disposition effects which is the tendency to sell winning stocks too soon and holding on to losing stocks too long. Thirdly, even profitable strategies could not reliably predict subsequent market directions. They make money from having a higher average profit from profitable trades than an average loss from unprofitable ones.

Forex markets: technical analysis and algorithmic trading

OpenAIRE

Klepić, Igor

2013-01-01

Technical analysis is an efficient way for analysing financial markets such as forex where currencies are being traded. Forex market is the biggest market among all of them which is closed only during weekends. Analysis uses past behaviour of the market and with different mathematical methods tries to predict the future movement of the market. With the help of technical analysis forex market allows individuals as well as large financial corporations to efficiently manage their wealth while th...

TRADE MARKETING NO SETOR DE LOJAS DE CONVENIÊNCIA

Directory of Open Access Journals (Sweden)

Victor Manoel Cunha de Almeida, Leonardo Siano Penna, Gilberto Figueira da Silva, Flávia D'Albergaria Freitas

2012-10-01

Full Text Available This paper aims to describe the motivations for the adoption of trade marketing in convenience stores, as well as its attributions and functional position in the organizational structure. We chose the multiple case study method approach in order to study the motivations and practices of four convenience store chains and five manufacturers. Results indicate that the existence of a formal trade marketing area does not per se ensure collaboration between manufactures and convenience store chains. Trade marketing activities are developed and negotiated with franchisors, but the execution takes place at the franchisee level. It is, in fact, a triadic relationship that encompasses the manufacturer, the franchisor of the convenience stores and its franchisees.

77 FR 24169 - Notice of Funds Availability: Inviting Applications for the Market Access Program

Science.gov (United States)

2012-04-23

... for the 2013 Market Access Program (MAP). The intended effect of this notice is to solicit...-term agricultural trade strategy and a program effectiveness time line against which results can be... part of the FAS resource allocation strategy to fund applicants who can demonstrate performance and...

76 FR 21325 - Notice of Funds Availability: Inviting Applications for the Market Access Program

Science.gov (United States)

2011-04-15

... for the 2012 Market Access Program (MAP). The intended effect of this notice is to solicit...-term agricultural trade strategy and a program effectiveness time line against which results can be... part of the FAS resource allocation strategy to fund applicants who can demonstrate performance and...

75 FR 26194 - Notice of Funds Availability: Inviting Applications for the Market Access Program

Science.gov (United States)

2010-05-11

... for the 2011 Market Access Program (MAP). The intended effect of this notice is to solicit... considers whether the applicant provides a clear, long-term agricultural trade strategy and a program... the greatest growth potential. These factors are part of the FAS resource allocation strategy to fund...

Impacts of seaborne trade on coal importing countries: Atlantic market

Energy Technology Data Exchange (ETDEWEB)

NONE

2012-07-15

In recent years, there has been a convergence of international trade with traditional domestic markets. With imports increasing in many coal-producing regions, the influence of trade on domestic markets has been twofold: firstly, imported coal displaces domestic production, and in doing so, and secondly international price trends may drive prices of what remains of the indigenous market for coal.

The evolution of hard coal trade in the Pacific market

International Nuclear Information System (INIS)

Ekawan, Rudianto; Duchene, Michel; Goetz, Damien

2006-01-01

This article analyses the evolution of hard coal trade in the Asia Pacific region, known as the Pacific market, from the 1980s to the present years. It investigates the development of the trade pattern, the nature of contracts, the price setting, the supply demand and the future of trade. Over the last two decades, the international trade in the Pacific market has achieved dramatic increases in coal commerce. This achievement is due to strong demand in Japan and North-east Asian countries and progressive coal export in Australia and Indonesia. It is likely that this market will continue to expand and become a more important market in replacing the Atlantic market. In this market, historically, long-term supply contracts were usual and concluded between producer and consumer. Even recently, there are still annual contracts, but with a small number of deals. In contrast, spot transactions are now becoming more important. Previously, Japan had been influential in price setting by establishing 'a benchmark price' with Australian coal suppliers. Afterward 'a reference price' was becoming a trend. Nowadays, spot price indices, such as the Barlow Jonker, the Barlow Jonker ACR and globalCOAL, have become important to set the price. The Pacific market growth is not without problems. The exporter countries, particularly Australia and Indonesia, have some challenges that if they are not resolved at present, it would implicate the performance of the coal trade

Optimal Charging of Electric Vehicles with Trading on the Intraday Electricity Market

Directory of Open Access Journals (Sweden)

Ilham Naharudinsyah

2018-06-01

Full Text Available Trading on the energy market is a possible way to reduce the electricity costs of charging electric vehicles at public charging stations. In many European countries, it is possible to trade electricity until shortly before the period of delivery on so called intraday electricity markets. In the present work, the potential for reducing the electricity costs by trading on the intraday market is investigated using the example of the German market. Based on simulations, the authors reveal that by optimizing the charging schedule together with the trading on the intraday electricity market, the costs can be reduced by around 8% compared to purchasing all the required energy from the energy supplier. By allowing the charging station operator to resell the energy to the intraday electricity market, an additional cost reduction of around 1% can be achieved. Besides the potential cost savings, the impacts of the trading unit and of the lead time of the intraday electricity market on the costs are investigated. The authors reveal that the achievable electricity costs can be strongly affected by the lead time, while the trading unit has only a minor effect on the costs.

Market Access and Welfare

DEFF Research Database (Denmark)

Raimondos-Møller, Pascalis; Woodland, Alan D.

2015-01-01

Well known tariff reform rules that are guaranteed to increase welfare will not necessarily increase market access, while rules that are guaranteed to increase market access will not necessarily increase welfare. The present paper proposes a new set of tariff reforms that can achieve both...

A smart market for nutrient credit trading to incentivize wetland construction

Science.gov (United States)

Raffensperger, John F.; Prabodanie, R. A. Ranga; Kostel, Jill A.

2017-03-01

Nutrient trading and constructed wetlands are widely discussed solutions to reduce nutrient pollution. Nutrient markets usually include agricultural nonpoint sources and municipal and industrial point sources, but these markets rarely include investors who construct wetlands to sell nutrient reduction credits. We propose a new market design for trading nutrient credits, with both point source and non-point source traders, explicitly incorporating the option of landowners to build nutrient removal wetlands. The proposed trading program is designed as a smart market with centralized clearing, done with an optimization. The market design addresses the varying impacts of runoff over space and time, and the lumpiness of wetland investments. We simulated the market for the Big Bureau Creek watershed in north-central Illinois. We found that the proposed smart market would incentivize wetland construction by assuring reasonable payments for the ecosystem services provided. The proposed market mechanism selects wetland locations strategically taking into account both the cost and nutrient removal efficiencies. The centralized market produces locational prices that would incentivize farmers to reduce nutrients, which is voluntary. As we illustrate, wetland builders' participation in nutrient trading would enable the point sources and environmental organizations to buy low cost nutrient credits.

Pharmaceutical market access in emerging markets: concepts, components, and future.

Science.gov (United States)

Kumar, Anuj; Juluru, Karthaveerya; Thimmaraju, Phani Kishore; Reddy, Jayachandra; Patil, Anand

2014-01-01

This article intends to consolidate the concepts of pharmaceutical market access and highlight its growing importance in emerging markets. Market access has gained considerable attention worldwide as countries try to contain their escalating healthcare expenditures amidst the global economic slowdown. This has resulted in governments adopting stricter measures for new product approval. Thus, pharmaceutical companies are finding it increasingly difficult to successfully address the specific challenges posed by various government and regulatory agencies and stakeholders. There is an increasing need to establish market access functions, especially in emerging markets, where the complex, dynamic healthcare landscape confounds product approval and uptake. Moreover, emerging markets are the engines of growth today, and, thus, performing in these markets is critical for the majority of pharmaceutical companies. To address the challenges posed by regulatory agencies and diverse stakeholders, a customized market access strategy is the need of the hour. A market access framework with specific tools and tactics will help companies to plan, implement, and monitor stakeholder engagement activities.

The surveillance of the electricity wholesale market and emission trading market; Die Ueberwachung von Stromgrosshandelsmarkt und Emissionshandelsmarkt

Energy Technology Data Exchange (ETDEWEB)

Luedemann, Volker [Hochschule Osnabrueck (Germany). Forschungszentrum Energiewirtschaft/Energierecht (fee); Hochschule Osnabrueck (Germany). Wirtschafts- und Wettbewerbsrecht; Konar, Selma [Sozietaet Becker Buettner Held, Muenchen (Germany)

2015-05-15

The Regulation on Wholesale Market Integrity and Transparency (REMIT) and the German Law on the Establishment of a Market Transparency Office for Wholesale Trade in Electricity and Gas (MTS-G) have fundamentally changed the surveillance of electricity wholesale trade in Germany. From now on the Federal Network Agency and the Federal Cartel Office will be jointly responsible for monitoring the electricity wholesale trade for suspicious market phenomena and abusive behaviour. The REMIT specifies that the electricity trade must be surveilled ''with due consideration to interactions'' with the emission trade system. However, occurrences observed in recent years have shown that the emission trading system is in need of reform. This has also been recognised and has prompted extensive corrective action by the regulatory authorities of the European Union. These changes have yet to be transposed into the national surveillance regimes. The present article explains why the new role accorded to the Federal Network Agency under the REMIT fails to eliminate the structural shortcomings of the old surveillance system. At least the decision to put the collection and evaluation of data exclusively in the hands of the market transparency office and the cooperation this will prompt between the supervisory authorities responsible will make the task of surveilling the energy wholesale trading market a lot easier for the authorities. The energy transition and its exigencies will yet lead to further changes in the market and its surveillance regime.

Cap-and-Trade Modeling and Analysis: Congested Electricity Market Equilibrium

Science.gov (United States)

Limpaitoon, Tanachai

This dissertation presents an equilibrium framework for analyzing the impact of cap-and-trade regulation on transmission-constrained electricity market. The cap-and-trade regulation of greenhouse gas emissions has gained momentum in the past decade. The impact of the regulation and its efficacy in the electric power industry depend on interactions of demand elasticity, transmission network, market structure, and strategic behavior of firms. I develop an equilibrium model of an oligopoly electricity market in conjunction with a market for tradable emissions permits to study the implications of such interactions. My goal is to identify inefficiencies that may arise from policy design elements and to avoid any unintended adverse consequences on the electric power sector. I demonstrate this modeling framework with three case studies examining the impact of carbon cap-and-trade regulation. In the first case study, I study equilibrium results under various scenarios of resource ownership and emission targets using a 24-bus IEEE electric transmission system. The second and third case studies apply the equilibrium model to a realistic electricity market, Western Electricity Coordinating Council (WECC) 225-bus system with a detailed representation of the California market. In the first and second case studies, I examine oligopoly in electricity with perfect competition in the permit market. I find that under a stringent emission cap and a high degree of concentration of non-polluting firms, the electricity market is subject to potential abuses of market power. Also, market power can occur in the procurement of non-polluting energy through the permit market when non-polluting resources are geographically concentrated in a transmission-constrained market. In the third case study, I relax the competitive market structure assumption of the permit market by allowing oligopolistic competition in the market through a conjectural variation approach. A short-term equilibrium

Assessment of emission trading impacts on competitive electricity market price

DEFF Research Database (Denmark)

Singh, S.N.; Saxena, D.; Østergaard, Jacob

2011-01-01

analyzes the impact of electricity prices in the competitive electricity markets having a uniform market clearing price mechanism. Findings - It is found that the electricity prices depend on the system loading, generation mix, etc. at a particular hour. Various emission trading instruments are discussed...... side emission trading impact on electricity prices in the competitive power market. Design/methodology/approach - Various schemes are suggested and are being implemented to achieve this objective. It is expected that electricity price will increase due to imposition of emission taxes. This paper...... with a special emphasis on the European market. Research limitations/implications - Block bidding of the suppliers is considered whereas the demand is assumed to be inelastic. Originality/value - The emission trading impacts are analyzed on a simple example....

Stroke: a Hidden Danger of Margin Trading in Stock Markets.

Science.gov (United States)

Lin, Shu-Hui; Wang, Chien-Ho; Liu, Tsai-Ching; Chen, Chin-Shyan

2015-10-01

Using 10-year population data from 2000 through 2009 in Taiwan, this is the first paper to analyze the relationship between margin trading in stock markets and stroke hospitalizations. The results show that 3 and 6 days after an increase of margin trading in the Taiwan stock markets are associated with greater stoke hospitalizations. In general, a 1 % increase in total margin trading positions is associated with an increment of 2.5 in the total number of stroke hospitalizations, where the mean number of hospital admissions is 233 cases a day. We further examine the effects of margin trading by gender and age groups and find that the effects of margin trading are significant for males and those who are 45-74 years old only. In summary, buying stocks with money you do not have is quite risky, especially if the prices of those stocks fall past a certain level or if there is a sudden and severe drop in the stock market. There is also a hidden danger to one's health from margin trading. A person should be cautious before conducting margin trading, because while it can be quite profitable, danger always lurks just around the corner.

Modern trends of electronic trading by negotiable financial instruments

OpenAIRE

Кравчук, Ігор Святославович

2018-01-01

International negotiable financial instrument markets have a high level of electronic trading. It is displayed using the consolidated limit order book, the widening the range of trading orders, smart order routing, high speed access to the market on the basis of latency minimizing. The result of electronic trading is the development of high-frequency trading, the positive features of which are the increase of trading activity and market liquidity, and the reducing of transaction costs. The ma...

Intraday Trading Patterns in the Equity Warrants and Equity Options Markets: Australian Evidence

Directory of Open Access Journals (Sweden)

Lydia Segara

2007-06-01

Full Text Available This paper extends the microstructure literature, by examining the previouslyundocumented intraday trading patterns in trading volume, price volatility, order depthand relative spreads for both the warrant and option market in Australia. Comparisons ofintraday variations across these derivative securities allows for insight to be drawn intocompeting market microstructure theories and provides the opportunity to examinewhether market design differences explain variations in observed intraday patterns. Wefind that intraday trading patterns documented in the warrant and option markets can beexplained by their market designs, along with theories relating to time-varying informationasymmetry and time-varying hedging trades around nontrading periods.

Integration of Stock Markets between Indonesia and Its Major Trading Partners

Directory of Open Access Journals (Sweden)

Bakri Abdul Karim

2009-05-01

Full Text Available Using Autoregressive Distributed Lag (ARDL and Vector Autoregressive (VAR frameworks, this study examines the integration between the emerging stock market of Indonesia and its major trading partners (i.e., Japan, the U.S., Singapore, and China. During the period of July 1998 to December 2007, the Indonesian stock market is found to be integrated with its major trading partners. Thus, this implies that there is a limited room available for investors to gain risk-reduction benefits through diversifying their portfolio in those markets. Meanwhile, in the short run, the Indonesian market responds more to shocks in the U.S. and Singapore than in Japan and China. In designing policies pertaining to its stock market, the Indonesian government should take into account any development in the stock markets of its major trading partners, particularly the U.S. and Singaporean markets.

76 FR 67440 - Market Access Agreement

Science.gov (United States)

2011-11-01

... FARM CREDIT ADMINISTRATION Market Access Agreement AGENCY: Farm Credit Administration. ACTION: Notice of Draft Second Amended and Restated Market Access Agreement; request for comments. SUMMARY: The... Market Access Agreement (the ``Restated MAA'') is entered into among AgFirst Farm Credit Bank, AgriBank...

Illegal markets, human trade and transnational organised crime

Directory of Open Access Journals (Sweden)

Nikolić-Ristanović Vesna Ž.

2003-01-01

Full Text Available In this paper the author explores, focusing largely on the example of the Balkans, the connection between the expansion of neoliberal market economy and war, and related to it the growth of illegal markets and the shadow economy, on one hand, and the victimisation by human trafficking, on the other. By locating human trade within expanding local and global illegal markets, the author is arguing that, without taking into consideration wider social contexts, which create structural incentives for illegal markets and transnational organised crime, we can hardly understand the causes, let alone build effective strategies to combat and prevent it. Consequently, on the basis of the analyses of human trade as a form of both transnational organised crime and illegal markets, some strategies (short-term and long-term for the prevention and control of human trafficking on both the micro and macro level are suggested.

Policy design and performance of emissions trading markets: an adaptive agent-based analysis.

Science.gov (United States)

Bing, Zhang; Qinqin, Yu; Jun, Bi

2010-08-01

Emissions trading is considered to be a cost-effective environmental economic instrument for pollution control. However, the pilot emissions trading programs in China have failed to bring remarkable success in the campaign for pollution control. The policy design of an emissions trading program is found to have a decisive impact on its performance. In this study, an artificial market for sulfur dioxide (SO2) emissions trading applying the agent-based model was constructed. The performance of the Jiangsu SO2 emissions trading market under different policy design scenario was also examined. Results show that the market efficiency of emissions trading is significantly affected by policy design and existing policies. China's coal-electricity price system is the principal factor influencing the performance of the SO2 emissions trading market. Transaction costs would also reduce market efficiency. In addition, current-level emissions discharge fee/tax and banking mechanisms do not distinctly affect policy performance. Thus, applying emissions trading in emission control in China should consider policy design and interaction with other existing policies.

Trade networks evolution under the conditions of stock market globalization

Directory of Open Access Journals (Sweden)

Kopylova Olga Volodymyrivna

2016-12-01

Full Text Available The modern perception of the stock market in terms of information technologies rapid development and under the institutionalists influence has been significantly modified and becomes multifaceted. It was detected that the main function of the market is activated, information asymmetry is minimized and more advanced financial architecture space is formed through trade networks. Formation of the modern trade networks has started on the basis of the old infrastructure, that had the highest tendency to self-organization and adaptation. The proposed architecture of trade networks of the stock market has a very clear vector of subordination – from top to bottom and has a number of positive points.

Strategies to improve smallholders' market access

NARCIS (Netherlands)

Tilburg, van A.; Schalkwyk, van H.D.

2011-01-01

Smallholders, especially in less developed countries, have encountered several challenges in gaining access to markets. Market access includes the ability to obtain necessary farm inputs and farm services, and the ability to deliver farm products to buyers. Market access was less of a problem in the

75 FR 76729 - Market Access Agreement

Science.gov (United States)

2010-12-09

... FARM CREDIT ADMINISTRATION Market Access Agreement AGENCY: Farm Credit Administration. ACTION: Notice of approval of the draft amendment to the amended and restated market access agreement. SUMMARY... Credit Bank of Wichita and the Western Farm Credit Bank under Section 7.12 of the Market Access Agreement...

Greenhouse gas emissions trading: Cogen case studies in the early trading market

International Nuclear Information System (INIS)

Buerer, Mary Jean

2001-01-01

An increasing number of companies are interested in opportunities to trade their reduction in greenhouse gas emissions from cogeneration on the emerging greenhouse gas emissions market. Only the UK and Denmark currently have emissions trading schemes, but they are under development in other European countries. Two frameworks currently exist for trading. Baseline-and-credit trading is used in Canada where companies can take part in two voluntary schemes (Greenhouse Gas Emission Reduction Trading Pilot or Clean Air Canada Inc). An example project from the CHP unit at DuPont's Maitland chemical production facility is given, with details of the baselines and calculations used. The other option is company-wide emissions trading. The example given here features the CHP units at BP's refinery and chemicals operations in Texas. The potential revenue from emission reduction projects could help to boost the economics of cogeneration projects

Mathematics, Pricing, Market Risk Management and Trading Strategies for Financial Derivatives (2/3)

CERN Multimedia

CERN. Geneva; Coffey, Brian

2009-01-01

Market Trading and Risk Management of Vanilla FX Options - Measures of Market Risk - Implied Volatility - FX Risk Reversals, FX Strangles - Valuation and Risk Calculations - Risk Management - Market Trading Strategies

Fair Trade: Social Regulation in Global Food Markets

Science.gov (United States)

Raynolds, Laura T.

2012-01-01

This article analyzes the theoretical and empirical parameters of social regulation in contemporary global food markets, focusing on the rapidly expanding Fair Trade initiative. Fair Trade seeks to transform North/South relations by fostering ethical consumption, producer empowerment, and certified commodity sales. This initiative joins an array…

Emission trading scheme: market analysis and forecasting scenarios

International Nuclear Information System (INIS)

Clo, Stefano

2006-01-01

This article offers an economic analysis of the Emission Trading Scheme (ETS) and its institutional framework; we introduce an economic model able to simulate some possible market price's scenarios. The aim of this article is to offer a better market fundamentals' comprehension and to help economic agents building their expectations about market's development [it

Impacts of seaborne trade on coal importing countries – Pacific market

Energy Technology Data Exchange (ETDEWEB)

NONE

2012-08-15

In recent years, there has been a convergence of international trade with traditional domestic markets. As imports continue to increase in many coal producing regions, the influence of trade on domestic markets has been twofold. Firstly, imported coal displaces domestic production and, secondly, international price trends may drive prices of what remains of the indigenous market for coal. While international trade does not provide any additional benefits in terms of reduced CO2 at coalfired power stations, importing coal provides many benefits, such as cost savings, improved coal quality, enhanced supply diversity, and often fills a gap which domestic supply is unable to fulfil. This report examines how coal markets have evolved over the decades with utilities and heavy industry moving away from their seemingly secure yet captive markets of domestic coal to procuring more supplies from the international market to satisfy the need of cost reduction and better and consistent quality of fuel product. The various factors that have led to a rise in popularity of seaborne traded coal, and the future of domestically produced coal in the Pacific market are discussed. This is in one of three reports which examine the changing trends in coal imports over the long term in three geographical regions: a global perspective, the Atlantic market and the Pacific market.

Cross-Border Trade: An Analysis of Trade and Market Integration ...

African Journals Online (AJOL)

An assessment of cross-border trade and market integration reveal that inhabitants of the border areas have become economically, socially and politically integrated in spite of the conflict over the Bakassi Peninsula. Based on empirical analysis, bilateral agreements between Nigeria and Cameroon have made negligible ...

Intermediation in Foreign Trade: When do Exporters Rely on Intermediaries?

DEFF Research Database (Denmark)

Schröder, Philipp J.H.; Trabold, H.; Trübswetter, P.

2005-01-01

The paper explores the question of why trade intermediaries (TIs) are frequently used as agents for exports to some countries but not to others. First, we adapt a standard intra-industry trade model with variable export costs (e.g. transport) and fixed export costs (e.g. market access) to include...... a TI that is able to pool market access cost. This framework suggests explanatory factors for the TI share in a country's exports, which are largely in line with the literature. Second, we test these explanatory factors with a new data set based on French customs information. The paper finds that: (i......) higher market access costs increase the TI share, (ii) smaller export markets feature a larger TI share, (iii) network effects are important determinants of trade intermediation....

The effect of counter-trading on competition in electricity markets

International Nuclear Information System (INIS)

Dijk, Justin; Willems, Bert

2011-01-01

In a competitive electricity market, nodal pricing is the most efficient way to manage congestion. Counter-trading is inefficient as it gives the wrong long term signals for entry and exit of power plants. However, in a non-competitive market, additional entry will improve the competitiveness of the market, and will increase social benefit by reducing price-cost margins. This paper studies whether the potential pro-competitive entry effects could make counter-trading more efficient than nodal pricing. We find that this is unlikely to be the case, and expect counter-trading to have a negative effect on overall welfare. The potential benefits of additional competition (more competitive prices and lower production cost) do not outweigh the distortions (additional investment cost for the entrant, and socialization of the congestion cost to final consumers). - Research highlights: → 'Counter-trading' and 'nodal pricing' manage congestion in electric grids. → Nodal pricing gives superior locational prices. → Counter-trading induces extra investments in regions with a production surplus. → Extra investments improve competition, but are expected to be socially inefficient.

Economic Culture and Trading Behaviors in Information Markets

Science.gov (United States)

Alhayyan, Khalid N.

2012-01-01

There are four main components for influencing traders' behaviors in an information market context: trader characteristics, organizational characteristics, market design, and external information. This dissertation focuses on investigating the impact of individual trader characteristics on trading behaviors. Two newly-developed constructs,…

The impact of the joining of Kingdom of Saudi Arabia for World Trade Organization (WTO on local marketing of national products

Directory of Open Access Journals (Sweden)

Najah Hassan Salamah

2016-11-01

Full Text Available Saudi Arabia is one of the wealthiest nations per capita in the world, as well as an economic power through possession of a large share of global oil resources. This study has been carried out to identify the benefits, which are likely to be enjoyed by Saudi Arabia after its accession into World Trade Organization. A total of 15 entrepreneurs filled out the questionnaires, which were designed on the basis of Likert scale. In order to analyze the outcomes, descriptive statistics technique has been applied after data collection from the respondents. Most of the participants consider the joining of Saudi Arabia into World Trade Organization as a beneficial decision for the Saudi market. This accession is advantageous as it helps to enhance the marketing and investment opportunities, as a consequence of which the economy of Saudi Arabia flourishes and the population rises. The marketing techniques are required to be established and adopted to manufacture high-quality products. The study outcomes are helpful for the policymakers and Saudi companies to emphasize on the production of high-quality products, as well as to implement the strategies for better marketing of their products in local market.

Improving U.S. Trade.

Science.gov (United States)

Bentsen, Lloyd

1982-01-01

Discusses the need to formulate a coherent trade policy in response to international economic realities. The author argues against a return to trade protectionism and supports efforts to establish workable reciprocity agreements. Increasing import tariffs on high technology products would control access to American markets. (AM)

CO2 trade and market power in the EU electricity sector

International Nuclear Information System (INIS)

Tinggaard Svendsen, G.; Vesterdal, M.

2002-01-01

The EU commission is planning to launch an emission trading market for greenhouse gases within near future. This to meet its obligations under the United Nations Framework Convention on Climate Change and the Kyoto Protocol. After a theoretical discussion on market power in such a market, wc turn to the empirical evidence which suggests that a reasonable number of sources of C02 emissions in the power sector exists for bollers larger than 25MW. Overall, together with the contestable single market for electricity, the risk of significant strategies behaviour seems negligible. Thus, the electric utility sector seems a suitable testing ground for an EU-scheme of emissions trading. In the longer run, it will be important to broaden the scope of the trading scheme as the inclusion of other sectors will further limit the risk of market power. (au)

CO2 trade and market power in the EU electricity sector

Energy Technology Data Exchange (ETDEWEB)

Tinggaard Svendsen, G; Vesterdal, M

2002-07-01

The EU commission is planning to launch an emission trading market for greenhouse gases within near future. This to meet its obligations under the United Nations Framework Convention on Climate Change and the Kyoto Protocol. After a theoretical discussion on market power in such a market, wc turn to the empirical evidence which suggests that a reasonable number of sources of C02 emissions in the power sector exists for bollers larger than 25MW. Overall, together with the contestable single market for electricity, the risk of significant strategis behaviour seems negligible. Thus, the electric utility sector seems a suitable testing ground for an EU-scheme of emissions trading. In the longer run, it will be important to broaden the scope of the trading scheme as the inclusion of other sectors will further limit the risk of market power. (au)

Trade law and alcohol regulation: what role for a global Alcohol Marketing Code?

Science.gov (United States)

Mitchell, Andrew D; Casben, Jessica

2017-01-01

Following calls for restrictions and bans on alcohol advertising, and in light of the tobacco industry's challenge to Australia's tobacco plain packaging measure, a tobacco control measure finding support in the World Health Organization (WHO) Framework Convention on Tobacco Control, this paper considers what role, if any, an international alcohol marketing code might have in preventing or reducing the risk of challenges to domestic alcohol marketing restrictions under trade rules. Narrative review of international trade and health instruments and international trade court judgements regarding alcohol products and marketing restrictions. The experience of European trade courts in the litigation of similar measures suggests that World Trade Organization rules have sufficient flexibility to support the implementation of alcohol marketing restrictions. However, the experience also highlights the possibility that public health measures have disproportionate and unjustifiable trade effects and that the ability of a public health measure to withstand a challenge under trade rules will turn on its particular design and implementation. Measures implemented pursuant to international public health instruments are not immune to trade law challenges. Close collaboration between health policymakers, trade officials and lawyers, from as early as the research stage in the development of a measure to ensure a robust evidence base, will ensure the best chance of regulatory survival for an international marketing code. © 2016 Society for the Study of Addiction.

Trade Liberalization and Optimal Environmental Policies in Vertical Related Markets

Directory of Open Access Journals (Sweden)

Yan-Shu Lin

2012-12-01

Full Text Available This paper establishes a symmetric two-country model with vertically related markets. In the downstream market, there is one firm in each country selling a homogeneous good, whose production generates pollution, to its home and the foreign markets a la Brander (1981. In the intermediate good market, there is also one upstream firm in each country, supplying the intermediate good only to its own country’s downstream market. The upstream firms can choose either price or quantity to maximize their profits. With this setting, the paper examines the optimal environmental policy and how it is affected by the tariff on the final good. It is found that, under free trade, the optimal final-good output with imperfect intermediate-good market will have the same output level as that with perfect intermediate-good market after imposing the optimal emission tax. The optimal environmental tax is smaller and the optimal environmental policy is less likely to be a green strategy under trade liberalization if the market structure in the intermediate good market is imperfect than perfect competition. On the other hand, the optimal environmental tax is necessarily higher if the upstream firm chooses price than quantity. Moreover, the optimal environmental policy is less likely to be a green strategy under trade liberalization if the upstream firms choose quantity than price to maximize their profits.

College Access Marketing

Science.gov (United States)

Tremblay, Christopher W.

2011-01-01

College Access Marketing (CAM) is a relatively new phenomenon that seeks to positively influence the college-going rate. This report defines CAM, describes CAM examples, and discusses how CAM seeks to counter barriers to college. It explores four main elements of CAM: information, marketing, advocacy, and social mobilization. Further, it…

Tarım Dışı Ürünlerde Pazara Giriş (NAMA Müzakereleri ve Türkiye (Non-Agricultural Market Access Negotiations and Turkey

Directory of Open Access Journals (Sweden)

Şahin YAMAN

2010-04-01

Full Text Available This essay tries to analyse Turkey’s position and constraints in the WTO Nonagricultural Market Access Negotiations (NAMA especially vis-à-vis developing countries.It basically, underlines Turkey’s unique negotiating position; de jure developing, de facto an advanced economy status in the WTO Doha NAMA negotiations.At Doha Ministerial Meeting in 2001, WTO members agreed to initiate negotiations to further liberalize trade, among other areas, on non-agricultural goods. For this purpose, the Negotiating Group on Market Access (NGMA was created at the first meeting of the Trade Negotiations Committee of the WTO, in early 2002. Turkey has been quite active since then in NAMA negotiations in calibrating its position between offensive and defensive negotiation interests although its offensive market access interests largely outweigh defensive one.Turkey has also been propagating an offensive non-linear tariff cutting Swiss Formula approach at the WTO to curb the international high tariffs, tariff peaks and escalations. Having a strong offensive market access interests, Turkey mainly aims at large developing country markets diversifying its trade portfolio away from traditional markets towards large developing economies.From the perspective of governance, Turkey has serious constraints on its trade and industry policy space stemming from the Turkey-EU Customs Union (CU. Although Turkey is a de jure developing country in the WTO and will have all legal rights and mobligations stemming from the outcome of the DOHA, in practice, Turkey will have to implement the same applied common external tariffs of the EU. Despite the constraints and dilemmas stemming from the EU-Turkey customs union, it can be strongly argued that, it is in Turkey’s industrial interests to be actively involved in the WTO to tackle the high tariffs, tariff peaks and escalations which hinders Turkey’s exports to the world markets.

76 FR 77998 - Market Access Agreement

Science.gov (United States)

2011-12-15

... FARM CREDIT ADMINISTRATION Market Access Agreement AGENCY: Farm Credit Administration. ACTION: Notice of approval of the Draft Second Amended and Restated Market Access Agreement. SUMMARY: The Farm Credit Administration (FCA) announces that it has approved the Draft Second Amended and Restated Market...

Impact of increasing market access on a tropical small-scale fishery

Science.gov (United States)

Stevens, Kara; Irwin, Brian J.; Kramer, Daniel; Urquhart, Gerald

2014-01-01

Small-scale fisheries have historically been marginalized in management and policy investments, and they often remain under-reported in national economic and fisheries statistics. Even so, small-scale fisheries are not entirely buffered from the impacts of globalization, such as the introduction and expansion of markets. This study measures the long-term impact of market-access on a coastal fishery on Nicaragua׳s remote Atlantic Coast from approximately the time when fishermen had access to stable and predictable local markets until the present, when the region has been transformed by road connection. In the last four years, fisheries trade has expanded as road connection has facilitated export to distant markets. Fishery-independent surveys were used to measure changes in indicators of fish-community status such as length-frequency, mean trophic level, and relative biomass. Species-level changes in relative biomass of common snook Centropomus undecimalis and gafftopsail catfish Bagre marinus were also evaluated since these species are the most economically valuable and likely account for the most fish biomass in the system. Using historical records, reports, current observations and interviews, changes in indicators of fishing intensity and market access over the past 17 years were assessed. From 1994 to 2011, community and species-specific metrics of the lagoon fishery declined significantly across all indicators examined. The potential social and economic outcomes of the decline in the fishery are far-reaching for the region, because this tropical fishery comprises the main source of protein and income for residents of twelve indigenous and Afro-descendent communities.

Integrated control centre: Trading system for operation in a deregulated power market

International Nuclear Information System (INIS)

Nyland, S.; Reinertsen, T.; Gunnestad, J.; Botnan, G.O.

1995-01-01

The paper presents a trade system for operation in a deregulated power market. The trade system (ICC-Trade) is one of the application programs in the Integrated Control Centre (ICC). The Norwegian deregulated power market is briefly described in order to discuss the consequences of the new power market for the power utilities. The paper will also deal with the interconnection to other ICC application programs and how to make use of the communication with SCADA systems for support of managing market activities. Finally some future developments are presented. The trade system is developed in cooperation between a research institute, vendors of control centres, and power utilities, and is planned to be a commercial product during the spring of 1995. Before release the product will be tested in real life by a pilot customer. 4 figs

Does AFTA Create More Trade for Thailand? An Investigation of Some Key Trade Indicators

Directory of Open Access Journals (Sweden)

Piriya Pholphirul

2010-04-01

Full Text Available This paper examines whether the ASEAN Free Trade Agreement (AFTA creates trade for Thailand or actually diverts it away from the country. It does this by analyzing various trade indicators: the Export Similarity Index, the Intra-Industry Trade Index, and Revealed Comparative Advantage (RCA rank correlation. By examining the patterns of trade between Thailand and other members of ASEAN, it reveals a high degree of similarity regarding the trade structure between Thailand and AFTA, which indicates that there will be fewer trade-creation benefits from AFTA and a greater likelihood of trade diversion once the AFTA scheme has been fully implemented. This similarity pattern explains the reasons for future collaboration among member countries and supportive arguments for the future extension of ASEAN ("ASEAN+". Market-penetration and development strategies should be employed by Thai exporters when accessing the ASEAN market.

Investigation into ivory trade in selected markets and hotels in Lagos ...

African Journals Online (AJOL)

The market growth for wildlife trophy collection is gradually leading to a decline in animal population. Thus, trade in ivory constitutes a potential threat to biodiversity conservation. The extent of this treat was therefore investigated via a 3-month survey of trade in ivory in selected markets and hotels in Lagos, Nigeria.

Predictability of Technical Trading Rules: Evidence from the Taiwan Stock Market

OpenAIRE

Kung, James J.

2009-01-01

Using the Taiwan Stock Exchange Weighted Index from the first trading day in 1975 to the last trading day in 2007, we investigate the predictability of two popular technical rules (variable-length moving average and trading range breakout) in the Taiwan stock market and assess its bearing on market efficiency. Our results show that, for the two rules, returns from buy signals are generally higher than those from sell signals. In addition, they exhibit considerable predictive power over 1975-1...

Emission reduction trading - a power marketer`s perspective

Energy Technology Data Exchange (ETDEWEB)

Stewart, M. [Powerex Inc., Vancouver, BC (Canada)

1999-10-01

The current situation , and the short-term and long-term outlook in emission reduction trading are reviewed from the point of view of a power marketer. The author`s view is that while the concept of emission reduction credit (ERC) is easy enough to understand, i.e. a series of measures to reduce carbon dioxide production and enhance carbon sequestration, there is no standard definition, although there are a number of models under consideration. What is being sought is clear ownership and title, a clear understanding of what qualifies as a credit, credit for early action, commodity specifications and the ability to hedge. The author predicts that in the short-tem, industry will experiment with different types of transactions to gain experience and seek partners who are willing to share risk and development cost. In the longer-term, emission reduction credits will be bought and sold as commodities and traded, swapped or exchanged as part of a portfolio in bilateral trade transactions, and used in hedging against future liabilities.

Enhancing Efficiency of Water Supply – Product Market Competition versus Trade

OpenAIRE

Reto Foellmi; Urs Meister

2004-01-01

This paper analyses and compares potential efficiency gains induced by the introduction of product market competition and cross boarder trade in the piped water market. We argue that due to the specific circumstances in the water sector product market competition, i.e. competition by common carriage is not expected to be very intensive. The connection of networks could alternatively be used for cross boarder trade between neighboured water utilities. We show that competition by common carriag...

The impact of fair trade

NARCIS (Netherlands)

Ruben, R.

2008-01-01

Twenty years ago, Fair Trade started as an effort to enable smallholder producers from developing countries to successfully compete in international markets. Better access to market outlets and stable prices are considered key principles for sustainable poverty reduction and stakeholder

Trade Liberalization and Women's Integration into National Labor Markets: A Cross-Country Analysis

Science.gov (United States)

Meyer, Lisa B.

2006-01-01

This paper examines the effects of trade liberalization and the risks associated with participation in the global trading system on women's integration into national labor markets. Using data from 1970 to 1995, I identify two global determinants of the female share of national labor markets: trade openness and transnational corporate penetration.…

Dynamic Interaction between Cap & Trade and Electricity Markets

Science.gov (United States)

Jeev, Kumar

Greenhouse Gases (GHG), such as Carbon-Dioxide (CO2), which is released in the atmosphere due to anthropogenic activities like power production, are now accepted as the main culprits for global warming. The Regional Greenhouse Gas Initiative (RGGI), an initiative of the North East and Mid-Atlantic States of the United States (US) for limiting the emission of GHG, has developed a regional cap-and-trade program for CO2 emissions for power plants. Existing cap-and-trade programs in US and Europe for Greenhouse Gases have recently been plagued by over-allocation. Carbon prices recently collapsed in all these markets during the global recession. Since then, there have been significant policy changes, which have resulted in the adoption of aggressive emission cap targets by most major carbon emission markets. This is expected to make carbon emissions availability more restrictive, raising the prices of these credits. These emissions markets are expected to have a major impact on the wholesale electricity markets. Two models to study the interaction of these two markets are presented. These models assess the impact of the emissions market on wholesale electricity prices. The first model characterizes the competition between two types of power plants (coal and gas) in both the electricity and emissions markets as a dynamic game using the Cournot approximation. Under this approximation, we find that in the Nash equilibrium the plants increase their permit allocation to high-demand periods and the marginal value of each credit for a plant is identical in all periods under their optimal equilibrium strategy. The second numerical model allows us to explicitly evaluate the closed loop equilibrium of the dynamic interaction of two competitors in these markets. We find that plants often try to corner the market and push prices all the way to the price cap. Power plants derive most of their profits from these extreme price regimes. In the experiments where trading is allowed

Energy trading market evolution to the energy internet a feasibility review on the enabling internet of things (IoT) cloud technologies

Science.gov (United States)

Agavanakis, Kyriakos; Papageorgas, Panagiotis G.; Vokas, Georgios A.; Ampatis, Dionysios; Salame, Chafic

2018-05-01

Energy trading market is a consequence of the grid evolution, which has been highly regulated and accessible to a small group of stakeholders so far. Being a fundamental part of national economies, the business models and the operating regulatory structures have been the subject of intense research and experimentation. At the same time, the increasing integration of distributed energy resources to the microgrid level changes the dependence of the grid infrastructure from fossil and nuclear to renewable energy sources, smart storage and smart management. In this paper, it is argued that this shift which marks the transformation towards the next industrial era, puts in the market foreground a big number of smaller producers and ultimately all the end users, in the form of actively engaged prosumers. Furthermore, it is shown that the computational resources and technology to support an open, widely accessible and fair peer-to-peer trading market, are already available. And that such an implementation is feasible and immediately achievable using just commercial products and a side-by-side approach in the place of unrealistic big-bang type grid upgrades.

Investigation of relationship marketing in the franchising activity of trade companies

OpenAIRE

Lisun, Yanina

2017-01-01

The article reveals the essence and constituents of the concepts of «relationship», «interaction», «marketing relations», «marketing partnership», «partnership» of the trade business. The essence of the terms «distribution» and «franchising» is investigated and the place of franchising in the structure of organizational and legal forms of distribution systems is determined.It analyses the activity of trading companies and the franchising market of Ukraine is conducted. The article analyses ma...

Financial Super-Markets: Size Matters for Asset Trade.

OpenAIRE

Philippe Martin and Hélène Rey.

2000-01-01

This paper presents a new theoretical framework to analyze financial markets in an international context. We build a two-country macroeconomic model in which agents are risk averse, assets are imperfect substitutes, the number of financial assets is endogenous, and cross-border asset trade entails transaction costs. We show that demand effects have important implications for the link between market size, asset prices and financial market development. These effects are consistent with the exis...

Market power, inelastic income elasticity of demand, and terms of trade

OpenAIRE

Kujal, Praveen; Michelitsch, Roland

1996-01-01

The "Theory of Unequal Exchange" predicts that terms of trade for the producer of primary commodities worsen over time given the low income elasticity of demand for primary product exports and the market power of the industrialized countries. We set up a laboratory economy to test the influence of market power and low income elasticity of demand on trade. An experimental

Trade Credit and Access to Finance of Retailers in Ethiopia

NARCIS (Netherlands)

Beck, T.H.L.; Hoseini, Mohammad; Uras, Burak

2018-01-01

Using data on 5,500 Ethiopian retailers, we document that there is lower use of trade credit in areas with more access to bank finance. Among firms within an area, however, receiving a bank loan increases the use of trade credit by informal firms, but has no association with trade credit of formal

Reciprocity in the FTAA: The Roles of Market Access, Institutions and Negotiating Capacity

OpenAIRE

Julio J. Nogués

2003-01-01

The benefits of the FTAA to Latin American countries will materialize through two channels: improved access to the region's markets, and enhanced growth prospects through the strengthening of basic economic institutions. Furthermore, the importance of these negotiations is heightened by the fact that they are taking place against the failure of the Uruguay Round to liberalize agricultural trade, and the lack of progress in the ongoing negotiations of the Doha round. Under these conditions for...

“Swimming Ducks Forecast the Coming of Spring”—The predictability of aggregate insider trading on future market returns in the Chinese market

Directory of Open Access Journals (Sweden)

Chafen Zhu

2014-09-01

Full Text Available This study systematically examines the ability of aggregate insider trading to predict future market returns in the Chinese A-share market. After controlling for the contrarian investment strategy, aggregate executive (large shareholder trading conducted over the past six months can predict 66% (72.7% of market returns twelve months in advance. Aggregate insider trading predicts future market returns very accurately and is stronger for insiders who have a greater information advantage (e.g., executives and controlling shareholders. Corporate governance also affects the predictability of insider trading. The predictability of executive trading is weakest in central state-owned companies, probably because the “quasi-official” status of the executives in those companies effectively curbs their incentives to benefit from insider trading. The predictive power of large shareholder trading in private-owned companies is higher than that in state-owned companies, probably due to their stronger profit motivation and higher involvement in business operations. This study complements the literature by examining an emerging market and investigating how the institutional context and corporate governance affect insider trading.

“Swimming Ducks Forecast the Coming of Spring”—The predictability of aggregate insider trading on future market returns in the Chinese market

Institute of Scientific and Technical Information of China (English)

Chafen; Zhu; Li; Wang; Tengfei; Yang

2014-01-01

This study systematically examines the ability of aggregate insider trading to predict future market returns in the Chinese A-share market. After controlling for the contrarian investment strategy, aggregate executive(large shareholder)trading conducted over the past six months can predict 66%(72.7%) of market returns twelve months in advance. Aggregate insider trading predicts future market returns very accurately and is stronger for insiders who have a greater information advantage(e.g., executives and controlling shareholders).Corporate governance also affects the predictability of insider trading. The predictability of executive trading is weakest in central state-owned companies,probably because the "quasi-official" status of the executives in those companies effectively curbs their incentives to benefit from insider trading.The predictive power of large shareholder trading in private-owned companies is higher than that in state-owned companies, probably due to their stronger profit motivation and higher involvement in business operations. This study complements the literature by examining an emerging market and investigating how the institutional context and corporate governance affect insider trading.

Financial Super-Markets: Size Matters for Asset Trade

OpenAIRE

Philippe Martin; Helene Rey

2001-01-01

This paper presents a new theoretical framework to analyze=20 financial markets in an international context. We build a two-country=20 macroeconomic model in which agents are risk averse, assets are imperfect=20 substitutes, the number of financial assets is endogenous, and cross-border= =20 asset trade entails transaction costs. We show that demand effects have=20 important implications for the link between market size, asset prices and=20 financial market development. These effects are cons...

Marketing support of putting on the own trade marks in the retail sector

Directory of Open Access Journals (Sweden)

Firsova S.

2013-02-01

Full Text Available The article summarizes the practical experience of putting own trade mark by the domestic enterprise on the food market of Ukraine. The author has investigated the marketing strategy of putting on the own trade mark and evaluated its results for the enterprise, formed and implemented to the practice the measures for evaluating the attractiveness of company’s own trade mark.

Intermediation in Foreign Trade: When do Exporters Rely on Intermediaries?

DEFF Research Database (Denmark)

Schröder, Philipp; Trabold, Harald; Trübswetter, Parvati

2003-01-01

The paper explores theoretically and empirically why trade intermediaries (TIs) are frequently used as agents for exports to some countries but not to others. We adapt a standard intra-industry trade model with variable export costs (e.g. transport) and fixed export costs (e.g. market access......) to include a TI that is able to pool market access cost. From this framework explanatory factors for the TI share in a country's exports are derived and subsequently tested with a new data set based on French customs information. The paper finds that: (i) higher market access costs increase the TI share, (ii......) smaller export markets feature a larger TI share, (iii) the TI share is independent from variable (distance-dependent) export costs....

Fuel trade in the Common Market. Brennstoffhandel im gemeinsamen Markt

Energy Technology Data Exchange (ETDEWEB)

Faross, P [Commission of the European Communities, Brussels (Belgium)

1989-06-01

There is more than a finishing touch to be given to the Common Market to come. The Central Administrative Councilor of the XVII A1 Executive Board of the European Communities in Brussels points out relevant fuel trade changes. Considering the higher trade margins of some of the neighboring countries, German trade, among other things, expects a better profit and loss position. (orig.).

Making a market for SO2 emissions trading

International Nuclear Information System (INIS)

Solomon, B.D.; Rose, K.

1992-01-01

Under the innovative, market-based approach to acid rain control included in the Clean Air Act amendments of 1990 (CAAA), sulfur dioxide emission allowances allocated to existing electric utility sources of these emissions can be used by utilities, banked for future use, or sold or traded to other users. Most power plants that burn fossil fuels will need to obtain an adequate supply of allowances from the market of EPA-sponsored auctions to cover their future emissions. This article addresses the respective roles of regulators and the private sector in facilitating a market for SO 2 emission allowances. In previous work, the authors have argued that state public utility commissions should seize the opportunity to encourage utilities to facilitate the allowance market. Yet it is the nature of new markets that many potential participants (including regulators) are risk-averse and wait for others to make the first move. Taken to the extreme, such behavior is a prescription for failure. The authors stated purpose is both to offer a perspective on how to make a market for what was previously considered an externality, as well as to stimulate debate among the various players and elicit better ideas. In fact, much more may be at stake. The success or failure of the emissions trading program could well set a benchmark for future environmental protection efforts in the US and globally

Detecting information-driven trading in a dealers market

Czech Academy of Sciences Publication Activity Database

Hanousek, Jan; Kopřiva, František

2011-01-01

Roč. 61, č. 3 (2011), s. 204-229 ISSN 0015-1920 R&D Projects: GA ČR(CZ) GAP403/11/0020; GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : dealers’ market * emerging markets * informed trading Subject RIV: AH - Economics Impact factor: 0.346, year: 2011 http://journal.fsv.cuni.cz/storage/1212_hanousek.pdf

Trades, quotes and prices financial markets under the microscope

CERN Document Server

Bouchaud, Jean-Philippe; Donier, Jonathan; Gould, Martin

2018-01-01

The widespread availability of high-quality, high-frequency data has revolutionised the study of financial markets. By describing not only asset prices, but also market participants' actions and interactions, this wealth of information offers a new window into the inner workings of the financial ecosystem. In this original text, the authors discuss empirical facts of financial markets and introduce a wide range of models, from the micro-scale mechanics of individual order arrivals to the emergent, macro-scale issues of market stability. Throughout this journey, data is king. All discussions are firmly rooted in the empirical behaviour of real stocks, and all models are calibrated and evaluated using recent data from Nasdaq. By confronting theory with empirical facts, this book for practitioners, researchers and advanced students provides a fresh, new, and often surprising perspective on topics as diverse as optimal trading, price impact, the fragile nature of liquidity, and even the reasons why people trade a...

MCDA-C model for trade marketing performance evaluation: an illustrated case in the pharmaceutical sector

Directory of Open Access Journals (Sweden)

André Andrade Longaray

2016-03-01

Full Text Available Since its introduction in the early 1990s, trade marketing has played a significant role in companies and their distribution channels, focusing on the consolidation of marketing strategy at the point of purchase. In practice, one of the main obstacles for a more widespread use of trade marketing has been the lack of management tools allowing visualisation of the consequences of trade marketing in the organisation's objectives. This study shows the use of the Multi-Criteria Decision Aiding–Constructivist methodology model as an instrument of intervention in a case study conducted in a pharmaceutical company. A customised evaluation model was built interactively by interviewing decision makers to identify, organise, measure, and integrate those factors considered necessary and sufficient for the management of trade marketing. The constructed model enables executives to incorporate unique aspects of the company and the environment, expanding the possibilities for performance evaluation of trade marketing in the organisation.

Competition and trade in Australian gas markets

International Nuclear Information System (INIS)

Holmes, Leanne; Mander, Sally

1993-01-01

Although Australia has large gas reserves, the bulk of reserves (about 80 per cent) are located on the North West Shelf, off Western Australia. On the other had, the major demand centres are located in the south east of the country. The relative scarcity of proven gas reserves close to major markets has meant that governments in the state and territories with reserves have a strong vested interest in the future use of the gas. Equally, governments in states and territories that do not have gas reserves are interested in securing future supplies. The scope for increasing competition and trade in Australian gas markets depends on a number of features of the industry. These include: the characteristics of the resource, the structure of supply including the presence of natural monopolies, the nature and extent of upstream or downstream integration of firms and the presence of long term contracts - the characteristics of gas demand, and the regulatory and policy framework. The main purpose in this article is to review the economic factors driving natural gas markets in Australia, highlighting the factors influencing competition and trade. Against this background, some options for reform are also examined. 30 refs., 6 figs

BENEFITS AND DRAWBACKS OF ONLINE TRADING VERSUS TRADITIONAL TRADING. EDUCATIONAL FACTORS IN ONLINE TRADING

Directory of Open Access Journals (Sweden)

Petric (Iancu Ioana Ancuta

2015-07-01

Full Text Available In terms of marketing, online trading is a new distribution channel and trading platforms are products of Investment and Financial Services Companies. Internet shortens the connection between the investor and the products they wish to purchase (shares, futures, CFDs, government securities, bonds, etc., and in some cases it no longer needs a security broker. Increasing use of the Internet and increasing competitiveness between Investment and Financial Services Companies do the latter, to seek new distribution channels to specific products. The purpose of this paper is to examine to what extent the investor education level affects the decision to move from traditional trading to online trading and the benefits and disadvantages of these types of transactions. To whom should the Investment and Financial Services Companies guide their marketing campaign to attract more investors for online platforms? The work presented is part of a larger project that will be part of author thesis, studying other factors that influence the decision to move from traditional to online trading: cost factor, time factor, psychological and social attributes of investors, yield portfolios and technological capacities of Investment and Financial Services Companies. Starting from the idea that with the increase of experience in stock investments the investors will want to make their own decisions, Investment and Financial Services Companies should provide new products. Compared to competitors, an Investment and Financial Services Company must innovate, and information technology currently offers the tools for innovation facilities. At the same time, the existence and development of the Internet has made the transaction without assistance or with minimal human intervention possible (Voss, 2000. The difference is in the knowledge about stock market, the speed the transaction orders arrive in the stock market, direct access to multiple markets, transaction costs and the level

Natural gas market assessment: Price convergence in North American natural gas markets

International Nuclear Information System (INIS)

1995-12-01

The extent to which Canadian and U.S. natural gas markets have become integrated in the post-deregulation era was assessed. This assessment was accomplished through a statistical analysis of the price movements in Canadian and U.S. gas markets. The analysis pointed to three broad conclusions: (1) on the whole, there has been an increasing degree of integration among North American natural gas markets since price deregulation and the introduction of open access, (2) there is somewhat of a split between eastern and western markets, (3) Alberta's links are stronger with the western U.S. natural gas market than with the market in the eastern U.S. Several factors were cited as contributing to the general increase in market integration, including: (1) increased pipeline capacity and additional pipeline interconnections, coupled with the development of market hubs, (2) improved flexibility of access to pipeline transportation services, (3) improved access to market information and greater trading flexibility which has been facilitated by growing use of electronic bulletin boards and electronic trading systems. The increased market integration was claimed to have benefited both consumers and producers, and to have increased competition in both countries.. 28 refs., 14 figs

Dynamics of a durable commodity market involving trade at disequilibrium

Science.gov (United States)

Panchuk, A.; Puu, T.

2018-05-01

The present work considers a simple model of a durable commodity market involving two agents who trade stocks of two different types. Stock commodities, in contrast to flow commodities, remain on the market from period to period and, consequently, there is neither unique demand function nor unique supply function exists. We also set up exact conditions for trade at disequilibrium, the issue being usually neglected, though a fact of reality. The induced iterative system has infinite number of fixed points and path dependent dynamics. We show that a typical orbit is either attracted to one of the fixed points or eventually sticks at a no-trade point. For the latter the stock distribution always remains the same while the price displays periodic or chaotic oscillations.

Price volatility, trading volume, and market depth in Asian commodity futures exchanges

Directory of Open Access Journals (Sweden)

Tanachote Boonvorachote

2016-01-01

Full Text Available This paper empirically investigates the impact of trading activity including trading volume and open interest on price volatility in Asian futures exchanges. Trading volume and open interest represent market information for investors. This study uses three different definitions of volatility: (1 daily volatility measured by close-to-close returns, (2 non-trading volatility measured by close-to-open returns, and (3 trading volatility measured by open-to-close returns. The impact of trading volume and open interest on price volatility is investigated. Following Bessembinder and Seguin (1993, volume and open interest are divided into expected and unexpected components. The GARCH (1,1 model is employed using expected and unexpected components of trading activity (volume and open interest as explanatory variables. The results show a positive contemporaneous relationship between expected and unexpected trading volume and volatility, while open interest mitigates volatility. Policy makers can use these findings to suggest to investors that trading activity (volume and open interest is a proxy of market information flowing to exchanges, especially unexpected trading activity. New information flowing to exchanges can mostly be noticed in unexpected trading volumes and open interests.

Trading price jump clusters in foreign exchange markets

Czech Academy of Sciences Publication Activity Database

Novotný, Jan; Petrov, D.; Urga, G.

2015-01-01

Roč. 24, June (2015), s. 66-92 ISSN 1386-4181 Institutional support: PRVOUK-P23 Keywords : price jumps * foreign exchange markets * trading Subject RIV: AH - Economics Impact factor: 1.726, year: 2015

Toward Improved Market Access for ASEAN Agricultural Commodities

International Development Research Centre (IDRC) Digital Library (Canada)

... of Southeast Asian Nations (ASEAN) is highly dependent on the agricultural sector, and on exports to overseas markets. This trade in turn depends on compliance with strict plant health and safety standards established by the World Trade Organization (WTO). ... Asian outlook: New growth dependent on new productivity.

Performance of technical trading rules: evidence from Southeast Asian stock markets

OpenAIRE

Tharavanij, Piyapas; Siraprapasiri, Vasan; Rajchamaha, Kittichai

2015-01-01

This paper examines the profitability of technical trading rules in the five Southeast Asian stock markets. The data cover a period of 14 years from January 2000 to December 2013. The instruments investigated are five Southeast Asian stock market indices: SET index (Thailand), FTSE Bursa Malaysia KLC index (Malaysia), FTSE Straits Times index (Singapore), JSX Composite index (Indonesia), and PSE composite index (the Philippines). Trading strategies investigated include Relative Strength Index...

Research on Standardization of Zhejiang Plastics City Online Trade Market

Institute of Scientific and Technical Information of China (English)

Cen Guanjun

2006-01-01

@@ Since the establishment of the online trading market for Zhejiang Plastics City in Yuyao, by using leading information technology we consolidate the business, logistics, information, and capital with purchasing, transportation,warehousing, forwarding, and distribution into an integrated online trading system in terms of standardization of each process.

Markets, trade and the role of institutions in African development

Directory of Open Access Journals (Sweden)

T Roe

2004-11-01

Full Text Available This paper focuses on the interdependence between international trade and institutional reform and suggests that the trade barriers erected by advanced countries on the agricultural exports of poor countries, in particular sub-Saharan agriculture serve as an impediment to economic growth and development.  Drawing upon recent literature, the suggestion is that trade barriers inhibit institutional reform that is a major factor affecting economic growth. An empirical analysis of trade reform and economic growth shows that sub-Saharan economies can reciprocate potential gains from increased trade, which are larger when an integration with world markets induces institutional reform.

A Branding and Marketing Plan for a Trade Union

OpenAIRE

Pihonen-Randla, Marjut

2015-01-01

The purpose of this thesis project was to define a branding and a marketing plan based on study and research into successful brands and marketing strategies. The goal was to increase visibility by creating a cohesive brand image and to define a marketing plan to suit this purpose. This project looked into trade unions in Finland and how they conduct marketing. This project also looked into research that was available of target audiences for client website and Facebook site. The client...

Short-term LNG-markets

International Nuclear Information System (INIS)

Eldegard, Tom; Lund, Arne-Christian; Miltersen, Kristian; Rud, Linda

2005-01-01

The global Liquefied Natural Gas (LNG) industry has experienced substantial growth in the past decades. In the traditional trade patterns of LNG the product has typically been handled within a dedicated chain of plants and vessels fully committed by long term contracts or common ownership, providing risk sharing of large investments in a non-liquid market. Increasing gas prices and substantial cost reductions in all parts of the LNG chain have made LNG projects viable even if only part of the capacity is secured by long-term contracts, opening for more flexible trade of the remainder. Increasing gas demand, especially in power generation, combined with cost reductions in the cost of LNG terminals, open new markets for LNG. For the LNG supplier, the flexibility of shifting volumes between regions represents an additional value. International trade in LNG has been increasing, now accounting for more than one fifth of the world's cross-border gas trade. Despite traditional vertical chain bonds, increased flexibility has contributed in fact to an increasing LNG spot trade, representing 8% of global trade in 2002. The focus of this paper is on the development of global short-term LNG markets, and their role with respect to efficiency and security of supply in European gas markets. Arbitrage opportunities arising from price differences between regional markets (such as North America versus Europe) are important impetuses for flexible short-term trade. However, the short-term LNG trade may suffer from problems related to market access, e.g. limited access to terminals and regulatory issues, as well as rigidities connected to vertical binding within the LNG chain. Important issues related to the role of short-term LNG-trade in the European gas market are: Competition, flexibility in meeting peak demand, security of supply and consequences of differences in pricing policies (oil-linked prices in Europe and spot market prices in North America). (Author)

Learning Unfair Trading: a Market Manipulation Analysis From the Reinforcement Learning Perspective

OpenAIRE

Martínez-Miranda, Enrique; McBurney, Peter; Howard, Matthew J.

2015-01-01

Market manipulation is a strategy used by traders to alter the price of financial assets. One type of manipulation is based on the process of buying or selling assets by using several trading strategies, among them spoofing is a popular strategy and is considered illegal by market regulators. Some promising tools have been developed to detect price manipulation, but cases can still be found in the markets. In this paper we model spoofing and pinging trading from a macroscopic perspective of p...

Conceptual design and architecture of an informatics solution for smart trading on wholesale energy market in Romania

Directory of Open Access Journals (Sweden)

Adela BÂRA

2017-04-01

Full Text Available This paper presents conceptual design and architecture of an informatics solution that aims to implement analytical models for optimization and forecasting the electricity demand and generation, simulation and what if analysis for efficient trading activities on wholesale energy markets in Romania. The informatics solution will be developed as a prototype on a cloud computing platform in order to allow easy access to energy providers and network operators.

47 CFR 15.609 - Marketing of Access BPL equipment.

Science.gov (United States)

2010-10-01

... 47 Telecommunication 1 2010-10-01 2010-10-01 false Marketing of Access BPL equipment. 15.609 Section 15.609 Telecommunication FEDERAL COMMUNICATIONS COMMISSION GENERAL RADIO FREQUENCY DEVICES Access Broadband Over Power Line (Access BPL) § 15.609 Marketing of Access BPL equipment. The marketing of Access...

Mathematics, Pricing, Market Risk Management and Trading Strategies for Financial Derivatives (1/3)

CERN Multimedia

CERN. Geneva; Coffey, Brian

2009-01-01

Abstract: An introduction to the mathematics and practicalities of market trading and risk management for financial derivatives, the course will focus on examples from the short-term and long term Foreign Exchange (FX) and Interest Rate (IR) derivatives markets. Topics: - Government Bonds and IR Curves - Stochastic FX, Black-Scholes Vanilla FX Options and Martingales - Risk Management and Market Trading for Vanilla FX Options, Market Implied Volatility, Valuation and Risk Management, Market Trading Strategies - Stochastic IR Curves and Implied Volatility, IR Derivatives - Long Term FX Options: Interaction of Stochastic FX and Stochastic IR Vanilla Foreign Exchange (FX) Options - $ Government Bonds, Interest Rate (IR) Curves, Continuous IR - Domestic ($) and Foreign (Yen) Government Bonds, IR curves - Stochastic Spot FX, Forward FX: Ito processes for $ and Yen Investors - Black-Scholes Vanilla FX Options, Connection to Heat/Diffusion Equation - Stochastic Differential Equations with Mart...

Research on the Development of Green Finance in Shenzhen to Boost the Carbon Trading Market

Science.gov (United States)

Zhou, Jiping; Xiong, Siqin; Zhou, Yucheng; Zou, Zijian; Ma, Xiaoming

2017-08-01

This paper analyses the current development situations of Shenzhen carbon trading market and China’s green finance, and makes the policy recommendations for promoting the carbon trading market by developing green finance in Shenzhen. Shenzhen should take the lead in driving the localized application of green principle, and formulate Shenzhen green bond guidelines ASAP, to promote carbon trading associated enterprises to finance by using green bonds; it shall work to lower the threshold for financial institutions to participate in carbon trading market, and explore development of carbon derivatives.

Federal Trade Commission's authority to regulate marketing to children: deceptive vs. unfair rulemaking.

Science.gov (United States)

Pomeranz, Jennifer L

2011-01-01

Food and beverage marketing directed at children is of increasing concern to the public health and legal communities. The new administration at the Federal Trade Commission and abundant science on the topic make it a particularly opportune time for the government to reconsider regulating marketing directed at youth. This Article analyzes the Commission's authority to regulate food and beverage marketing directed at children under its jurisdiction over unfair and deceptive acts and practices to determine which avenue is most viable. The author finds that the Federal Trade Commission has the authority to regulate deceptive marketing practices directed at vulnerable populations. Although the Commission can issue individual orders, its remedial power to initiate rules would better address the pervasiveness of modern marketing practices. The Commission does not currently have the power to regulate unfair marketing to children; however, even if Congress reinstated this authority, the Commission's authority over deceptive marketing may be preferable to regulate these practices. Deceptive communications are not protected by the First Amendment and the deceptive standard matches the science associated with marketing to children. The Federal Trade Commission has the authority to initiate rulemaking in the realm of food and beverage marketing to children as deceptive communications in interstate commerce, in violation of the Federal Trade Commission Act. However, to effectuate this process, Congress would need to grant the Commission the authority to do so under the Administrative Procedures Act.

The factors in the development of marketing potential of trading enterprises

Directory of Open Access Journals (Sweden)

Bubenets Iryna

2016-03-01

Full Text Available The purpose of this article is the selection and systematization of the influence factors the formation and development of marketing potential of trading enterprises. Currently, when enterprises have experienced an acute shortage of financial resources the value of the marketing potential of the enterprise increases. Since the marketing potential is determined by the possibility of using their own marketing resources, taking into account external and internal factors, their concretization and systematization for increasing the total effective functioning of the economic subsystems of the enterprise are now becoming ever more relevant. Taking into consideration the content of the main functions of business enterprises the author distinguishes the following groups of factors of formation and development of marketing potential of an enterprise: external (external development resources and market opportunities, external marketing environment; internal (internal marketing environment marketing reflects the tangible and intangible resources and capabilities internal development of commercial enterprise. The author has researched and identified the factors-activators of marketing potential of the trading enterprises, which influence greatly on the current and future state of the management system of the marketing potential of the enterprise and help define the desired strategy for the development of marketing potential.

Comment: Reluctance to trade a risky position in oil market

International Nuclear Information System (INIS)

Thomas, M.

1995-01-01

The oil industry is re-engineering, restructuring, down-sizing, etc. as part of a draconian effort to reduce costs and enhance profit margins. Benchmarking of corporate results against the competition is in vogue, with a view to challenging performance at every level of management. The bold can do attitude behind today's oil industry revolution in management grinds to a halt when the subject is oil trading. Mention speculation, oil pricing mechanisms, market risk-taking, or derivative instruments, and many in senior management and the corporate boardroom lapse into worried silence. When an oil company finishes restructuring and reconcentrating business direction, setting new investment and performance criteria, it is still left with the huge variable of price. Any corporate management that fails to act aggressively in the trading sector by pursuing the best possible oil price as a buyer or seller isn't living up to its responsibilities to shareholders. This article discusses market retreat, market imperfections, winners and losers, the decision to trade, developing a program and issues currently attracting oil industry attention

Fishers, Fair Trade, and finding middle ground

NARCIS (Netherlands)

Bailey, Megan; Bush, Simon; Oosterveer, Peter; Larastiti, Laksmi

2016-01-01

The goal of Fair Trade certification is to contribute to sustainable development by offering trading conditions that are transparent and equitable. One important condition is improved market access and strengthened producer organizations. In regions like Southeast Asia this goal can be hard to

Underage access to online alcohol marketing content: a YouTube case study.

Science.gov (United States)

Barry, Adam E; Johnson, Emily; Rabre, Alexander; Darville, Gabrielle; Donovan, Kristin M; Efunbumi, Orisatalabi

2015-01-01

With the proliferation of the Internet and online social media use, alcohol advertisers are now marketing their products through social media sites such as YouTube, Facebook and Twitter. As a result, new recommendations have been made by the Federal Trade Commission concerning the self-regulation of digital marketing strategies, including content management on social and digital media sites. The current study sought to determine whether alcohol companies were implementing the self-imposed mandates that they have developed for online marketing. Specifically, we examined whether alcohol companies were implementing effective strategies that would prevent persons under the minimum legal drinking age in the USA from accessing their content on YouTube. We assessed 16 alcohol brands (beer and liquor) associated with the highest prevalence of past 30 day underage alcohol consumption in the USA. Fictitious YouTube user profiles were created and assigned the ages of 14, 17 and 19. These profiles then attempted to access and view the brewer-sponsored YouTube channels for each of the 16 selected brands. Every underage profile, regardless of age, was able to successfully subscribe to each of the 16 (100%) official YouTube channels. On average, two-thirds of the brands' channels were successfully viewed (66.67%). Alcohol industry provided online marketing content is predominantly accessible to underage adolescents. Thus, brewers are not following some of the self-developed and self-imposed mandates for online advertising by failing to implement effective age-restriction measures (i.e. age gates). © The Author 2014. Medical Council on Alcohol and Oxford University Press. All rights reserved.

The high price of "free" trade: U.S. trade agreements and access to medicines.

Science.gov (United States)

Lopert, Ruth; Gleeson, Deborah

2013-01-01

The United States' pursuit of increasingly TRIPS-Plus levels of intellectual property protection for medicines in bilateral and regional trade agreements is well recognized. Less so, however, are U.S. efforts through these agreements to influence and constrain the pharmaceutical coverage programs of its trading partners. Although arguably unsuccessful in the Australia- U.S. Free Trade Agreement (AUSFTA), the U.S. nevertheless succeeded in its bilateral FTA with South Korea (KORUS) in establishing prescriptive provisions pertaining to the operation of coverage and reimbursement programs for medicines and medical devices, which have the potential to adversely impact future access in that country. More recently, draft texts leaked from the current Trans Pacific Partnership Agreement (TPPA) negotiations show that U.S. objectives include not only AUSFTA-Plus and KORUS-Plus IP provisions but also ambitious inroads into the domestic health programs of its TPPA partners. This highlights the apparent conflict between trade goals - pursued through multilateral legal instruments to promote economic "health"- and public health objectives, such as the development of treatments for neglected diseases, the pursuit of efficiency and equity in priority setting, and the procurement of medicines at prices that reflect their therapeutic value and facilitate affordable access. © 2013 American Society of Law, Medicine & Ethics, Inc.

Trade agreements and access to drugs in Peru

OpenAIRE

Llamoza, Javier; Químico Farmacéutico, Acción Internacional para la Salud, Lima, Perú.

2009-01-01

Through Free Trade Agreements, the economies of the United States of America (USA) and the European Union (EU) have been achieving a higher standard of protection of the intellectual property rights. This increases unduly the monopolist rights of the industry, restricting competition and limiting the access of new generic drugs. Peru has not been the exception to this process, subscribing a free trade agreement with the USA called Agreement of Commercial Promotion (APC) that involved the ...

Ethiopia's accession to the world trade organisation: lessons from ...

African Journals Online (AJOL)

This article examines the experiences of least developing countries (LDCs) acceded to World Trade Organisation (WTO) in relation to their accession process, terms of accession and implementation of commitments with a view to drawing lessons which could be relevant to Ethiopia to devise successful strategies and avoid ...

Trading electricity outside the Nordic countries

International Nuclear Information System (INIS)

1994-01-01

The subject of transborder trade of electricity between the Nordic countries and other North-European countries is dealt with. A detailed comparison of generating capacity, generating costs as well as electricity prices, market structure and national and international regulations is given. This shows that generating costs in the Nordic countries in general are lower than those in other North-European countries. This indicates a potential for transborder trade. Norway has a potential for exporting power while Denmark and Sweden have a potential for energy exports due to current excess capacity. Transmission capacity from the Nordic countries to Germany is limited. As access to the German transmission network is restricted, conditions for trade depend on differences between marginal cost. After transmission cost, those differences do not finance larger investments in further capacity. A change in the market structure in Germany with third party access to the transmission network will allow major consumers to buy directly from producers in the Nordic countries. An opening up of the market should reduce the price load in Germany. This could cause price increases in the Nordic countries. (AB)

Implications of carbon cap-and-trade for US voluntary renewable energy markets

International Nuclear Information System (INIS)

Bird, Lori A.; Holt, Edward; Levenstein Carroll, Ghita

2008-01-01

Many consumers today are purchasing renewable energy in large part for the greenhouse gas (GHG) emissions benefits that they provide. Emerging carbon regulation in the US has the potential to affect existing markets for renewable energy. Carbon cap-and-trade programs are now under development in the Northeast under the Regional Greenhouse Gas Initiative (RGGI) and in early stages of development in the West and Midwest. There is increasing discussion about carbon regulation at the national level as well. While renewable energy will likely benefit from carbon cap-and-trade programs because compliance with the cap will increase the costs of fossil fuel generation, cap-and-trade programs can also impact the ability of renewable energy generation to affect overall CO 2 emissions levels and obtain value for those emissions benefits. This paper summarizes key issues for renewable energy markets that are emerging with carbon regulation, such as the implications for emissions benefits claims and voluntary market demand and the use of renewable energy certificates (RECs) in multiple markets. It also explores policy options under consideration for designing carbon policies to enable carbon markets and renewable energy markets to work together

The Gendered Labor Market Impacts of Trade Liberalization Evidence from Brazil

NARCIS (Netherlands)

Gaddis, Isis; Pieters, Janneke

2017-01-01

This paper investigates the impact of Brazil's trade liberalization on gender differences in labor market outcomes, using difference-in-difference estimation that exploits variation in preliberalization industry composition across microregions. We find that trade liberalization reduced male and

Trade Costs and Location of Foreign Firms in China

OpenAIRE

International Monetary Fund

2005-01-01

This study examines the determinants of entry into by foreign firms, using information on 515 Chinese industries at the provincial level during 1998-2001. The analysis, rooted in the new economic geography, focuses on market and supplier access within and outside the province of entry, as well as production and trade costs. The results indicate that market and supplier access are the most important factors affecting foreign entry. Access to markets and suppliers in the province of entry matte...

FRESH FISH TRADE NETWORKS IN THE STREET MARKETS OF PALMAS, TOCANTINS STATE, BRAZIL

Directory of Open Access Journals (Sweden)

Kelly Bessa

2016-12-01

Full Text Available This paper focuses on fresh fish trade networks found in the street markets of Palmas, capital of Tocantins state, Brazil, so as to identify the economic agents involved and the various geographical spaces which interact as a result of these networks. Fresh fish trade in Palmas takes place in distributor warehouses, grocery stores, supermarkets and hypermarkets, fish shops, and fishing communities, but it is street markets that constitute the most popular sale venues. Market sellers establish upstream supply networks with sectors in the fish food system (suppliers in primary and secondary production, distribution, and retail, whose interactions generate connections in Palmas (fishermen, distributors, retailers on a local scale, as well as connections with locations in Tocantins and Pará states (fishermen, fisheries, cold storage companies on a regional scale. Sellers also establish downstream trade networks with the end consumer at markets and with establishments in the food and small retail sectors, whose interactions produce mostly local connections, in Palmas and in the Luzimangues district (close to Palmas. Such connections are marked by consumption processes in these urban areas. Key-words: network, fresh fish trade, street markets.

Study on the new financial products traded on the Forex Market

Directory of Open Access Journals (Sweden)

Laurenţiu Paul BARANGA

2016-07-01

Full Text Available This paper puts forward an analysis of the new trends in terms of foreign currency transactions and, implicitly, the new financial products traded on the Forex market with a view to identify the category they belong to, namely foreign currency transactions or foreign exchange derivative transactions. Also, the implications of including the new products traded on the Forex market into one of the two categories have been taken into account, both in terms of market microstructure and in terms of investor-wise implications. Thus, the analysis showed that, by changing the destination of the amounts deposited by clients into the settlement account of the Forex services provider, i.e. from amounts deposited in order to cover the equivalent of purchased foreign currencies into amounts deposited in order to cover any price difference, financial products such as currency pairs and rolling spot Forex acquire features similar to those of derivatives (such as Contracts For Difference - CFDs. Further, acknowledging these financial products of the Forex market (currency pairs and rolling spot Forex as derivatives would determine a series of transformations of the microstructure of the market they are traded on, changes that would contribute to a better protection of investors and to improved monitoring and prevention by the supervisory authorities of the potential risks induced by such transactions on the financial market.

Modern trends of electronic trading by negotiable financial instruments

Directory of Open Access Journals (Sweden)

I.Kravchuk

2018-03-01

Full Text Available International negotiable financial instrument markets have a high level of electronic trading. It is displayed using the consolidated limit order book, the widening the range of trading orders, smart order routing, high speed access to the market on the basis of latency minimizing. The result of electronic trading is the development of high-frequency trading, the positive features of which are the increase of trading activity and market liquidity, and the reducing of transaction costs. The main drawback of high-frequency trading is the potential negative impact on market stability (software failures, the manipulative incentives of algorithmic strategies, in particular, technical arbitrage, the use of homogeneous strategies, cyber risks. The current system of high-frequency trading requires particular actions from the regulators to overcome information gaps and enhanced monitoring to create a regulatory environment that could take into account both the aspects of supporting market development and its stability through appropriate macroprudential instruments, especially the implementation of the stress testing of the high-frequency algorithms in response to the shocks of various origin, taking into account the aggregate market effect of the mutual influence of different algorithmic strategies.

Pairs Trading to the Commodities Futures Market Using Cointegration Method

Directory of Open Access Journals (Sweden)

Cüneyt Ungever

2015-10-01

Full Text Available This paper investigates pairs trading strategy by using the cointegration method among the 10 most popular agricultural future markets. It is found that only in 2 pairs shows trading signal. The pairs trading strategy is performed in two stages that are the formation period and the trading period with daily futures data from 2004 to 2015. After the formation period was constructed, it is assumed that the cointegration error continues to hold the trading period same as it does for the formation period. The pairs trading strategy is created by the long position cotton and the short position coffee and also long position cotton and short position the livecattle. It is found that the profitability of this strategy worked well in both formation period and trading period.

Carbon emission trading system of China: a linked market vs. separated markets

Science.gov (United States)

Liu, Yu; Feng, Shenghao; Cai, Songfeng; Zhang, Yaxiong; Zhou, Xiang; Chen, Yanbin; Chen, Zhanming

2013-12-01

The Chinese government intends to upgrade its current provincial carbon emission trading pilots to a nationwide scheme by 2015. This study investigates two of scenarios: separated provincial markets and a linked inter-provincial market. The carbon abatement effects of separated and linked markets are compared using two pilot provinces of Hubei and Guangdong based on a computable general equilibrium model termed Sino-TERMCo2. Simulation results show that the linked market can improve social welfare and reduce carbon emission intensity for the nation as well as for the Hubei-Guangdong bloc compared to the separated market. However, the combined system also distributes welfare more unevenly and thus increases social inequity. On the policy ground, the current results suggest that a well-constructed, nationwide carbon market complemented with adequate welfare transfer policies can be employed to replace the current top-down abatement target disaggregation practice.

CO2 trade and market power in the EU electricity sector

DEFF Research Database (Denmark)

Svendsen, Gert Tinggaard; Vesterdal, Morten

2002-01-01

The EU commission is planning to launch an emission trading market for greenhouse gases within near future. This to meet its obligations under the United Nations Framework Convention on Climate Change and the Kyoto Protocol. After a theoretical discussion on market power in such a market, we turn...

Forecasting stock market averages to enhance profitable trading strategies

OpenAIRE

Haefke, Christian; Helmenstein, Christian

1995-01-01

In this paper we design a simple trading strategy to exploit the hypothesized distinct informational content of the arithmetic and geometric mean. The rejection of cointegration between the two stock market indicators supports this conjecture. The profits generated by this cheaply replicable trading scheme cannot be expected to persist. Therefore we forecast the averages using autoregressive linear and neural network models to gain a competitive advantage relative to other investors. Refining...

Legal market abuse regulations of WpHG (law on stock trading) and the REMIT-VO in the electricity spot trading; Marktmissbrauchsrechtliche Regelungen des WpHG und der REMIT-VO im Stromspothandel

Energy Technology Data Exchange (ETDEWEB)

Retsch, Alexander T.

2014-07-01

The thesis on legal market abuse regulations of WpHG (law on stock trading) and the REMIT-VO in the electricity spot trading include the discussion of the following issues: market abuse, its forms of appearance (market manipulation, insider trade, insider information), electricity spot trading, relevant legislative frame, market abuse regulations (WpHG), interdiction of market manipulation and related regulations.

Making Education Markets through Global Trade Agreements

Science.gov (United States)

Robertson, Susan L.

2017-01-01

This paper uses the global trade negotiations and agreements, which include education sectors as potentially tradable services, to show the complex processes at work in making global education markets. Drawing on the work of Jens Beckert and others, I focus on the micro-processes of making capitalist orders and the challenges at hand in bringing…

Effects of NYMEX trading on IPE Brent Crude futures markets: a duration analysis

International Nuclear Information System (INIS)

Lin, S.X.; Tamvakis, M.N.

2004-01-01

Recent developments in the energy markets, and the surge and dip in crude oil prices over the last few years, have renewed the interest in the workings of the two main price setting markets: London's International Petroleum Exchange (IPE) and New York's Mercantile Exchange (NYMEX). The interaction of these two markets, when both of them are open (synchronous trading) and when only London is open (asynchronous trading), is important, in view of the fact that most participants take positions in both markets. This paper looks at how London is affected by New York by analysing the transaction duration of the IPE Brent futures contract, both when the NYMEX WTI futures contract is being traded and when NYMEX is closed. Using tick-by-tick data obtained from IPE, transaction durations are found to form two distinctive and inverted U-shaped patterns. Autoregressive conditional duration (ACD) model, first introduced by Engle and Russell, is applied to the data. Parameters of IPE morning and afternoon are significantly different from each other, underlining the dominant effects of NYMEX on IPE trading. The results from the current analysis reinforce previous results by the authors, which indicate that NYMEX is a leading price setter in crude oil futures prices and has a dominant effect on the IPE-traded contracts

Brokers and brokerage in the process of trading in commodity futures markets

Directory of Open Access Journals (Sweden)

Eremić Milan B.

2003-01-01

Full Text Available This paper mainly deals with the analysis of a very complex process of brokerage in commodity futures markets. Unlike a classical commodity market in which brokers are not a necessity, sales and purchases in commodity futures markets cannot be carried out without brokers. Brokers who act as agents of buyers and sellers of futures are a necessary condition for trading in organized markets, such as commodity futures markets. The structure of brokers in futures trading is multilayer and involves participants in futures trading from floor brokers, immediate futures traders and the members of clearing and the clearing house itself, on the one hand, to numerous other necessary actors whose activities out of the stock exchange and the clearing house contribute to the efficient functioning of futures market. The fact that transactions between buyers and sellers in futures markets are not carried out directly but through brokers means that the obligations of buyers and sellers are formally conveyed to brokers, providing at the same time the guarantee by the broker that the actual buyer and the actual seller will fulfill their contractual obligations. At the very beginning of futures trading, the relationship between the seller and the buyer is transformed into a relationship between two brokers. Since that moment on, the original relationship is conveyed to higher levels of brokerage reaching the level of the clearing house. In the process of transformation of the buyer-seller relationship and transmitting obligations and guaranteeing their fulfillment, the clearing house itself becomes the buyer relative to all sellers and the seller relative to all buyers. In this way, it guarantees that obligations regarding all transactions in futures market will be fulfilled. The whole process is carried out in accordance with the prescribed procedures conducted on the floor of commodity exchange, in its administrative departments and in the clearing house itself.

Continuous Trading Dynamically Effectively Complete Market with Heterogeneous Beliefs

DEFF Research Database (Denmark)

Qin, Zhenjiang

on the heterogeneous posterior variance of dividend throughout [0; T). The market populated with many time-additive exponential-utility investors is dynamically effectively complete, if investors are allowed to trade in only two long-lived securities continuously. The underlying mechanism is that these assumptions...... imply that the Pareto efficient individual consumption plans are measurable with respect to the aggregate consumption. Hence, I may not need a dynamically complete market to facilitate a Pareto efficient allocation of consumption, the securities only have to facilitate an allocation which is measurable...... a sufficient statistic for computation of the price of redundant dividend derivative and the equilibrium portfolios. The investors form their Pareto optimal trading strategies as if they intend to dynamically endogenously replicate the value of the dividend derivative....

THE EU’S NEIGHBOURHOOD TRADE ARRANGEMENTS

Directory of Open Access Journals (Sweden)

Ludmila BORTA

2015-12-01

Full Text Available The elusive outcome of the Doha Round has increased the importance of the preferential trade agreements worldwide. Currently, the EU`s trade policy is driven by preferential negotiations. European bilateralism is important and extremely challenging. This union aims to conclude a significant number of deep and comprehensive free trade agreements, particularly by eliminating tariffs, and also by facilitating the trade of services, investments, procurement and regulatory matters. The EU has granted unilateral preferences to developing countries through tariff free access to the EU market, thereby helping them to eradicate poverty and promote sustainable development. Based on the primary motives of Europe’s preferential trade agreements, we have analysed the trade agreements negotiated with geographically close neighbours to which the EU is prepared to offer commercial accession or some slightly less ambitious type of relationship.

Trading price jump clusters in foreign exchange markets

Czech Academy of Sciences Publication Activity Database

Novotný, Jan; Petrov, D.; Urga, G.

2015-01-01

Roč. 24, June (2015), s. 66-92 ISSN 1386-4181 R&D Projects: GA ČR(CZ) GA14-27047S Institutional support: RVO:67985998 Keywords : price jumps * foreign exchange markets * trading Subject RIV: AH - Economics Impact factor: 1.726, year: 2015

Quantifying trading behavior in financial markets using Google Trends.

Science.gov (United States)

Preis, Tobias; Moat, Helen Susannah; Stanley, H Eugene

2013-01-01

Crises in financial markets affect humans worldwide. Detailed market data on trading decisions reflect some of the complex human behavior that has led to these crises. We suggest that massive new data sources resulting from human interaction with the Internet may offer a new perspective on the behavior of market participants in periods of large market movements. By analyzing changes in Google query volumes for search terms related to finance, we find patterns that may be interpreted as "early warning signs" of stock market moves. Our results illustrate the potential that combining extensive behavioral data sets offers for a better understanding of collective human behavior.

Legal Protection for Investor in Capital Market Stock Trading

OpenAIRE

Sofyan, Tito

2013-01-01

Protection for investor is the crucial issue because it has been found many evidence of the misuse of company's resources for extensive period. Moreover, there are also the case of stock lose, case in IPO, short selling, securities fraud, market manipulation, and insider trading. Stock market is abouttrust, if it lose, the market will collpase and it will affect the other sector, mainly economic sector. Undang-UndangNomor 8 Tahun 1995 tentangPasar Modal (UUPM) is one of the legal order to s...

Asset price and trade volume relation in artificial market impacted by value investors

Science.gov (United States)

Tangmongkollert, K.; Suwanna, S.

2016-05-01

The relationship between return and trade volume has been of great interests in a financial market. The appearance of asymmetry in the price-volume relation in the bull and bear market is still unsettled. We present a model of the value investor traders (VIs) in the double auction system, in which agents make trading decision based on the pseudo fundamental price modelled by sawtooth oscillations. We investigate the system by two different time series for the asset fundamental price: one corresponds to the fundamental price in a growing phase; and the other corresponds to that in a declining phase. The simulation results show that the trade volume is proportional to the difference between the market price and the fundamental price, and that there is asymmetry between the buying and selling phases. Furthermore, the selling phase has more significant impact of price on the trade volume than the buying phase.

The effect of counter-trading on competition in electricity markets

NARCIS (Netherlands)

Dijk, J.J.; Willems, B.

2011-01-01

In a competitive electricity market, nodal pricing is the most efficient way to manage congestion. Counter-trading is inefficient as it gives the wrong long term signals for entry and exit of power plants. However, in a non-competitive market, additional entry will improve the competitiveness of the

Species protection, the changing informal economy, and the politics of access to the bushmeat trade in the Democratic Republic of Congo.

Science.gov (United States)

De Merode, Emmanuel; Cowlishaw, Guy

2006-08-01

Our understanding of the linkages between the bushmeat trade and the wider informal economy is limited. This lack of knowledge is particularly problematic for conservation under conditions of political instability, when the informal economy can be highly dynamic and impacts on wildlife populations can be severe. To explore these interlinked processes, we conducted a study of the bushmeat trade in Garamba National Park, Democratic Republic of Congo, through a combination of market surveys, semistructured interviews, and direct observation. We focused on the sale of protected and unprotected species in urban and rural markets, and the bushmeat commodity chains that supplied these markets, under conditions of political stability and armed conflict. During peacetime, protected species from the park (predominantly elephant and buffalo) rarely appeared in the rural markets, but they comprised more than half of all bushmeat sales in the urban markets. This pattern reflected differences in the rural and urban commodity chains. Automatic weapons were urban trade. The use of such weapons was discouraged by the traditional chiefs, who administered the village markets. During wartime, the sales of protected species in the urban markets increased fivefold because the military officers fled, leaving behind an open-access system that led to a massive increase in the exploitation of protected species. In contrast, the rural markets remained relatively stable because of the continued authority of the village chiefs. Our results indicate that sociopolitical factors can be an important determinant of species offtake and, therefore, that knowledge of the bushmeat commodity chain can be vital to controlling theprocesses that drive species extraction. In addition, our findings suggest that traditional authorities can be potentially valuable partners for bushmeat management.

Agency Theory, Futures Markets and Risk Shifting in Commodity Marketing Channels

NARCIS (Netherlands)

Kuwornu, J.K.M.; Kuiper, W.E.; Pennings, J.M.E.; Meulenberg, M.T.G.

2004-01-01

This paper applies agency theory to access risk shifting between the principal (marketing firms) and the agent (farmers) in a food marketing channel. It compares the case in which there is a futures market available for the risk-averse agents with the case in which there is no futures trading. The

The competitiveness of Slovak foreign trade in the European market

Directory of Open Access Journals (Sweden)

Pavličková Viera

2013-01-01

Full Text Available The paper deals with the competitiveness of the Slovak Republic in its ability to succeed in foreign markets. It provides a complex view of Slovak foreign trade within the European Union using a sectoral classification of products. Several appropriate methods (Constant Market Share Analysis, Revealed Comparative Advantage, Michaely Index, and unit export and import values are applied to quantify the competitiveness of Slovak foreign trade and to identify the level and trend of its specialisation. The analysis uses the data provided by the Eurostat Comext database for the period 1999-2011. The results confirmed Slovakia as a former transition country to be a fast developing open economy. Its production is competitive in the European market, although mainly with prices. Labour- and capital-intensive commodities, along with the automotive industry, dominate Slovak foreign trade. Technology- and R&D-driven goods have a comparative disadvantage as a consequence of several factors, such as lack of innovation and creativity in the business sphere. A shift towards export of more sophisticated products would be beneficial in supporting long-term sustainable development; however, no significant change in Slovak commodity structure has occurred over the past years.

Manual for the energy trade. 3. new rev. and enl. ed.

International Nuclear Information System (INIS)

Schwintowski, Hans-Peter

2014-01-01

This manual sheds a light on the energy trade from both a legal and an empirical economic perspective. Its focus is on those business fields within the energy trade that are of foremost practical relevance, namely the OTC trade and the exchange trade. It also provides concise coverage of risk management systems in the energy trade along with a competent account of their implications with regard to supervisory regulations. In this, its third edition the manual addresses the latest developments in both the national and the international energy trade, including those seen in the gas storage market and its market access regulations; consideration is here also given to market transparency, market distortion and liquidity. The commentary on standard contracts (EFET) has been updated. The manual also addresses the adaptations made in the minimum requirements for risk management.

Justification of the Trade Enterprises Development Strategy in the Process of Strategic Management of the Marketing Potential

Directory of Open Access Journals (Sweden)

Grosul Viktoriya A.

2013-11-01

Full Text Available The article justifies a necessity of strategic management of marketing potential of retail trade enterprises. The article develops a general structural and logic scheme of the process of strategic management of the marketing potential of a trade enterprise taking into account specific features of the trade industry. It establishes that the main key issue in the theory of strategic management is argumentation of selection of the basic strategy of development of a subject of economy. It justifies a scientific and methodical approach to selection of the basic strategy of development of a trade enterprise in the process of management of the marketing potential, main stages of which are: assessment of the level of loyalty of external marketing environment; identification of marketing stratagems; and selection of the enterprise development strategy. The article offers to use the model of marketing stratagem, the components of which are policy of management of the marketing potential, strategic market position of the enterprise and level of loyalty of external marketing environment. The article develops an interactive strategic cube of formation of the complex of marketing stratagems on the basis of use of which marketing stratagems for various trade networks of the Kharkiv region are identified and strategies of their further development are justified.

Clean air, clear market. Making emissions trading work: The role of a computer-assisted auction

International Nuclear Information System (INIS)

Bartels, C.W.; Marron, D.B.; Lipsky, M.I.

1993-01-01

Creating a new commodity presents the chance to develop new markets in which to trade it. In many cases, existing markets can be adapted easily; in other cases it proves worthwhile to develop new forms that reflect special characteristics of the commodity and those who trade it. In the case of the sulfur dioxide (SO 2 ) emission allowances created by the Clean Air Act Amendments of 1990, a number of standard market forms already have been adopted. While these will prove useful for handling some transactions, a new Market Clearing Auction (MCA) offers buyers and sellers a centralized marketplace for trading SO 2 emission allowances. The MCA, which was developed by the brokerage firm Cantor Fitzgerald, is a computer-assisted open-quotes smartclose quotes auction designed to replicate the outcome of an efficient market in emission allowances, and accepts bids and offers for any possible combination of allowances. Orders can be submitted for streams of allowances. Orders can be submitted for streams of allowances covering more than one year. The auction then determines the combination of bids and offers that maximizes the gains from trades in the market, and establishes uniform market clearing prices for each allowance issue (1995, 1996, and so on). Once executed, trades are settled on a cash-forward basis; that is, allowances are delivered and payments are made at future dates

The timeline of trading frictions in the European carbon market

International Nuclear Information System (INIS)

Medina, Vicente; Pardo, Ángel; Pascual, Roberto

2014-01-01

During its trial phase (Phase I), the EU Greenhouse Gas Emission Trading Scheme (EU-ETS) collapsed because of an over-allocation of emission allowances. We evaluate the progress of this market from the trial phase to the next commitment period (Phase II) from a microstructure angle. We show that trading frictions, as measured by the relative spread, information-asymmetry risk, and market-making profits decreased from Phase I to Phase II. Although volatility decreased, its noise-related component gained in importance at the expense of its information-related component, resulting in lower quality of the price changes. - Highlights: • We compare Phases I and II of the EU-ETS from a microstructure angle. • Phase II shows lower spreads, information-asymmetry risk and market making profits. • The contribution of noise to the volatility of prices increased during Phase II

Aggressive and Defensive High‑Frequency Trading and its Impact on Liquidity of German Stock Market

Directory of Open Access Journals (Sweden)

Juraj Hruška

2016-01-01

Full Text Available Algorithmic trading and especially high frequency trading is the concern of the current research studies as well as legislative authorities. It is also the subject of criticism mostly from low frequency traders and long-term institutional investors. This is due to several cases of market manipulation and flash crashes in the previous years. Advocates of this trading mechanism claim that it has large positive influence on the market, such as liquidity growth by lowering spreads and others. This paper is focused on testing the relationship between market liquidity of shares traded on Frankfurt Stock Exchange and HFT activity on European stock markets. Author proposes own methodology for measuring dynamics in HFT activity, without knowledge of original market messages. Liquidity is measured by various from of price spreads. Econometrical methods for panel regression are used to determine these relations. Results of this paper will reveal the relevance of the HFT trader’s main argument about creating liquidity and hence reducing market risks related with high spreads and low number of limit orders.

Proceedings of the Emissions trading conference : effective strategies for successful emissions trading in a global market

International Nuclear Information System (INIS)

2001-01-01

There is growing interest everywhere in the topic of emissions trading in order to meet the commitments made under the Kyoto Protocol. During this conference, most aspects of emissions trading were discussed, ranging from the need to establish credible emission reduction estimates to the means of achieving those goals, to the trading activities of Ontario Power Generation in the field of emissions trading both at the domestic and the international level. There were presentations that focussed on greenhouse gas policies, markets and strategic plays, and the preparation for the regulation of greenhouse gas. An emissions trading regime for Canada was examined by one of the presenters. This conference provided a useful venue for all stakeholders to discuss various strategies and ideas related to emissions trading. Speakers represented governments, the private sector and utilities, as well as the National Round Table on the Environment and the Economy. tabs., figs

Trade, Labour Markets and Health.

Science.gov (United States)

McNamara, Courtney; Labonté, Ronald

2017-04-01

Previous analyses indicate that there are a number of potentially serious health risks associated with the Trans-Pacific Partnership (TPP). The objective of this work is to provide further insight into the potential health impacts of the TPP by investigating labour market pathways. The impact of the TPP on employment and working conditions is a major point of contention in broader public debates. In public health literature, these factors are considered fundamental determinants of health, yet they are rarely addressed in analyses of trade and investment agreements. We therefore undertake a prospective policy analysis of the TPP through a content analysis of the agreement's Labour Chapter. Provisions of the Chapter are analyzed with reference to the health policy triangle and four main areas through which labour markets influence health: power relations, social policies, employment conditions and working conditions. Findings indicate that implementation of the TPP can have important impacts on health through labour market pathways. While the Labour Chapter is being presented by proponents of the agreement as a vehicle for improvement in labour standards, we find little evidence to support this view. Instead, we find several ways the TPP may weaken employment relations to the detriment of health.

Fluctuations of trading volume in a stock market

Science.gov (United States)

Hong, Byoung Hee; Lee, Kyoung Eun; Hwang, Jun Kyung; Lee, Jae Woo

2009-03-01

We consider the probability distribution function of the trading volume and the volume changes in the Korean stock market. The probability distribution function of the trading volume shows double peaks and follows a power law, P(V/)∼( at the tail part of the distribution with α=4.15(4) for the KOSPI (Korea composite Stock Price Index) and α=4.22(2) for the KOSDAQ (Korea Securities Dealers Automated Quotations), where V is the trading volume and is the monthly average value of the trading volume. The second peaks originate from the increasing trends of the average volume. The probability distribution function of the volume changes also follows a power law, P(Vr)∼Vr-β, where Vr=V(t)-V(t-T) and T is a time lag. The exponents β depend on the time lag T. We observe that the exponents β for the KOSDAQ are larger than those for the KOSPI.

COMPETITIVENESS, MARKETING ACCESS, AND NETWORK CAPABILITY AND ITS IMPACTS ON MARKETING PERFORMANCE

Directory of Open Access Journals (Sweden)

Teguh Iman Sayekti

2016-12-01

Full Text Available This study is to determine what factors influencingthe performance of SMEs. The population in this study is SMEs in the Central Java. Sample collection was conducted with a purposive sampling method. Criteriaused to take into accountis the SMEs that are already running at leastfortwo years. The sample in this study is intended as the representative of total population,67 (sixty seven. The data were processed and analyzed by computer program of SPSS 20 for Windows. Based on the results of regression analysis, it can be concluded that competitiveness has positive and significant impact on marketing performance marketing access has positive and significant impact on marketing performance. It means that the higher competitiveness and marketing access, the higher its performance. Competitiveness and marketing access have influence on SMEs’ performance through network capability.   

Trading in Target Stocks Before Takeover Announcements: An Analysis of Stock and Option Markets

OpenAIRE

Marcus Clements; Harminder Singh; Antonie Van Eekelen

2007-01-01

In this study we examine both informed trading and contraire trading preceding takeover announcements on US target firms. Our findings suggest that both informed trading and contraire trading exists within the period preceding takeover announcements on both the stock and option markets as evident through abnormal returns and trading volumes. In regard to contraire trading, this study investigates possible explanations for its existence including liquidity clustering, falsely informed trading ...

Reintroducing regulation? Consequences of the European directives for electricity trade (1228/2003) and gas trade (1775/2005) for the European internal power market; Verordnete Regulierung? Die Bedeutung der Stromhandelsverordnung / Verordnung (EG) Nr. 1228/2003 - und der Gashandelsverordnung - Verordnung (EG) Nr. 1775/2005 - fuer den europaeischen Energiebinnenmarkt

Energy Technology Data Exchange (ETDEWEB)

Kaiser, J.

2007-07-01

On 23 June 2003, the European Parliament and Council issued the directive on grid access for transfrontier electricity trading (EltHVO). It is part of a bundle of directives comprising also directives on electricity and natural gas trading (EltRL and GasRL). This marks the third and final state of unbundling of the European internal power market. In December 2003, the European Commission also announced the issuing of a directive on access to natural gas pipelines (GasHVO) which was issued on 28 September 2005 and came into force on 1 July 2006. While the European Parliament views the legislation as a key project for standardizing the European internal market, others see a danger of centralisation and standardisation of concrete regulation decisions. The publication investigates the consequences of the EltHVO and GAsHVO for the internal power market, especially with a view to the possible danger of centralisation. (orig.)

Tariff-Tax Reforms and Market Access

DEFF Research Database (Denmark)

Kreickemeier, Udo; Raimondos-Møller, Pascalis

2006-01-01

Reducing tariffs and increasing consumption taxes is a standard IMF advice to countries that want to open up their economy without hurting government finances. Indeed, theoretical analysis of such a tariff-tax reform shows an unambiguous increase in welfare and government revenues. The present pa...... efficient proposal to follow both as far as it concerns market access and welfare.JEL code: F13, H20.Keywords: Market access; tariff reform, consumption tax reform....

Ukraine's Membership in the World Trade Organization

Directory of Open Access Journals (Sweden)

Sergio Marchi

2004-02-01

Full Text Available The WTO is a multilateral organization that seeks to ensure that international trade relations are governed by the rule of law and not by the rule of power. It comprises a network of contractual rules and commitments capable of being monitored and enforced multilaterally. Ukraine’s accession to the WTO has been marked by notable achievements in the areas of legislation and bilateral agreements with member-states regarding market access. Outstanding issues in Ukraine’s accession include agriculture, industry policy, trade-related investment measures (TRIMs, technical barriers to trade (TBT, sanitary and phyto-sanitary (SPS measures, and intellectual property rights. While completion of the process relies on Ukraine’s efforts alone, progress is being made and is expected to reach a successful conclusion.

The significance of interconnector counter-trading in a security constrained electricity market

International Nuclear Information System (INIS)

Higgins, P.; Li, K.; Devlin, J.; Foley, A.M.

2015-01-01

Throughout the European Union there is an increasing amount of wind generation being dispatched-down due to the binding of power system operating constraints from high levels of wind generation. This paper examines the impact a system non-synchronous penetration limit has on the dispatch-down of wind and quantifies the significance of interconnector counter-trading to the priority dispatching of wind power. A fully coupled economic dispatch and security constrained unit commitment model of the Single Electricity Market of the Republic of Ireland and Northern Ireland and the British Electricity Trading and Transmission Arrangement was used in this study. The key finding was interconnector counter-trading reduces the impact the system non-synchronous penetration limit has on the dispatch-down of wind. The capability to counter-trade on the interconnectors and an increase in system non-synchronous penetration limit from 50% to 55% reduces the dispatch-down of wind by 311 GW h and decreases total electricity payments to the consumer by €1.72/MW h. In terms of the European Union electricity market integration, the results show the importance of developing individual electricity markets that allow system operators to counter-trade on interconnectors to ensure the priority dispatch of the increasing levels of wind generation. - Highlights: • Interconnector counter-trading reduces the system marginal price in the SEM. • Dispatch-down of wind power is reduced due to interconnector counter-trading. • A 5% increase in the SNSP limit can reduce wind power dispatched-down by 50%. • An increase in the SNSP limit and installed wind capacity reduces the SMP.

Stock Market Index Data and indicators for Day Trading as a Binary Classification problem.

Science.gov (United States)

Bruni, Renato

2017-02-01

Classification is the attribution of labels to records according to a criterion automatically learned from a training set of labeled records. This task is needed in a huge number of practical applications, and consequently it has been studied intensively and several classification algorithms are available today. In finance, a stock market index is a measurement of value of a section of the stock market. It is often used to describe the aggregate trend of a market. One basic financial issue would be forecasting this trend. Clearly, such a stochastic value is very difficult to predict. However, technical analysis is a security analysis methodology developed to forecast the direction of prices through the study of past market data. Day trading consists in buying and selling financial instruments within the same trading day. In this case, one interesting problem is the automatic individuation of favorable days for trading. We model this problem as a binary classification problem, and we provide datasets containing daily index values, the corresponding values of a selection of technical indicators, and the class label, which is 1 if the subsequent time period is favorable for day trading and 0 otherwise. These datasets can be used to test the behavior of different approaches in solving the day trading problem.

Stock Market Index Data and indicators for Day Trading as a Binary Classification problem

Directory of Open Access Journals (Sweden)

Renato Bruni

2017-02-01

Full Text Available Classification is the attribution of labels to records according to a criterion automatically learned from a training set of labeled records. This task is needed in a huge number of practical applications, and consequently it has been studied intensively and several classification algorithms are available today. In finance, a stock market index is a measurement of value of a section of the stock market. It is often used to describe the aggregate trend of a market. One basic financial issue would be forecasting this trend. Clearly, such a stochastic value is very difficult to predict. However, technical analysis is a security analysis methodology developed to forecast the direction of prices through the study of past market data. Day trading consists in buying and selling financial instruments within the same trading day. In this case, one interesting problem is the automatic individuation of favorable days for trading. We model this problem as a binary classification problem, and we provide datasets containing daily index values, the corresponding values of a selection of technical indicators, and the class label, which is 1 if the subsequent time period is favorable for day trading and 0 otherwise. These datasets can be used to test the behavior of different approaches in solving the day trading problem.

To what extent does weather influence individuals’ financial decision-making behaviour? Evidence from the spread-trading market

OpenAIRE

Wang, Shaosong

2016-01-01

This thesis, which is divided into 3 papers, investigates the relationship between weather and individuals’ trading behaviour in the spread-trading market. The spread-trading market offers the opportunity of examining individuals’ trading records, and thus enables the exploration of the impact of weather on individuals’ financial decision-making behaviours. The first paper investigates the effect of a range of weather variables on individual spread traders’ hourly trading volumes and their pr...

Wildlife Trade and Human Health in Lao PDR: An Assessment of the Zoonotic Disease Risk in Markets.

Directory of Open Access Journals (Sweden)

Zoe F Greatorex

Full Text Available Although the majority of emerging infectious diseases can be linked to wildlife sources, most pathogen spillover events to people could likely be avoided if transmission was better understood and practices adjusted to mitigate risk. Wildlife trade can facilitate zoonotic disease transmission and represents a threat to human health and economies in Asia, highlighted by the 2003 SARS coronavirus outbreak, where a Chinese wildlife market facilitated pathogen transmission. Additionally, wildlife trade poses a serious threat to biodiversity. Therefore, the combined impacts of Asian wildlife trade, sometimes termed bush meat trade, on public health and biodiversity need assessing. From 2010 to 2013, observational data were collected in Lao PDR from markets selling wildlife, including information on volume, form, species and price of wildlife; market biosafety and visitor origin. The potential for traded wildlife to host zoonotic diseases that pose a serious threat to human health was then evaluated at seven markets identified as having high volumes of trade. At the seven markets, during 21 observational surveys, 1,937 alive or fresh dead mammals (approximately 1,009 kg were observed for sale, including mammals from 12 taxonomic families previously documented to be capable of hosting 36 zoonotic pathogens. In these seven markets, the combination of high wildlife volumes, high risk taxa for zoonoses and poor biosafety increases the potential for pathogen presence and transmission. To examine the potential conservation impact of trade in markets, we assessed the status of 33,752 animals observed during 375 visits to 93 markets, under the Lao PDR Wildlife and Aquatic Law. We observed 6,452 animals listed by Lao PDR as near extinct or threatened with extinction. The combined risks of wildlife trade in Lao PDR to human health and biodiversity highlight the need for a multi-sector approach to effectively protect public health, economic interests and

Wildlife Trade and Human Health in Lao PDR: An Assessment of the Zoonotic Disease Risk in Markets

Science.gov (United States)

Singhalath, Sinpakone; Silithammavong, Soubanh; Khammavong, Kongsy; Fine, Amanda E.; Weisman, Wendy; Douangngeun, Bounlom; Theppangna, Watthana; Keatts, Lucy; Gilbert, Martin; Karesh, William B.; Hansel, Troy; Zimicki, Susan; O’Rourke, Kathleen; Joly, Damien O.; Mazet, Jonna A. K.

2016-01-01

Although the majority of emerging infectious diseases can be linked to wildlife sources, most pathogen spillover events to people could likely be avoided if transmission was better understood and practices adjusted to mitigate risk. Wildlife trade can facilitate zoonotic disease transmission and represents a threat to human health and economies in Asia, highlighted by the 2003 SARS coronavirus outbreak, where a Chinese wildlife market facilitated pathogen transmission. Additionally, wildlife trade poses a serious threat to biodiversity. Therefore, the combined impacts of Asian wildlife trade, sometimes termed bush meat trade, on public health and biodiversity need assessing. From 2010 to 2013, observational data were collected in Lao PDR from markets selling wildlife, including information on volume, form, species and price of wildlife; market biosafety and visitor origin. The potential for traded wildlife to host zoonotic diseases that pose a serious threat to human health was then evaluated at seven markets identified as having high volumes of trade. At the seven markets, during 21 observational surveys, 1,937 alive or fresh dead mammals (approximately 1,009 kg) were observed for sale, including mammals from 12 taxonomic families previously documented to be capable of hosting 36 zoonotic pathogens. In these seven markets, the combination of high wildlife volumes, high risk taxa for zoonoses and poor biosafety increases the potential for pathogen presence and transmission. To examine the potential conservation impact of trade in markets, we assessed the status of 33,752 animals observed during 375 visits to 93 markets, under the Lao PDR Wildlife and Aquatic Law. We observed 6,452 animals listed by Lao PDR as near extinct or threatened with extinction. The combined risks of wildlife trade in Lao PDR to human health and biodiversity highlight the need for a multi-sector approach to effectively protect public health, economic interests and biodiversity. PMID:27008628

17 CFR 140.91 - Delegation of authority to the Director of the Division of Trading and Markets.

Science.gov (United States)

2010-04-01

... Director of the Division of Trading and Markets. 140.91 Section 140.91 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION ORGANIZATION, FUNCTIONS, AND PROCEDURES OF THE COMMISSION Functions § 140.91 Delegation of authority to the Director of the Division of Trading and Markets. (a) The...

The influencing factors of China carbon price: a study based on carbon trading market in hubei province

Science.gov (United States)

Li, Hao; Lei, Ming

2018-02-01

For the carbon market, good trading mechanism is the basis for the healthy development of the carbon trading market. In order to explore the core problem of carbon price formation, our research explores the influencing factors of the price of carbon trading market. After the preliminary statistical analysis, our study found that Hubei Province is in the leading position among seven pilots in the carbon trading volume and the transaction, so our study of carbon price takes Hubei Province as sample of the empirical research. Multi-time series model and ARCH model analysis method are used in the research, we use the data of Hubei carbon trading pilot from June 2014 to December 2016 to carry out empirical research, the results found that industrial income, energy price, government intervention and the number of participating corporation have significant effect on the carbon price, which provides a meaningful reference for the other pilots in-depth study, as well as the construction of a national carbon trading market.

Emissions Trading - Growing Markets with Impacts on Energy and Biofuel Business

International Nuclear Information System (INIS)

Otterstroem, Tomas

2006-01-01

The markets for environmental derivatives are relatively new, e.g. in June 2006, the EU ETS has been operational for eighteen months and the Swedish electricity-certificate scheme has been operating for about three years. There is a clear trend towards an increasingly CO 2 -constrained economy, in which trading schemes are implemented with the purpose of reducing the overall cost of reaching the targets set. The business impacts of emissions trading are significant for many actors, both in terms of direct financial effects (e.g. need to buy or sell allowances) as indirect ones (e.g. changes in the competitiveness of fuels, the price of electricity and the demand for low-emission technologies). During 2005, almost 800 million tons of CO 2 equivalents have changed owner on the carbon markets. The market and variety of products are increasing and the market volume is expected to exceed 10 billion euros in 2006

Implications of market access on soil and water conservation ...

African Journals Online (AJOL)

Market access is one of the motivating mechanisms for farmers to invest in soil and water conservation (SWC). Areas of relatively high agricultural potential but remote from major markets face numerous challenges in marketing their outputs. The objective of this study was to explore the market access determinants of farmer ...

Time series regression-based pairs trading in the Korean equities market

Science.gov (United States)

Kim, Saejoon; Heo, Jun

2017-07-01

Pairs trading is an instance of statistical arbitrage that relies on heavy quantitative data analysis to profit by capitalising low-risk trading opportunities provided by anomalies of related assets. A key element in pairs trading is the rule by which open and close trading triggers are defined. This paper investigates the use of time series regression to define the rule which has previously been identified with fixed threshold-based approaches. Empirical results indicate that our approach may yield significantly increased excess returns compared to ones obtained by previous approaches on large capitalisation stocks in the Korean equities market.

Review of inter-utility trade in electricity

International Nuclear Information System (INIS)

1994-01-01

In 1992, Canada's National Energy Board released two discussion papers on inter-utility trade. Responses to the papers were received from utilities, government agencies, and other interested parties with regard to questions concerning measures that could be taken to enhance interprovincial trade in electricity and to enable buyers and sellers of electricity to obtain commercial access to available transmission capacity through intermediate provinces for wheeling purposes. The Board's review had estimated long-term net benefits from enhanced inter-utility cooperation at $23-32.5 billion by the year 2000 from such types of transactions as seasonal diversity exchanges and long-term firm sales. Seven types of options to achieve enhanced inter-utility trade were identified. Most of the respondent utilities and provinces that have direct access to external markets tended to prefer the status quo, opposing mandated solutions but supporting (or at least not opposing) federal monitoring of progress on enhanced inter-utility cooperation. Provinces and utilities without direct access to external markets tended to support (as a last resort) mandated solutions to disputes concerning electricity trade. Since the Board review, important events in the North American electricity supply industry have occurred; these are described, focusing on the US Energy Policy Act that gives powers to order transmission access. The formation by US utilities of regional transmission groups (RTGs) with federal encouragement is discussed, along with the implications for Canadian utilities that may want to become members of particular RTGs. The advantages and drawbacks of selecting the various options for enhancing inter-utility trade are then summarized. 1 tab

Labor market flexibility, international competitiveness and patterns of trade

Czech Academy of Sciences Publication Activity Database

Uzagalieva, Ainura; Cukrowski, J.

2006-01-01

Roč. 59, č. 2 (2006), s. 225-246 ISSN 0012-981X R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : labor market regulations * competitiveness * international trade Subject RIV: AH - Economics

Markets, breastfeeding and trade in mothers' milk.

Science.gov (United States)

Smith, Julie P

2015-01-01

This introduction to a special issue on the economics of breastfeeding draws attention to the lack of economic justice for women. Human milk is being bought and sold. Commodifying and marketing human milk and breastfeeding risk reinforcing social and gender economic inequities. Yet there are potential benefits for breastfeeding, and some of the world's poorest women might profit. How can we improve on the present situation where everyone except the woman who donates her milk benefits? Breastfeeding is a global food production system with unsurpassed capacity to promote children's food security and maternal and child health, but it is side-lined by trade negotiators who seek instead to expand world markets for cow's milk-based formula. Regulators focus on potential risks of feeding donated human milk, rather than on health risks of exposing infants and young children to highly processed bovine milk. Similarly, policymakers aspire to provide universal health care access that may be unaffordable when two thirds of the world's children are not optimally nourished in infancy, resulting in a global double burden of infectious and chronic disease. Universal breastfeeding requires greater commitment of resources, but such investment remains lacking despite the cost effectiveness of breastfeeding protection, support and promotion in and beyond health services. Women invest substantially in breastfeeding but current policy - epitomised by the G20 approach to the 'gender gap' - fails to acknowledge the economic value of this unpaid care work. Economic incentives for mothers to optimally breastfeed are dwarfed by health system and commercial incentives promoting formula feeding and by government fiscal policies which ignore the resulting economic costs. 'The market' fails to protect breastfeeding, because market prices give the wrong signals. An economic approach to the problem of premature weaning from optimal breastfeeding may help prioritise global maternity protection as

Are we moving towards functioning agricultural markets and trade relations?

DEFF Research Database (Denmark)

Brosig, Stephan; Glauben, Thomas; Levkovych, Inna

2016-01-01

We introduce a special feature on the functioning of international agricultural markets. This feature is motivated by the increased interest in the functioning of commodity markets raised by unprecedented price turbulences since 2008, major structural changes through changed roles of emerging...... economies and related concerns regarding food security. We argue that the delineation of non-functioning markets from markets that adequately adjusted to adverse framework conditions lacks theoretical foundation. We discuss the relevance of some results on institutions for agricultural markets in emerging...... and transition countries. A synthesis of the articles included in the special feature is provided by highlighting the selection of topics that span a topical range covering price formation on world and domestic markets, market power and trade policy modelling....

Manual for the energy trade. 3. new rev. and enl. ed.; Handbuch Energiehandel

Energy Technology Data Exchange (ETDEWEB)

Schwintowski, Hans-Peter (ed.) [Humboldt-Universitaet, Berlin (Germany)

2014-07-01

This manual sheds a light on the energy trade from both a legal and an empirical economic perspective. Its focus is on those business fields within the energy trade that are of foremost practical relevance, namely the OTC trade and the exchange trade. It also provides concise coverage of risk management systems in the energy trade along with a competent account of their implications with regard to supervisory regulations. In this, its third edition the manual addresses the latest developments in both the national and the international energy trade, including those seen in the gas storage market and its market access regulations; consideration is here also given to market transparency, market distortion and liquidity. The commentary on standard contracts (EFET) has been updated. The manual also addresses the adaptations made in the minimum requirements for risk management.

Toward Improved Market Access for ASEAN Agricultural Commodities

International Development Research Centre (IDRC) Digital Library (Canada)

... technical report, November 2009 - May 2013. Études. Towards improved market access for ASEAN agricultural commodities : donor partnerships strategy and plan. Rapports. Towards improved market access for ASEAN agricultural commodities : project inception meeting report, Palm Garden Hotel, Putrajaya, Malaysia, ...

The Impact of Emissions Trading on the Price of Electricity in Nord Pool : Market Power and Price Determination in the Nordic Electricity Market

OpenAIRE

Oranen, Anna

2006-01-01

The objective of this thesis is to find out how dominant firms in a liberalised electricity market will react when they face an increase in the level of costs due to emissions trading, and how this will effect the price of electricity. The Nordic electricity market is chosen as the setting in which to examine the question, since recent studies on the subject suggest that interaction between electricity markets and emissions trading is very much dependent on conditions specific to each market ...

Improving the availability of trade finance in developing countries: An assessment of remaining gaps

OpenAIRE

Auboin, Marc

2015-01-01

While conditions in trade finance markets returned to normality in the main routes of trade, the structural difficulties of poor countries in accessing trade finance have not disappeared – and might have been worsened during and after the global financial crisis. In fact, there is a consistent flow of information indicating that trade finance markets have remained characterized by a greater selectivity in risk-taking and flight to “quality” customers. In that environment, the lower end of the...

Welfare Effects of Trade Liberalization with Intra-industry Reallocations: The Importance of Preferences and Market Failures

DEFF Research Database (Denmark)

Sørensen, Allan

pref- erences, which ensures equivalence of the market equilibrium and the social planner solution. For other preferences this equivalence is broken and trade liberalization may reduce welfare by magnifying market failures. An exact condition for trade liberalization to reduce overall welfare...

The Impact of Trade Credit on Customer Switching Behaviour: Evidence from the Tanzanian Rice Market

NARCIS (Netherlands)

Hermes, N.; Kihanga, E.; Lensink, B.W.; Lutz, C.

2012-01-01

We use primary survey data to analyse the relationship between trade credit and customer switching in the context of trade transactions between wholesalers and retailers in the Tanzanian rice market. Results reveal a negative relation of trade credit and customer switching, that is, trade credit

The impact of trade credit on customer switching behaviour : Evidence from the Tanzanian rice market

NARCIS (Netherlands)

Hermes, C.L.M.; Kihanga, E.P.; Lensink, B.W.; Lutz, C.H.M.

2012-01-01

We use primary survey data to analyse the relationship between trade credit and customer switching in the context of trade transactions between wholesalers and retailers in the Tanzanian rice market. Results reveal a negative relation of trade credit and customer switching, that is, trade credit

DEVELOPMENT OF THE CONCEPT OF CORPORATE SOCIAL RESPONSIBILITY IN TRADE UNDER CONDITIONS OF MARKET GLOBALISATION

OpenAIRE

Svetlana Sokolov Mladenovic, Djordje Cuzovic,

2015-01-01

Under contemporary business conditions, market globalisation has become inevitable. Such relationships on the market make trade companies use different means to acquire and maintain long-term competitive advantage. One of them is the concept of corporate social responsibility, which is, under conditions of globalisation, seen as a redesign of the classic marketing concept. The aim of this paper is to highlight the development of corporate social responsibility in trade, in the context of mark...

In Search of Market Access: Why the Doha “Plan B” for December 2011 is likely to fail Effective Market Access (Part I)

OpenAIRE

Carrere, Céline; De Melo, Jaime

2011-01-01

Once again the Doha Round negotiators are struggling to reach an agreement, this time by mid-December on a “plan B” package that would give increased market access to Least Developed Countries (LDCs) in the form of duty-free-quota free (DFQF) access accompanied by simplified rules of origin. Estimating ‘effective market access' to the two largest ‘preference-givers', the US and EU preferences, this note shows that remaining market access left for the LDCs is negligible at around 3 percent in ...

A Unified Trading Model Based on Robust Optimization for Day-Ahead and Real-Time Markets with Wind Power Integration

Directory of Open Access Journals (Sweden)

Yuewen Jiang

2017-04-01

Full Text Available In a conventional electricity market, trading is conducted based on power forecasts in the day-ahead market, while the power imbalance is regulated in the real-time market, which is a separate trading scheme. With large-scale wind power connected into the power grid, power forecast errors increase in the day-ahead market which lowers the economic efficiency of the separate trading scheme. This paper proposes a robust unified trading model that includes the forecasts of real-time prices and imbalance power into the day-ahead trading scheme. The model is developed based on robust optimization in view of the undefined probability distribution of clearing prices of the real-time market. For the model to be used efficiently, an improved quantum-behaved particle swarm algorithm (IQPSO is presented in the paper based on an in-depth analysis of the limitations of the static character of quantum-behaved particle swarm algorithm (QPSO. Finally, the impacts of associated parameters on the separate trading and unified trading model are analyzed to verify the superiority of the proposed model and algorithm.

Murrumbidgee Catchment, New South Wales: Recharge Trading and Targeting Markets pilot studies

OpenAIRE

Markets for Ecosystem Services Project

2007-01-01

Metadata only record There are two 'markets for ecosystem services' pilot studies in the Murrumbidgee Catchment of New South Wales, Australia. The first, "Recharge Trading", aims to develop a market-based instrument to resolve the issue of salinization caused by excess groundwater recharge from irrigated agriculture. The second, "Targeting Markets", explores the factors and conditions that make market-based approaches more or less suitable for addressing a natural resource management issue...

Trade Openness, Market Competition, and Inflation: Some Sectoral Evidence from OECD Countries

OpenAIRE

Mahir Binici; Yin-Wong Cheung; Kon S. Lai

2011-01-01

This study evaluates the role market competition plays in determining inflation based on sector-level data from OECD countries. In theory, trade openness can affect inflation through changes in market competitiveness and productivity. Nonetheless, previous empirical studies often fail to account for productivity effects, and their results may overstate the role of market competition. This study shows that inflation decreases with greater market competitiveness even after controlling for produ...

75 FR 10244 - TC Energy Trading, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2010-03-05

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER10-792-000] TC Energy Trading, LLC; Supplemental Notice That Initial Market- Based Rate Filing Includes Request for Blanket... proceeding of TC Energy Trading, LLC's application for market-based rate authority, with an accompanying rate...

The trading game : emissions trading schemes offer pollution as a market commodity

Energy Technology Data Exchange (ETDEWEB)

Bradbury, D.

2005-07-01

This paper discussed the market mechanisms for emissions trading. The concept emerged in signatory countries to the Kyoto Protocol in response to their commitment to reduce greenhouse gas (GHG) emissions. Emissions trading systems allow large polluters to buy and sell pollution credits in order to meet emission reduction targets. While member states in the European Union (EU) started trading in February 2005, Canada is still developing its own proposal that will be introduced in 2008 to correspond with the first phase of the Kyoto Protocol. In contrast to the European model that places absolute limits on GHG emissions, the Canadian system is intensity-based. Heavy polluters, known as large final emitters, will have to cut emissions of the 6 GHGs covered under the Kyoto Protocol as a percentage of their total industrial output. Companies that reduce their emissions more than their defined targets can trade the surplus as credits on the open domestic market. It was argued that this allows businesses to meet their own emissions targets while failing to contribute effectively to Canada's overall Kyoto target. In addition, in order to lessen the burden to industry, Canada has imposed a $15 cap on the price of credits, which is in contrast to the European system. It was argued that businesses in Europe will be more motivated to meet their targets because of the higher value on European pollution credits. With less onus on business in Canada to reduce absolute targets, the burden of reducing GHG emissions has shifted to federal taxpayers. The paper addressed some of the factors that led to Canada's decision to use an intensity-based system. One main factor was the refusal of the United States to ratify the Kyoto Protocol and the cost disadvantage this would create for Canadian firms. However, some argue that by paying more attention to energy use, companies can reduce emissions and increase shareholder value by achieving cost savings that are greater than the

Labour Market Programmes and the Equity-Efficiency Trade-off

DEFF Research Database (Denmark)

Filges, Trine; Kennes, John; Larsen, Birthe

This paper studies labour market policy in a society where differently gifted individuals can invest in training to further increase their labour market productivity and where the government seeks both effiency and equity. Frictions in the matching process create unemployment and differently...... skilled workers face different unemployment risks. We show that in such an environment, training programmes that are targeted to the unemployed complement passive transfers (UI benefits), unlike a general training subsidy. Combining passive subsidies with a training subsidy conditioned on the individual...... being unemployed (for a while) - the typical Active Labour Market Programme - implies a favorable trade-off between equity and efficiency which encourages high spending on training....

Labour Market Programmes and the Equity-Efficiency Trade-off

DEFF Research Database (Denmark)

Kennes, John; Larsen, Birthe; Tranæs, Torben

2005-01-01

This paper studies labour market policy in a society where differently gifted individuals can invest in training to further increase their labour market productivity and where the government seeks both effiency and equity. Frictions in the matching process create unemployment and differently...... skilled workers face different unemployment risks. We show that in such an environment, training programmes that are targeted to the unemployed complement passive transfers (UI benefits), unlike a general training subsidy. Combining passive subsidies with a training subsidy conditioned on the individual...... being unemployed (for a while) - the typical Active Labour Market Programme - implies a favorable trade-off between equity and efficiency which encourages high spending on training....

International Markets Boosted in The 9th Chitec

Institute of Scientific and Technical Information of China (English)

Sun Yongjian

2006-01-01

@@ The UK, Small Country with Largest European Market Mr. Corin Wilson, Inward Investment Manager, British embassy Beijing General Bureau of Trade and Investment in UK(Accessing the UK Market and Beyond): In 2006, there are many reasons why China and Chinese companies are looking for the opportunities of investment in the UK, which includes very good trade organizations.

Research on the Legal Regulation of Market Access for Agricultural Products in China

Institute of Scientific and Technical Information of China (English)

2011-01-01

On the basis of defining the concept of market access for agricultural products,this paper analyzes the necessity of establishing market access system of agricultural products,proposes the conception of establishing market access system of agricultural products in China;sets up the frame of market access system of agricultural products;analyzes the rationality of the frame of market access system of agricultural products;poses the consideration of economic law regarding setup of market access system of agricultural products.This paper also puts forward the legislative suggestions for establishing market access system of agricultural products as follows:establish the frame of market access system of agricultural products taking quality access as core;establish and perfect the compensation and relief system of guaranteeing benefit of manager and producers;establish the market access system of agricultural products with hierarchical structure;sort out existing laws and form the sound the legal frame of market access system of agricultural products.

Temporal causal relationship between stock market capitalization, trade openness and real GDP: evidence from Thailand

OpenAIRE

Jiranyakul, Komain

2014-01-01

This study examines both short-run and long-run causal relationship between stock market capitalization, trade openness and economic growth in Thailand. Quarterly data over the period from the first quarter of 1993 to the fourth quarter of 2013 are used in the analysis. The results from this study show that there exists a unidirectional long-run causality running from stock market capitalization and trade openness to real GDP. In the short run, stock market capitalization does not causes econ...

Electronic trading system and returns volatility in the oil futures market

International Nuclear Information System (INIS)

Liao, Huei-Chu; Lee, Yi-Huey; Suen, Yu-Bo

2008-01-01

This paper uses daily Brent crude prices to investigate the employment of electronic trading on the returns conditional volatility in the oil futures market. After a suitable GARCH model is established, the conditional volatility series are found. The Bai and Perron model is then used to find two significant structural breaks for these conditional volatility series around two implementation dates of electronic trading. This result indicates that the change in the trading system has significant impacts on the returns volatility since our estimated second break date is very close to the all-electronic trade implementation date. Moreover, the conditional volatility in the all-electronic trading period is found to be more dominated by the temporal persistence rather than the volatility clustering effect. All these evidence can shed some light for explaining the high relationship between more volatile world oil price and the more popular electronic trade. (author)

Analysis and Design of International Emission Trading Markets Applying System Dynamics Techniques

Science.gov (United States)

Hu, Bo; Pickl, Stefan

2010-11-01

The design and analysis of international emission trading markets is an important actual challenge. Time-discrete models are needed to understand and optimize these procedures. We give an introduction into this scientific area and present actual modeling approaches. Furthermore, we develop a model which is embedded in a holistic problem solution. Measures for energy efficiency are characterized. The economic time-discrete "cap-and-trade" mechanism is influenced by various underlying anticipatory effects. With a systematic dynamic approach the effects can be examined. First numerical results show that fair international emissions trading can only be conducted with the use of protective export duties. Furthermore a comparatively high price which evokes emission reduction inevitably has an inhibiting effect on economic growth according to our model. As it always has been expected it is not without difficulty to find a balance between economic growth and emission reduction. It can be anticipated using our System Dynamics model simulation that substantial changes must be taken place before international emissions trading markets can contribute to global GHG emissions mitigation.

A Unified Trading Model Based on Robust Optimization for Day-Ahead and Real-Time Markets with Wind Power Integration

DEFF Research Database (Denmark)

Jiang, Yuewen; Chen, Meisen; You, Shi

2017-01-01

In a conventional electricity market, trading is conducted based on power forecasts in the day-ahead market, while the power imbalance is regulated in the real-time market, which is a separate trading scheme. With large-scale wind power connected into the power grid, power forecast errors increase...... in the day-ahead market which lowers the economic efficiency of the separate trading scheme. This paper proposes a robust unified trading model that includes the forecasts of real-time prices and imbalance power into the day-ahead trading scheme. The model is developed based on robust optimization in view...... of the undefined probability distribution of clearing prices of the real-time market. For the model to be used efficiently, an improved quantum-behaved particle swarm algorithm (IQPSO) is presented in the paper based on an in-depth analysis of the limitations of the static character of quantum-behaved particle...

Relationship of the Australian Stock Market with its Major Trading Partners: a Simple Exposition

Directory of Open Access Journals (Sweden)

Mazharul H. Kazi

2008-06-01

Full Text Available markets of its major trading partners namely, UK, USA, Canada, Germany, France, andJapan using 1945 to 2002 annual data series. The analysis of this paper considers boththe foreign exchange risk element and the notion of share-return parity into its modifiedstructural model which is estimated by applying both OLS and GMM methods. TheUK, Canadian and French markets are found significant from OLS estimation; whileGMM estimation suggests four markets including the German are significant at 5%level. Accordingly, this paper concludes that Australian stock market is related to thatof its trading partners; and it is being influenced by 3 to 4 markets of which the UK isthe most significant. The outcomes of this paper seem beneficial to Australian investorsfor effective diversifications of their international portfolio risks.

Trading in markets with noisy information: an evolutionary analysis

Science.gov (United States)

Bloembergen, Daan; Hennes, Daniel; McBurney, Peter; Tuyls, Karl

2015-07-01

We analyse the value of information in a stock market where information can be noisy and costly, using techniques from empirical game theory. Previous work has shown that the value of information follows a J-curve, where averagely informed traders perform below market average, and only insiders prevail. Here we show that both noise and cost can change this picture, in several cases leading to opposite results where insiders perform below market average, and averagely informed traders prevail. Moreover, we investigate the effect of random explorative actions on the market dynamics, showing how these lead to a mix of traders being sustained in equilibrium. These results provide insight into the complexity of real marketplaces, and show under which conditions a broad mix of different trading strategies might be sustainable.

Underdeveloped spot markets and futures trading: The Soya Oil exchange in India

OpenAIRE

Bharat Ramaswami; Jatinder Bir Singh

2006-01-01

Abstract The limited presence of futures exchanges in developing countries where commodity markets fall short of the ideal underscore the importance of understanding the relation between spot and futures markets. The paper examines the exceptional success of the soya oil contract at the National Board of Trade (NBOT) in India. The paper asks whether the NBOT contract exhibits the fundamental features of mature futures markets in terms of its use by hedgers. If the market offers arbitrage oppo...

Labour Market Programmes and the Equity-Efficiency Trade-Off

DEFF Research Database (Denmark)

Filges, Trine; Kennes, John; Larsen, Birthe

2011-01-01

This paper studies optimal labour market policy in a society where differently gifted individuals can invest in training to further increase their labour market productivity and where the government seeks both efficiency and equity. Frictions in the matching process create unemployment...... and differently skilled workers face different levels of risk of unemployment. We show that in such an environment, training programmes that are targeted at the disadvantaged workers complement passive transfers (UI benefits), unlike general training subsidies. Combining passive subsidies with a training subsidy...... conditioned on the individual being unemployed (for a period) – the typical Active Labour Market Programme – creates a favourable trade-off between equity and efficiency and this encourages high spending on training...

The impacts of EU CO2 emissions trading on electricity markets and electricity consumers in Finland

International Nuclear Information System (INIS)

Kara, M.; Syri, S.; Lehtilae, A.; Helynen, S.; Kekkonen, V.; Ruska, M.; Forsstroem, J.

2008-01-01

In this paper, the likely impacts of the EU emission trading system on the Nordic electricity market and on the position of various market actors are assessed. In its first phase, the EU CO 2 emission trading system includes power plants with thermal capacity greater than 20 MW, metals industry, pulp and paper industry, mineral industry and oil refineries. This paper describes the assessment done for the Finnish Minister of Trade and Industry, analysing the likely impacts on power plant operators, on energy-intensive industries, on other industries and on other consumer groups. The impacts of emissions trading were studied with the VTT electricity market model and with the TIMES energy system model. The annual average electricity price was found to rise 0.74 EUR MW h -1 for every 1 Euro tonne CO 2 -1 in the Nordic area. Large windfall profits were estimated to incur to electricity producers in the Nordic electricity market. In Finland, metals industry and private consumers were estimated to be most affected by the electricity market price increases. Expanded nuclear power generation could limit the increases in the prices of electricity to one-third compared to those in the base case

Should Aid be Replaced by Better Access to Trade?

DEFF Research Database (Denmark)

Lahiri, Sajal; Raimondos-Møller, Pascalis

2000-01-01

We examine the welfare effects of reforms in which both the amount of aid and the donor-imposed trade barriers (tariff or quotas) are reduced, i.e. aid is partially replaced by better access to trade. We consider two types of reforms: (i) a reform where the donor government's revenue is held...... constant, and (ii) a reform where the donor's utility is held constant. While the latter type of reforms unambiguously benefit the recipient, the former type may harm the recipient. In particular, a revenue-neutral reform, away from aid to lower tariff barrier, unambiguosly harms the recipient....

MARKET-MAKING STRATEGY IN THE SYSTEM OF ALGORITHMIC HIGH-FREQUENCY TRADING

Directory of Open Access Journals (Sweden)

A. V. Toropov

2014-01-01

Full Text Available Market maker is the most important participant of modern exchange trading, it provides the increase of market liquidity and reduces the difference between bid and ask (spread. The paper presents automatic market-making strategy for quoting of options and other kinds of financial instruments on electronic markets. Quotes are based on theoretical pricing which is a resource-intensive task. Presented algorithmic optimizations, in particular quotes caching and smoothing of underlying asset price oscillation, give the possibility up to four times boost for quote modify scenario on real market data. Mechanism of quotes caching precalculates quotes in certain diapason around current underlying price. If underlying price changes within the diapason, algorithm sends already filled message for quote modification, instead of new complex computation. Smoothing of underlying asset price oscillation prevents permanent moving of the diapason and reacts only on significant market moving. A size of caching diapason which provides optimal correlation between speed of quotes modification and resource consumption has been defined experimentally (40 elements. In case of quoting 36 options on Eurex Exchange an average delay between underlying price change and quote modification is 277 usec. The measurements were carried out on the Sun X4170 M3: CPU(s: 2xXeon 2.9GHz RAM: 128 GB server under Solaris 10 operating system. Obtained results correspond to modern market-making requirements. The developed strategy is used by big European banks and trading firms.

Supply-chain trade and labor market outcomes : The case of the 2004 European Union enlargement

NARCIS (Netherlands)

Kaplan, Lennart C.; Kohl, Tristan; Martínez-Zarzoso, Inmaculada

2018-01-01

The structure of international trade is increasingly characterized by fragmentation of production processes and trade policy. Yet, how trade policy affects supply-chain trade is largely unexplored territory. This paper shows how the accession of 10 Central and Eastern European Countries (CEECs) to

76 FR 43684 - Verde Energy USA Trading, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2011-07-21

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER11-4041-000] Verde Energy USA Trading, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for... Verde Energy USA Trading, LLC's application for market-based rate authority, with an accompanying rate...

Trading Agents

CERN Document Server

Wellman, Michael

2011-01-01

Automated trading in electronic markets is one of the most common and consequential applications of autonomous software agents. Design of effective trading strategies requires thorough understanding of how market mechanisms operate, and appreciation of strategic issues that commonly manifest in trading scenarios. Drawing on research in auction theory and artificial intelligence, this book presents core principles of strategic reasoning that apply to market situations. The author illustrates trading strategy choices through examples of concrete market environments, such as eBay, as well as abst

Testing the assumptions behind emissions trading in non-market goods: the RECLAIM program in Southern California

International Nuclear Information System (INIS)

Lejano, Raul P.; Hirose, Rei

2005-01-01

Emissions trading is, essentially, a policy instrument that is designed to simulate a market for an otherwise public good. Conceptually, its justification hinges on a number of key assumptions, namely the negligibility of local impacts, the ability to separate and commodify the good in question, and characteristics of a well-functioning market. The authors examine the performance of RECLAIM, a NO x emissions trading program in Southern California, USA, and illustrate how to test these assumptions. There is some evidence that the trading of NO x generates new externalities, such as the possibility that other air pollutants, e.g. volatile organics, are essentially traded along with it. Moreover, the RECLAIM program has recently begun to experience difficulties due to the fact that the market is relatively thin. This analysis provides ways to assess more deeply and reform these trading regimes, including opening up RECLAIM to public review. The case study speaks to a wider arena, as emissions trading is presently being considered in other parts of the world to address issues ranging from acid rain to non-point source pollution to greenhouse gases. The analytic approach, illustrated herein, is a general one that has a wider applicability than the particular case of NO x trading. It is hoped that this kind of critical inquiry can lead to a more careful deliberation of the merits and challenges of emissions trading

Market, trading and coal price

International Nuclear Information System (INIS)

Muller, J.C.; Cornot-Gandolphe, S.; Labrunie, L.; Lemoine, St.; Vandijck, M.

2006-01-01

The coal world experienced a true upheaval in the past five years World coal consumption went up 28 % between 2000 and 2005, as a result of the strong growth in Chinese demand. The growth should continue in the coming years: electrical plant builders' orders are mainly for coal. The regained interest in coal is based on the constraints experienced by competing energies (increase in oil and natural gas prices, geopolitical uncertainties, supply difficulties) and by the abundant reserves of coal in the world and the competitiveness of its price. The strong growth in world coal demand comes with a change in rules governing steam coal trading. While long term bilateral agreements were most common until the late nineties, there has been a true revolution in coal marketing since 2000: spot contracts, stock exchange emergence and futures contracts, price indexes. In a few years, the steam coal market has become a true commodities market, overtaking many more goods. The price of coal has also gone through strong variations since 2003. Whereas the price had been stable for decades, in 2004 the strong increase in China' s demand for coal and iron ore resulting in transport shortage, caused a strong increase in CAF coal prices. Since then, prices have gone down, but remain higher than the Eighties and Nineties levels. In spite of the increase, coal remains available at more competitive prices than its competing energies. (authors)

Emerging trade corridors and Texas transportation planning.

Science.gov (United States)

2010-02-01

The period 19952006 was characterized by a strong growth in world trade, averaging 5 to 11% : per annum excluding sharp, but brief, declines in 1997 and 2001. The combination of consumer : confidence in almost all global markets, easy access to cr...

International bioenergy trade - a review of past developments in the liquid biofuels market

NARCIS (Netherlands)

Lamers, P.; Hamelinck, C.N.; Junginger, H.M.|info:eu-repo/dai/nl/202130703; Faaij, A.P.C.|info:eu-repo/dai/nl/10685903X

2011-01-01

Policies aimed to promote biofuels locally had tremendous effects on global market developments across the past decade. This article develops insights into the interaction of these policies and market forces via a comprehensive collection and analysis of international production and trade data. It

EU-MOLDOVA TRADE RELATIONS: COMPETITIVE ADVANTAGES OF MOLDOVAN INDUSTRIES ON THE SINGLE MARKET

Directory of Open Access Journals (Sweden)

Ioana SANDU

2014-10-01

Full Text Available Engaging on the long road of implementing the Deep and Comprehensive Free Trade Area with the EU in 2010, Moldova is now closer than ever to being included in the most privileged category of the Eastern neighbouring countries - those who have chosen to deepen the European economic integration. The Vilnius Summit in November 2013 has reinforced the ‘more for more’ principle for both Moldova and Georgia by emphasizing, at the same time, the role of reactive measures and financial aid in counterbalancing aggressive trade barriers from non-EU states. Not only has Moldova proved to efficiently capitalize the provisions of the ATP agreement since 2008, but it has also consequently received more support from the EU in boosting exports to the single market. The wine industry was the first to benefit from the free-trade regime, as for the EU decision of eliminating quotas from the beginning of 2014. Nonetheless, the progressive liberalisation of trade flows between Moldova and the EU would finally oppose two asymmetric partners. Consequently, Moldova is facing the challenge of asserting its value on the EU market, by yet not undermining the relevance of other important trading partners nearby.

A cut above: building the market for fair trade timber

Energy Technology Data Exchange (ETDEWEB)

MacQueen, Duncan

2008-02-15

Unlike coffee and cotton, timber has yet to become a fair trade commodity. But now its time has come. Rights over forest resources are increasingly ceded to small-scale community forest enterprises (CFEs), as large-scale industrial logging is now largely discredited in the sustainable development context. The fair trade emphasis on just pricing for poorer producers is exactly what CFEs need as incentive to invest in sustainable forest management — and secure environmental and poverty reduction benefits at one stroke. With fair trade timber, CFEs could boost their entrepreneurial capacity using democratic business models with in-built social and environmental responsibility. The Fair Trade Labelling Organizations International and Forest Stewardship Council are exploring the ways and means through a new partnership, but more is needed. Consumers must be made aware of why paying higher prices is key to creating CFE incentives for sustainable forest management and poverty reduction. Time and money are needed for consumer education and installing fair trade timber in producer country forest policies, market segregation and procurement policies at all levels.

The need for information in the power market; Informasjonsbehovet i kraftmarkedet

Energy Technology Data Exchange (ETDEWEB)

Gaasland, I.

1995-08-01

This report evaluates the need for information in the Norwegian power market. In particular it emphasizes discussions on possible efficiency effects of collecting and publishing information on trade through bilateral contracts. It also looks into other areas where there may be a need for public intervention to secure more equal access to information. One of the main conclusions is that the collecting and publishing of information mentioned above will not be a very effective means of securing equal access to information. The fundamental source of potentially unequal information access in the market seems to be a concentration or a market power among the producers. The unfortunate situation that Statoil is responsible for a major part of the foreign trade besides being itself one of the actors in the market is pointed out. 9 refs.

Reptiles traded in markets for medicinal purposes in contemporary Morocco

NARCIS (Netherlands)

Nijman, V.; Bergin, D.

2017-01-01

Reptiles are traded globally for medicinal purposes. Historic qualitative accounts of reptiles used as medicine in Morocco are numerous, but contemporary quantitative data are rare. In 2013-2014, we surveyed 49 wildlife markets in 20 towns throughout Morocco, plus the Spanish exclaves of Ceuta and

A global assessment of market accessibility and market influence for global environmental change studies

Energy Technology Data Exchange (ETDEWEB)

Verburg, Peter H [Institute for Environmental Studies, Amsterdam Global Change Institute, VU University Amsterdam, De Boelelaan 1087, 1081 HV Amsterdam (Netherlands); Ellis, Erle C [Department of Geography and Environmental Systems, University of Maryland, Baltimore County, Baltimore, MD 21250 (United States); Letourneau, Aurelien, E-mail: Peter.Verburg@ivm.vu.nl [UMR 5175 Centre d' Ecologie Fonctionnelle and Evolutive, Centre National de la Recherche Scientifique, 1919 Route de Mende, 34293 Montpellier cedex 5 (France)

2011-07-15

Markets influence the global patterns of urbanization, deforestation, agriculture and other land use systems. Yet market influence is rarely incorporated into spatially explicit global studies of environmental change, largely because consistent global data are lacking below the national level. Here we present the first high spatial resolution gridded data depicting market influence globally. The data jointly represent variations in both market strength and accessibility based on three market influence indices derived from an index of accessibility to market locations and national level gross domestic product (purchasing power parity). These indices show strong correspondence with human population density while also revealing several distinct and useful relationships with other global environmental patterns. As market influence grows, the need for high resolution global data on market influence and its dynamics will become increasingly important to understanding and forecasting global environmental change.

A global assessment of market accessibility and market influence for global environmental change studies

Science.gov (United States)

Verburg, Peter H.; Ellis, Erle C.; Letourneau, Aurelien

2011-07-01

Markets influence the global patterns of urbanization, deforestation, agriculture and other land use systems. Yet market influence is rarely incorporated into spatially explicit global studies of environmental change, largely because consistent global data are lacking below the national level. Here we present the first high spatial resolution gridded data depicting market influence globally. The data jointly represent variations in both market strength and accessibility based on three market influence indices derived from an index of accessibility to market locations and national level gross domestic product (purchasing power parity). These indices show strong correspondence with human population density while also revealing several distinct and useful relationships with other global environmental patterns. As market influence grows, the need for high resolution global data on market influence and its dynamics will become increasingly important to understanding and forecasting global environmental change.

A global assessment of market accessibility and market influence for global environmental change studies

International Nuclear Information System (INIS)

Verburg, Peter H; Ellis, Erle C; Letourneau, Aurelien

2011-01-01

Markets influence the global patterns of urbanization, deforestation, agriculture and other land use systems. Yet market influence is rarely incorporated into spatially explicit global studies of environmental change, largely because consistent global data are lacking below the national level. Here we present the first high spatial resolution gridded data depicting market influence globally. The data jointly represent variations in both market strength and accessibility based on three market influence indices derived from an index of accessibility to market locations and national level gross domestic product (purchasing power parity). These indices show strong correspondence with human population density while also revealing several distinct and useful relationships with other global environmental patterns. As market influence grows, the need for high resolution global data on market influence and its dynamics will become increasingly important to understanding and forecasting global environmental change.

Trading volume and the number of trades

OpenAIRE

Marwan Izzeldin

2007-01-01

Trading volume and the number of trades are both used as proxies for market activity, with disagreement as to which is the better proxy for market activity. This paper investigates this issue using high frequency data for Cisco and Intel in 1997. A number of econometric methods are used, including GARCH augmented with lagged trading volume and number of trades, tests based on moment restrictions, regression analysis of volatility on volume and trades, normality of returns when standardized by...

National and Regional Impacts of Increasing Non-Agricultural Market Access by Developing Countries – the Case of Pakistan

OpenAIRE

Butt, Muhammad Shoaib; Bandara, Jayatilleke S.

2008-01-01

The US, the EU, Brazil and India met in Germany in June 2007 with a view to bridging differences between developed and developing countries on the Doha Round of trade negotiations. However, the talks broke down because of disagreement on the intertwined issues of agricultural protection and Non-Agricultural Market Access (NAMA). This study uses the first regional computable general equilibrium (CGE) model of Pakistan to evaluate the national and regional impacts of increasing NAMA as per two ...

Impact of information cost and switching of trading strategies in an artificial stock market

Science.gov (United States)

Liu, Yi-Fang; Zhang, Wei; Xu, Chao; Vitting Andersen, Jørgen; Xu, Hai-Chuan

2014-08-01

This paper studies the switching of trading strategies and its effect on the market volatility in a continuous double auction market. We describe the behavior when some uninformed agents, who we call switchers, decide whether or not to pay for information before they trade. By paying for the information they behave as informed traders. First we verify that our model is able to reproduce some of the stylized facts in real financial markets. Next we consider the relationship between switching and the market volatility under different structures of investors. We find that there exists a positive relationship between the market volatility and the percentage of switchers. We therefore conclude that the switchers are a destabilizing factor in the market. However, for a given fixed percentage of switchers, the proportion of switchers that decide to buy information at a given moment of time is negatively related to the current market volatility. In other words, if more agents pay for information to know the fundamental value at some time, the market volatility will be lower. This is because the market price is closer to the fundamental value due to information diffusion between switchers.

Influence of market factors on the pricing of exchange traded metals in the medium term

Science.gov (United States)

Bogdanov, S. V.; Shevelev, I. M.; Chernyi, S. A.

2017-06-01

On the basis of comparison of the influence of the stock exchange factors on the pricing of nonferrous metals for medium term with similar results for short term, it has been established that the main attention should be paid to the changes in the pricing environment on the metal market as a function of the prices of exchange traded metals. The situation on the market of energy carriers (hydrocarbons) and the European, American, and Asian stock exchanges can be based on parity and even significantly influence the variation of the metal prices. In the medium term, constructive development of metal trade should be reasonably promoted by changing the elasticity of supply with regard to prices for exchange traded metals and by applying the stock exchange factors that positively influence the pricing on commodity and stock markets.

Fair Trade as a Solution for Inequality on the Global Market - Corporate Perspective

OpenAIRE

Sandra Lovric

2016-01-01

New alternatives to free trade are evolving at the global market; their aim is to bring more ethics and morality into the relations between the trading parties (producers, corporations and buyers). This article analyses one of such alternatives i.e. Fair Trade from the perspective of influencing change of corporate politics. Due to the rising awareness of buyers about the origin of goods and the initiatives of forcing corporations into changing their practices based on unethica...

47 CFR 2.924 - Marketing of electrically identical equipment having multiple trade names and models or type...

Science.gov (United States)

2010-10-01

... Authorizations § 2.924 Marketing of electrically identical equipment having multiple trade names and models or... 47 Telecommunication 1 2010-10-01 2010-10-01 false Marketing of electrically identical equipment having multiple trade names and models or type numbers under the same FCC Identifier. 2.924 Section 2.924...

A Study on Market Efficiency of Selected Commodity Derivatives Traded on NCDEX During 2011

Science.gov (United States)

Sajipriya, N.

2012-10-01

The study aims at testing the weak form of Efficient Market Hypothesis in the context of an emerging commodity market - National Commodity Derivatives Exchange (NCDEX), which is considered as the prime commodity derivatives market in India. The study considered daily spot and futures prices of five selected commodities traded on NCDEX over 12 month period (the futures contracts originating and expiring during the period January 2011 to December 2011) The five commodities chosen are Pepper, Crude palm Oil, steel silver and Chana as they account for almost two-thirds of the value of agricultural commodity derivatives traded on NCDEX. The results of Run test indicate that both spot and futures prices are weak form efficient

The Impact of China’s WTO Accession on China-Japan-Korea Trade Relation, and its Policy Implications for Regional Economic Cooperation

Directory of Open Access Journals (Sweden)

Inkyo Cheong

2001-06-01

Full Text Available Because of the increased possibility of China's accession to the WTO due to the settlement of negotiations with the U.S. and EU, the world is interested in opening China’s domestic market and taking advantage of the opportunities. Existing papers about China’s entry into the WTO generally analyze the impact on China and the world economy based on his/her assumption of a hypothetical tariff reduction scenario. However, this paper systematically analyzes by sector and region the tariff reduction structures of 5,685 tariff lines that China will actually reduce up until 2005. Based on this, the author employs a computational general equilibrium model in order to estimate the impact of China's trade liberalization on the economies of Northeast Asia and the world economy. According to the results, China's trade liberalization will bring the greatest benefit to China itself and substantial export expansion for Korea and Japan. This paper also states that if these three countries promote economic cooperation using China's accession to the WTO as momentum, it will be necessary to think economic cooperation in the fiber and clothing industries, which are quite effectively promoting intra-regional trade and absorbing workers left unemployed by structural adjustments in China.

COMPANY SIZE, TRADING ACTIVITY AND LIQUIDITY AS A DETERMINANTS OF CROSS-SECTIONAL MOMENTUM TRADING STRATEGY ON RUSSIAN STOCK MARKET

Directory of Open Access Journals (Sweden)

Teplova T. V.

2014-06-01

Full Text Available Momentum-effect has many interpretations in the practice of investing and in understanding of anomalies in asset prices. We consider a Cross-Sectional momentum effects and the corresponding two medium-term (3 months or more trading strategies that are different from the trend following rules for individual assets. We tested four hypothesis deals with cross-sectional momentum effect on the Russian stock market and the possibility of building a self-financing (long-short trading strategy at three time horizon (stock market growth from 2004 until mid 2008, financial crisis and post-crisis periods. It is shown that for the Russian market cross-sectional momentum strategy with partly rebalanced portfolio maximizing portfolio return (134 stocks listed from 2004 to 2014 in the few Russian stock exchanges should be based on the three-month formation period and three-month holding period periods (3/1/3. We have identified elements of profit-maximizing momentum strategy: three time windows and determinants of assets. Monthly average return of arbitrage strategy is estimated at 1.5 % for 134 common shares. Implementation of the strategy for the post-crisis period does not allow to maximize profit. For 6-month and more investment windows it gets the advantage of reverse strategy (opening long positions in stocks with low investment results and short position for assets with high relative returns. Fundamental parameters of the issuer (size of companies like market capitalization and two measures of liquidity (trading activity and transaction costs like bid-ask spread are significant to maximize portfolio performance (we prove the growth of monthly average return ranging from 1.5 to 2.5 %. We find that size and liquidity control momentum strategy can earn positive profits in Russian stock market, larger than naïve momentum.

Intraday Analysis of Market Integration: Dutch Blue Chips traded in Amsterdam and New York

NARCIS (Netherlands)

A.J. Menkveld (Bert)

2000-01-01

textabstractMarket integration is studied for Dutch stocks cross-listed at the NYSE. Trading starts in Amsterdam and ends in New York with a one-hour overlap. Both markets are not perfectly integrated in that they can be viewed as one market with the well-documented U-shape in volatility, volume and

76 FR 81965 - Remanufactured Goods: An Overview of the U.S. and Global Industries, Markets, and Trade...

Science.gov (United States)

2011-12-29

... the U.S. and Global Industries, Markets, and Trade; Submission of Questionnaire for OMB Review AGENCY..., Markets, and Trade, instituted under the authority of section 332(g) of the Tariff Act of 1930 (19 U.S.C... leader Alan Treat ( [email protected] or (202) 205-3426) or deputy project leader Jeremy Wise ( jeremy...

Green certificate trading in the Netherlands in the prospect of the European electricity market

International Nuclear Information System (INIS)

Dinica, Valentina; Arentsen, Maarten J.

2003-01-01

The support system for green electricity in the Netherlands has been one of the most complex and complicated systems across Europe. A voluntary trade of green certificates--or green labels--was one of the schemes used in the policy models of the 1990s. The liberalization of the electricity market has attracted substantial changes in the degree and nature of commitment by energy companies and political authorities for renewable electricity. In 2001, a new mechanism for the voluntary trade of green certificates has become operational, replacing the green label trade system one terminated in the end of 2000. This paper presents the two systems of green certificates' trade developed in the Netherlands and discusses their market stimulation potential in the very different economic and industrial circumstances that has surrounded each of them. The paper argues for a need to enable a support system that reduces investment risks as much as possible, and removes the residual, but still strong, institutional, administrative and social barriers for renewables' deployment. But before this, a clear governmental vision on the role of renewables in current energy supply systems is first needed, backed by a coherent policy and sufficient support along the economic dimension of renewables' market diffusion

TENDENCIES OF REGIONAL ELITE GOODS MARKET DEVELOPMENT

Directory of Open Access Journals (Sweden)

A.I. Tatarkin

2008-03-01

Full Text Available During the period of planned economy only a limited section of society with high social status had an access to elite goods in our country. At present an access to these goods is not regulated, and elite goods trade market in Russia is developing rapidly. In the article the essence of "elite good" and "regional elite goods market" concepts is defined, the classification of elite goods markets is given, also the main factors and tendencies of elite goods market development in the Ural Region is analyzed.

The determinants of trade credit use : the case of the Tanzanian rice market

NARCIS (Netherlands)

Hermes, Niels; Kihanga, Ernest; Lensink, Robert; Lutz, Clemens

2015-01-01

Most small businesses in the developing economies suffer from a lack of access to formal external finance. One important alternative source of finance for these entrepreneurs is trade credit. Applying a unique data-set containing data on specific trade relations between rice wholesalers and rice

Effectiveness of the management of price risk methodologies for the corn market based on trading signals

Directory of Open Access Journals (Sweden)

W. Rossouw

2013-03-01

Full Text Available Corn production is scattered geographically over various continents, but most of it is grown in the United States. As such, the world price of corn futures contracts is largely dominated by North American corn prices as traded on the Chicago Board of Trade. In recent years, this market has been characterised by an increase in price volatility and magnitude of price movement as a result of decreasing stock levels. The development and implementation of an effective and successful derivative price risk management strategy based on the Chicago Board of Trade corn futures contract will therefore be of inestimable value to market stakeholders worldwide. The research focused on the efficient market hypothesis and the possibility of contesting this phenomenon through an application of a derivative price risk management methodology. The methodology is based on a combination of an analysis of market trends and technical oscillators with the objective of generating returns superior to that of a market benchmark. The study found that market participants are currently unable to exploit price movement in a manner which results in returns that contest the notion of efficient markets. The methodology proposed, however, does allow the user to consistently achieve returns superior to that of a predetermined market benchmark. The benchmark price for the purposes of this study was the average price offered by the market over the contract lifetime, and as such, the efficient market hypothesis was successfully contested

Soybean Trade: Balancing Environmental and Socio-Economic Impacts of an Intercontinental Market.

Science.gov (United States)

Boerema, Annelies; Peeters, Alain; Swolfs, Sanne; Vandevenne, Floor; Jacobs, Sander; Staes, Jan; Meire, Patrick

2016-01-01

The trade in soybean, an important animal feed product, exemplifies the environmental and socio-economic impact of global markets and global agricultural policy. This paper analyses the impact of increasing production of soybean in the exporting countries (deforestation and grassland conversion) as well as in importing regions (decrease in permanent grassland by substitution of grass as feed). Ecosystem services monetary values were used to calculate the environmental and socio-economic impact of observed land use changes. This is balanced against the economic value of the global soybean trade. The results prove that consumption choices in one region have real effects on the supply of ecosystem services at a large spatial scale. Conclusively, solutions to make this global market more sustainable are discussed.

Soybean Trade: Balancing Environmental and Socio-Economic Impacts of an Intercontinental Market.

Directory of Open Access Journals (Sweden)

Annelies Boerema

Full Text Available The trade in soybean, an important animal feed product, exemplifies the environmental and socio-economic impact of global markets and global agricultural policy. This paper analyses the impact of increasing production of soybean in the exporting countries (deforestation and grassland conversion as well as in importing regions (decrease in permanent grassland by substitution of grass as feed. Ecosystem services monetary values were used to calculate the environmental and socio-economic impact of observed land use changes. This is balanced against the economic value of the global soybean trade. The results prove that consumption choices in one region have real effects on the supply of ecosystem services at a large spatial scale. Conclusively, solutions to make this global market more sustainable are discussed.

Developments in international solid biofuel trade - an analysis of volumes, policies and market factors

NARCIS (Netherlands)

Lamers, P.; Junginger, H.M.; Hamelinck, C.N.; Faaij, A.P.C.

2012-01-01

This paper presents and analyses international solid biofuel trade and concludes upon interactions with bioenergy policies and market factors. It shows that trade has grown from about 56 to 300 PJ between 2000 and 2010. Wood pellets grew strongest, i.e. from 8.5 to 120 PJ. Other relevant streams by

SELLING, DELIVERY AND TRADE MARKETING – AN OPERATIONAL TRIDENT OF THE DISTRIBUTION SYSTEM

Directory of Open Access Journals (Sweden)

Ioana Olariu

2013-12-01

Full Text Available This paper highlights the way in which a distribution system can be made operational in FMCG, starting from the interaction between three components of the system: selling, delivery and trade marketing. On this basis, I have categorized the improvement opportunities of each component, using the appropriate key performance indicators (KPIs of the system objectives. The optimal configuration of instruments and successful interaction of these components, improve the distribution system contribution to company performance. A specific system, defined for solving marketing problems, must be designed according to this purpose, and in this regard, all the significant elements and relationships must be subordinate to the objective by which it will achieve the desired solution. Business objectives achievement can be measured as effectiveness - the degree to which objectives were achieved, or as efficiency - the degree to which objectives have been achieved in the available resources. For evaluating the effectiveness with which an operative marketing system turns its sources into necessary results to solve a problem, it requires certain criteria to measure performance. These three elements: selling, delivery and trade marketing, are a trident of distribution which can lead to an optimal approach of market opportunities.

A water market simulator considering pair-wise trades between agents

Science.gov (United States)

Huskova, I.; Erfani, T.; Harou, J. J.

2012-04-01

In many basins in England no further water abstraction licences are available. Trading water between water rights holders has been recognized as a potentially effective and economically efficient strategy to mitigate increasing scarcity. A screening tool that could assess the potential for trade through realistic simulation of individual water rights holders would help assess the solution's potential contribution to local water management. We propose an optimisation-driven water market simulator that predicts pair-wise trade in a catchment and represents its interaction with natural hydrology and engineered infrastructure. A model is used to emulate licence-holders' willingness to engage in short-term trade transactions. In their simplest form agents are represented using an economic benefit function. The working hypothesis is that trading behaviour can be partially predicted based on differences in marginal values of water over space and time and estimates of transaction costs on pair-wise trades. We discuss the further possibility of embedding rules, norms and preferences of the different water user sectors to more realistically represent the behaviours, motives and constraints of individual licence holders. The potential benefits and limitations of such a social simulation (agent-based) approach is contrasted with our simulator where agents are driven by economic optimization. A case study based on the Dove River Basin (UK) demonstrates model inputs and outputs. The ability of the model to suggest impacts of water rights policy reforms on trading is discussed.

Competitiveness analysis of Czech agrarian foreign trade in the context of world agrarian market and agrarian trade of EU-27 countries

Directory of Open Access Journals (Sweden)

Miroslav Svatoš

2010-01-01

Full Text Available This paper analyses the commodity structure of Czech (CR agrarian trade in relation to the EU countries. An emphasis is put on comparative advantages of particular aggregations from the view-point of their application on the EU internal market. This analysis is based on an evaluation of comparative advantages by means of a modified Balassa index. It is studied in two stages, for the internal EU market and the world market. The analysis results are then shown in a graph. Subsequently, the authors implement an idea arising from a BCG matrix on the results of the graphic presentation. The aim is to identify those aggregations (SITC, rev. 3 which are or have a potential to be a pillar of agri-business (ie, the “cash cows” and “stars”, and vice versa to show the aggregation which are non-prospective in the long term or problematic (ie, the “dogs” and “problem children”. As start are identified as those aggregations which are characterised by the highest growth rate of comparative advantage value. From the analysis results, changes are apparent if we compare the CR trade commodity structure in relation to the EU countries. Findings also concern the development of comparative advantages and following CR specialisation on trade with certain aggregations.

17 CFR 242.610 - Access to quotations.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Access to quotations. 242.610...-Regulation of the National Market System § 242.610 Access to quotations. (a) Quotations of SRO trading... national securities exchange or national securities association to the quotations in an NMS stock displayed...

TRENDS AND MARKETS IN THE DEVELOPMENT OF PRODUCTION AND TRADE WITH ROMANIAN PRODUCTS

Directory of Open Access Journals (Sweden)

Pop Cohut Ioana

2009-05-01

Full Text Available The current stage of retail trade development in Romania still shows an important capacity to absorb, both of large outlets as well as of small outlets, which lately have disappeared from the market and they hardly cope with the superstore competition. A part of the market which has been yet insufficiently explored, with an important potential for development and which is represented by the stores selling traditional Romanian products, as well as the bio product stores, as long as these are made in Romania and are not imported. Also, the paper is trying to analyse the importance of this type of trade and its trends, its lacks and the possibilities of development.

Rogue trading at Lloyds Bank International, 1974: Operational risk in volatile markets

OpenAIRE

Schenk, C

2017-01-01

Rogue trading has been a persistent feature of international financial markets over the past thirty years, but there is remarkably little historical treatment of this phenomenon. To begin to fill this gap, evidence from company and official archives is used to expose the anatomy of a rogue trading scandal at Lloyds Bank International in 1974. The rush to internationalize, the conflict between rules and norms, and the failure of internal and external checks all contributed to the largest singl...

A reaction-diffusion model for market fluctuations - A relation between price change and traded volumes

Science.gov (United States)

Yuvan, Steven; Bier, Martin

2018-02-01

Two decades ago Bak et al. (1997) [3] proposed a reaction-diffusion model to describe market fluctuations. In the model buyers and sellers diffuse from opposite ends of a 1D interval that represents a price range. Trades occur when buyers and sellers meet. We show analytically and numerically that the model well reproduces the square-root relation between traded volumes and price changes that is observed in real-life markets. The result is remarkable as this relation has commonly been explained in terms of more elaborate trader strategies. We furthermore explain why the square-root relation is robust under model modifications and we show how real-life bond market data exhibit the square-root relation.

Market access pathways for cell therapies in France.

Science.gov (United States)

Rémuzat, Cécile; Toumi, Mondher; Jørgensen, Jesper; Kefalas, Panos

2015-01-01

Cell therapies can be classified into three main categories of products: advanced therapy medicinal products (ATMPs), ATMPs prepared on a non-routine basis (hospital exemptions), and minimally manipulated cells. Despite the benefits that cell therapies can bring to patients, they are subject to complex pathways to reach the market in France. The objective of this study was to identify and describe routes to market access for cell therapies in France and how these vary by regulatory status. The research was structured following five main steps: (1) identification of the French regulatory framework for cell therapies; (2) identification of the health products categorised as cell therapies in France; (3) mapping of the market access pathways per category of cell therapy; (4) validation of findings by interviewing experts; and (5) development of a roadmap summarising market access pathways for cell therapies in France. The secondary research methodology included a comprehensive literature review conducted on websites of French public health institutions, complemented by a research for peer-reviewed articles, abstracts, and grey literature. Different market access pathways are possible depending on the cell therapy category. For ATMPs, market access pathways depend on the licensing status of the therapy. Licensed ATMPs followed the same market access pathways as 'conventional' pharmaceuticals, whereas not-yet-licensed ATMPs can be funded via a specific financial allowance under the framework of a Temporary Authorisation for Use procedure or various research programmes. For new ATMPs that are associated with a separate medical device (not considered as 'combined ATMPs') or associated with a new medical procedure, additional pathways will apply for the medical device and/or medical procedure to be reimbursed in the ambulatory settings or at hospital. The most likely funding option for ATMPs prepared on a non-routine basis is outside the diagnosis-related group (DRG

Smallholder marketing cooperatives and smallholders’ market access: lessons learned from the actors involved

NARCIS (Netherlands)

Gouet Enriquez, C.A.; Paassen, van A.

2012-01-01

Purpose: This article explores the views of Smallholder Marketing Cooperatives’ (SMCs) leaders and staff, to gain insight about the particular roles SMCs play in facilitating smallholders’ market access. Design/methodology/approach: The authors conceptualized and executed two international workshops

Emission reduction trading - a power marketer's perspective

Energy Technology Data Exchange (ETDEWEB)

Stewart, M. (Powerex Inc., Vancouver, BC (Canada))

1999-01-01

The current situation , and the short-term and long-term outlook in emission reduction trading are reviewed from the point of view of a power marketer. The author's view is that while the concept of emission reduction credit (ERC) is easy enough to understand, i.e. a series of measures to reduce carbon dioxide production and enhance carbon sequestration, there is no standard definition, although there are a number of models under consideration. What is being sought is clear ownership and title, a clear understanding of what qualifies as a credit, credit for early action, commodity specifications and the ability to hedge. The author predicts that in the short-tem, industry will experiment with different types of transactions to gain experience and seek partners who are willing to share risk and development cost. In the longer-term, emission reduction credits will be bought and sold as commodities and traded, swapped or exchanged as part of a portfolio in bilateral trade transactions, and used in hedging against future liabilities.

Strategic closed-loop facility location problem with carbon market trading

DEFF Research Database (Denmark)

Diabat, A.; Abdallah, T.; Al-Refaie, A.

2013-01-01

and recovery of products in a closed-loop configuration. Remanufacturing is the basis of profit-oriented reverse logistics in which recovered products are restored to a marketable condition in order to be resold to the primary or secondary market. In this paper, we introduce a multiechelon multicommodity...... facility location problem with a trading price of carbon emissions and a cost of procurement. The company might either incur costs if the carbon cap, normally assigned by regulatory agencies, is lower than the total emissions, or gain profit if the carbon cap is higher than the total emissions. A numerical...

Trade treaties and alcohol advertising policy.

Science.gov (United States)

Gould, Ellen

2005-09-01

Restrictions on alcohol advertising are vulnerable to challenge under international trade agreements. As countries negotiate new trade treaties and expand the scope of existing ones, the risk of such a challenge increases. While alcohol advertising restrictions normally do not distinguish between foreign and domestic products, this neutral character does not protect them from being challenged under trade rules. The article analyzes four provisions of trade agreements--expropriation, de facto discrimination, market access, and necessity--in relation to the jeopardy they pose for alcohol advertising restrictions. Key cases are reviewed to illustrate how these provisions have been used to either overturn existing advertising restrictions or prevent new ones from coming into force. The article also reports on the mixed results governments have had in trying to justify their regulations to trade panels and the stringent criteria imposed for proving that a regulation is "necessary."

Dampak Bea Keluar Kakao Indonesia terhadap Country Market Power di Pasar Biji Kakao Amerika Serikat dan Terms of Trade

Directory of Open Access Journals (Sweden)

Ari Harsanti

2017-03-01

Full Text Available As the world’s third-largest cocoa beans producer, Indonesia is expected to have a comparative advantage and to become cocoa beans price reference. This research investigates market power of Indonesia cocoa beans export for the United State market as an impact of an export tax. Five cocoa beans exporting countries namely Cote d’Ivoire, Ecuador, Ghana, Dominica Rep and Nigeria are calculated their market power as Indonesia’s competitors by estimating residual demand elasticity with two stage least square method. The results show that Indonesia’s market power suffered after imposing the export tax. Cote d’Ivoire and Ghana get advantages from this export restriction. The effect of export tax on welfare is analyzed by calculating terms of trade. The gain from cocoa beans trade depicts a declining terms of trade for dealing with the international cocoa beans market.

The impact of retailers own brand Fair Trade products on developing countries producers

DEFF Research Database (Denmark)

Aguiar, L. K.; Vieira, L. M.; Ferreira, G. C.

Fair Trade certification allows small producers to access international markets and to add value to their products. The Fair-Trade Labelling Organisation certification body (FLOCERT) is responsible for organising and transferring technical information from the consumer market to producers...... in developing countries. Fair trade certification reduces the complexity of transactions and enables producers to adhere to the certification system. FLOCERT exercises governance power in production sites to meet demand by the enforcement of the standards not dissimilar to what happens in global value chains....... Large food retailers have changed practices in the agro-food sector and opened markets to small producers from developing countries. Nevertheless, results reveal that certification imparts in high entry barriers in the form of the need for formal producers' associations, minimum export capacity...

Is Historical Cost Accounting a Panacea? Market Stress, Incentive Distortions, and Gains Trading

OpenAIRE

Ellul, Andrew; Jotikasthira, Chotibhak; Lundblad, Christian T; Wang, Yihui

2015-01-01

This paper explores the trading incentives of financial institutions induced by the interaction between regulatory accounting rules and capital requirements by investigating insurance companies’ trading behavior during the recent financial crisis. According to insurance regulation, life insurers have a greater degree of flexibility to hold downgraded instruments at historical cost, whereas property and casualty insurers are forced to re-mark many of their downgraded securities to market price...

Regional trade and border markets between Niger, Benin and Nigeria

DEFF Research Database (Denmark)

Walther, Olivier; Tenikué, Michel; Kuepié, Mathias

The objective of this methodological paper is to identify a number of products or sectors whose trade is relevant for border regions in West Africa. Focusing on Niger, Benin and Nigeria, we start with contextualising the importance of border markets by quantifying the changes in the relative values...... and volumes of imports and exports passing through border posts. In a second step, we determine which are the products most commonly found among the imports and exports of the border posts. The study shows that seven products are recognised as being heavily imported, subject to significant trade from large...... traders, and considered as re-export products: building materials, cereals and flour, textile, used clothing, used vehicles, cigarettes and oil....

COMPANY SIZE, TRADING ACTIVITY AND LIQUIDITY AS A DETERMINANTS OF CROSS-SECTIONAL MOMENTUM TRADING STRATEGY ON RUSSIAN STOCK MARKET. PART 2

Directory of Open Access Journals (Sweden)

Teplova T. V.

2014-09-01

Full Text Available Momentum-effect has many interpretations in the practice of investing and in understanding of anomalies in asset prices. We consider a Cross-Sectional momentum effects and the corresponding two medium-term (3 months or more trading strategies that are different from the trend following rules for individual assets. We tested four hypothesis deals with cross-sectional momentum effect on the Russian stock market and the possibility of building a self-financing (long-short trading strategy at three time horizon (stock market growth from 2004 until mid-2008, financial crisis and post-crisis periods. It is shown that for the Russian market cross-sectional momentum strategy with partly rebalanced portfolio maximizing portfolio return (134 stocks listed from 2004 to 2014 in the few Russian stock exchanges should be based on the three-month formation period and three-month holding period periods (3/1/3. We have identified elements of profit-maximizing momentum strategy: three time windows and determinants of assets. Monthly average return of arbitrage strategy is estimated at 1.5 % for 134 common shares. Implementation of the strategy for the post-crisis period does not allow to maximize profit. For 6 month and more investment windows it gets the advantage of reverse strategy (opening long positions in stocks with low investment results and short position for assets with high relative returns. Fundamental parameters of the issuer (size of companies like market capitalization and two measures of liquidity (trading activity and transaction costs like bid-ask spread are significant to maximize portfolio performance (we prove the growth of monthly average return ranging from 1.5 to 2.5 %. We find that size and liquidity control momentum strategy can earn positive profits in Russian stock market, larger than naïve momentum.

Testing the performance of technical trading rules in the Chinese markets based on superior predictive test

Science.gov (United States)

Wang, Shan; Jiang, Zhi-Qiang; Li, Sai-Ping; Zhou, Wei-Xing

2015-12-01

Technical trading rules have a long history of being used by practitioners in financial markets. The profitable ability and efficiency of technical trading rules are yet controversial. In this paper, we test the performance of more than seven thousand traditional technical trading rules on the Shanghai Securities Composite Index (SSCI) from May 21, 1992 through June 30, 2013 and China Securities Index 300 (CSI 300) from April 8, 2005 through June 30, 2013 to check whether an effective trading strategy could be found by using the performance measurements based on the return and Sharpe ratio. To correct for the influence of the data-snooping effect, we adopt the Superior Predictive Ability test to evaluate if there exists a trading rule that can significantly outperform the benchmark. The result shows that for SSCI, technical trading rules offer significant profitability, while for CSI 300, this ability is lost. We further partition the SSCI into two sub-series and find that the efficiency of technical trading in sub-series, which have exactly the same spanning period as that of CSI 300, is severely weakened. By testing the trading rules on both indexes with a five-year moving window, we find that during the financial bubble from 2005 to 2007, the effectiveness of technical trading rules is greatly improved. This is consistent with the predictive ability of technical trading rules which appears when the market is less efficient.

Fair Trade as a Solution for Inequality on the Global Market - Corporate Perspective

Directory of Open Access Journals (Sweden)

Sandra Lovric

2016-03-01

Full Text Available New alternatives to free trade are evolving at the global market; their aim is to bring more ethics and morality into the relations between the trading parties (producers, corporations and buyers. This article analyses one of such alternatives i.e. Fair Trade from the perspective of influencing change of corporate politics. Due to the rising awareness of buyers about the origin of goods and the initiatives of forcing corporations into changing their practices based on unethical treatment of workers in the 3rd world countries, alternative ways of trade are becoming part of traditional corporate environment in the free trade chain. By elaborating fundamental principles of certification process, the article gives an answer to the question of creation of added ethical value in the aspect of positioning corporations in the “new economy”.

Market analyses of livestock trade networks to inform the prevention of joint economic and epidemiological risks.

Science.gov (United States)

Moslonka-Lefebvre, Mathieu; Gilligan, Christopher A; Monod, Hervé; Belloc, Catherine; Ezanno, Pauline; Filipe, João A N; Vergu, Elisabeta

2016-03-01

Conventional epidemiological studies of infections spreading through trade networks, e.g., via livestock movements, generally show that central large-size holdings (hubs) should be preferentially surveyed and controlled in order to reduce epidemic spread. However, epidemiological strategies alone may not be economically optimal when costs of control are factored in together with risks of market disruption from targeting core holdings in a supply chain. Using extensive data on animal movements in supply chains for cattle and swine in France, we introduce a method to identify effective strategies for preventing outbreaks with limited budgets while minimizing the risk of market disruptions. Our method involves the categorization of holdings based on position along the supply chain and degree of market share. Our analyses suggest that trade has a higher risk of propagating epidemics through cattle networks, which are dominated by exchanges involving wholesalers, than for swine. We assess the effectiveness of contrasting interventions from the perspectives of regulators and the market, using percolation analysis. We show that preferentially targeting minor, non-central agents can outperform targeting of hubs when the costs to stakeholders and the risks of market disturbance are considered. Our study highlights the importance of assessing joint economic-epidemiological risks in networks underlying pathogen propagation and trade. © 2016 The Authors.

Market analyses of livestock trade networks to inform the prevention of joint economic and epidemiological risks

Science.gov (United States)

Gilligan, Christopher A.; Belloc, Catherine; Filipe, João A. N.; Vergu, Elisabeta

2016-01-01

Conventional epidemiological studies of infections spreading through trade networks, e.g. via livestock movements, generally show that central large-size holdings (hubs) should be preferentially surveyed and controlled in order to reduce epidemic spread. However, epidemiological strategies alone may not be economically optimal when costs of control are factored in together with risks of market disruption from targeting core holdings in a supply chain. Using extensive data on animal movements in supply chains for cattle and swine in France, we introduce a method to identify effective strategies for preventing outbreaks with limited budgets while minimizing the risk of market disruptions. Our method involves the categorization of holdings based on position along the supply chain and degree of market share. Our analyses suggest that trade has a higher risk of propagating epidemics through cattle networks, which are dominated by exchanges involving wholesalers, than for swine. We assess the effectiveness of contrasting interventions from the perspectives of regulators and the market, using percolation analysis. We show that preferentially targeting minor, non-central agents can outperform targeting of hubs when the costs to stakeholders and the risks of market disturbance are considered. Our study highlights the importance of assessing joint economic–epidemiological risks in networks underlying pathogen propagation and trade. PMID:26984191

Waterpipe industry products and marketing strategies: analysis of an industry trade exhibition.

Science.gov (United States)

Jawad, Mohammed; Nakkash, Rima T; Hawkins, Ben; Akl, Elie A

2015-12-01

Understanding product development and marketing strategies of transnational tobacco companies (TTCs) has been of vital importance in developing an effective tobacco control policy. However, comparatively little is known of the waterpipe tobacco industry, which TTCs have recently entered. This study aimed to gain an understanding of waterpipe tobacco products and marketing strategies by visiting a waterpipe trade exhibition. In April 2014, the first author attended an international waterpipe trade exhibition, recording descriptions of products and collecting all available marketing items. We described the purpose and function of all products, and performed a thematic analysis of messages in marketing material. We classified waterpipe products into four categories and noted product variation within categories. Electronic waterpipe products (which mimic electronic cigarettes) rarely appeared on waterpipe tobacco marketing material, but were displayed just as widely. Claims of reduced harm, safety and quality were paramount on marketing materials, regardless of whether they were promoting consumption products (tobacco, tobacco substitutes), electronic waterpipes or accessories. Waterpipe products are diverse in nature and are marketed as healthy and safe products. Furthermore, the development of electronic waterpipe products appears to be closely connected with the electronic cigarette industry, rather than the waterpipe tobacco manufacturers. Tobacco control policy must evolve to take account of the vast and expanding array of waterpipe products, and potentially also charcoal products developed for waterpipe smokers. We recommend that tobacco substitutes be classified as tobacco products. Continued surveillance of the waterpipe industry is warranted. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://www.bmj.com/company/products-services/rights-and-licensing/

Research document no. 24. The integration of european electric markets: from the national markets juxtaposition to the establishment of a regional market

International Nuclear Information System (INIS)

Finon, D.

2000-11-01

After the transcription of the electricity directive in national legislations, the European electricity market appears to be a vast set of juxtaposed markets which are weakly connected at the level of their wholesale contracts compartment. Referring to the technological peculiarities of electricity as a commodity, the paper identifies the direct conditions of regional integration of the electricity markets, those which would favour cross-border trade and allow to be near the normal functioning of a regional commodity market. The infrastructure network dependence and the need of a stringent technical coordination necessitate to unify the operation of the different systems and the rules of access, or at the least to come near this unification by strong coordination. A second major condition, which is not fully debated, is the increasing connexion of short-term markets, via daily physical trade and emergence of a European financial market, which could trade various standardised contracts referring to a single hourly spot price, or to prices in various delivery points. To reach such an integration, two paths are possible: either concentration into one single organised power exchange as the Nordic pool, or rules harmonization of the various power exchanges which would be a minimal requirement to allow arbitrations between them. (author)

17 CFR 33.4 - Designation as a contract market for the trading of commodity options.

Science.gov (United States)

2010-04-01

... capable of being transferred, assigned or otherwise disposed of other than on or subject to the rules of... regulations: (A) The cash market for the underlying physical exhibits sufficient liquidity such that the... the board of trade. (b) Such board of trade adopts rules which: (1) Prescribe in regard to strike...

Global Market, Colonial Economies and Trade Corporations: The consulates at Guadalajara and Buenos Aires

Directory of Open Access Journals (Sweden)

Antonio Ibarra

2013-04-01

Full Text Available This paper seeks to examine the global organization of two Spanish American colonial spaces during the era of free trade: the Hispanic North and Rio de la Plata. By studying the consular records on foreign trade, included in the derecho de avería records, I analyse how their economies were integrated into the circulation of silver, slaves, and imports. Moreover, I explain the institutional development of their trade communities, favored by the body of consulates in the cities of Guadalajara and Buenos Aires, viewed as institutional instruments of corporate negotiation, market administration, and interest organization against a backdrop of trade globalization.

Empirical Evidence on the Role of Trading Suspensions in Disseminating New Information to the Capital Market

NARCIS (Netherlands)

Engelen, Peter-Jan; Kabir, Mohammed Rezaul

2006-01-01

This paper examines the effect of temporarily suspending the trading of exchange-listed individual stocks. We evaluate whether regulatory authorities can successfully use the mechanism of trading suspension in forcing companies to disclose new and material information to the capital market. Previous

Market analysis and risk management of EU emissions trading

International Nuclear Information System (INIS)

Ollikainen, M.; Ollikka, K.; Aatola, P.; Ahonen, H.M.; Pohjola, T.; Kumpulainen, A.; Lappalainen, E.

2006-01-01

The first EU emissions trading period commenced on 1 January 2005. It implies new challenges to companies included in the scheme. A central challenge is the uncertainty related to the markets. In order to manage risks and profitability companies need to be able to estimate future price developments of emission allowances. University of Helsinki is conducting a research project in cooperation with Helsinki University of Technology that will provide necessary information for analyzing emission allowance markets and create risk management competence. The objectives of the research project are 1) to develop a price estimation model for EU emission allowances and 2) to develop risk management competence related to EU emission allowances. With the price estimation model the short-term price developments of EU emission allowances can be estimated. By utilizing the model companies can reduce uncertainties related to the markets. The project will also deliver a general risk management model for emission allowances that aims at improving competitiveness of companies. (orig.)

Exploring Determinant Factors of Bond Trading with Inventory Management Theory (Case Study of Indonesian Capital Market, January – March 2009

Directory of Open Access Journals (Sweden)

Imam Wahyudi

2014-08-01

Full Text Available This  paper  studies  trading  volume  of  206  recorded  and  publicly  traded  bonds  in  Indonesian Capital Market on January 4th - March 9th 2009 observed period. The data covers almost all trading data in the market and all brokers that exist. The microstructure data used in this study is a complete understanding for almost every phenomenons in the market, and thus could explain more about bond liquidity. We ind that some bonds are actively traded and most are rare. We also construct some determinant facto tests of bond trading volume, included  descriptive  statistic,  GLS,  and  other  formal  test.  We  ind  that  bonds  with  larger par value and more seasoned tend to have smaller trading volume. We also ind that private bonds are actively traded more than public bonds (both government institution and private institution  bond.  Interest  rate  risk  and  bond  price  volatility  are  positively  inluence  bond trading volume, but opposite for bond rating. We ind that bond with higher probability to default  have  smaller  trading  volume.  While  comparing  the  bond  volume  data  with  stock price data, we ind that the relationship in two markets is not linier as the convenient theory in inance said. ";} // -->activate javascript

Firms, Technology and Trade

OpenAIRE

Caldera Sanchez, Aida

2010-01-01

This doctoral dissertation studies the effect of economic integration on the performance of firms. The ongoing process of global economic integration has been characterized by dismantling of trade barriers and openness to foreign direct investments (FDI). These changes have not only brought opportunities to firms in terms of market access and the possibility to learn about foreign technologies brought in by foreign counterparts. The new economic environment has also posed new challenges throu...

Labour market segmentation and mobility as determinants of trade union membership

DEFF Research Database (Denmark)

Jensen, Carsten Strøby

2018-01-01

This article analyses if and to what extent labour market segmentation and labour market mobility influence trade union density. Some industries and sectors have stable employment domains and employees stay to a high degree within the industry even if they change jobs. Other industries and sectors...... have more unstable employments domains and employees to a higher degree shift to employment in other industries and sectors when they move to another job. In this article, it is analysed how differences in segmentation and employee mobility out of an industry influence union density. The analysis...... of mobility....

The relationship between in-store marketing and observed sales for organic versus fair trade products

NARCIS (Netherlands)

Herpen, van E.; Nierop, van J.E.M.; Sloot, L.M.

2012-01-01

To stimulate sales of sustainable products, such as organic and fair trade products, retailers need to know whether their in-store instruments effectively enhance market shares. This study uses sales data and a multilevel modeling approach to explain the market shares of sustainable products

The relationship between in-store marketing and observed sales for organic versus fair trade products

NARCIS (Netherlands)

van Herpen, Erica; van Nierop, Erjen; Sloot, Laurens

To stimulate sales of sustainable products, such as organic and fair trade products, retailers need to know whether their in-store instruments effectively enhance market shares. This study uses sales data and a multilevel modeling approach to explain the market shares of sustainable products

"Globalization and the Changing Trade Debate: Suggestions for a New Agenda"

OpenAIRE

Thomas I. Palley

2007-01-01

The failure of the Doha Development Round of World Trade Organization (WTO) negotiations in July 2006 was the first major collapse of a multilateral trade round since World War II. Research Associate Thomas I. Palley sees the failure as an event that could mark the close of a 60-year era of trade policy largely centered on increasing market access and reducing tariffs, quotas, and subsidies. Doha’s demise represents an opportunity to challenge the intellectual dominance of the current WTO par...

A Market Analysis of Publications, Trade Conferences, and Key Events for Fleet Readiness Center Southwest

Science.gov (United States)

2007-12-01

Win and Keep Big Customers. Austin: Bard Press, 2005. Kotler , Philip and Kevin Lane Keller. Marketing Management. Upper Saddle River, NJ...NAVAL POSTGRADUATE SCHOOL MONTEREY, CALIFORNIA MBA PROFESSIONAL REPORT A Market Analysis of Publications, Trade Conferences...AGENCY USE ONLY (Leave blank) 2. REPORT DATE December 2007 3. REPORT TYPE AND DATES COVERED MBA Professional Report 4. TITLE AND SUBTITLE: A Market

Electricity market 2001

Energy Technology Data Exchange (ETDEWEB)

NONE

2001-09-01

The electricity markets in the Nordic countries have undergone major changes since the electricity market reform work was started in the early 1990s. Sweden, Norway and Finland have had a common electricity market since 1996. The work of also reforming the Danish electricity market was begun in the year 2000. The objective of the electricity market reform is to introduce increased competition, to give the consumers greater freedom of choice and also, by open and expanded trade in electricity, create the conditions for efficient pricing. The Swedish National Energy Administration is the supervisory authority as specified in the Electricity Act, and one of the tasks entrusted to it by the Government is to follow developments on the electricity market and to regularly compile and report current market information. The purpose of the 'Electricity market 2001' publication is to meet the need for generalized and readily accessible information on the conditions on the Nordic market. Iceland is not included in the description. The publication also includes summaries of information from recent years concerning electricity generation and utilization in the Nordic countries, the structure of the electricity market from the players' perspective, trade in electricity in the Nordic countries and in Northern Europe, electricity prices in the Nordic and other countries, and the impact of the electricity sector on the environment. The publication contains data on electricity generation and use during the past years, structure of the electricity market, trade in electricity in the Nordic countries and northern Europe, electricity prices in the Nordic countries and other countries as well as impact of electricity generation system on the environment.

Electricity market 2001

International Nuclear Information System (INIS)

2001-09-01

The electricity markets in the Nordic countries have undergone major changes since the electricity market reform work was started in the early 1990s. Sweden, Norway and Finland have had a common electricity market since 1996. The work of also reforming the Danish electricity market was begun in the year 2000. The objective of the electricity market reform is to introduce increased competition, to give the consumers greater freedom of choice and also, by open and expanded trade in electricity, create the conditions for efficient pricing. The Swedish National Energy Administration is the supervisory authority as specified in the Electricity Act, and one of the tasks entrusted to it by the Government is to follow developments on the electricity market and to regularly compile and report current market information. The purpose of the 'Electricity market 2001' publication is to meet the need for generalized and readily accessible information on the conditions on the Nordic market. Iceland is not included in the description. The publication also includes summaries of information from recent years concerning electricity generation and utilization in the Nordic countries, the structure of the electricity market from the players' perspective, trade in electricity in the Nordic countries and in Northern Europe, electricity prices in the Nordic and other countries, and the impact of the electricity sector on the environment. The publication contains data on electricity generation and use during the past years, structure of the electricity market, trade in electricity in the Nordic countries and northern Europe, electricity prices in the Nordic countries and other countries as well as impact of electricity generation system on the environment

International trade agreements: hazards to health?

Science.gov (United States)

Shaffer, Ellen R; Brenner, Joseph E

2004-01-01

Since the 1980s, neoliberal policies have prescribed reducing the role of governments, relying on market forces to organize and provide health care and other vital human services. In this context, international trade agreements increasingly serve as mechanisms to enforce the privatization, deregulation, and decentralization of health care and other services, with important implications for democracy as well as for health. Critics contend that social austerity and "free" trade agreements contribute to the rise in global poverty and economic inequality and instability, and therefore to increased preventable illness and death. Under new agreements through the World Trade Organization that cover vital human services such as health care, water, education, and energy, unaccountable, secret trade tribunals could overrule decisions by democratically elected officials on public financing for national health care systems, licensing and training standards for health professionals, patient safety and quality regulations, occupational safety and health, control of hazardous substances such as tobacco and alcohol, the environment, and affordable access to safe water and sanitation. International negotiations in 2003 in Cancun and in Miami suggested that countervailing views are developing momentum. A concerned health care community has begun to call for a moratorium on trade negotiations on health care and water, and to reinvigorate an alternative vision of universal access to vital services.

THE PLACE OF SWITZERLAND IN ROMANIA'S FOREIGN TRADE WITH EFTA DURING 2007-2016

Directory of Open Access Journals (Sweden)

ZAMFIR PAUL BOGDAN

2017-06-01

Full Text Available In this paper it is presented in a synthetic manner the overall evolution of bilateral trade between Romania and Switzerland in the current period of post-accession of our country to EU. Therefore, in order to be successed on this market - to achieve and maintain stable and long-term commercial relations partners, romanian exporters should pay very attention strict implementation of contractual terms, equality rules, conditions and delivery terms and possibly to inform previously on local prices of competing firms. Also it is important to emphasize that the current EU's legal framework regarding trade relations influenced positively the entire climate of bilateral trade between Romanian and Swiss economic agents. At the same time, the bilateral agreements are also applied by Romania in virtue of its quality as member state of EU that automatically adopted and implemented EU legislation, the international treaties and agreements with third countries. Thus, it is noticeable that in post-accession period to the EU, our country in the field of foreign trade with Switzerland applies the legal framework of EU that has as main effect the development of trade conducted between Romanian and Swiss companies. Also, regarding Romania's foreign trade with EFTA states in the current period of post accession to EU it can be noticed a major improvement, due to the three countries of The European Free Trade Association (EFTA except Switzerland is subject to the European Economic Area (EEA Agreement. In this context the elimination of customs duties in trade between our country and EFTA states leads undoubtedly to entry on Romanian market of products with high quality designed to meet the requirements of domestic demand.

Investors' performance and trading behavior on the Norwegian stock market

OpenAIRE

Che, Limei

2011-01-01

This dissertation examines investors’ performance and trading behavior on the Norwegian stock market, using a unique and extensive data set of monthly holdings of all the investors. The first paper studies how Norwegian individual investors, financial institutional investors and foreign investors affect stock return volatility and finds surprising and interesting results: domestic individual investors and financial institutional investors dampen stock return volatility, and foreign investors ...

Electricity market 2000

Energy Technology Data Exchange (ETDEWEB)

Korsfeldt, T.; Petsala, B.

2000-08-01

The electricity markets in the Nordic countries have undergone major changes since the electricity market reform work was started in the early 1990s. Sweden, Norway and Finland have a common electricity market since 1996.The work of also reforming the Danish electricity market was begun in the year 2000. The objective of the electricity market reform is to introduce increased competition,to give the consumers greater freedom of choice and also, by open and expanded trade in electricity, create the conditions for efficient pricing. The Swedish National Energy Administration is the supervisory authority as specified in the Electricity Act, and one of the tasks entrusted to it by the Government is to follow developments on the electricity market and to regularly compile and report current market information. The purpose of the present publication is to meet the need for generalized and readily accessible information on the conditions on the Nordic markets.The publication includes summaries of information from recent years concerning electricity generation and utilization in the Nordic countries, the structure of the electricity market from the players' perspective trade in electricity in the Nordic countries and in Northern Europe, electricity prices in the Nordic and other countries, and the impact of the electricity sector on the environment.

Electricity market 2000

International Nuclear Information System (INIS)

Korsfeldt, T.; Petsala, B.

2000-08-01

The electricity markets in the Nordic countries have undergone major changes since the electricity market reform work was started in the early 1990s. Sweden, Norway and Finland have a common electricity market since 1996.The work of also reforming the Danish electricity market was begun in the year 2000. The objective of the electricity market reform is to introduce increased competition,to give the consumers greater freedom of choice and also, by open and expanded trade in electricity, create the conditions for efficient pricing. The Swedish National Energy Administration is the supervisory authority as specified in the Electricity Act, and one of the tasks entrusted to it by the Government is to follow developments on the electricity market and to regularly compile and report current market information. The purpose of the present publication is to meet the need for generalized and readily accessible information on the conditions on the Nordic markets.The publication includes summaries of information from recent years concerning electricity generation and utilization in the Nordic countries, the structure of the electricity market from the players' perspective trade in electricity in the Nordic countries and in Northern Europe, electricity prices in the Nordic and other countries, and the impact of the electricity sector on the environment

Review of inter-utility trade in electricity: Analyses of submissions

International Nuclear Information System (INIS)

1994-04-01

In November 1992, Canada's National Energy Board released two discussion papers describing its review of inter-utility trade in electricity. The review was undertaken to report on measures that could be taken to enhance interprovincial trade in electricity by encouraging greater cooperation among utilities in systems planning and development, and by enabling buyers and sellers of electricity to obtain commercial access to available transmission capacity through intermediate provinces for wheeling purposes. Interested parties were invited to comment on the papers and 42 responses were received from Canadian utilities, provincial governments, regulatory agencies, and others. These responses are summarized and analyzed, providing an indication of how future policy initiatives on electricity trade might be received. Most submitters agreed that there is a need to enable commercial access to available transmission capacity through intermediate provinces for wheeling purposes. Of the seven options described in the discussion papers that would enable buyers and sellers of electricity to gain commercial access to transmission grids, the status quo was preferred by those utilities and provinces that have direct access to export markets by virtue of their geographic location. Those utilities and provinces that do not have such direct access tend to support, as a last resort, mandated solutions to disputes concerning electricity trade. 78 figs

Is there reciprocity in preferential trade agreements on services?

OpenAIRE

Marchetti, Juan; Roy, Martin; Zoratto, Laura

2012-01-01

Are market access commitments on services in Preferential Trade Agreements (PTAs) reciprocal or simply unilateral? If reciprocal, do concessions granted in services depend on concessions received from the trading partner in other services or in non-services areas as well? In this paper we investigate the presence of reciprocity in bilateral services agreements, by sub-sector, mode of supply and type of agreement (North-North, South-North, South-South). To do so, we use a database of concessio...

Congestion management rules and trading strategies in the Spanish electricity market

Energy Technology Data Exchange (ETDEWEB)

Furio, Dolores; Lucia, Julio J. [Departamento de Economia Financiera y Actuarial, Universidad de Valencia, Avda. Los Naranjos, s/n, 46022 - Valencia (Spain)

2009-01-15

This paper analyses the economic incentives embodied in the rules governing the resolution of transmission constraints in the Spanish wholesale electricity market and the way these incentives may have influenced on the trading behaviour of both the generators and the demand side. The evidence obtained is consistent with them responding to these incentives. In particular, buyers would respond to the way congestion costs are billed to them by abandoning the daily market in favour of the intraday market as far as possible. Additionally, some strategic generators may have been prompted the system operator to require them to inject electricity into the system to solve network congestions. Finally, these results may contribute to shed light on what should be expected of the reform in the aforementioned rules. (author)

Congestion management rules and trading strategies in the Spanish electricity market

International Nuclear Information System (INIS)

Furio, Dolores; Lucia, Julio J.

2009-01-01

This paper analyses the economic incentives embodied in the rules governing the resolution of transmission constraints in the Spanish wholesale electricity market and the way these incentives may have influenced on the trading behaviour of both the generators and the demand side. The evidence obtained is consistent with them responding to these incentives. In particular, buyers would respond to the way congestion costs are billed to them by abandoning the daily market in favour of the intraday market as far as possible. Additionally, some strategic generators may have been prompted the system operator to require them to inject electricity into the system to solve network congestions. Finally, these results may contribute to shed light on what should be expected of the reform in the aforementioned rules. (author)

Performance of Exchange-traded Fund in the Nordic Market

OpenAIRE

Huynh, Son

2016-01-01

Exchange-traded Fund (ETF) is one of the newer financial derivative products, yet its growth and popularity have been expansive at a remarkable rate. As a fund, it offers a convenient way to diversify the portfolio and gain exposure to foreign markets. As a stock, it holds the simplicity of being tradable on an exchange. In recent years, ETF has gained increasing interest as the next investment tool. The performance of this financial instrument is therefore worthy of discussion. The aim of th...

Korea's emission trading scheme and policy design issues to achieve market-efficiency and abatement targets

International Nuclear Information System (INIS)

Park, Hojeong; Hong, Won Kyung

2014-01-01

In 2008, the government of Republic of Korea (Korea) announced the national abatement target aiming at 30% reductions from the Business-as-Usual projections by 2020. Accordingly, the Emission Trading Scheme (ETS) will be implemented from 2015 onwards. As ETS performance substantially depends on the structural design, it is critically important to examine the details of Korean ETS for the achievement of cost effectiveness and concurrent development of an active emission trading market. This paper addresses several policy design issues for this purpose. After providing an overview on the current framework of Korean ETS, we propose ways to achieve flexibility, consistency and market efficiency of the program in consideration of the preexisting policies. Issues in policy design are discussed by focusing on allowance allocation, market stabilization measures and price mechanism in the emission and energy markets in Korea. This paper will serve as a practical guideline for establishing sustainable and market-efficient Korean ETS that can be compatible with the international standards as in the EU ETS. - Highlights: • Emission Trading Scheme (ETS) will be implemented from 2015 in Korea to reduce CO 2 . • ETS performance substantially depends on structural design. • We provide policy overview on the current framework of Korean ETS. • Several policy design issues are discussed for developing policy consistency. • We focus on allowance allocation, allowance reserve and market stabilization measures

Informed trading and the bid-ask spread: evidence from an emerging market

Czech Academy of Sciences Publication Activity Database

Hanousek, Jan; Podpiera, R.

2003-01-01

Roč. 31, č. 2 (2003), s. 275-296 ISSN 0147-5967 R&D Projects: GA MŠk ME 595 Institutional research plan: CEZ:AV0Z7085904 Keywords : market microstructure * bid-ask spread * informed trading Subject RIV: AH - Economics Impact factor: 0.746, year: 2003

Changes in the primate trade in indonesian wildlife markets over a 25-year period: Fewer apes and langurs, more macaques, and slow lorises.

Science.gov (United States)

Nijman, Vincent; Spaan, Denise; Rode-Margono, Eva Johanna; Wirdateti; Nekaris, K A I

2017-11-01

Indonesia has amongst the highest primate species richness, and many species are included on the country's protected species list, partially to prevent over-exploitation. Nevertheless traders continue to sell primates in open wildlife markets especially on the islands of Java and Bali. We surveyed 13 wildlife markets in 2012-2014 and combined our results with previous surveys from 1990-2009 into a 122-survey dataset with 2,424 records of 17 species. These data showed that the diversity of species in trade decreased over time, shifting from rare rainforest-dwelling primates traded alongside more widespread species that are not confined to forest to the latter type only. In the 1990s and early 2000s orangutans, gibbons and langurs were commonly traded alongside macaques and slow lorises but in the last decade macaques and slow lorises comprised the bulk of the trade. In 2012-2014 we monitored six wildlife markets in Jakarta, Bandung and Garut (all on Java), and Denpasar (Bali). During 51 surveys we recorded 1,272 primates of eight species. Traders offered long-tailed macaque (total 1,007 individuals) and three species of slow loris (228 individuals) in five of the six markets, whereas they traded ebony langurs (18 individuals), and pig-tailed macaques (14 individuals) mostly in Jakarta. Pramuka and Jatinegara markets, both in Jakarta, stood out as important hubs for the primate trade, with a clear shift in importance over time from the former to the latter. Slow lorises, orangutans, gibbons and some langurs are protected under Indonesian law, which prohibits all trade in them; of these protected species, only the slow lorises remained common in trade throughout the 25-year period. Trade in non-protected macaques and langurs is subject to strict regulations-which market traders did not follow-making all the market trade in primates that we observed illegal. Trade poses a substantial threat to Indonesian primates, and without enforcement, the sheer volume of trade may

British American Tobacco's tactics during China's accession to the World Trade Organization.

Science.gov (United States)

Zhong, Fei; Yano, Eiji

2007-04-01

China entered the World Trade Organization (WTO) in 2001 after years of negotiations. As a WTO member, China had to reduce tariffs on imported cigarettes and remove non-tariff barriers to allow foreign cigarettes to be more competitive in the Chinese market. Among foreign tobacco companies, British American Tobacco (BAT) was the most active lobbyist during China's WTO negotiations. To review and analyse BAT's tactics and activities relating to China's entry into the WTO. Internal tobacco industry documents were reviewed and are featured here. Industry documents were searched mainly on the website of BAT's Guildford Depository and other documents' websites. 528 documents were evaluated and 142 were determined to be relevant to China's entry into the WTO. BAT was extremely active during the progress of China's entry into the WTO. The company focused its lobbying efforts on two main players in the negotiations: the European Union (EU) and the US. Because of the negative moral and health issues related to tobacco, BAT did not seek public support from officials associated with the WTO negotiations. Instead, BAT lobbyists suggested that officials protect the interests of BAT by presenting the company's needs as similar to those of all European companies. During the negotiation process, BAT officials repeatedly spoke favourably of China's accession into the WTO, with the aim of presenting BAT as a facilitator in this process and of gaining preferential treatment from their Chinese competitor. BAT's activities clearly suggest that tobacco companies place their own interests above public health interests. Today, China struggles with issues of tobacco control that are aggravated by the aggressive practices of transnational tobacco companies, tobacco-tariff reductions and the huge number of smokers. For the tobacco-control movement to progress in China, health advocates must understand how foreign tobacco companies have undermined anti-tobacco activities by taking advantage

Impact Of The Ban On Uncovered SCDS Trade On the Interdependencies Between The CDS Market And Other Sectors Of Financial Markets. The Case Of Safe And Developed Versus Risky And Developing European Markets

Directory of Open Access Journals (Sweden)

Kliber Agata

2016-03-01

Full Text Available The aim of the article is to verify the impact of the ban on uncovered sCDS trade in Europe on the interdependencies between the sCDS market and other sectors of financial markets. We analyse two European markets: the safe and developed Swedish market, and the risky and developing Hungarian one. The study covers the period from October 2008 to October 2013. We analyse changes in the interdependencies between the sCDS market and the bond market, as well as between the sCDS market and the stock exchange. We found out that in the case of the safe Swedish market, the strength of relationships of each sector of financial markets with the sCDS one was much weaker than in the case of Hungary, which may suggest that the Swedish market is less prone to crisis transmission arising from herd behaviour or speculative attacks. In the end we show that in the two economies, the influence of the sCDS market on the other sectors of financial market indeed diminished following introduction of the ban on uncovered sCDS trade.

THE IMPACT OF ACCESSION TO THE EUROPEAN UNION ON THE ROMANIAN CAPITAL MARKET

OpenAIRE

Dragoş Mînjină; Andrei Stănculescu

2007-01-01

The accession to the European Union has had a significant impact on the Romanian capital market. In this paper are presented some aspects of the capital market which are influenced by the mentioned event, such as a harmonized legislation with EU legislation and restructured capital market architecture. In order to synthesize the accession effect on the Romanian capital market, we have analyzed the specific market indicators (such as market value, turnover, market indexes etc.), computed for t...

SPS measures and possible market access implications for agricultural trade in the Doha Round: An analysis of systemic issues

OpenAIRE

Murali Kallummal

2012-01-01

Even as the Doha Round seeks to address tariff liberalization issues in a comprehensive manner, the imbalance in the outcome of market access for developing country exporters will be particularly glaring in the case of fresh agricultural and processed food products. There is growing evidence that protectionism from the usage of non-tariff barriers such as SPS measures has increased tremendously in the recent past. This paper discusses an analysis of the SPS notifications made by WTO Member co...

Using trading strategies to detect phase transitions in financial markets.

Science.gov (United States)

Forró, Z; Woodard, R; Sornette, D

2015-04-01

We show that the log-periodic power law singularity model (LPPLS), a mathematical embodiment of positive feedbacks between agents and of their hierarchical dynamical organization, has a significant predictive power in financial markets. We find that LPPLS-based strategies significantly outperform the randomized ones and that they are robust with respect to a large selection of assets and time periods. The dynamics of prices thus markedly deviate from randomness in certain pockets of predictability that can be associated with bubble market regimes. Our hybrid approach, marrying finance with the trading strategies, and critical phenomena with LPPLS, demonstrates that targeting information related to phase transitions enables the forecast of financial bubbles and crashes punctuating the dynamics of prices.

Using trading strategies to detect phase transitions in financial markets

Science.gov (United States)

Forró, Z.; Woodard, R.; Sornette, D.

2015-04-01

We show that the log-periodic power law singularity model (LPPLS), a mathematical embodiment of positive feedbacks between agents and of their hierarchical dynamical organization, has a significant predictive power in financial markets. We find that LPPLS-based strategies significantly outperform the randomized ones and that they are robust with respect to a large selection of assets and time periods. The dynamics of prices thus markedly deviate from randomness in certain pockets of predictability that can be associated with bubble market regimes. Our hybrid approach, marrying finance with the trading strategies, and critical phenomena with LPPLS, demonstrates that targeting information related to phase transitions enables the forecast of financial bubbles and crashes punctuating the dynamics of prices.

Educational Systems and the Trade-Off between Labor Market Allocation and Equality of Educational Opportunity

Science.gov (United States)

Bol, Thijs; van de Werfhorst, Herman G.

2013-01-01

Educational systems with a high level of tracking and vocational orientation have been shown to improve the allocation of school-leavers in the labor market. However, tracked educational systems are also known to increase inequality of educational opportunity. This presumed trade-off between equality and labor market preparation is clearly rooted…

Emissions trading with offset markets and free quota allocations

Energy Technology Data Exchange (ETDEWEB)

Rosendahl, Knut Einar; Strand, Jon

2012-07-01

We study interactions between a 'policy bloc's' emissions quota market and an offset market where emissions offsets can be purchased from a non-policy 'fringe' of countries (such as for the CDM under the Kyoto Protocol). Policy-bloc firms are assumed to benefit from free quota allocations that are updated according to either past emissions or past outputs. We show that both overall abatement, and the allocation of given abatement between the policy bloc and the fringe, tend to be inefficient. When the policy-bloc quota market and offset markets are fully integrated (and firms buy offsets directly from the fringe), and all quotas and offsets must be traded at a single price, it is optimal for the policy bloc to either not constrain the offset market whatsoever, or to ban offsets completely. The former (latter) case occurs when free allocation of quotas is not too generous (very generous), and the offset market can profitably deliver large (only a small) quota amounts. Governments of policy countries would however instead prefer to buy offsets directly from the fringe at a price below the policy-bloc quota price. The offset price will then be below the marginal damage cost of emissions, and the quota price in the policy bloc above marginal damage cost. This solution is also inefficient as the policy bloc (acting as a monopsonist) purchases too few offsets from the fringe.(Author)

Testing the theory of emissions trading. Experimental evidence on alternative mechanisms for global carbon trading

International Nuclear Information System (INIS)

Klaassen, Ger; Nentjes, Andries; Smith, Mark

2005-01-01

Simulation models and theory prove that emission trading converges to market equilibrium. This paper sets out to test these results using experimental economics. Three experiments are conducted for the six largest carbon emitting industrialized regions. Two experiments use auctions, the first a single bid auction and the second a Walrasian auction. The third relies on bilateral, sequential trading. The paper finds that, in line with the standard theory, both auctions and bilateral, sequential trading capture a significant part (88% to 99%) of the potential cost savings of emission trading. As expected from trade theory, all experiments show that the market price converges (although not fully) to the market equilibrium price. In contrast to the theory, the results also suggest that not every country might gain from trading. In both the bilateral trading experiment and the Walrasian auction, one country actually is worse off with trade. In particular bilateral, sequential trading leads to a distribution of gains significantly different from the competitive market outcome. This is due to speculative behavior, imperfect foresight and market power

Intraday Seasonalities and Nonstationarity of Trading Volume in Financial Markets: Individual and Cross-Sectional Features.

Science.gov (United States)

Graczyk, Michelle B; Duarte Queirós, Sílvio M

2016-01-01

We study the intraday behaviour of the statistical moments of the trading volume of the blue chip equities that composed the Dow Jones Industrial Average index between 2003 and 2014. By splitting that time interval into semesters, we provide a quantitative account of the nonstationary nature of the intraday statistical properties as well. Explicitly, we prove the well-known ∪-shape exhibited by the average trading volume-as well as the volatility of the price fluctuations-experienced a significant change from 2008 (the year of the "subprime" financial crisis) onwards. That has resulted in a faster relaxation after the market opening and relates to a consistent decrease in the convexity of the average trading volume intraday profile. Simultaneously, the last part of the session has become steeper as well, a modification that is likely to have been triggered by the new short-selling rules that were introduced in 2007 by the Securities and Exchange Commission. The combination of both results reveals that the ∪ has been turning into a ⊔. Additionally, the analysis of higher-order cumulants-namely the skewness and the kurtosis-shows that the morning and the afternoon parts of the trading session are each clearly associated with different statistical features and hence dynamical rules. Concretely, we claim that the large initial trading volume is due to wayward stocks whereas the large volume during the last part of the session hinges on a cohesive increase of the trading volume. That dissimilarity between the two parts of the trading session is stressed in periods of higher uproar in the market.

How can natural gas markets be competitively organized

International Nuclear Information System (INIS)

Funk, C.

1992-01-01

In this paper it will be discussed how to most effectively give room to competitive forces in natural gas markets, given the traditional merchant pipeline as point of departure. Alternative models of organizing the market will be reviewed: we first consider decreasing barriers to entry and then analyze advantages and drawbacks of a third party access system. In this context different forms of implementing a competitive market for transportation capacity and coordinating it with gas trade are discussed, among them a simultaneous auction of gas and transmission capacity. Finally a hub system of point markets in conjunction with third party access will be suggested to allow for competitive markets for gas and transportation service. 33 refs

Redirecting International Trade

DEFF Research Database (Denmark)

Kokko, Ari; Söderlund, Bengt; Tingvall, Patrik Gustavsson

2014-01-01

The global financial crisis has contributed to the redirection of trade towards new markets outside the OECD area, where both demand patterns and the institutional environment differ from those in the OECD. This study provides an empirical examination of the consequences of this shift, based......-specific investments are particularly difficult to redirect towards markets with weak institutions....... on Swedish firm-level trade data. Results suggest that weak institutions hamper trade and reduce the length of trade relations, especially for small firms. Trade in industries that are characterized by a high frequency of trade conflicts and where transactions require extensive relationship...

Redirecting International Trade

DEFF Research Database (Denmark)

Kokko, Ari; Söderlund, Bengt; Tingvall, Patrik Gustavsson

The global financial crisis has accelerated the redirection of trade towards new markets, outside the OECD area, where both demand patterns and the institutional environment differ from those in the OECD. This study provides an empirical examination of the consequences of this shift. Results...... difficult to redirect towards markets with weak institutions....... suggest that weak institutions hamper trade and reduces the length of trade relations, especially for small firms. Furthermore, trade in industries that are characterized by a high degree of trade conflicts and that requires extensive relationship specific investments for trade to occur are comparatively...

Jane Kelsey, Serving Whose Interests? The Political Economy of Trade in Services Agreements

Directory of Open Access Journals (Sweden)

Maureen Irish

2009-02-01

Full Text Available Serving Whose Interests is an examination of the General Agreement on Trade in Services [GATS] since its inception in 1995, with several case studies that discuss services trade in specific applications around the world. The scholarship i s extensive and detailed. Jane Kelsey, law professor at the University of Auckland, has criticized the pro-market services trade regime i n her role as a political activist. In this book, her goals are to make the technicalities of trade rules accessible and to show their effects on people and communities.

Interjurisdictional trading rules and issues

International Nuclear Information System (INIS)

Keizer, C.

2001-01-01

Rules and issues regarding financial transmission rights were presented in this power point presentation which focused on access to the Ontario electricity grid. Power generators submit offers to the independent market operator (IMO) to participate in the IMO dispatch. This presentation covered uniform pricing issues in Ontario, the congestion pricing theory, congestion management, and how congestion pricing can apply to inter-regional trades. Inter-regional trading examples of buying and selling electricity in Ontario were also presented. IMOs have the power to auction transmission rights, which are the financial instrument that protects against exposure to changes in price differences. Initially, this would apply only to price differences between the uniform Ontario price and prices in each zone. The holders of financial transmission rights receive a portion of the congestion surplus collected through the IMO settlements as a result of congestion pricing on the entities. The problem is that this provides no incentive for transmitters. Another problem is that there are different trading regimes in Ontario, but it is preferable to have seamless trading across jurisdictions to promote inter-jurisdictional trading

Trading places: the impact and outcomes of market reform in vocational education and training

OpenAIRE

Anderson, Damon Lindsay

2017-01-01

In 1990, Australian governments embarked upon a radical policy experiment to create an ‘open training market’, comprising public Technical and Further Education (TAFE) and private providers. The idea that vocational education and training could be traded in a marketplace, with provision subject to market forces and competition between public and private providers, was unthinkable for most at the time. Underwritten by government, TAFE had been the dominant post-school provider of trade and tec...

Market development in the natural gas market

International Nuclear Information System (INIS)

Kuenneke, R.W.; Arentsen, M.J.; Manders, A.M.P.; Plettenburg, L.A.

1998-01-01

Options for the liberalization of the Dutch natural gas market have been investigated. Three models are compared and assessed for the impacts on the economic performance, the national interests and the so-called public tasks. The results of the report can be used to base the proposals for a new Natural Gas Act, which is expected to be sent to the Dutch parliament in the spring of 1999. The three liberalization models are specified according to the different phases in the industrial column of natural gas. Except for transport (limited possibilities) and distribution (monopolistic character and thus not suitable for market development), market development is possible in all the phases of the column. The models are the cooperation model (equal position for the natural gas trade company Gasunie and the natural gas distribution companies, and management of the natural gas infrastructure and the Dutch gas reserves by means of mutual tuning, cooperation and coordination), the EZ-model (price mechanism for the tariffs for natural gas, and access to the natural gas network through negotiated third party access (TPA) with indicative prices and conditions), and the market model (optimal use of market development options to stimulate the economic performance, introduction of price mechanism options, access through regulated TPA with tariffs, based on long-term marginal costs, role of the government limited to a favorable policy with respect to access to the network, competition and security of the interests which arise from the exploitation of the Dutch natural gas fields). 26 refs

American Depositary: A Case Study for Brazilian Market

Directory of Open Access Journals (Sweden)

André Machado Caldeira

2012-06-01

Full Text Available Specialists often question market efficiency. Some works suggest arbitrage opportunities in several financial operations. Such opportunities can be explained mainly by information asymmetry, since pricing in the stock market is directly linked to information; therefore, the investor that has access to such information the soonest has a competitive advantage. The objective of this paper is to verify the existence of arbitrage opportunities via ADRs, traded in the American market, and their respective stocks, which are traded in the domestic market. Through a case study conducted with four companies, not considering the transition costs, arbitrage opportunity windows were found. Among the companies studied, two had frequent arbitrage opportunities, for one of them the arbitrage opportunity can be shaped by the time series model.

Leading Trade Networks in the Context of Globalisation of the World Retail Trade

Directory of Open Access Journals (Sweden)

Kavun Olha O.

2013-12-01

Full Text Available The article considers main tendencies of development of trade networks during 2002 – 2012 and determines that the overwhelming majority of them increased their presence in foreign markets. It analyses specific features of manifestation of the expansion policy by trade structures depending on the region of their origin. It studies motives that make leading retailers go out of boundaries of the national markets. Main of them are sharpening of competition in domestic, more mature markets, due to increase of concentration of network structures and also application of the state policy of restrictions in the trading activity. It considers methods that were selected by major trade networks in 2011 – 2012 for entering foreign markets. It establishes that the most popular was franchising. It determines directions of manifestation of regulation barriers, faced by major trade networks of the world when entering markets of developing countries. It establishes that major national structures, which are the main competitors for international trade networks and which make them develop a more weighted approach to making decisions that are connected with entering a new market and adjustment of existing strategies of development, are represented in markets of individual countries, in particular, in Asia and South Africa.

Anonymous electronic trading versus floor trading

OpenAIRE

Franke, Günter; Hess, Dieter

1995-01-01

This paper compares the attractiveness of floor trading and anonymous electronic trading systems. It is argued that in times of low information intensity the insight into the order book of the electronic trading system provides more valuable information than floor trading, but in times of high information intensity the reverse is true. Thus, the electronic system's market share in trading activity should decline in times of high information intensity. This hypothesis is tested by data on BUND...

Shippers and Network Capacity Booking in the Dutch Gas Market

NARCIS (Netherlands)

Bucura, C.; Lukszo, Z.

2012-01-01

The main objectives of the Third Gas Directive (2009/73EC) approved by the European Union are: unbundling, creating an independent Transport Service Operator (TSO) and ensuring free access to the market. The separation of gas trading from transportation activities required new market rules and gas

Impact of the transition to continous trading on emerging financial market's liquidity : Case study of the West Africa Regional Exchange Market (BRVM)

OpenAIRE

OUATTARA, Aboudou

2016-01-01

After 18 years of activities and take-off difficulties due to socio-economic and political environment of the WAEMU zone, the west Africa regional exchange market (BRVM)’s authorities decided to move to continuous trading. The decision was effective on 16th september 2013. This action, beyond the upgrading of this stock exchange market to international standards, aims at improving market liquidity. Two years after its implementation, it seemed interesting to question the relevancy of this dec...

MECHANISM OF INTRODUCTION SOCIALLY-RESPONSIBLE MARKETING IN SYSTEM MANAGEMENTS BY TRADE ENTERPRISE

Directory of Open Access Journals (Sweden)

Victoria Gladkaya

2015-12-01

Full Text Available In the article the mechanism of introduction of the socially-responsible marketing is offered in control system. At his description an author the specific of activity of trade enterprises is taken into account; the best home and foreign works are investigational in the field of the social marketing; the requirement of relatively compatible approach is observed; possibility of further improvement is taken into account, estimations of quality of every stage of mechanism of introduction and on the whole through establishment of key indicators of quality.

Integrative smart market concept for system integration of decentralized generators and as a trading platform for grid operators; Integratives Smart Market Konzept zur Systemintegration dezentraler Erzeuger und als Handelsplattform fuer Netzbetreiber

Energy Technology Data Exchange (ETDEWEB)

Schmedes, Tanja [EWE AG, Oldenburg (Germany); Stadler, Michael [BTC AG, Oldenburg (Germany); Klose, Thomas [energy and meteo systems GmbH, Oldenburg (Germany); Hollinger, Raphael [Fraunhofer ISE, Freiburg im Breisgau (Germany); Ruettinger, Hannes [Fraunhofer AST, Ilmenau (Germany); Koch, Matthias [Oeko-Institut e.V., Freiburg im Breisgau (Germany); Rosinger, Christine [OFFIS - Institut fuer Informatik, Oldenburg (Germany)

2012-07-01

The E-Energy-Project eTelligence built and evaluated an energy market with low admission barriers. This market allowed different actors from the smart grid domain to trade electricity products. During a one year field trial the market was operated with real financial transactions between market participants taking place. To this end, it was necessary to completely integrate the market into energy trading processes currently in place. In addition to the field trial, simulations were carried out in order to demonstrate participation of a distribution system operator and to evaluate intraday-transactions with a high number of simulated market participants. This paper describes the market and gives information about the results attained during its operation. (orig.)

Vietnam’s Accession to the WTO

DEFF Research Database (Denmark)

Abbott, Philip; Bentzen, Jeanet; Tarp, Finn

is not the main factor driving economic adjustments, and market imperfections mean there is potential for greater output and trade expansion. The key questions to ask in future research are what critical new institutional reforms WTO accession will bring, and what incentives will be put in place to determine...

The electricity market 2003

International Nuclear Information System (INIS)

2003-01-01

The electricity markets in the Nordic countries have undergone major changes since the electricity market reform work was started in the early 1990s. We now have a common Nordic electricity market that includes all of the Nordic countries, with the exception of Iceland. The objective of the electricity market reform is to introduce increased competition, to give consumers greater freedom of choice and also, by open and increased trade in electricity, create the conditions for efficient pricing. The Swedish Energy Agency is the supervisory authority specified in the Electricity Act, and one of the tasks entrusted to it by the Government is to follow developments on the electricity market and regularly compile and report current market information. The purpose of 'The Electricity Market 2003' publication is to meet the need for generalized and easily accessible information on the conditions on the Nordic market. The publication also includes summaries of the information from recent years concerning power generation and utilization in the Nordic countries, the structure of the electricity market from the players' perspective, trade in electricity in the Nordic countries and in northern Europe, electricity prices in the Nordic and other countries, and the impact of the electricity sector on the environment

Challenges for Smallholder Market Access: a review of literature on institutional arrangements in collective marketing

NARCIS (Netherlands)

Ton, G.

2008-01-01

Purpose of review: This review presents recent research on collective action in agricultural markets, focusing on the institutional settings that increase market access for smallholder farmers. It focuses attention on challenging research areas that try to understand and resolve the inherent

Marketingová komunikace fair trade

OpenAIRE

Nídlová, Michaela

2013-01-01

This thesis focuses on how fair trade and its brand are communicated on the market. The theoretical part describes the basic concepts of marketing, marketing communication and marketing research. The practical part describes the general meaning of fair trade and its main principles and goals. The following section is devoted to the analysis of recent marketing activities. The main research investigates the level of knowledge of fair trade among Czech consumers. The conclusion summarizes the r...

Permit trading and credit trading

DEFF Research Database (Denmark)

Boom, Jan-Tjeerd; R. Dijstra, Bouwe

This paper compares emissions trading based on a cap on total emissions (permit trading) and on relative standards per unit of output (credit trading). Two types of market structure are considered: perfect competition and Cournot oligopoly. We find that output, abatement costs and the number...... of firms are higher under credit trading. Allowing trade between permit-trading and credit-trading sectors may increase in welfare. With perfect competition, permit trading always leads to higher welfare than credit trading. With imperfect competition, credit trading may outperform permit trading....... Environmental policy can lead to exit, but also to entry of firms. Entry and exit have a profound impact on the performance of the schemes, especially under imperfect competition. We find that it may be impossible to implement certain levels of total industry emissions. Under credit trading several levels...

Memory architecture for efficient utilization of SDRAM: a case study of the computation/memory access trade-off

DEFF Research Database (Denmark)

Gleerup, Thomas Møller; Holten-Lund, Hans Erik; Madsen, Jan

2000-01-01

. In software, forward differencing is usually better, but in this hardware implementation, the trade-off has made it possible to develop a very regular memory architecture with a buffering system, which can reach 95% bandwidth utilization using off-the-shelf SDRAM, This is achieved by changing the algorithm......This paper discusses the trade-off between calculations and memory accesses in a 3D graphics tile renderer for visualization of data from medical scanners. The performance requirement of this application is a frame rate of 25 frames per second when rendering 3D models with 2 million triangles, i...... to use a memory access strategy with write-only and read-only phases, and a buffering system, which uses round-robin bank write-access combined with burst read-access....

Trading with energy derivatives in the U.S. electricity market : a NYMEX update

International Nuclear Information System (INIS)

Burke, L.

1998-01-01

This presentation provided a primer on futures and options trading, trading in energy derivatives and the role that NYMEX, the New York Mercantile Exchange plays in this area. Among many other concepts put and call options, the benefits of options, hedging, the characteristics of a hedge are defined, with an explanation of the significance and the application of these concepts in risk management. The nature of futures contracts for oil, natural gas and electricity, and the current status of the eastern and western electricity markets in the United States are also outlined. tabs., figs

Intraday Seasonalities and Nonstationarity of Trading Volume in Financial Markets: Individual and Cross-Sectional Features.

Directory of Open Access Journals (Sweden)

Michelle B Graczyk

Full Text Available We study the intraday behaviour of the statistical moments of the trading volume of the blue chip equities that composed the Dow Jones Industrial Average index between 2003 and 2014. By splitting that time interval into semesters, we provide a quantitative account of the nonstationary nature of the intraday statistical properties as well. Explicitly, we prove the well-known ∪-shape exhibited by the average trading volume-as well as the volatility of the price fluctuations-experienced a significant change from 2008 (the year of the "subprime" financial crisis onwards. That has resulted in a faster relaxation after the market opening and relates to a consistent decrease in the convexity of the average trading volume intraday profile. Simultaneously, the last part of the session has become steeper as well, a modification that is likely to have been triggered by the new short-selling rules that were introduced in 2007 by the Securities and Exchange Commission. The combination of both results reveals that the ∪ has been turning into a ⊔. Additionally, the analysis of higher-order cumulants-namely the skewness and the kurtosis-shows that the morning and the afternoon parts of the trading session are each clearly associated with different statistical features and hence dynamical rules. Concretely, we claim that the large initial trading volume is due to wayward stocks whereas the large volume during the last part of the session hinges on a cohesive increase of the trading volume. That dissimilarity between the two parts of the trading session is stressed in periods of higher uproar in the market.

Trading Relationship Performance and Market Power in Food Supply Chains

DEFF Research Database (Denmark)

Xhoxhi, Orjon

The development of the agri-food industry has led to a considerable increase of intermediaries’ market power vis-à-vis farmers. There are studies and evidence that suggests that due to their power, intermediaries transfer risks and unexpected costs to farmers which compromise the innovation...... and livelihood. The overall objective of this PhD study was to investigate the intermediaries’ power over farmers and its effects on trading relationship performance between them. Two farms survey were conducted, the first one was carried out in the Adana region in Turkey and had an explorative focus aiming......), investigate how intermediaries’ power affects farmers-intermediaries trading relationship performance (paper 3) and analyse the determinants of contract farming and its effects on post-harvest losses (paper 4). The first paper investigates the determinants of intermediaries’ power over farmers’ margin related...

Informational Efficiency in the USD/KRW Spot Market: Some Evidence from a Joint Runs Test and Foreigners’ Trading Rule Profits

Directory of Open Access Journals (Sweden)

Changmo Ahn

2010-12-01

Full Text Available This paper examines whether the USD/KRW spot market is efficient in processing new information by employing both the Runs Test and the foreigners' securities trading rule profitability approach. Excluding the period of 2008 financial crisis, the USD/KRW spot market is efficient in terms of close rates, but not efficient in terms of open rates. The foreigners' securities trading rule can also produce statistically significant profits if the trades are based on open prices, though not high. This implies that traders can predict future exchange rates, to some degree, with the information on foreign net purchases of securities in the Korean stock/ bond markets. If we consider the related interest differentials and transaction costs, however, the profits fade out to marginal level or below. This result implies that traders can expect the existence of predictability in the USD/KRW spot market, but not profitability.

Oil trading manual

International Nuclear Information System (INIS)

Long, D.

1995-01-01

This manual provides basic information on all aspects of oil trading. Topics reviewed in Part 1 include physical characteristics and refining and oil pricing arrangements. Part 2 on instruments and markets contains chapters on crude oil markets, product markets, forward and futures contracts, forward paper markets, oil future exchanges, options, swaps and long term oil markets. Part 3 deals with administration and has chapters on operations and logistics, credit control, accounting, taxation of oil trading, contracts and legal and regulatory issues. (UK)

The Bio-Inspired Optimization of Trading Strategies and Its Impact on the Efficient Market Hypothesis and Sustainable Development Strategies

Directory of Open Access Journals (Sweden)

Rafał Dreżewski

2018-05-01

Full Text Available In this paper, the evolutionary algorithm for the optimization of Forex market trading strategies is proposed. The introduction to issues related to the financial markets and the evolutionary algorithms precedes the main part of the paper, in which the proposed trading system is presented. The system uses the evolutionary algorithm for optimization of a parameterized greedy strategy, which is then used as an investment strategy on the Forex market. In the proposed system, a model of the Forex market was developed, including all elements that are necessary for simulating realistic trading processes. The proposed evolutionary algorithm contains several novel mechanisms that were introduced to optimize the greedy strategy. The most important of the proposed techniques are the mechanisms for maintaining the population diversity, a mechanism for protecting the best individuals in the population, the mechanisms preventing the excessive growth of the population, the mechanisms of the initialization of the population after moving the time window and a mechanism of choosing the best strategies used for trading. The experiments, conducted with the use of real-world Forex market data, were aimed at testing the quality of the results obtained using the proposed algorithm and comparing them with the results obtained by the buy-and-hold strategy. By comparing our results with the results of the buy-and-hold strategy, we attempted to verify the validity of the efficient market hypothesis. The credibility of the hypothesis would have more general implications for many different areas of our lives, including future sustainable development policies.

Credit market access in Uganda: evidence from household survey data 1999/2000

Directory of Open Access Journals (Sweden)

FN Okurut

2013-07-01

Full Text Available This study investigated the individual and household characteristics that influenced credit market access in Uganda using household data for 1999/2000. The results suggest that credit market access was significantly influenced by gender, household wealth, age, regional location, and urban/rural location.

Cooperative Emissions Trading Game: International Permit Market Dominated by Buyers.

Science.gov (United States)

Honjo, Keita

2015-01-01

Rapid reduction of anthropogenic greenhouse gas emissions is required to mitigate disastrous impacts of climate change. The Kyoto Protocol introduced international emissions trading (IET) to accelerate the reduction of carbon dioxide (CO2) emissions. The IET controls CO2 emissions through the allocation of marketable emission permits to sovereign countries. The costs for acquiring additional permits provide buyers with an incentive to reduce their CO2 emissions. However, permit price has declined to a low level during the first commitment period (CP1). The downward trend in permit price is attributed to deficiencies of the Kyoto Protocol: weak compliance enforcement, the generous allocation of permits to transition economies (hot air), and the withdrawal of the US. These deficiencies created a buyer's market dominated by price-making buyers. In this paper, I develop a coalitional game of the IET, and demonstrate that permit buyers have dominant bargaining power. In my model, called cooperative emissions trading (CET) game, a buyer purchases permits from sellers only if the buyer forms a coalition with the sellers. Permit price is determined by bargaining among the coalition members. I evaluated the demand-side and supply-side bargaining power (DBP and SBP) using Shapley value, and obtained the following results: (1) Permit price is given by the product of the buyer's willingness-to-pay and the SBP (= 1 - DBP). (2) The DBP is greater than or equal to the SBP. These results indicate that buyers can suppress permit price to low levels through bargaining. The deficiencies of the Kyoto Protocol enhance the DBP, and contribute to the demand-side dominance in the international permit market.

Quantitative Model of Price Diffusion and Market Friction Based on Trading as a Mechanistic Random Process

Science.gov (United States)

Daniels, Marcus G.; Farmer, J. Doyne; Gillemot, László; Iori, Giulia; Smith, Eric

2003-03-01

We model trading and price formation in a market under the assumption that order arrival and cancellations are Poisson random processes. This model makes testable predictions for the most basic properties of markets, such as the diffusion rate of prices (which is the standard measure of financial risk) and the spread and price impact functions (which are the main determinants of transaction cost). Guided by dimensional analysis, simulation, and mean-field theory, we find scaling relations in terms of order flow rates. We show that even under completely random order flow the need to store supply and demand to facilitate trading induces anomalous diffusion and temporal structure in prices.

DIAGNOSIS OF PIRARUCU FISH TRADE IN MARKETS AND FAIRS OF SANTARÉM, PARÁ

Directory of Open Access Journals (Sweden)

Nayane de Macêdo Nicácio Silva

2016-12-01

Full Text Available This study accomplished adiagnos is of the pirarucu fish (Arapaima gigas trading in sale points of Santarém-Pará.  The data were collected weekly through interviews with the trades people at the sale points, in a period from November/2012 to November/2014.The information were scanned in relational databases on Access Platform and analyzed through descriptive statistics. They were applied 354 questionnaires to the trades people who presented the pirarucu fish for sale. It was verified that the payment to the providers is made in cash by the most part of the trades people (93%, which are mostly fishermen of the region (84%. The sliced fish products (50% and fresh piece (33% were the most available forms on the selling stalls. It was verified that the defense period causes changes in the pirarucu fish trading process. Some trades people denied giving information, but the obtained results shows important data to the management of this resource in the region. Keywords: Lower Amazonas; commercialization; Arapaimatidae.

How can natural gas markets be competitively organized

International Nuclear Information System (INIS)

Funk, C.

1992-01-01

In this paper it will be discussed how to most effectively give room to competitive forces in natural gas markets, given the traditional merchant pipeline as point of departure. Alternative models of organizing the market will be reviewed: we first consider decreasing barriers to entry and then analyse advantages and drawbacks of a third party access system. In this context different forms of implementing a competitive market for transportation capacity and coordinating it with gas trade are discussed, among them a simultaneous auction of gas and transmission capacity. Finally a hub system of point markets will be suggested to improve the currently implemented third party access system and to allow for competitive markets for gas and transportation service. 33 refs., 6 figs

Conference Proceedings: Effectively utilizing energy derivatives in a deregulated electricity market

International Nuclear Information System (INIS)

1998-01-01

This conference was devoted to a discussion about the likely impacts of deregulation on electricity markets in North America. Many of the presentations emphasized price risk in a competitive open access energy market. It was noted that deregulation is frequently associated with the creation of larger companies, higher risks and lower costs. Some of the individual topics addressed by the speakers included discussion of : (1) how underlying physical markets will work in Ontario, (2) experiences in derivative trading in the natural gas industry, (3) how to create value through multiple commodity risk management products, (4) trading with energy derivatives in the U.S. (5) how derivatives can add value for municipal electrical utilities, and (6) risk management mechanisms for energy derivative trading. refs., tabs., figs

International red meat trade.

Science.gov (United States)

Brester, Gary W; Marsh, John M; Plain, Ronald L

2003-07-01

The maturation of the US beef and pork markets and increasing consumer demands for convenience, safety, and nutrition suggests that the beef and pork industries must focus on product development and promotion. New marketing arrangements are developing that help coordinate production with consumer demands. The relative high levels of incomes in the United States are likely to increase the demands for branded products rather than increase total per capita consumption. Foreign markets represent the greatest opportunity for increased demand for commodity beef and pork products. Increasing incomes in developing countries will likely allow consumers to increase consumption of animal-source proteins. Real prices of beef and pork have declined substantially because of sagging domestic demand and increasing farm-level production technologies. Increasing US beef and pork exports have obviated some of the price declines. Pork attained a net export position from a quantity perspective in 1995. The United States continues to be a net importer of beef on a quantity basis but is close to becoming a net exporter in terms of value. By-products continue to play a critical role in determining the red meat trade balance and producer prices. The United States, however, must continue to become cost, price, and quality competitive with other suppliers and must secure additional market access if it is to sustain recent trade trends. Several trade tensions remain in the red meat industry. For example, mandated COOL will undoubtedly have domestic and international effects on the beef and pork sectors. Domestically, uncertainty regarding consumer demand responses or quality perceptions regarding product origin, as well as added processor-retailer costs will be nontrivial. How these factors balance out in terms of benefits versus costs to the industry is uncertain. From an international perspective, some beef and pork export suppliers to the United States could view required labeling as a

Bank Behavior with Access to Credit Risk Transfer Markets

NARCIS (Netherlands)

Goderis, B.V.G.; Marsh, I.; Vall Castello, J.; Wagner, W.B.

2006-01-01

One of the most important recent innovations in financial markets has been the development of credit derivative products that allow banks to more actively manage their credit portfolios than ever before.We analyze the effect that access to these markets has had on the lending behavior of a sample of

Alternative trading systems in Poland

Directory of Open Access Journals (Sweden)

Magdalena Mosionek-Schweda

2009-12-01

Full Text Available The first Polish alternative trading system – called NewConnect – was opened on 30 August 2007. It has the status of an organized market, but it is operated by the Warsaw Stock Exchange outside the regulated market. Two years later, on 30 September 2009, the WSE launched another market – Catalyst – which consists of four segments including: two regular markets and two alternative trading platforms. The present paper aims to describe fundamental rules of the Polish alternative trading platforms as well as to depict a short overview of their trading indicators and basic statistics.

Trade-offs and synergies between universal electricity access and climate change mitigation in Sub-Saharan Africa

NARCIS (Netherlands)

Dagnachew, Anteneh G.; Lucas, Paul L.; Hof, Andries F.; van Vuuren, Detlef P.

2018-01-01

Access to electricity services is fundamental to development, as it enables improvements to the quality of human life. At the same time, increasing electricity access can have notable consequences for global climate change. This paper analyses trade-offs and synergies between achieving universal

Local Economic Trading Schemes and their implications for marketing assumptions, concepts, and practices

NARCIS (Netherlands)

Crowther, D.; Greene, A-M.; Hosking, D.M.

2002-01-01

This paper focuses on the relationship between a particular social practice - local exchange trading systems or schemes (LETS) - and what we here call the "mainstream" marketing paradigm. It begins by discussing some of the key principles that are thought to set LETS apart from other, "more

Electricity trade and GHG emissions: Assessment of Quebec's hydropower in the Northeastern American market (2006-2008)

International Nuclear Information System (INIS)

Ben Amor, Mourad; Pineau, Pierre-Olivier; Gaudreault, Caroline; Samson, Rejean

2011-01-01

Worldwide electricity sector reforms open up electricity markets and increase trades. This has environmental consequences as exports and imports either increase or decrease local production and consequently greenhouse gas (GHG) emissions. This paper's objective is to illustrate the importance of electricity trade's impact on GHG emissions by providing an estimate of the net GHG emissions resulting from these trades. To achieve this objective, Quebec hourly electricity exchanges with adjacent jurisdictions were examined over the 2006-2008 period. In order to associate a specific GHG emission quantity to electricity trades, hourly marginal electricity production technologies were identified and validated using the Ontario hourly output per power plant and information released in the Quebec adjacent system operator reports. It is estimated that over three years, imports into Quebec were responsible for 7.7 Mt of GHG, while Quebec hydropower exports avoided 28.3 Mt of GHG emissions. Hence, the net result is 20.6 Mt of avoided emissions over 2006-2008, or about 7 Mt per year, which corresponds to more than 8% of the Quebec yearly GHG emissions. When GHG emissions from all life cycle stages (resource extraction to end-of-life) are accounted for, the net avoided GHG emissions increase by 35%, to 27.9 Mt. - Research highlights: → Environmental benefits of hydropower exports are considerable. → Detailed GHG assessment of such electricity trade is missing from the literature. → Net GHG emissions estimate resulting from such trade is provided. → GHG gains are significant in the Northeast American electricity market due to such electricity trade.

The use of violence ini llegal markets: evidence from mahogany trade in the Brazilian Amazon

OpenAIRE

Ariaster B. Chimeli; Rodrigo R. Soares

2011-01-01

Agents operating in illegal markets cannot resort to the justice system to guarantee property rights, to enforce contracts, or to seek protection from competitors’ improper behaviors. In these contexts, violence is used to enforce previous agreements and to fight for market share. This relationship plays a major role in the debate on the pernicious effects of the illegality of drug trade. This paper explores a singular episode of transition of a market from legal to illegal to provide a first...

The Use of Violence in Illegal Markets: Evidence from Mahogany Trade in the Brazilian Amazon

OpenAIRE

Chimeli, Ariaster B.; Soares, Rodrigo R.

2011-01-01

Agents operating in illegal markets cannot resort to the justice system to guarantee property rights, to enforce contracts, or to seek protection from competitors' improper behaviors. In these contexts, violence is used to enforce previous agreements and to fight for market share. This relationship plays a major role in the debate on the pernicious effects of the illegality of drug trade. This paper explores a singular episode of transition of a market from legal to illegal to provide a first...

The nature of the derivative market transactions traded in the Johannesburg securities exchange

Directory of Open Access Journals (Sweden)

Tankiso Moloi

2014-10-01

Full Text Available The main objective of the study was to assess and understand the nature of derivative products traded in the Johannesburg Securities Exchange (JSE by analysing daily transactions consisting of deals and contracts concluded, as well as notional values of derivatives traded in the review period. Analysed data found that the South African derivative market continues to grow and evolve with the consistent introduction of new derivative products such as the “can do” derivatives, IDX derivatives that are now being traded at the JSE. The evolvement and growth is confirmed by the fact that the total derivative deals in the JSE has also grown by 16.6% (CAGR from 2006. The study further found that the equity index remains the largest derivative for both options and futures

Performance of Technical Trading Systems in the Yen/Dollar Market

OpenAIRE

Schulmeister, Stephan

2007-01-01

The study investigates the profitability of 1,024 moving average and momentum models and their components in the yen/dollar market. It turns out that all models would have been profitable between 1976 and 1999. The pattern of profitability is as follows: the models produce more single losses than single profits, however, the size of the single profits is on average much higher than the size of single losses. Hence, the profitability of technical currency trading is exclusively due to the expl...

Quantifying immediate price impact of trades based on the k-shell decomposition of stock trading networks

Science.gov (United States)

Xie, Wen-Jie; Li, Ming-Xia; Xu, Hai-Chuan; Chen, Wei; Zhou, Wei-Xing; Stanley, H. Eugene

2016-10-01

Traders in a stock market exchange stock shares and form a stock trading network. Trades at different positions of the stock trading network may contain different information. We construct stock trading networks based on the limit order book data and classify traders into k classes using the k-shell decomposition method. We investigate the influences of trading behaviors on the price impact by comparing a closed national market (A-shares) with an international market (B-shares), individuals and institutions, partially filled and filled trades, buyer-initiated and seller-initiated trades, and trades at different positions of a trading network. Institutional traders professionally use some trading strategies to reduce the price impact and individuals at the same positions in the trading network have a higher price impact than institutions. We also find that trades in the core have higher price impacts than those in the peripheral shell.

Trading Rules on Stock Markets Using Genetic Network Programming with Reinforcement Learning and Importance Index

Science.gov (United States)

Mabu, Shingo; Hirasawa, Kotaro; Furuzuki, Takayuki