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)

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.

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

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.

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 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.

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.

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

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

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

Government Procurement : Market Access, Transparency, and Multilateral Trade Rules

OpenAIRE

Evenett, Simon J.; Hoekman, Bernard M.

2004-01-01

The authors examine the effects on national welfare and market access of two public procurement practices-discrimination against foreign suppliers of goods and services and nontransparency of the procedures used to allocate government contracts to firms. Both types of policies have become prominent in international trade negotiations, including the Doha Round of the World Trade Organization (WTO) trade talks. Traditionally, the focus of international trade agreements has been on market access...

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...

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...

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.

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...

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.

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.

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

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

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.

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.

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.

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.

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.

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.

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....

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.

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.

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 ...

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,…

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.

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

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.

Assessing the Doha Round: Market Access, Transactions Costs and Aid for Trade Facilitation

OpenAIRE

Hoekman, Bernard; Nicita, Alessandro

2010-01-01

This paper compares the predicted trade impacts of a successful Doha Round with the trade effects of actions aimed at reducing domestic trade costs for traders in developing countries and the world as a whole. We show that a relatively small reduction in trade costs will generate trade impacts that are larger than what is likely to emerge even from a relatively ambitious Doha Round market access outcome. This illustrates the importance of complementing market access commitments with measures ...

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...

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

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 policy, not morals or health policy": the US Trade Representative, tobacco companies and market liberalization in Thailand.

Science.gov (United States)

MacKenzie, Ross; Collin, Jeff

2012-08-01

The enforced opening of Thailand's cigarette market to imports in 1990 has become a cause celebre in debates about the social and health impacts of trade agreements. At the instigation of leading US-based cigarette manufacturers, the US Trade Representative (USTR) threatened trade sanctions against Thailand to compel the government to liberalize its domestic cigarette market. Thailand's challenge to the USTR led to referral to General Agreement on Tariffs and Trade (GATT) arbitration. While GATT ruled in favour of the USTR on market access, it also found that Thailand could subsequently enact non-discriminatory tobacco control regulation without contravening the GATT agreement. This paper contributes to existing literature via its analysis of tobacco industry documents that highlight not only USTR responsiveness to lobbying from tobacco corporations, raising concerns about the drivers of globalization and the limited protection afforded to public health concerns in trade agreements. Significantly, the documents also indicate that USTR support of the tobacco industry was not unconditional, being subject to wider pressures of global trade negotiations. Such qualification notwithstanding, however,,ongoing governmental willingness to advance the international interests of tobacco corporations remains a concern from a public health perspective, particularly given the failure of the US to ratify the World Health Organization's Framework Convention on Tobacco Control.

“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.

Performance of African Agricultural Exports and External Market Access Conditions under International Trade Reforms

OpenAIRE

Nyangito, Hezron Omare

2004-01-01

Sub Saharan African agriculture is currently facing challenges in international trade with respect to external market access conditions and competition in world markets as a result of trade liberalization efforts under the world trade organization (WTO) agreements and in particular the agreement on agriculture (AoA). This paper presents the performance of agricultural exports for selected countries and indicates external market barriers faced and the resulting implications of the barriers on ...

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...

Water markets between Mexican water user associations

NARCIS (Netherlands)

Kloezen, W.H.

1998-01-01

Internationally, introducing water markets is regarded as a strong alternative institutional arrangement for managing irrigation water more effectively. Also in Mexico, the National Water Law of 1992 allows individual farmers as well as water user associations (WUA) to trade water. Although farmer

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.

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

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.

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

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.

Value-Creation Potential from Multi-Market Trading for a Hydropower Producer

Directory of Open Access Journals (Sweden)

Marte Fodstad

2017-12-01

Full Text Available We study a hydropower producer’s potential for value-creation from multi-market trading given the price variations in the markets and the flexibility provided through access to hydro reservoirs. We use a perfect foresight optimization model for a price-taking hydropower producer co-optimizing his trades in the day-ahead, intra-day and balancing markets. The model is used on real market data from Norway, Sweden and Germany. The study shows a theoretical potential for added value when selling energy in multiple markets relative to optimal day-ahead sale. Most of this value is achievable also when the perfect foresight is limited to the period from day-ahead bidding until operation. Flexible production plants achieve the largest relative added values for multi-market sales, and has the largest benefit from a long horizon with perfect foresight.

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

Assessing the Factors Associated With Iran's Intra-Industry Trade in Pharmaceuticals.

Science.gov (United States)

Yusefzadeh, Hassan; Hadian, Mohammad; Abolghasem Gorji, Hassan; Ghaderi, Hossein

2015-03-30

Pharmaceutical industry is a sensitive and profitable industry. If this industry wants to survive, it should be able to compete well in international markets. So, study of Iran's intra-industry trade (IIT) in pharmaceuticals is essential in order to identify competitiveness potential of country and boost export capability in the global arena. This study assessed the factors associated with Iran's intra-industry trade in pharmaceuticals with the rest of the world during the 2001-2012 periods using seasonal time series data at the four-digit SITC level. The data was collected from Iran's pharmaceutical Statistics, World Bank and International Trade Center. Finally, we discussed a number of important policy recommendations to increase Iran's IIT in pharmaceuticals. The findings indicated that economies of scale, market structure and degree of economic development had a significantly positive impact on Iran's intra-industry trade in pharmaceuticals and tariff trade barriers were negatively related to IIT. Product differentiation and technological advancement didn't have the expected signs. In addition, we found that Iran's IIT in pharmaceuticals have shown an increasing trend during the study period. Thus, the composition of Iran trade in pharmaceuticals has changed from inter-industry trade to intra-industry trade. In order to get more prepared for integration into the global economy, the development of Iran's IIT in pharmaceuticals should be given priority. Therefore, paying attention to IIT could have an important role in serving pharmaceutical companies in relation to pharmaceutical trade.

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...

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...

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...

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

The SAN-HVAC trades in Baden-Wuerttemberg. A structural and market analysis for the gas and water installer, central heating and ventilation, air-conditioning and plumber trade commissioned by the Trade Association Sanitary-Heating-Air-Conditioning Baden-Wuerttemberg. 2. rev. ed. Die Sanitaer-Heizung-Klima-Handwerke in Baden-Wuerttemberg. Eine Struktur- und Marktanalyse fuer das Gas- und Wasserinstallateur-, Zentralheizungs- und Lueftungsbauer- und Klempner-Handwerk im Auftrag des Fachverbandes Sanitaer-Heizung-Klima Baden Wuerttemberg

Energy Technology Data Exchange (ETDEWEB)

Hantsch, G; Heinen, E; Schulte, A

1989-01-01

This structural and market analysis of the sanitary-heating trades in Baden-Wuerttemberg first gives structural data about businesses, employees and turnover as well as business indicators and shows the staff structure. Then the market situation is discussed (construction activity, consumer behaviour, market estimation). Then details about business management follow. Here forms of enterprise, service sector, material management, time management and calculation, EDP-systems, cooperations, sources of information, investment, publicity, support by the trade association, and evaluation of the own situation are gone into. Then recommendations for a program of action of the trade association are given. They apply to market information, public relations work, cultivation of the image and joint advertising as well as to further education, management consultancy, interfactory comparative studies, and financing of professional work. Finally measures are recommended to the businesses (offered services, marketing, intercompany organisation, cost accounting/calculation, EDP-support, personnel management, special market, cooperation). In order to guarantee their future existance the SAN-HVAC trade has to intensify its effort to train up suitable qualified employees. (HWJ).

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

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.

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...

Biodiversity and Concentration of Airborne Fungi of Suburban Weekly Market Associated Environment

Directory of Open Access Journals (Sweden)

Apurva K. Pathak

2012-04-01

Full Text Available It is supposed that the vegetable markets of tropical countries are the significant source of airborne fungal spores, which are generated during transportation, handling and putrefaction. The aim of this work was to monitor the prevalence of the airborne cultivable fungi in the air of weekly market associated environments to evaluate whether the vegetable trading zone of market is a source of airborne cultivable fungal spores of weekly market environment or not. Airborne cultivable fungal spore levels were monitored by using Andersen two-stage viable (microbial particle sampler. The Spearman correlation coefficients and stepwise linear regression analysis test was used to analyze the influence of meteorological factors on spore concentration and paired Student’s t-test was used to compare the bioload of total viable cultivable fungi of vegetable trading area and general item trading area of weekly market extramural environment, the percentage frequency and the percentage contribution of the individual genus was also reported. In both areas, Aspergillus, Cladosporium, Alternaria, and Penicillium, were the most abundant fungal types observed. The spp. of Candida was reported only at the vegetable trading area. The bioload of fungal spore presented maximum values during the Monsoon and lowest in the season of summer. There is no significant difference in quantity between the mean values of the bioload of total viable cultivable fungi of vegetable trading area and general item trading area of weekly market extramural environment were observed. For present environment, activities of animals and humans were supposed to be the key factor governing aerosolization of microorganism.

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....

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

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.

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

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.

Assessing the Factors Associated With Iran’s Intra-Industry Trade in Pharmaceuticals

Science.gov (United States)

Yusefzadeh, Hassan; Hadian, Mohammad; Gorji, Hassan Abolghasem; Ghaderi, Hossein

2015-01-01

Background: Pharmaceutical industry is a sensitive and profitable industry. If this industry wants to survive, it should be able to compete well in international markets. So, study of Iran’s intra-industry trade (IIT) in pharmaceuticals is essential in order to identify competitiveness potential of country and boost export capability in the global arena. Methods: This study assessed the factors associated with Iran’s intra-industry trade in pharmaceuticals with the rest of the world during the 2001–2012 periods using seasonal time series data at the four-digit SITC level. The data was collected from Iran’s pharmaceutical Statistics, World Bank and International Trade Center. Finally, we discussed a number of important policy recommendations to increase Iran’s IIT in pharmaceuticals. Results: The findings indicated that economies of scale, market structure and degree of economic development had a significantly positive impact on Iran’s intra-industry trade in pharmaceuticals and tariff trade barriers were negatively related to IIT. Product differentiation and technological advancement didn’t have the expected signs. In addition, we found that Iran’s IIT in pharmaceuticals have shown an increasing trend during the study period. Thus, the composition of Iran trade in pharmaceuticals has changed from inter-industry trade to intra-industry trade. Conclusions: In order to get more prepared for integration into the global economy, the development of Iran’s IIT in pharmaceuticals should be given priority. Therefore, paying attention to IIT could have an important role in serving pharmaceutical companies in relation to pharmaceutical trade. PMID:26156931

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.

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 ...

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.

Energy trading

International Nuclear Information System (INIS)

Glachant, J.M.; Kimman, R.; Schweickardt, H.E.

2001-05-01

This document brings together 18 testimonies of experts about energy trading: 1 - the energy trading experience on European deregulated markets: structure of deregulated energy markets in Europe, case study: a two years experience of a power exchange in western Europe, case study: European energy exchanges (experience of spot and future trading), case study: risk management on energy deregulated markets; 2 - the trading activity environment and realities in France: the French electrical law and the purchase for resale, experience feedback: status after 3 months of trading in France (the first experience of a French producer), the access to the power transportation network, which legal constraints for trading in France, the access of eligible clients to the French power market, conditions of implementation of a power exchange market in France, which real trading possibilities in France for producers and self-producers in the legal frame, case study: the role of trading in the company (main part or link to process), convergence of gas and electricity markets, gas-electricity trading: which pricing models; 3 - risk management and use of new technologies potentiality, the results outside the French borders: case study: what differences between the European and US markets, prices volatility and commodity risk management: towards the on-line trading, role and developments of E-business in energy trading, how to simplify trade in a liberalized market. (J.S.)

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

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.

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

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.

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....

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 ...

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

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.

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...

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....

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

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.

A Stock Trading Recommender System Based on Temporal Association Rule Mining

Directory of Open Access Journals (Sweden)

Binoy B. Nair

2015-04-01

Full Text Available Recommender systems capable of discovering patterns in stock price movements and generating stock recommendations based on the patterns thus discovered can significantly supplement the decision-making process of a stock trader. Such recommender systems are of great significance to a layperson who wishes to profit by stock trading even while not possessing the skill or expertise of a seasoned trader. A genetic algorithm optimized Symbolic Aggregate approXimation (SAX–Apriori based stock trading recommender system, which can mine temporal association rules from the stock price data set to generate stock trading recommendations, is presented in this article. The proposed system is validated on 12 different data sets. The results indicate that the proposed system significantly outperforms the passive buy-and-hold strategy, offering scope for a layperson to successfully invest in capital markets.

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)

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.

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.

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

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...

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

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.

11 CFR 114.8 - Trade associations.

Science.gov (United States)

2010-01-01

... administrative personnel of the corporate members of its member associations. (h) Communications other than... Elections FEDERAL ELECTION COMMISSION GENERAL CORPORATE AND LABOR ORGANIZATION ACTIVITY § 114.8 Trade... authorization specifically allowing a trade association to solicit its corporate member's stockholders, and...

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

Trade Integration Effects in ASEAN Countries

Directory of Open Access Journals (Sweden)

Yana Valeryevna Dyomina

2015-09-01

Full Text Available The paper examines evolution of trade integration process in ASEAN. The author employs three methods in order to evaluate the degree of ASEAN‘s trade integration that has been achieved over two decades since the signing of the Association of South-East Asian Nations Free Trade Area Agreement (AFTA in 1992. The high degree of trade integration among member states allows moving to the next stage of international economic integration (ASEAN countries are going to form ASEAN Community (the Common Market by the 1st of January 2016. So the study assesses the ASEAN’s preparedness to the Common Market by determining the share of mutual (intraregional trade, regional trade intensity index (RTII and trade integration effects (trade creation and trade diversion effects for each member state, 2 groups of ASEAN countries (ASEAN-6 and ASEAN-4 and the Association as a whole. The paper shows that despite the increase in the share of intraregional trade during the years of the AFTA functioning, the member states of ASEAN still demonstrate low levels of trade integration: a 75% of the Association’s external trade focuses on extra regional partners; b ASEAN as a whole has the low volume of RTII and among its member states only Singapore has the high one; c trade diversion effect prevails over trade creation one

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

Financial factor influence on scaling and memory of trading volume in stock market.

Science.gov (United States)

Li, Wei; Wang, Fengzhong; Havlin, Shlomo; Stanley, H Eugene

2011-10-01

We study the daily trading volume volatility of 17,197 stocks in the US stock markets during the period 1989-2008 and analyze the time return intervals τ between volume volatilities above a given threshold q. For different thresholds q, the probability density function P(q)(τ) scales with mean interval 〈τ〉 as P(q)(τ)=〈τ〉(-1)f(τ/〈τ〉), and the tails of the scaling function can be well approximated by a power law f(x)∼x(-γ). We also study the relation between the form of the distribution function P(q)(τ) and several financial factors: stock lifetime, market capitalization, volume, and trading value. We find a systematic tendency of P(q)(τ) associated with these factors, suggesting a multiscaling feature in the volume return intervals. We analyze the conditional probability P(q)(τ|τ(0)) for τ following a certain interval τ(0), and find that P(q)(τ|τ(0)) depends on τ(0) such that immediately following a short (long) return interval a second short (long) return interval tends to occur. We also find indications that there is a long-term correlation in the daily volume volatility. We compare our results to those found earlier for price volatility.

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.

Market making vs. market manipulation : an Alberta perspective

International Nuclear Information System (INIS)

Johnston, P.M.

1998-01-01

The Alberta Stock Exchange's (ASE's) filing and disclosure requirements for market making and promotion contracts are outlined. The discussion focuses on the differences between market making and market manipulation, acceptable and unacceptable methods of market making and promotion and common trading and securities legislation violations associated with these types of activities

Trading and risk management during the transition to competition

International Nuclear Information System (INIS)

Palmer, A.

2001-01-01

This power point presentation outlined the risks facing companies active in competitive energy markets. It reviewed and explained various types of risks including physical, market, credit, liquidity, volumetric and operational risks. The management of price risks includes trading and risk management strategies aimed at exploiting the alternatives associated with highly volatile power and fuel markets. The presentation also reviewed financial energy management in terms of the fuel markets and wholesale markets. Approaches to trading were also presented. tabs., figs

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.

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.

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...

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.

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/

Essays on investor behavior and trading activity

OpenAIRE

Kyröläinen, P. (Petri)

2007-01-01

Abstract This thesis investigates a set of equity market phenomena associated with investors' trading activity, using a comprehensive Finnish Central Securities Depository (FCSD) database that records practically all trades by Finnish investors. This database enables us to classify a large number of heterogeneous investors using both economic and institutional characteristics. The first essay classifies investors by trading activity. It analyzes trading styles of active and passive inv...

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

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

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

CO2-emission trading and green markets for renewable electricity. Wilmar - deliverable 4.1

DEFF Research Database (Denmark)

Azuma-Dicke, N.; Morthorst, Poul Erik; Ravn, H.F.

2004-01-01

This report is Deliverable 4.1 of the EU project “Wind Power Integration in Liberalised Electricity Markets” (WILMAR) and describes the application of two policy instruments, Tradable Emissions Permits (TEP’s) and Tradable Green Certificates (TGC’s) forelectricity produced from renewable energy...... sources in the European Union and the implications for implementation in the Wilmar model. The introduction of a common emission-trading system in the EU is expected to have an upward effect on the spot pricesat the electricity market. The variations of the spot price imply that some types of power...... generation may change the situation from earning money to losing money despite the increasing spot price. Heavy restrictions on emissions penalise thefossil-fuelled technologies significantly, and the associated increase in the spot price need not compensate for this. Therefore, a market of TEP’s is expected...

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 ...

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.

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

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.

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

75 FR 41431 - Trade Adjustment Assistance for Farmers

Science.gov (United States)

2010-07-16

... Service (FAS) has denied a petition (No. 2010009) for trade adjustment assistance (TAA) for apples that was filed by the Michigan Agricultural Cooperative Marketing Association and accepted for review by... most recent, full marketing year or full official marketing season, a greater than 15- percent decline...

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...

Chile-EU Trade Agreement: What Can We Learn from Trade Statistics?

Directory of Open Access Journals (Sweden)

Jaime de Pablo Valenciano

2015-01-01

Full Text Available An Association Agreement concluded between the European Union and Chile in 2002 included a comprehensive Free Trade Agreement (FTA that entered into force in February 2003. Our purpose is to analyse some of the economic consequences of the agricultural part of this agreement focusing in the fruit and vegetable market. Our finding is that market concentration has significantly decreased since the beginning of previous decade and has been reinforced in both markets. This has been an advantage for both Chilean producers and European consumers of fruits and vegetables.

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...

International trade. Multinational aspects.

Science.gov (United States)

Ozawa, Y

2000-01-01

Of numerous regional economic agreements, the European Union (EU), the North American Free Trade Agreement (NAFTA), South American Common Market (MERCOSUR), the Association of Southeast Asian Nations (ASEAN), the South Asian Association for Regional Cooperation (SAARC) and the Australia-New Zealand Closer Economic Relations Agreement are examples that are actively pursuing regional integration for freer trade of animals and animal products. The World Trade Organization (WTO) believes that regional and multinational integration initiatives are complements rather than alternatives in the pursuit of more open trade. In the efforts to harmonize SPS standards among multilateral trading nations, it is recommended that national requirements meet the standards developed by the OIE and the FAO/WHO Codex Alimentarius Commission as the minimum requirements rather than adopting the standards of the lowest common denominator. Regional grouping may hinder multilateral or bilateral trade between the countries of a group and those of the other groups. How to eliminate such non-tariff barriers as traditional trade custom remains to be examined. Ongoing activities of VICH (Harmonisation of Technical Requirements for Registration of Veterinary Medical Products) may pave the way for more open trade in pharmaceutical products between multilateral regional groups.

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

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...

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.)

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...

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

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)

On the relationship between investor sentiment, VIX and trading volume.

Directory of Open Access Journals (Sweden)

Simon Man Shing So

2015-11-01

Full Text Available As noise traders affect stock market by trading, sentiment, as a signal of noise, may have relationships with trading volume. This paper explores the effect of sentiment on the stock market’s trading volume. Increase in Volatility Index (VIX can explain the percentage increase in trading volume, but only in high VIX period. Besides, higher level of VIX is likely to be associated with greater variability of trading volume. The noise traders add liquidity to the market and provide more chances for investors to time their trade as the volatility of liquidity increases. These two kinds of impact lower rational investors’ required return. The noise traders not only drive the price deviating from fundamental value, but also influence the liquidity dimensions.

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.

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.

A risk-averse optimization model for trading wind energy in a market environment under uncertainty

International Nuclear Information System (INIS)

Pousinho, H.M.I.; Mendes, V.M.F.; Catalao, J.P.S.

2011-01-01

In this paper, a stochastic programming approach is proposed for trading wind energy in a market environment under uncertainty. Uncertainty in the energy market prices is the main cause of high volatility of profits achieved by power producers. The volatile and intermittent nature of wind energy represents another source of uncertainty. Hence, each uncertain parameter is modeled by scenarios, where each scenario represents a plausible realization of the uncertain parameters with an associated occurrence probability. Also, an appropriate risk measurement is considered. The proposed approach is applied on a realistic case study, based on a wind farm in Portugal. Finally, conclusions are duly drawn. -- Highlights: → We model uncertainties on energy market prices and wind power production. → A hybrid intelligent approach generates price-wind power scenarios. → Risk aversion is also incorporated in the proposed stochastic programming approach. → A realistic case study, based on a wind farm in Portugal, is provided. → Our approach allows selecting the best solution according to the desired risk exposure level.

Canada and Associate Membership in the Pacific Alliance: An Important Part of a Global Trade Strategy

Directory of Open Access Journals (Sweden)

Hugh Stephens

2018-01-01

Full Text Available There has been considerable coverage lately of Canada’s ongoing efforts to secure preferential access to overseas markets in Asia, while trying to save NAFTA and promote its “progressive” trade agenda. The “progressive” trade agenda hit a few recent road bumps, first in Vietnam in November when a planned announcement of an “agreement in principle” on the “TPP 11 Agreement” was postponed at the last minute, and in December in Beijing when Chinese authorities balked at including additional “progressive” chapters in a free trade agreement, the negotiation of which many expected would be announced during Mr. Trudeau’s visit. Although a breakthrough on the TPP11, now known as the Comprehensive and Progressive Trans-Pacific Partnership, was announced on January 23, NAFTA negotiations continue to be difficult. One area that has been overlooked in all the coverage of recent events, and which holds potential for advancing Canadian trade interests in both Latin America and the Asia Pacific, is the Pacific Alliance and Canada’s pursuit of associate member status. The PA trade pact, comprising Chile, Colombia, Mexico and Peru, is currently in the process of discussing with several countries, including Canada, the possibility of becoming “associate members.” Associate member status is novel, thus it is not clear what precisely it will entail or when it will come into effect. However, the possibility of Canada moving from its current "observer" status to becoming a more active part of the PA (or possibly an expanded version of the Alliance, offers significant benefit for Canada. For all the focus on the TPP and the NAFTA renegotiations, not to mention Canada’s recently concluded economic partnership agreement with the EU and potential free-trade negotiations with China, very little attention has been paid in Canada to the developments with the PA. And yet, this is one trade bloc that holds some of the greatest promise for

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.

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.

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

National Geothermal Association Trade Mission to Central America

International Nuclear Information System (INIS)

1992-10-01

The United States (US) geothermal industry, the world's most technically proficient, has been unable to achieve penetration into the markets of the developing nations. This report details the findings of an industry Trade Mission to Central America, tasked with determining the reasons for this shortfall and with developing a US industry geothermal export strategy designed to achieve immediate and long-term export benefits

Algorithmic Trading with Developmental and Linear Genetic Programming

Science.gov (United States)

Wilson, Garnett; Banzhaf, Wolfgang

A developmental co-evolutionary genetic programming approach (PAM DGP) and a standard linear genetic programming (LGP) stock trading systemare applied to a number of stocks across market sectors. Both GP techniques were found to be robust to market fluctuations and reactive to opportunities associated with stock price rise and fall, with PAMDGP generating notably greater profit in some stock trend scenarios. Both algorithms were very accurate at buying to achieve profit and selling to protect assets, while exhibiting bothmoderate trading activity and the ability to maximize or minimize investment as appropriate. The content of the trading rules produced by both algorithms are also examined in relation to stock price trend scenarios.

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.

Betting, Forex Trading, and Fantasy Gaming Sponsorships-a Responsible Marketing Inquiry into the 'Gamblification' of English Football.

Science.gov (United States)

Lopez-Gonzalez, Hibai; Griffiths, Mark D

2018-01-01

Environmental stimuli in the form of marketing inducements to gamble money on sports have increased in recent years. The purpose of the present paper is to tackle the extended definition of the gamblification of sport using sponsorship and partnership deals of gambling, forex trading, and fantasy gaming as a proxy for assessing its environmental impact. Using data about sponsorship deals from English Football Premier League, the paper builds on the evidence of English football's gamblification process to discuss the impact that the volume, penetration, and marketing strategies of sports betting might have on public health and well-being. Findings demonstrate that gambling marketing has become firmly embedded in the financial practices of many Premiership football clubs. It is argued that such associations are not trivial, and that the symbolic linkage of sport and newer gambling forms can become an issue of public health, especially affecting vulnerable groups such as minors and problem gamblers. The present study is the first to explore in-depth the relationship and potential consequences and psychosocial impacts of sports-related marketing, particularly in relation to football.

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

Genetic Network Programming (GNP) is an evolutionary computation which represents its solutions using graph structures. Since GNP can create quite compact programs and has an implicit memory function, it has been clarified that GNP works well especially in dynamic environments. In addition, a study on creating trading rules on stock markets using GNP with Importance Index (GNP-IMX) has been done. IMX is a new element which is a criterion for decision making. In this paper, we combined GNP-IMX with Actor-Critic (GNP-IMX&AC) and create trading rules on stock markets. Evolution-based methods evolve their programs after enough period of time because they must calculate fitness values, however reinforcement learning can change programs during the period, therefore the trading rules can be created efficiently. In the simulation, the proposed method is trained using the stock prices of 10 brands in 2002 and 2003. Then the generalization ability is tested using the stock prices in 2004. The simulation results show that the proposed method can obtain larger profits than GNP-IMX without AC and Buy&Hold.

Market integration of pastoral systems in the south of Chad : case of the milk trade in Moundu

Directory of Open Access Journals (Sweden)

G. Duteurtre

2000-03-01

Full Text Available Since 1980, livestock husbandry has steadily increased in the south of Chad, particularly because of transhumant herd moves from the center to the south of the country. Supplying cities and villages with dairy products is an important trade for the breeders. This trade was the foundation for pastoral breeders to settle down around the city of Moundu. Can such a livestock system respond in a sustainable way to the quickly growing demand of the population? Does it change as a result of integrating the market? Suburban dairy producers, dairy processors, salespersons and consumers were surveyed to better understand the organization of this subsector. Results show that the traditional dairy product trade is dynamic. More than 5000 liters originating from suburban Fulani settlements reach city markets every day. The livestock system is also adapting itself well to the new trade environment, while keeping its intrinsic mobility, even on short distances. In addition, urban dairy processors (cheesemakers and dairy bars boost this subsector. Finally, there is not much competition with imports due to the area being enclosed and consumers’ preference for traditional products. However, Fulani pastoralist settlements generate some conflicts on land use. This study shows the need to initiate more talks between livestock breeders and cotton producers, to reorganize the cotton oilseed cake market, and to develop small dairy-processing units.

CO2 trading and its influence on electricity markets. Final report for DTe

International Nuclear Information System (INIS)

Franke, M.

2006-02-01

The Dutch Ministry of Economics has asked the Dutch energy regulator (DTe) to gather factual information about the impact of the introduction of the European CO2 emission trading scheme (EU ETS) on the functioning of the Dutch wholesale electricity market and, in particular, to estimate the extent of windfall profits that generators may have realised as a consequence of the EU ETS. DTe has in turn appointed Frontier Economics to assist in the preparation of its advice to the Ministry. Separately, but as a parallel task, DTe has also asked us to provide guidance on the way in which DTe should monitor the performance of the wholesale electricity market in an era of CO2 trading. Section 2 describes the EU ETS, as background to the study. The section describes the institutional context, the way that the emission trading system has generally been implemented at a national level, and the way that the price of European Union Allowances (EUAs or allowances) has developed historically. Section 3 describes the way in which the EU ETS has had an impact on the Dutch electricity market including: the allocation of EUAs to the power sector in the Netherlands; the (theoretical) impact of the EU ETS on electricity generators' incentives; evidence on generators' behaviour; and the empirical evidence of the relationship between EUA prices and electricity prices (or spark and dark spreads). Section 4 provides a conceptual framework for the estimation of windfall profits. Section 5 deals with detailed assumptions that we have made and data issues we have encountered in our attempts to estimate windfall profits; and Section 6 presents and discusses our estimates of windfall profits

76 FR 44606 - Remanufactured Goods: An Overview of the U.S. and Global Industries, Markets, and Trade...

Science.gov (United States)

2011-07-26

..., trade, and investment in U.S. remanufactured goods, including a discussion of recent trends. To the extent possible, the report will also include the following: An assessment of foreign direct investment... of employment, investment, and sales (including in the domestic market and exports); The U.S. market...

The electricity exchange. On the organisation and latent functions of electricity exchange trading as seen from the viewpoint of market sociology

International Nuclear Information System (INIS)

Giacovelli, Sebastian

2014-01-01

Electricity exchange trading in Germany has existed since the year 2000. Since this time, the Leipzig electricity exchange, a reference market for off-exchange electricity trading, has operated in an environment marked by both criticism and acceptance. Taking this field of controversy as a point of departure the present empirical study in market sociology undertakes to investigate the organisation and latent functions of electricity exchange trading. The ensuing analysis provides answers to questions as to how prices are formed on the electricity exchange and what officially incommunicable functions are served by price formation on exchanges.

Network analysis of returns and volume trading in stock markets: The Euro Stoxx case

Science.gov (United States)

Brida, Juan Gabriel; Matesanz, David; Seijas, Maria Nela

2016-02-01

This study applies network analysis to analyze the structure of the Euro Stoxx market during the long period from 2002 up to 2014. The paper generalizes previous research on stock market networks by including asset returns and volume trading as the main variables to study the financial market. A multidimensional generalization of the minimal spanning tree (MST) concept is introduced, by adding the role of trading volume to the traditional approach which only includes price returns. Additionally, we use symbolization methods to the raw data to study the behavior of the market structure in different, normal and critical, situations. The hierarchical organization of the network is derived, and the MST for different sub-periods of 2002-2014 is created to illustrate how the structure of the market evolves over time. From the structural topologies of these trees, different clusters of companies are identified and analyzed according to their geographical and economic links. Two important results are achieved. Firstly, as other studies have highlighted, at the time of the financial crisis after 2008 the network becomes a more centralized one. Secondly and most important, during our second period of analysis, 2008-2014, we observe that hierarchy becomes more country-specific where different sub-clusters of stocks belonging to France, Germany, Spain or Italy are found apart from their business sector group. This result may suggest that during this period of time financial investors seem to be worried most about country specific economic circumstances.

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

OpenAIRE

Kliber, Agata

2016-01-01

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...

Product Market Integration, Comparative Advantages and Labour Market Performance

DEFF Research Database (Denmark)

Andersen, Torben M.; Rose Skaksen, Jan

2003-01-01

Product Market Integration, Comparative Advantages andLabour Market Performance@*In a two-country model with trade driven by comparative advantages, it is considered howimperfectly competitive labour markets are affected by lower frictions in international goodstrade. Easier goods trading...... is equivalent to increased mobility of employment acrosscountries and thus a change in the trade-off between wages and employment faced by wagesetters. While the effects of product market integration on the trade-off between wages andemployment in general is ambiguous, it is shown that product market...... integration works like ageneral improvement in productivity via the specialization it allows through trade.Unambiguously, real wages and employment and welfare improve upon reductions in tradefrictions, and therefore workers are better off irrespective of whether the market power ofunions is enhanced or muted...

Trading volume and the number of trades : a comparative study using high frequency data

OpenAIRE

Izzeldin, Marwan

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 Geothermal Association Trade Mission to Central America

Energy Technology Data Exchange (ETDEWEB)

1992-10-01

The United States (US) geothermal industry, the world's most technically proficient, has been unable to achieve penetration into the markets of the developing nations. This report details the findings of an industry Trade Mission to Central America, tasked with determining the reasons for this shortfall and with developing a US industry geothermal export strategy designed to achieve immediate and long-term export benefits.

National Geothermal Association Trade Mission to Central America

Energy Technology Data Exchange (ETDEWEB)

1992-10-01

The United States (US) geothermal industry, the world`s most technically proficient, has been unable to achieve penetration into the markets of the developing nations. This report details the findings of an industry Trade Mission to Central America, tasked with determining the reasons for this shortfall and with developing a US industry geothermal export strategy designed to achieve immediate and long-term export benefits.

Market Analysis and Risk Management of EU Emissions Trading - MARMET

International Nuclear Information System (INIS)

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

2007-01-01

The first period of the EU Emissions Trading Scheme (EU ETS) commenced on January 1st 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 their risks and profitability companies need to be able to estimate future price developments of emission allowances. The University of Helsinki is conducting a research project in cooperation with the Helsinki University of Technology that will provide necessary information for analyzing European Union emission allowance (EUA) 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 ETS. With the price estimation model the short-term price developments of EUAs can be estimated. By utilizing the model companies can reduce uncertainties related to the markets. The project also delivers a general risk management model for EU ETS that aims at improving competitiveness of companies. (orig.)

Statistical regularities of Carbon emission trading market: Evidence from European Union allowances

Science.gov (United States)

Zheng, Zeyu; Xiao, Rui; Shi, Haibo; Li, Guihong; Zhou, Xiaofeng

2015-05-01

As an emerging financial market, the trading value of carbon emission trading market has definitely increased. In recent years, the carbon emission allowances have already become a way of investment. They are bought and sold not only by carbon emitters but also by investors. In this paper, we analyzed the price fluctuations of the European Union allowances (EUA) futures in European Climate Exchange (ECX) market from 2007 to 2011. The symmetric and power-law probability density function of return time series was displayed. We found that there are only short-range correlations in price changes (return), while long-range correlations in the absolute of price changes (volatility). Further, detrended fluctuation analysis (DFA) approach was applied with focus on long-range autocorrelations and Hurst exponent. We observed long-range power-law autocorrelations in the volatility that quantify risk, and found that they decay much more slowly than the autocorrelation of return time series. Our analysis also showed that the significant cross correlations exist between return time series of EUA and many other returns. These cross correlations exist in a wide range of fields, including stock markets, energy concerned commodities futures, and financial futures. The significant cross-correlations between energy concerned futures and EUA indicate the physical relationship between carbon emission and energy production process. Additionally, the cross-correlations between financial futures and EUA indicate that the speculation behavior may become an important factor that can affect the price of EUA. Finally we modeled the long-range volatility time series of EUA with a particular version of the GARCH process, and the result also suggests long-range volatility autocorrelations.

The Impact of Trade Policies on Spiraling Prices in International Agricultural Commodity Markets

Directory of Open Access Journals (Sweden)

Agnes Ghibuțiu

2011-07-01

Full Text Available Since the mid-2000s food prices have been on an upward trend. In the first months of 2011, agricultural commodity prices reached an all-time high, fuelling fears about the imminent outbreak of a new food crisis, similar to the 1973/74 and 2006/08 ones. Behind concerns about increased price levels and volatility in international agricultural commodity markets lie concerns about food security. Hence, the international community is now under pressure to urgently find solutions for tempering strong upward fluctuations in prices for many major food commodities. Trade policy changes are increasingly discussed as a major contributing factor to food price surges. This paper addresses some issues related to the recurrent global food crises from the perspective of trade policy, specifically export restrictions. After a brief review of the fundamental drivers of the upward trend in real food prices (rising global population and income, climate change, high oil prices, increasing cereal use for biofuel production, and financial speculation, it examines the upsurge in agricultural export restrictions over the recent years. Relying on WTO's trade policy monitoring exercise, it highlights typology, motivations and effects of the newly introduced export restrictions, and finds that a major factor behind their recent proliferation is the lack of effective and binding multilateral rules concerning these trade policy instruments. The paper argues that strenghtening and improving WTO's rules and disciplines is essential for mitigating increased price pressure and volatility as well as the associated food security risks. While the issue of export restrictions is currently the topic of discussions under the Doha Round, trade negotiations are in impasse since 2008. Hence, urgent and successful conclusion of the round would be an essential step. In the meanwhile, a closer regular monitoring of all forms of export restrictions would help to provide at least more

The Cost of Technical Trading Rules in the Forex Market: A Utility-based Evaluation

NARCIS (Netherlands)

H.D.R. Dewachter (Hans); M. Lyrio (Marco)

2003-01-01

textabstractWe compute the opportunity cost for rational risk averse agents of using technical trading rules in the foreign exchange rate market. Our purpose is to investigate whether these rules can be interpreted as near-rational investment strategies for rational investors. We analyze four

Reinforcing Buyer Power : Trade Quotas and Supply Diversification in the EU Natural Gas Market

NARCIS (Netherlands)

Ikonnikova, S.; Zwart, G.

2010-01-01

We consider a market with concentrated domestic buyers and concentrated foreign sellers and explore the extent to which domestic regulation helps to increase the buyers' countervailing power against the foreign sellers. We use the Shapley value to describe the distribution of the trade surplus and

Act locally, trade globally. Emissions trading for climate policy

Energy Technology Data Exchange (ETDEWEB)

none

2005-07-01

Climate policy raises a number of challenges for the energy sector, the most significant being the transition from a high to a low-CO2 energy path in a few decades. Emissions trading has become the instrument of choice to help manage the cost of this transition, whether used at international or at domestic level. Act Locally, Trade Globally, offers an overview of existing trading systems, their mechanisms, and looks into the future of the instrument for limiting greenhouse gas emissions. Are current markets likely to be as efficient as the theory predicts? What is, if any, the role of governments in these markets? Can domestic emissions trading systems be broadened to activities other than large stationary energy uses? Can international emissions trading accommodate potentially diverse types of emissions targets and widely different energy realities across countries? Are there hurdles to linking emissions trading systems based on various design features? Can emissions trading carry the entire burden of climate policy, or will other policy instruments remain necessary? In answering these questions, Act Locally, Trade Globally seeks to provide a complete picture of the future role of emissions trading in climate policy and the energy sector.

Association of Hospital Market Concentration With Costs of Complex Hepatopancreaticobiliary Surgery.

Science.gov (United States)

Cerullo, Marcelo; Chen, Sophia Y; Dillhoff, Mary; Schmidt, Carl; Canner, Joseph K; Pawlik, Timothy M

2017-09-20

Trade-offs involved with market competition, overall costs to payers and consumers, and quality of care have not been well defined. Less competition within any given market may enable provider-driven increases in charges. To examine the association between regional hospital market concentration and hospital charges for hepatopancreaticobiliary surgical procedures. This study included all patients undergoing hepatic or pancreatic resection in the Nationwide Inpatient Sample from January 1, 2003, through December 31, 2011. Hospital market concentration was assessed using a variable-radius Herfindahl-Hirschman Index (HHI) in the 2003, 2006, and 2009 Hospital Market Structure files. Data were analyzed from November 19, 2016, through March 2, 2017. Hepatic or pancreatic resection. Multivariable mixed-effects log-linear models were constructed to determine the association between HHI and total costs and charges for hepatic or pancreatic resection. Weighted totals of 38 711 patients undergoing pancreatic resection (50.8% men and 49.2% women; median age, 65 years [interquartile range, 55-73 years]) and 52 284 patients undergoing hepatic resection (46.8% men and 53.2% women; median age, 59 years [interquartile range, 49-69 years]) were identified. Higher institutional volume was associated with lower cost of pancreatic resection (-5.4%; 95% CI, -10.0% to -0.5%; P = .03) and higher cost of hepatic resection (13.4%; 95% CI, 8.2% to 18.8%; P markets relative to moderately concentrated markets, although overall charges were 8.3% lower (95% CI, -14.0% to -2.3%; P = .008) in highly concentrated markets. For hepatic resections, hospitals in highly concentrated markets had 8.4% lower costs (95% CI, -13.0% to -3.6%; P = .001) compared with those in unconcentrated markets and charges that were 13.4% lower (95% CI, -19.3% to -7.1%; P markets and 10.5% lower (95% CI, -16.2% to -4.4%; P = .001) compared with unconcentrated markets. Higher market concentration was

Annual Earnings Announcements and Market Reaction: The Influence of Screening Criteria for Thin Trading

DEFF Research Database (Denmark)

Møller, Peder Fredslund; Thinggaard, Frank; Lønroth, Helle L.

2001-01-01

This paper presents the findings of an event study of the Danish stock market price reactions to annual earnings announcements in the period 1993-1997, with a dual purpose. The primary purpose is to find out how market reactions vary with different screening criteria for thin trading. Our findings...... on this point suggest that the Danish stock market, although small, seems to have different segments of shares in relation to earnings announcements. Applying different screening criteria we find differences both in terms of how quickly the market reacts to earnings announcements and the relative quality...... purpose of our study is briefly to compare our findings with those of a similar study for the period 1971-1981. The aim is to find indications of developments in the Danish market's reactions to earnings announcements since that study. We find distinct indications that the Danish stock market in some...

Trading strategies modeling in Colombian power market using artificial intelligence techniques

International Nuclear Information System (INIS)

Moreno, Julian

2009-01-01

The aim of this paper is to present a model based on fuzzy logic and machine learning in order to maximize the profits of Colombian energy trade agents according to their risk profile. The model has two parts, the first one is a fuzzy expert system that gives a recommendation about the trade strategy these agents should follow, and whose definition depends mainly on market conditions. The second one is a reinforced learning mechanism with which the agents 'learn' when they perceive the consequences of their actions, so they modify such actions looking for a reward not just in short but also in long-term. The whole model is validated using actual data as well as a simulation approach using synthetic time series for some relevant variables as hydraulic availability, energy pool price and bilateral contracts price. (author)

Trading strategies modeling in Colombian power market using artificial intelligence techniques

Energy Technology Data Exchange (ETDEWEB)

Moreno, Julian [Escuela de Sistemas, Universidad Nacional de Colombia, Carrera 80 No. 65-223 Bloque M8A Medellin (Colombia)

2009-03-15

The aim of this paper is to present a model based on fuzzy logic and machine learning in order to maximize the profits of Colombian energy trade agents according to their risk profile. The model has two parts, the first one is a fuzzy expert system that gives a recommendation about the trade strategy these agents should follow, and whose definition depends mainly on market conditions. The second one is a reinforced learning mechanism with which the agents 'learn' when they perceive the consequences of their actions, so they modify such actions looking for a reward not just in short but also in long-term. The whole model is validated using actual data as well as a simulation approach using synthetic time series for some relevant variables as hydraulic availability, energy pool price and bilateral contracts price. (author)

The minimal entropy martingale measure in a market of traded financial and actuarial risks

NARCIS (Netherlands)

Dhaene, J.; Stassen, B.; Devolder, P.; Vellekoop, M.

2015-01-01

In arbitrage-free but incomplete markets, the equivalent martingale measure QQ for pricing traded assets is not uniquely determined. A possible approach when it comes to choosing a particular pricing measure is to consider the one that is ‘closest’ to the physical probability measure PP, where

Emissions trading and green power : profitability for buyers and sellers

International Nuclear Information System (INIS)

Haites, E.

1998-01-01

Proposed features of the competitive electricity market in Ontario were reviewed. The speaker predicted that demand for renewable energy in Ontario's competitive electricity market will be affected by green power, emissions trading, labelling, and renewables portfolio standard. Under current regulations retailers can charge customers a premium for purchasing electricity generated by 'green' sources. The existing limits on emissions of sulphur dioxide, nitrogen oxides and carbon dioxides will remain in place, but an emissions cap and trading program for all Ontario-based generation is an option to consider. Ontario's Market Design Committee (MDC) has recommended the implementation of emissions trading for electricity-related air pollutants for all generators located in Ontario. The complex mechanics of emission trading are explained. The MDC recommendation of the use of standard labels to disclose the mix of energy sources used by sellers of electricity and their associated pollution emissions are also summarized

77 FR 56697 - Technology and Trading Roundtable

Science.gov (United States)

2012-09-13

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-67802; File No. 4-652] Technology and Trading... Trading: Promoting Stability in Today's Markets'' to discuss ways to promote stability in markets that... Trading and Markets, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-7010. By...

Labor market regulations and trade patterns: the panel data analysis within a modified Ricardian setting

Czech Academy of Sciences Publication Activity Database

Uzagalieva, Ainura

-, 05/2008 (2008), s. 1-33 ISSN N Institutional research plan: CEZ:AV0Z70850503 Keywords : labor market * international trade * competition Subject RIV: AH - Economics http://www.deg.uac.pt/~ceeapla/pt/pdf/papers/Paper05-2008.pdf

Analysis of Ukraine’s foreign trade turnover in context of free trade zone with European Union

Directory of Open Access Journals (Sweden)

К.Shymanska

2016-06-01

Full Text Available The implementation of the free trade zone between Ukraine and the European Union has many advantages and disadvantages for our country. The changes in Ukraine’s economic integration vector cause much dispute about its prospects and profitability. Nevertheless, the strengthening of economic and political crisis leads to the reduction in foreign trade of Ukraine with the EU. Although in recent years, many institutional limitations for the Ukrainian producers’ entrance to European markets have been removed. The analysis of Ukraine's foreign trade turnover with EU countries showed the indicators of exports and imports structure in the partner countries and allowed to reveal decreasing of intensity of these operations. This can be a negative indicator of activities for the implementation of the Association Agreement with the EU. The study has formulated the perspective directions of foreign trade policy of Ukraine, in particular with respect to the modernization of informational and technical support of the customs clearance of the goods movement, increasing control over the quality of Ukrainian goods and opportunities for the small and mediumsized entities entrance to the European markets.

A prospect theory explanation of the disposition to trade losing investments for less than market price.

Science.gov (United States)

Johnstone, D J

2002-06-01

Investors have a proven general reluctance to realize losses. The theory of "mental accounting" suggests that losses are easier to accept when mentally integrated with either preceding losses or with compensatory gains. Mental integration is made easier when a failed asset is exchanged against a new, apparently profitable, acquisition. The alternative is to sell the existing asset on the open market before re-investing the proceeds as desired. This is emotionally less appealing than "rolling over" a losing investment into a new venture by way of an asset trade. The psychological benefits of exchanging rather than selling a failed asset come at a cost. It is typical of trade-in arrangements, e.g., where one trades an old car against a new one, that the effective sale price of the existing asset is less than current market value. Acceptance of this low price adds to the investor's total monetary loss on the existing asset but is essential to an overall package deal apart from which that asset would often remain belatedly unsold.

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

75 FR 12737 - Applications To Export Electric Energy; Noble Energy Marketing and Trade Corp.

Science.gov (United States)

2010-03-17

... impact on the reliability of the U.S. electric power supply system. Copies of this application will be... DEPARTMENT OF ENERGY [OE Docket Nos. EA-363 and EA-364] Applications To Export Electric Energy; Noble Energy Marketing and Trade Corp. AGENCY: Office of Electricity Delivery and Energy Reliability...

Species composition of the international shark fin trade assessed through a retail-market survey in Hong Kong.

Science.gov (United States)

Fields, Andrew T; Fischer, Gunter A; Shea, Stanley K H; Zhang, Huarong; Abercrombie, Debra L; Feldheim, Kevin A; Babcock, Elizabeth A; Chapman, Demian D

2018-04-01

The shark fin trade is a major driver of shark exploitation in fisheries all over the world, most of which are not managed on a species-specific basis. Species-specific trade information highlights taxa of particular concern and can be used to assess the efficacy of management measures and anticipate emerging threats. The species composition of the Hong Kong Special Administrative Region of China, one of the world's largest fin trading hubs, was partially assessed in 1999-2001. We randomly selected and genetically identified fin trimmings (n = 4800), produced during fin processing, from the retail market of Hong Kong in 2014-2015 to assess contemporary species composition of the fin trade. We used nonparametric species estimators to determine that at least 76 species of sharks, batoids, and chimaeras supplied the fin trade and a Bayesian model to determine their relative proportion in the market. The diversity of traded species suggests species substitution could mask depletion of vulnerable species; one-third of identified species are threatened with extinction. The Bayesian model suggested that 8 species each comprised >1% of the fin trimmings (34.1-64.2% for blue [Prionace glauca], 0.2-1.2% for bull [Carcharhinus leucas] and shortfin mako [Isurus oxyrinchus]); thus, trade was skewed to a few globally distributed species. Several other coastal sharks, batoids, and chimaeras are in the trade but poorly managed. Fewer than 10 of the species we modeled have sustainably managed fisheries anywhere in their range, and the most common species in trade, the blue shark, was not among them. Our study and approach serve as a baseline to track changes in composition of species in the fin trade over time to better understand patterns of exploitation and assess the effects of emerging management actions for these animals. © 2017 The Authors. Conservation Biology published by Wiley Periodicals, Inc. on behalf of Society for Conservation Biology.

Welfare Impact of Virtual Trading on Wholesale Electricity Markets

Science.gov (United States)

Giraldo, Juan S.

market since it became available to be used by financial traders in September 2010. Stylized models are used to determine the optimal bidding strategy for the different virtual bids under different scenarios. The welfare analysis shows that the main impact of virtual bidding is surplus reallocation and that the impact on market efficiency is small by comparison. The market structure is such that it is more likely to see surplus transfers from consumers to producers. The results also show that outcomes with greater price convergence as a result of virtual bidding activity were not necessarily more efficient, nor do they always correct surplus distribution distortions that result from bias in the DA expectation of RT load. Compared to INCs and DECs, the UTC analysis showed that UTCs do not have the same self-corrective incentives towards price convergence and are less likely to lead to nodal price convergence or correct for surplus distribution distortions caused by uncertainty and bias in the DA expectation of RT load. Additionally, the analysis showed that UTCs allow financial traders to engage in low risk high volume trading strategies that, while profitable, may have little to no impact on price convergence or market efficiency.

7 CFR 987.11 - Trade demand.

Science.gov (United States)

2010-01-01

... 7 Agriculture 8 2010-01-01 2010-01-01 false Trade demand. 987.11 Section 987.11 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements... RIVERSIDE COUNTY, CALIFORNIA Order Regulating Handling Definitions § 987.11 Trade demand. Trade demand means...

7 CFR 981.21 - Trade demand.

Science.gov (United States)

2010-01-01

... 7 Agriculture 8 2010-01-01 2010-01-01 false Trade demand. 981.21 Section 981.21 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements... Regulating Handling Definitions § 981.21 Trade demand. Trade demand means the quantity of almonds...

Performance Assessment of Black Box Capacity Forecasting for Multi-Market Trade Application

Directory of Open Access Journals (Sweden)

Pamela MacDougall

2017-10-01

Full Text Available With the growth of renewable generated electricity in the energy mix, large energy storage and flexible demand, particularly aggregated demand response is becoming a front runner as a new participant in the wholesale energy markets. One of the biggest barriers for the integration of aggregator services into market participation is knowledge of the current and future flexible capacity. To calculate the available flexibility, the current aggregator pilot and simulation implementations use lower level measurements and device specifications. This type of implementation is not scalable due to computational constraints, as well as it could conflict with end user privacy rights. Black box machine learning approaches have been proven to accurately estimate the available capacity of a cluster of heating devices using only aggregated data. This study will investigate the accuracy of this approach when applied to a heterogeneous virtual power plant (VPP. Firstly, a sensitivity analysis of the machine learning model is performed when varying the underlying device makeup of the VPP. Further, the forecasted flexible capacity of a heterogeneous residential VPP was applied to a trade strategy, which maintains a day ahead schedule, as well as offers flexibility to the imbalance market. This performance is then compared when using the same strategy with no capacity forecasting, as well as perfect knowledge. It was shown that at most, the highest average error, regardless of the VPP makeup, was still less than 9%. Further, when applying the forecasted capacity to a trading strategy, 89% of the optimal performance can be met. This resulted in a reduction of monthly costs by approximately 20%.

Inferring Trade Direction from Intraday Data.

OpenAIRE

Lee, Charles M C; Ready, Mark J

1991-01-01

This paper evaluates alternative methods for classifying individual trades as market buy or market sell orders using intraday trade and quote data. The authors document two potential problems with quote-based methods of trade classification: quotes may be recorded ahead of trades that triggered them, and trades inside the spread are not readily classifiable. These problems are analyzed in the context of the interaction between exchange floor agents. The authors then propose and test relativel...

77 FR 11157 - Remanufactured Goods: An Overview of the U.S. and Global Industries, Markets, and Trade; Change...

Science.gov (United States)

2012-02-24

... the U.S. and Global Industries, Markets, and Trade; Change in Start Time of Public Hearing AGENCY... investigation No. 332-525, Remanufactured Goods: An Overview of the U.S. and Global Industries, Markets, and... INFORMATION CONTACT: Project Leader Alan Treat (202-205- 3426 or [email protected] ), Deputy Project Leader...

Geographies of High Frequency Trading

DEFF Research Database (Denmark)

Grindsted, Thomas Skou

2016-01-01

This paper investigates the geographies of high frequency trading. Today shares shift hands within micro seconds, giving rise to a form of financial geographies termed algorithmic capitalism. This notion refers to the different spatio-temporalities produced by high frequency trading, under...... the valuation of time. As high frequency trading accelerates financial markets, the paper examines the spatio-temporalities of automated trading by the ways in which the speed of knowledge exploitation in financial markets is not only of interest, but also the expansion between different temporalities....... The paper demonstrates how the intensification of time-space compression produces radical new dynamics in the financial market and develops information rent in HFT as convertible to a time rent and a spatio-temporal rent. The final section discusses whether high frequency trading only responds to crises...

Oil and natural gas strategies for North American energy markets: a submission by the Canadian Association of Petroleum Producers

International Nuclear Information System (INIS)

2001-04-01

This proposal by the Canadian Association of Petroleum Producers (CAPP) focuses on improving North American energy markets and addressing the challenges involved in meeting continental energy requirements by urging a renewed policy effort to enhance the current market-based policies of free trade and competition that have already proven to respond to market changes better than command-control government policies. The proposal urges new strategies to support development of the oil and natural gas resources of North America, and the development of additional infrastructure to bring oil and natural gas supplies to market. The new strategy should be based on the success of free trade to increase non-discriminatory treatment of energy investment and trade in energy commodities, recognize resource development in North America as a policy priority, and reform regulatory practices to facilitate responsible, market-driven resource activity. The new strategy should also ensure competitive tax and royalty regimes as well as consistent and compatible environmental policies that eliminate layering and duplication and are competitive among the various jurisdictions. It should also recognize the continental and global nature of energy supply and the increasing interdependence of the partner nations' economies, encourage research and development, and ensure co-ordinated action on frontier natural gas development within a framework of inter-jurisdictional cooperation. Overall, the document is a thorough, credible presentation of the first principles of the oil and gas markets and an important first step towards influencing energy policy on a continental scale. 2 maps, 5 figs

Forecasting market impact costs and identifying expensive trades

NARCIS (Netherlands)

Bikker, Jacob A.; Spierdijk, L.; Hoevenaars, Roy P.M.M.; van der Sluis, Pieter Jelle

Often, a relatively small group of trades causes the major part of the trading costs on an investment portfolio. Consequently, reducing the trading costs of comparatively few expensive trades would already result in substantial savings on total trading costs. Since trading costs depend to some

Risks in global natural gas markets: Investment, hedging and trade

International Nuclear Information System (INIS)

Egging, Ruud; Holz, Franziska

2016-01-01

Recent supply security concerns in Europe have revived interest into the natural gas market. We investigate infrastructure investment and trade in an imperfect market structure for various possible risks for both supply and demand. We focus on three possible scenarios in a stochastic global gas market model: (i) transit of Russian gas via Ukraine that may be disrupted from 2020 on; (ii) natural gas intensity of electricity generation in OECD countries that may lead to higher or lower natural gas demand after 2025; and (iii) availability of shale gas around the globe after 2030. We illustrate how the timing of investments is affected by inter-temporal hedging behavior of market agents, such as when LNG capacity provides ex-ante flexibility or an ex-post fallback option if domestic or nearby pipeline supply sources are low. Moreover, we find that investment in LNG capacities is more determined by demand side pull – due to higher needs in electric power generation – than by supply side push, e.g. higher shale gas supplies needing an outlet. We focus on Europe, North America, and China that are the world's most important gas consuming and supplying regions. - Highlights: •We use the stochastic variant of the multi-period Global Gas Model. •We investigate the effects of uncertainty in Russian exports, demand, and shale gas. •We find that LNG is preferred as hedging option in anticipation of uncertain events. •Pipelines may be chosen as recourse decision after uncertain events realized. •China will dominate the global natural gas market regardless the scenario.

Evaluation of CO2 free electricity trading market in Japan by multi-agent simulations

International Nuclear Information System (INIS)

Sichao, Kan; Yamamoto, Hiromi; Yamaji, Kenji

2010-01-01

As of November 2008, a new market, the CO 2 free electricity market, started pilot trading within the Japan Electric Power Exchange (JEPX). The electricity in this market comes from renewable resources, nuclear or fossil thermal power with CDM credits. The demanders of the CO 2 free electricity are supposed to be the power companies with high emission rates. In this paper, we analyzed the effects of the new market by using a multi-agent based model to simulate the markets. From our simulation results, we found that the demander, under strict CO 2 emission regulations, tends to buy more electricity from the new CO 2 free market even though the price of this market is higher than that of the normal power exchange market. Suppliers with hydro or nuclear power plants only sell their electricity to the CO 2 free market, and suppliers with coal power plants also enter this market (with CDM credits). The media and peak demands in the normal market are met mainly by electricity from LNG power plants. We also compared the results from the multi-agent approach with those from the least-cost planning approach and found that the results of the two methods were similar. (author)

Bid-Ask Spreads, Trading Volume and Return Volatility: Intraday Evidence from Indian Stock Market

Directory of Open Access Journals (Sweden)

Rashmi Ranjan Paital

2016-01-01

Full Text Available This paper empirically examines the relationship between stock return volatility, trading volume and bid-ask spread within the scope of mixture of distribution hypothesis (MDH and sequential information arrival hypothesis (SIAH in the Indian stock market using high frequency 5-minute data set over the period of 2 July 2012 to 31 December 2012. This is the first kind of study in India using bid-ask spread as an additional information variable along with trading volume to investigate the relationship with stock return volatility. Our empirical findings provide evidence of a positive contemporaneous relationship between return volatility and trading volume, and also between return volatility and bid-ask spread. Moreover, the results of Granger causality test show that the information content of trading volume and bid-ask spread are useful for predicting stock return volatility. Our results indicate that information arrival to investors tends to follow a sequential rather than a simultaneous process. This finding is consistent with the sequential information arrival hypothesis and contradicts the mixture of distribution hypothesis.

Formation of trading strategy based on technical analysis and application in the FOREX market

OpenAIRE

Butkus, Mindaugas; Tamašauskas, Mantas

2016-01-01

This paper accomplishes modification of technical analysis based trading strategy for the FOREX market. New strategy performance was checked using historical data. Most profitable modification was excluded and optimized. Straipsnyje atliktas technine analize grįstos prekybos strategijos, skirtos FOREX rinkai, modifikavimas. Naujos strategijos veikimas patikrintas su istoriniais duomenimis. Buvo atrinkta ir optimizuota pelningiausia modifikacija.

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

Measuring Gravity in International Trade Flows

Directory of Open Access Journals (Sweden)

E. Young Song

2004-12-01

Full Text Available The purpose of this paper is two-fold. One is to clarify the concept of gravity in international trade flows. The other is to measure the strength of gravity in international trade flows in a way that is consistent with a well-defined concept of gravity. This paper shows that the widely accepted belief that specialization is the source of gravity is not well grounded on theory. We propose to define gravity in international trade as the force that makes the market shares of an exporting country constant in all importing countries, regardless of their sizes. In a stochastic context, we should interpret it as implying that the strength of gravity increases i as the correlation between market shares and market sizes gets weaker and ii as the variance of market shares gets smaller. We estimate an empirical gravity equation thoroughly based on this definition of gravity. We find that a strong degree of gravity exists in most bilateral trade, regardless of income levels of countries, and in trade of most manThe purpose of this paper is two-fold. One is to clarify the concept of gravity in international trade flows. The other is to measure the strength of gravity in international trade flows in a way that is consistent with a well-defined concept of gravity. This paper shows that the widely accepted belief that specialization is the source of gravity is not well grounded on theory. We propose to define gravity in international trade as the force that makes the market shares of an exporting country constant in all importing countries, regardless of their sizes. In a stochastic context, we should interpret it as implying that the strength of gravity increases i as the correlation between market shares and market sizes gets weaker and ii as the variance of market shares gets smaller. We estimate an empirical gravity equation thoroughly based on this definition of gravity. We find that a strong degree of gravity exists in most bilateral trade, regardless of

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.

Natural gas market - Market opening in Switzerland and a selection of European Union countries

International Nuclear Information System (INIS)

Wild, J.; Vaterlaus, S.; Worm, H.; Spielmann, Ch.; Finger, M.

2007-02-01

This comprehensive report for the Swiss Federal Office of Energy (SFOE) takes a look at the situation in Switzerland and Europe as far as the liberalisation of the natural gas market is concerned. Comparisons are made between the situation for natural gas and electricity markets. The report discusses the economical and technical characteristics of the gas business such as gas sources, transport, storage and trading as well as the associated investment risks. The gas and electricity supply systems are compared from the supply and demand viewpoints and as far as trading and the increasing of efficiency are concerned. The Swiss gas market is compared with those of selected European countries. Market structures and regulatory aspects are examined and the resulting effects on the market and gas prices are reviewed. The effects of market opening are discussed from both the supplier and consumer points of view

Markets in the Ottoman city of Algiers and trading systems through the Law of Kanon al-asswak Manuscript

Directory of Open Access Journals (Sweden)

A.E.K.Sahraoui

2009-03-01

Full Text Available The markets are economic entities with a common advantage in the field of professional specialization accompanied by a clear geographic concentration in the city of Algeria during the Ottoman period. Each trade has a specific street. Each profession's name shows three facts, including the concentration of artisans and merchants into one product, then the trade union that brings them together, and the place that bears their name, which has become independent of the technical meaning. Perhaps the markets of Ottoman Algeria and its professional and professional organizations are the ones that reveal the accuracy of attention to the commercial movement of the civilian, and its economic communities in general and industrial in particular.

Internalizing carbon costs in electricity markets: Using certificates in a load-based emissions trading scheme

International Nuclear Information System (INIS)

Gillenwater, Michael; Breidenich, Clare

2009-01-01

Several western states have considered developing a regulatory approach to reduce greenhouse gas (GHG) emissions from the electric power industry, referred to as a load-based (LB) cap-and-trade scheme. A LB approach differs from the traditional source-based (SB) cap-and-trade approach in that the emission reduction obligation is placed upon Load Serving Entities (LSEs), rather than electric generators. The LB approach can potentially reduce the problem of emissions leakage, relative to a SB system. For any of these proposed LB schemes to be effective, they must be compatible with modern, and increasingly competitive, wholesale electricity markets. LSE's are unlikely to know the emissions associated with their power purchases. Therefore, a key challenge for a LB scheme is how to assign emissions to each LSE. This paper discusses the problems with one model for assigning emissions under a LB scheme and proposes an alternative, using unbundled Generation Emission Attribute Certificates. By providing a mechanism to internalize an emissions price signal at the generator dispatch level, the tradable certificate model addresses both these problems and provides incentives identical to a SB scheme

Trade Mechanism Selection in Markets with Frictions

OpenAIRE

Gabriele Camera; Alain Delacroix

2004-01-01

We endogenize the trade mechanism in a search economy with many homogenous sellers and many heterogeneous buyers of unobservable type. We study how heterogeneity and the traders' continuation values -- which are endogenous -- influence the sellers' choice of trade mechanism. Sellers trade off the probability of an immediate sale against the surplus expected from it, choosing whether to trade with everyone and how quickly. In equilibrium sellers may simply target one buyer type via non-negotia...

Emissions Trading

NARCIS (Netherlands)

Woerdman, Edwin; Backhaus, Juergen

2014-01-01

Emissions trading is a market-based instrument to achieve environmental targets in a cost-effective way by allowing legal entities to buy and sell emission rights. The current international dissemination and intended linking of emissions trading schemes underlines the growing relevance of this

Trade Finance during the 2008–9 Trade Collapse : Key Takeaways

OpenAIRE

Chauffour, Jean-Pierre; Malouche, Mariem

2011-01-01

Trade finance matters for trade, and when financial markets and world trade collapsed three years ago, a shortage in trade finance was hailed as a possible culprit. Because of the potential for global repercussions, world leaders called on the international community to act swiftly to avoid a depression. Governments and international institutions intervened to mitigate the impacts of the c...

An Ethical Analysis of Regulating Insider Trading

NARCIS (Netherlands)

Engelen, P. J.; Liedekerke, L.

Although there seems to be a broad consensus to prohibit insider trading among supervising authorities and market professionals, the debate on insider trading has not settled definitively. We introduce a distinction between insider trading and market manipulation on the one hand and corporate

Trade Fairs, Markets and Fields

DEFF Research Database (Denmark)

Moeran, Brian

2011-01-01

This working paper takes as its starting point the work of the German economic sociologist, Jens Beckert, and his call for empirical investigations into how intentionally rational actors reach decisions under conditions when they do not know what is best to do. It 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. Fairs frame the contacts people make and sustain as networks; the institutional rules and social norms guiding their behaviour there; and the values...... and cognitive frames that they bring to bear and negotiate with other participants. They make actors aware of a ‘mutual correspondence’ in their interpretation of the goods in which they deal and of the social situations in which engage for the sake of such trade. Trade fairs both configure fields and make...

Cooperation in environmental protection. The economics of green trade, market-based instruments and community involvement

International Nuclear Information System (INIS)

Roettgers, Dirk

2013-01-01

The Millennium Development Goals (United Nations, 2000) and, by extension, such efforts as the Convention on Biological Diversity and the Kyoto Protocol (Kyoto Protocol, 1997), present mankind with a challenge that can only be overcome through cooperation. Cooperative policies are necessary from the highest level, i.e. international policies and treaties, to regional and national agreements, down to the local level, where policies are actually enacted. To close some gaps in the understanding of applicable policy instruments, this dissertation looks at a few key topics of environmental protection with implications for market-based instruments. The five different research areas are (1) EU bioenergy trade, (2) Clean Development Mechanism (CDM), (3) comparison of the effectiveness of product certification, ecosystem certification and offset mechanisms in wetland ecosystems, (4) international market-based instruments for African protected areas and (5) local stakeholder decision making in rural ecosystems of developing countries. Bioenergy consumption, production and trade have been increasing worldwide in the recent decade, mostly due to demand from EU countries and the USA. Taking the example of the EU, it is questionable if these trade flows are caused mainly by EU trade rules or targeted bioenergy policies. A sector-specific analysis taking industry patterns into consideration is necessary to evaluate the impact of these two policy areas on trade flows. A common way to analyze trade flows is the gravity model, which is employed here. This dissertation finds out why that is by using a gravity model to analyze flows of Certified Emission Reductions (CERs) between host and financier countries. The special roles of foreign direct investments (FDI), official development aid (ODA) and trade are scrutinized closely in this context. Findings show that FDI, ODA and trade have a positive influence on project attraction, even when holding determinants of these factors constant

The Trading Potential of Eastern Europe

OpenAIRE

Wang, Zhen Kun; Winters, L. Alan

1991-01-01

This paper fits a gravity model to the trade of 76 market economies. It then applies the model to data on East European economies to estimate what their trading potential might have been, had behaved like market economies in the mid-1980s. At existing levels of national income, the liberalization of Eastern Europe and the Soviet Union is unlikely to affect their mutual trade and trade with developing countries, but it will increase trade with industrial counties by factors of three to thirty....

A trade based view on casino taxation: market conditions.

Science.gov (United States)

Li, Guoqiang; Gu, Xinhua; Wu, Jie

2015-06-01

This article presents a trade based theory of casino taxation along with empirical evidence found from Macao as a typical tourism resort. We prove that there is a unique optimum gaming tax in a particular market for casino gambling, argue that any change in this tax is engendered by external demand shifts, and suggest that the economic rent from gambling legalization should be shared through such optimal tax between the public and private sectors. Our work also studies the tradeoff between economic benefits and social costs arising from casino tourism, and provides some policy recommendations for the sustainable development of gaming-led economies. The theoretical arguments in this article turn out to be consistent with empirical observations on Macao realities over the recent decade.

Market information and price volatility in petroleum derivatives spot and future markets

International Nuclear Information System (INIS)

Khalid Nainar, S.M.

1993-01-01

This paper examines the relationship between petroleum futures trading, market information and spot prices. It tests the hypothesis that there is increased spot market information with futures trading of various petroleum derivatives for weekly data during the period January 1970 to July 1985 at the new York Mercantile Exchange. Increased market information with futures trading is indicated by the insignificance of coefficients of past prices in spot price regressions in periods with futures trading. However, the estimates of the coefficient of variation indicate that price volatility tends to increase with futures trading. Thus, traders seem better informed with futures trading although the advantages of increased market information might potentially be undermined by increased price volatility as in the case of regular gasoline. (author)

GASTALE. An oligopolistic model of production and trade in the European gas market

International Nuclear Information System (INIS)

Boots, M.G.; Rijkers, F.A.M.; Hobbs, B.F.

2003-08-01

The empirical model GASTALE is described and used to analyse the European natural gas market. These analyses focus primarily on the role of the downstream trading companies and their interaction with gas producers. By default, producers of natural gas are assumed to form an oligopoly in the paper. Meanwhile, downstream within-country traders of gas are represented in different versions of the model as local oligopolists or perfect competitors. The model therefore has a two-level structure, in which producers engage in competition a la Cournot, and each producer is a Stackelberg leader with respect to traders, who may be Cournot oligopolists or perfect competitors. The case of Cournot traders results in a new form of energy model, that of successive oligopoly. The model is formulated as a complementarity problem, and is solved by nonlinear programming. Considering this oligopolistic market structure, several tentative conclusions emerge. First, our model results show that successive oligopoly (so-called 'double marginalisation') yields significantly higher prices and lower consumer welfare than if oligopoly exists only on one level. Second, oligopoly in the trading market (because of the high concentration of traders) results in more distortion than oligopoly in production. Third, the level of traders' profits depends on the possibilities of discrimination on the border prices. If price discrimination by producers is allowed, these producers collect a greater share of the margins on end-use prices. Fourth, when the number of traders increases and assuming an oligopolistic downstream structure, end-use prices converge to prices corresponding with perfect competition. Thus, it is important to prevent (or abolish) monopolistic structures in the downstream gas market. In the case where oligopolistic competition among downstream gas companies cannot be prevented, vertical integration should be supported (or at least not be discouraged), especially if it would result in a

Natural gas in Asia: Trade, markets and regional institutions

International Nuclear Information System (INIS)

Vivoda, Vlado

2014-01-01

Natural gas trade in Asia has been dominated by long-established market structures, under which liquefied natural gas (LNG) has remained indexed based on the price of crude oil. High transaction costs in the region in recent years imply that the regional market is sub-optimally organized. Since 2010, the continued prevalence of oil-indexation has had the most adverse effect on Japan, the world’s largest LNG importer. In response, Japan implemented several strategies to challenge traditional LNG pricing mechanisms in the region and ultimately reduce transaction costs. Japan’s efforts include an increase in the share of spot and short-term purchases, sourcing new supplies from the United States under alternative pricing arrangements and driving regional buyer cooperation. This paper evaluates the potential effect of Japan’s LNG strategy on regional pricing in the broader institutional context, arguing that LNG pricing in the region will only partially shift away from oil-indexation by the end of the decade. While recent cooperation among regional LNG importers indicates that there may be scope for change in the regional institutional setting, the degree of cooperation is insufficient to have a profound effect on regional pricing. - Highlights: • Sub-optimal natural gas market outcomes in Asia since 2010. • Asian buyers have challenged oil-indexation in the region. • Concrete evidence of Japan-led buyer cooperation since 2013. • Pricing will only partially shift from oil-indexation by 2020. • Security of supply remains a top policy priority

Emissions Trading Resources

Science.gov (United States)

Learn about emissions trading programs, also known as cap and trade programs, which are market-based policy tools for protecting human health and the environment by controlling emissions from a group of sources.

Market, Country and World Effects on Regional Equity Market Integration

Directory of Open Access Journals (Sweden)

Chee Wooi Hooy

2014-08-01

Full Text Available This study explores the fundamental driving forces of regional equity market integration in a trading bloc. The determinant factors are categorized into market attribute, economic fundamentals and world information. Our sample consists of 26 equity markets of ive regional trading blocs, namely AFTA, CER, EFTA, EU and NAFTA over the period of January 1999 to  August  2005.  We  measure  market  integration  based  on  pricing  errors  as  proposed  by Korajczyk (1996 and Levine and Zervos (1998. Using panel regressions, our results show that  equity  integration  in  these  trading  blocs  is  driven  internally,  where  only  individual-market  volatility  and  economic  fundamentals  play  a  signiicant  role  in  the  process.  Intra-bloc  trade  is  found  to  enhance  regional  equity  market  integration,  supporting  the  notion that  regional  convergence  extends  beyond  the  trade  sector  that  is  promoted  in  the  trade agreements.  We  also  document  regime  shifting  effects  during  stock  market  crises,  where most  of  these  markets  became  strongly  integrated  after  a  regional  crisis,  but  integration was signiicantly weakened during a crisis that affected the world markets. Also, the level of equity market integration differs across trading blocs, where the blocs with a smaller number of country members are relatively more integrated. ";} // -->activate javascript

The Adaptation Law for emissions trading. Part 2. A level playing field for emissions trading?

International Nuclear Information System (INIS)

Simonetti, S.

2010-01-01

To supplement, clarify and simplify the regulations for emission trading, the Amendment Act emission trading II was submitted to the Dutch Lower Chamber end of 2009. This article discusses the pending bill and comments on a number of remarkable stipulations that may be important to the market parties. First a brief overview is provided of the basic principles of emission trading and the players in the CO2 market. [nl

Education Needs of California Firms for Trade in Pacific Rim Markets. Commission Report 88-43.

Science.gov (United States)

California State Postsecondary Education Commission, Sacramento.

An exploratory survey of firms concerning their need for specialists for pursuing trade in Pacific Rim markets is reported. The industries surveyed include food and agriculture, sportswear and sports equipment, and applied electronics. After an introductory section explaining the origins and development of the survey, the report presents the major…

Optimal Trading with Alpha Predictors

OpenAIRE

Filippo Passerini; Samuel E. Vazquez

2015-01-01

We study the problem of optimal trading using general alpha predictors with linear costs and temporary impact. We do this within the framework of stochastic optimization with finite horizon using both limit and market orders. Consistently with other studies, we find that the presence of linear costs induces a no-trading zone when using market orders, and a corresponding market-making zone when using limit orders. We show that, when combining both market and limit orders, the problem is furthe...

A Good Beginning Makes a Good Market: The Effect of Different Market Opening Structures on Market Quality

Science.gov (United States)

Hinterleitner, Gernot; Leopold-Wildburger, Ulrike

2015-01-01

This paper deals with the market structure at the opening of the trading day and its influence on subsequent trading. We compare a single continuous double auction and two complement markets with different call auction designs as opening mechanisms in a unified experimental framework. The call auctions differ with respect to their levels of transparency. We find that a call auction not only improves market efficiency and liquidity at the beginning of the trading day when compared to the stand-alone continuous double auction, but also causes positive spillover effects on subsequent trading. Concerning the design of the opening call auction, we find no significant differences between the transparent and nontransparent specification with respect to opening prices and liquidity. In the course of subsequent continuous trading, however, market quality is slightly higher after a nontransparent call auction. PMID:26351653

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...

Integrative taxonomy of the ornamental 'peppermint' shrimp public market and population genetics of Lysmata boggessi, the most heavily traded species worldwide.

Science.gov (United States)

Baeza, J Antonio; Behringer, Donald C

2017-01-01

The ornamental trade is a worldwide industry worth >15 billion USD with a problem of rampant product misidentification. Minimizing misidentification is critical in the face of overexploitation of species in the trade. We surveyed the peppermint shrimp ornamental marketplace in the southeastern USA, the most intense market for peppermint shrimps worldwide, to characterize the composition of species in the trade, reveal the extent of misidentification, and describe the population genetics of the true target species. Shrimps were bought from aquarium shops in FL, GA, SC, and NC. We demonstrated, contrary to popular belief (information from dealers), that the most heavily traded species in the market was Lysmata boggessi , an endemic species to the eastern Gulf of Mexico, and not Lysmata wurdemanni . Importantly, only when color pattern or genetic markers in conjunction with morphological traits were employed, was it was possible to unequivocally identify L. boggessi as the only species in the trade. The intensity of the market for peppermint shrimps in the USA has led to L. boggessi being the most traded species worldwide. Misidentification in the shrimp aquarium trade is accidental and involuntary, and is explained by remarkable similarity among congeneric species. Using sequences of the 16S-mt-DNA marker, we found no indication of population genetic structure in the endemic L. boggessi across  550 km of linear coast. Therefore, this species can be considered genetically homogeneous and a single fished stock. Still, we argue in favor of additional studies using more powerful markers (e.g., SNPs) capable of revealing genetic structure at a finer spatial-scale. Our results will help advance management and conservation policies in this lucrative yet understudied fishery. Future studies of other ornamental fisheries will benefit from using an integrative taxonomic approach, as we demonstrate here.

The informal economy employment impacts of trade liberalization & increased competition in export markets

DEFF Research Database (Denmark)

Morocco and United States. The overall logic of such measures was that liberalization and privatization would stimulate trade, support the requested modernization of the production systems and infrastructures, and enhance public administrations and services as well. Positive impacts on income, employments...... and privatization processes were implemented at the international level by the WTO's, at regional level by the establishment of free trade agreements between individual states on the southern and eastern Mediterranean rim and the EU [under the Barcelona Process] and by bilateral agreements as the one signed between...... to focus on the impacts of restructuring in the formal textile and clothing sectors (TC) which is the major employer in three Maghrib countries: Algeria, Morocco and Tunisia. The textile and clothing sectors have been particularly exposed to increased competition in foreign and/or domestic markets...

The evolution of oil markets: trading instruments and their role in price formation

International Nuclear Information System (INIS)

Roeber, J.

1993-01-01

The workings of the modern oil market are recondite, understood - if at all - mainly by specialists. By comparison with explanations of the currency markets and other financial mechanisms the literature is sparse. There are plenty of studies that analyse the economics of the oil business, but few that explain its inner workings. This study will help to fill the gap. It is of value for three main reasons. First, it offers an explanation by an acknowledged expert of a complex subject in terms which non-experts will be able to understand. Second, it provides practitioners in the trade with some valuable insights into deficiencies in the present market mechanisms which could with advantage be rectified. The market is bound to continue to evolve. Third, it points to some important policy conclusions, particularly about what is, and is not, possible in times of crisis. This study reinforces the view that the modern oil business is far too complex, fragmented and international to be subjected to old-style crisis management. (author)

Canada - United States Natural Gas Trade - A Model for Expanding Regional Energy Trade

International Nuclear Information System (INIS)

D ArcyMcGee, T.

1996-01-01

This document deals with the expansion of Canadian natural gas exports to the United States. Over the past decade, these exports have more than tripled. The expansion of energy trade requires a growing market, a competitive supply source, deregulation of markets and free trade agreements, capital investment and eventually a transparent market with many buyers and sellers. Even if all these factors coexisted, there have been problems linked to this expansion of exports, such as the construction of transportation capacity. (TEC)

Energy trading. Re-establishing sound foundations

International Nuclear Information System (INIS)

Cohen, F.; Wiegand, M.

2002-01-01

The worlds of energy and financial trading have fused to deliver a radically transformed and highly unpredictable marketplace. It is a market, though, in a state of flux, fraught with uncertainty in the aftermath of the Enron collapse and the string of trading revelations in the United States. The global power and gas industry is more exposed than ever before to economic uncertainty and other problems. Enron's collapse did not stem from problems intrinsic to energy trading. Nonetheless, it has shrunk investor and market confidence through the downgrading of credit ratings for some companies to junk status. The result is a critically undermined capital market for power and gas companies. Heightened regulatory concerns mean that trading practices and rules will continue to be the subject of intense scrutiny. In spite of this turmoil, open markets will continue to develop. Energy trading is not just here to stay but will be an increasingly vital strategic value driver for energy companies around the globe. The need for trading is unchanged. Participants with the skills, capital and willingness to comply with new market rules will engage in these markets in a meaningful way. For those that get it right, the very uncertainty of the new energy landscape will create opportunities for enhanced shareholder value. For others, this new uncertain world will bring fresh failures and some existing players may cease to have a viable independent future

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...

Directory of Book Trade and Related Organizations. Books Trade Associations, United States and Canada; International and Foreign Book Trade Associations; National Information Standards Organization (NISO) Standards; Calendar, 2003-2012; Acronyms; Index of Organizations; Subject Index.

Science.gov (United States)

Bowker Annual Library and Book Trade Almanac, 2003

2003-01-01

Includes two lists: one of book trade associations in the United States and Canada, and one of international and foreign book trade associations. Concludes with National Information Standards Organization (NISO) standards; calendar, 2003-2012; acronyms; index of organizations; and subject index. (LRW)

7 CFR 982.16 - Inshell trade acquisitions.

Science.gov (United States)

2010-01-01

... acquisitions means the quantity of inshell hazelnuts acquired by the trade from all handlers during a marketing... 7 Agriculture 8 2010-01-01 2010-01-01 false Inshell trade acquisitions. 982.16 Section 982.16 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing...

Non-competitive market behaviour in the international coking coal market

International Nuclear Information System (INIS)

Graham, P.; Thorpe, S.; Hogan, L.

1999-01-01

In this paper, a primal dual programming model of international coking coal trade is constructed to test for non-competitive market behaviour. World trade in 1996 is simulated under perfect competition and various non-competitive market structures. Statistical tests are used to compare simulated trade flows with actual data. Assuming Cournot-Nash behaviour, an all consumer oligopsony market structure is preferred to alternative models. Under an all consumer oligopsony world coking coal prices and trade are lower than under perfect competition. Under an oligopsonistic structure welfare gains from productivity increases in Australian coal mines might largely accrue to coal buyers

Future markets and the two dimensions of instability in commodity markets: The oil experience

International Nuclear Information System (INIS)

Calabre, S.

1991-01-01

Public opinion and the media often suggest that futures markets have made the price of oil more unstable than it otherwise should be. It is argued that short-term price instability, associated with the functioning commodity futures markets, must be distinguished from medium-term instability, associated with the processes that adjust supply and consumption. Futures markets appear to be price destabilizing at times, although they also facilitate the management of trade in oil. In the medium term, however, stability and instability are determined by the mechanisms that adjust production and consumption. 39 refs., 4 figs

Market Structure and Market Access

OpenAIRE

Joseph Francois; Ian Wooton

2008-01-01

The authors examine an issue at the nexus of domestic competition policy and international trade, the interaction between goods trade and market power in domestic trade and distribution sectors. Theory suggests a set of linkages between service-sector competition and goods trade supported by econometrics involving imports of 22 OECD countries compared with 69 exporters. Competition in serv...

Emission trading and international competition: The impact of labor market rigidity on technology adoption and output

International Nuclear Information System (INIS)

Caparrós, Alejandro; Péreau, Jean-Christophe; Tazdaït, Tarik

2013-01-01

Emission trading systems have been proposed in different regions to reduce polluting emissions and are in use in the European Union for carbon dioxide emissions. One of the objectives of these systems is to encourage firms to adopt advanced abatement technologies. However, permits also create an incentive to reduce output, which may be seen as negative by policy makers. We analyze the impact of a rigid labour market on these two outcomes, showing the conditions necessary to avoid reductions in production while keeping the incentives to improve abatement technologies. The analysis is done for oligopolistic firms engaged in international rivalry. - Highlights: ► Emission trading reduces production and improves abatement technologies. ► Policy makers see the first outcome as negative and the second as positive. ► This paper studies the impact of market rigidity on these two outcomes. ► It shows conditions to avoid the first outcome and maintain or enhance the second

Energy trading

International Nuclear Information System (INIS)

Beckmann, K.; Schroeter, S.

2009-01-01

Two brief articles and two interviews deal with the subject of energy trading. Power and gas exchanges in Europe multiply, but, experts say, we are nowhere near a mature, integrated European energy market as yet. Trading regulations need to be improved and harmonised and interconnections expanded. European Energy Review assesses the state of energy trading in Europe and interviews the ceo's of NordPool (the Nordic power exchange) and APX (Amsterdam Power Exchange)

Evolution of the global virtual water trade network.

Science.gov (United States)

Dalin, Carole; Konar, Megan; Hanasaki, Naota; Rinaldo, Andrea; Rodriguez-Iturbe, Ignacio

2012-04-17

Global freshwater resources are under increasing pressure from economic development, population growth, and climate change. The international trade of water-intensive products (e.g., agricultural commodities) or virtual water trade has been suggested as a way to save water globally. We focus on the virtual water trade network associated with international food trade built with annual trade data and annual modeled virtual water content. The evolution of this network from 1986 to 2007 is analyzed and linked to trade policies, socioeconomic circumstances, and agricultural efficiency. We find that the number of trade connections and the volume of water associated with global food trade more than doubled in 22 years. Despite this growth, constant organizational features were observed in the network. However, both regional and national virtual water trade patterns significantly changed. Indeed, Asia increased its virtual water imports by more than 170%, switching from North America to South America as its main partner, whereas North America oriented to a growing intraregional trade. A dramatic rise in China's virtual water imports is associated with its increased soy imports after a domestic policy shift in 2000. Significantly, this shift has led the global soy market to save water on a global scale, but it also relies on expanding soy production in Brazil, which contributes to deforestation in the Amazon. We find that the international food trade has led to enhanced savings in global water resources over time, indicating its growing efficiency in terms of global water use.

75 FR 44761 - Export Trade Certificate of Review

Science.gov (United States)

2010-07-29

... sales prices and/or minimum target sales prices, and other terms of sales in the Export Markets... canned salmon in the Export Markets, selling strategies for the Export Markets, sales for the Export... described below for the following Export Trade and Export Markets: Export Trade Products Shelf stable non...

The development of a market for sustainable coffee in the Netherlands: Rethinking the contribution of fair trade

NARCIS (Netherlands)

Ingenbleek, P.T.M.; Reinders, M.J.

2013-01-01

In recent years, researchers have observed the process of mainstreaming Fair Trade and the emergence of alternative sustainability standards in the coffee industry. The underlying market dynamics that have contributed to these developments are, however, under-researched. Insight into these dynamics

76 FR 10082 - Office of International Trade; State Trade and Export Promotion (STEP) Grant Program

Science.gov (United States)

2011-02-23

... translation fees, The design of international marketing products or campaigns, An export trade show exhibit... SMALL BUSINESS ADMINISTRATION Office of International Trade; State Trade and Export Promotion... Administrator of the Office of International Trade (OIT) that does not duplicate the services of other SBA...

Linking GHG Emission Trading Systems and Markets

Energy Technology Data Exchange (ETDEWEB)

NONE

2006-07-01

Several different types of links are possible between different GHG-mitigation systems. These include: Linking two or more emission trading schemes so that emissions trading can occur both within and between different schemes ('direct links'); and Linking emission trading systems to registries/mechanisms and systems that generate offsets from project based mechanisms or from direct purchases/transfers of AAUs ('indirect links').

From General Game Descriptions to a Market Specification Language for General Trading Agents

Science.gov (United States)

Thielscher, Michael; Zhang, Dongmo

The idea behind General Game Playing is to build systems that, instead of being programmed for one specific task, are intelligent and flexible enough to negotiate an unknown environment solely on the basis of the rules which govern it. In this paper, we argue that this principle has the great potential to bring to a new level artificially intelligent systems in other application areas as well. Our specific interest lies in General Trading Agents, which are able to understand the rules of unknown markets and then to actively participate in them without human intervention. To this end, we extend the general Game Description Language into a language that allows to formally describe arbitrary markets in such a way that these specifications can be automatically processed by a computer. We present both syntax and a transition-based semantics for this Market Specification Language and illustrate its expressive power by presenting axiomatizations of several well-known auction types.

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.

BP's emissions trading system

International Nuclear Information System (INIS)

Victor, David G.; House, Joshua C.

2006-01-01

Between 1998 and 2001, BP reduced its emissions of greenhouse gases by more than 10%. BP's success in cutting emissions is often equated with its use of an apparently market-based emissions trading program. However no independent study has ever examined the rules and operation of BP's system and the incentives acting on managers to reduce emissions. We use interviews with key managers and with traders in several critical business units to explore the bound of BP's success with emissions trading. No money actually changed hands when permits were traded, and the main effect of the program was to create awareness of money-saving emission controls rather than strong price incentives. We show that the trading system did not operate like a 'textbook' cap and trade scheme. Rather, the BP system operated much like a 'safety valve' trading system, where managers let the market function until the cost of doing so surpassed what the company was willing to tolerate

International Trade of Wood Pellets (Brochure)

Energy Technology Data Exchange (ETDEWEB)

2013-05-01

The production of wood pellets has increased dramatically in recent years due in large part to aggressive emissions policy in the European Union; the main markets that currently supply the European market are North America and Russia. However, current market circumstances and trade dynamics could change depending on the development of emerging markets, foreign exchange rates, and the evolution of carbon policies. This fact sheet outlines the existing and potential participants in the wood pellets market, along with historical data on production, trade, and prices.

Smart Markets for Water Resources

Science.gov (United States)

Raffensperger, John

2017-04-01

Commercial water users often want to trade water, but their trades can hurt other users and the environment. So government has to check every transaction. This checking process is slow and expensive. That's why "free market" water trading doesn't work, especially with trading between a single buyer and a single seller. This talk will describe a water trading mechanism designed to solve these problems. The trading mechanism is called a "smart market". A smart market allows simultaneous many-to-many trades. It can reduce the transaction costs of water trading, while improving environmental outcomes. The smart market depends on a combination of recent technologies: hydrology simulation, computer power, and the Internet. Our smart market design uses standard hydrological models, user bids from a web page, and computer optimization to maximize the economic value of water while meeting all environmental constraints. Before the smart market can be implemented, however, users and the water agency must meet six critical prerequisites. These prerequisites may be viewed as simply good water management that should be done anyway. I will describe these prerequisites, and I will briefly discuss common arguments against water markets. This talk will be an abstract of a forthcoming book, "Smart Markets for Water Resources: A Manual for Implementation," by John F. Raffensperger and Mark W. Milke, from Springer Publishing.

Product Market Integration, Comparative Advantages and Labour Market Performance

DEFF Research Database (Denmark)

Andersen, Torben M.; Rose Skaksen, Jan

2004-01-01

of the specialization gains are similar to anincrease in labour productivity, whereas the labour market reform effectis similar to an increase in the degree of competition in the labourmarket. Wages, employment and welfare increase as a result of furtherproduct market integration. It is interesting to note......In this paper, we set up a two-country general equilibrium modelwhere trade unions have wage bargaining power. We show that adecrease in trade distortions inducing further product market integrationgives rise to specialization gains as well as a labour market reformeffect. The implications...... that the labourmarket reform effect of product market integration is achieved despitean increase in the wage level.JEL Classification: F15, J30, J50.Keywords: Trade frictions, wage formation, employment, welfaregains....

Systemic trade risk of critical resources.

Science.gov (United States)

Klimek, Peter; Obersteiner, Michael; Thurner, Stefan

2015-11-01

In the wake of the 2008 financial crisis, the role of strongly interconnected markets in causing systemic instability has been increasingly acknowledged. Trade networks of commodities are susceptible to cascades of supply shocks that increase systemic trade risks and pose a threat to geopolitical stability. We show that supply risk, scarcity, and price volatility of nonfuel mineral resources are intricately connected with the structure of the worldwide trade networks spanned by these resources. At the global level, we demonstrate that the scarcity of a resource is closely related to the susceptibility of the trade network with respect to cascading shocks. At the regional level, we find that, to some extent, region-specific price volatility and supply risk can be understood by centrality measures that capture systemic trade risk. The resources associated with the highest systemic trade risk indicators are often those that are produced as by-products of major metals. We identify significant strategic shortcomings in the management of systemic trade risk, in particular in the European Union.

Regulations in the commodity trading sector: should the commodity trading industry in Switzerland be more regulated and, if so, how ?

OpenAIRE

Volchkov, Nikola; Lewis, Brian

2017-01-01

Commodity trading is a sector which is essential to our development and prosperity as well as economic growth. It is relatively unknown and perceived differently depending on the viewpoint of the observer. Many think of the exploitation of resources in resource rich countries, others only of the transport of goods from producers to consumers and others focus on “speculation” and its association with financial markets which can create risk. Given the importance of commodity trading across the ...

Yet Another Trading Simulation: The nonimmediacy Model

OpenAIRE

Jeyasreedharan, Nagaratnam

2007-01-01

Market participants who want to trade “quickly” demand transactional liquidity. Market participants who demand to trade “immediately” demand transactional immediacy. Traders supply immediacy when the trading returns are high and demand immediacy when the trading returns are low. Traders supply immediacy by being non-immediate and traders demand immediacy by being immediate. As these time-based expectations are functions of the underlying distributions of the clearing prices, one is able to de...

Trading Dynamics in the Foreign Exchange Market: A Latent Factor Panel Intensity Approach

DEFF Research Database (Denmark)

Nolte, Ingmar; Voev, Valeri

2011-01-01

the influence of unobserved time effects and allows for correlation across individuals. We contribute to the literature on market microstructure and behavioral finance by providing new results on the disposition effect and on the manifestation of risk aversion on the high frequency trading level. These novel...... disposition effect. Moreover, the proposed methodology allows the investigation of the strength of these effects for different groups of investors ranging from small retail investors to professional and institutional investors....

Emissions trading and the negotiation of pollution credits

Energy Technology Data Exchange (ETDEWEB)

Black A.J.

2000-07-01

A new market is emerging based on greenhouse gas emissions and the trading of pollution credits. While the structure of the primary market is being planned, many businesses are already positioning themselves in the nascent secondary market. This trend is based on corporate 'realpolitik' a recognition that tougher environmental regulation is inevitable. But the development of an emissions trading regime is lagging behind commercial reality. This article examines the state of play in the development of a market for carbon emissions trading.

A Comparative Study of the Role of China and India in Sustainable Textile Competition in the U.S. Market under Green Trade Barriers

Directory of Open Access Journals (Sweden)

Junqian Xu

2018-04-01

Full Text Available The United States is the most important textile import market in the world, and one of the most important export targets of developing countries. In view of its ecological environment and consumer health, the United States has put forward increasingly harsh environmental protection systems and standards for imported textile products, and its environmental trade barriers have been steadily strengthened. China’s textile exports increased substantially after joining the World Trade Organization (WTO in 2000; at present, the textile imports of the United States from China and India reach in total more than one third of all their imports. China and India both have comparative advantages in the import trade of textile raw materials and clothing in the United States (U.S.. On the basis of the United Nation ComTrade Rev. 3, this paper studies the role of China and India in the United States textile market, including calculating the trade competitiveness index, revealing the competitive advantages of China and India, and investigating the impact of both Chinese and Indian textiles on United States imports from the rest of the world across three main textile sectors in the period 2000–2016, especially in the context of green trade barriers. We find that the relative textile import prices, the ecological standard of China’s textile production re-edited Oeko-Tex Standard 100 in 2008 and export tax policy, and the competitive advantages of China and India had varied impacts on relative U.S. textile imports across related sectors under green environmental trade barriers. These findings recognize China’s competitiveness in international trading, and also provide suggestions regarding China’s competitiveness and sustainable development in the U.S. market.

7 CFR 984.22 - Trade demand.

Science.gov (United States)

2010-01-01

... 7 Agriculture 8 2010-01-01 2010-01-01 false Trade demand. 984.22 Section 984.22 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements... Regulating Handling Definitions § 984.22 Trade demand. (a) Inshell. The quantity of merchantable inshell...

Value, market preferences and trade of Beche-de-mer from Pacific Island sea cucumbers.

Directory of Open Access Journals (Sweden)

Steven W Purcell

Full Text Available Market preferences of natural resources contribute to shape their exploitation and production. Beche-de-mer, the product after gutting, cooking, salting and drying sea cucumbers, is exported worldwide to Asian dried seafood markets. A better understanding of the trade, value and market preferences of Pacific island beche-de-mer could identify critical postharvest processing techniques and management strategies for fisheries and aquaculture. Data were collected on export prices and trade of beche-de-mer from Kiribati, Fiji, Tonga and New Caledonia, and the selling prices, respective sizes and organoleptic properties of the products in stores in China. Export prices varied considerably within and among the four countries and low-value species were the most exported by volume. Most of the beche-de-mer from the four Pacific islands is exported to Hong Kong, where quality products are sold and others are distributed to mainland China. Prices of the beche-de-mer in Chinese stores varied up to ten-fold and were mostly influenced by species, body size and, to a lesser extent, physical damage to the products. Market prices across species (averaging US$15-385 kg-1 appear to have mostly increased six- to twelve-fold over the past decade. The data allude that fisheries for Holothuria scabra, H. lessoni, H. fuscogilva, H. whitmaei and Thelenota ananas should be most carefully managed because they were the highest-value species and under greatest demand. The relationships between size of beche-de-mer and sale price were species specific and highly varied. This study also highlights the need for better regulations and/or enforcement of minimum size limits in sea cucumber fisheries, which can help to maximise economic benefits of wild stocks.

Measuring performance at trade shows

DEFF Research Database (Denmark)

Hansen, Kåre

2004-01-01

Trade shows is an increasingly important marketing activity to many companies, but current measures of trade show performance do not adequately capture dimensions important to exhibitors. Based on the marketing literature's outcome and behavior-based control system taxonomy, a model is built...... that captures a outcome-based sales dimension and four behavior-based dimensions (i.e. information-gathering, relationship building, image building, and motivation activities). A 16-item instrument is developed for assessing exhibitors perceptions of their trade show performance. The paper presents evidence...

Cooperation in environmental protection. The economics of green trade, market-based instruments and community involvement

Energy Technology Data Exchange (ETDEWEB)

Roettgers, Dirk

2013-12-18

The Millennium Development Goals (United Nations, 2000) and, by extension, such efforts as the Convention on Biological Diversity and the Kyoto Protocol (Kyoto Protocol, 1997), present mankind with a challenge that can only be overcome through cooperation. Cooperative policies are necessary from the highest level, i.e. international policies and treaties, to regional and national agreements, down to the local level, where policies are actually enacted. To close some gaps in the understanding of applicable policy instruments, this dissertation looks at a few key topics of environmental protection with implications for market-based instruments. The five different research areas are (1) EU bioenergy trade, (2) Clean Development Mechanism (CDM), (3) comparison of the effectiveness of product certification, ecosystem certification and offset mechanisms in wetland ecosystems, (4) international market-based instruments for African protected areas and (5) local stakeholder decision making in rural ecosystems of developing countries. Bioenergy consumption, production and trade have been increasing worldwide in the recent decade, mostly due to demand from EU countries and the USA. Taking the example of the EU, it is questionable if these trade flows are caused mainly by EU trade rules or targeted bioenergy policies. A sector-specific analysis taking industry patterns into consideration is necessary to evaluate the impact of these two policy areas on trade flows. A common way to analyze trade flows is the gravity model, which is employed here. This dissertation finds out why that is by using a gravity model to analyze flows of Certified Emission Reductions (CERs) between host and financier countries. The special roles of foreign direct investments (FDI), official development aid (ODA) and trade are scrutinized closely in this context. Findings show that FDI, ODA and trade have a positive influence on project attraction, even when holding determinants of these factors constant

Renewable energies enter the stock market

International Nuclear Information System (INIS)

Boulanger, Vincent

2016-01-01

This article describes the new context created by the obligation for renewable energy installations to sell their electricity directly on the market. Thus, new practices and new actors appear like aggregators which belong to three categories: trading departments or subsidiary companies of national operators, trading departments or subsidiary companies of developers and producers of renewable energy, or independent market operators. The author describes the different cases in which renewable electricity producers will need aggregators (the mandatory purchase contract reaches its end, an additional income in the case of bidding or outside this case). The author also describes the role and responsibilities of aggregators, notably with respect to RTE. Such a market operation of course results in the taking of the electricity price on the stock market into account, and in the associated risks for aggregators

Empirical Insights on the Trading Behavior of the UK Leveraged ETFs

Directory of Open Access Journals (Sweden)

Gerasimos G. Rompotis

2017-05-01

Full Text Available Objective. This paper focuses on UK leveraged Exchange Traded Funds (ETFs and examines their ability to meet their daily targets, the impact of volatility on targets’ achievement, and their pricing efficiency.Methodology. Standard regression analysis is used to evaluate performance, tracking efficiency and persistence in tracking failures, and the relationship between tracking efficiency and market volatility. Moreover, the pricing efficiency is examined along with the persistence in premium and the influence of market factors on premium.Findings. Results reveal that ETFs achieve their targets but occasionally tracking error can be significant. Furthermore, increases in market volatility relate to higher and lower tracking errors for bull and bear ETFs respectively. Moreover, average premiums testify a sufficient fit between trading prices and net asset values whereas the premiums are eliminated sharply. Moreover, the pricing efficiency of bear ETFs is positively associated with benchmark returns. The opposite is the case for bull ETFs. Finally, the pricing deviations are positively related to benchmarks’ volatility.Limitations. A possible limitation is that our sample includes just nine bear and sixteen bull ETFs even though more than 90 leveraged ETFs are traded on the UK market and our results may not be indicative of the entire UK leveraged ETF market. However, we had to use a small sample of ETFs because the trading activity of the rest ETFs has been very poor and, consequently, our analysis could have been biased by a thin trading effect.             Originality/Value. This is the first study to examine the UK market of leveraged ETFs.

Intraday Trading of Wind Energy

DEFF Research Database (Denmark)

Skajaa, Anders; Edlund, Kristian; Morales González, Juan Miguel

2015-01-01

In this paper, we tackle the problem of a wind power producer participating in a short-term electricity market that allows for the continuous, but potentially illiquid, intraday trading of energy. Considering the realistic case of a wind farm operating in the western Danish price area of Nord Pool......, we build a simple but effective algorithm for the wind power producer to fully benefit from the Elbas intraday market. We then investigate the sensitivity of the obtained benefits to the maximum volume of energy the wind power producer is willing to trade in the intraday market, the ultimate aim...... of the trade (either to decrease energy imbalances or to increase profits) and to the installed capacity of the wind farm. Our numerical results reveal that the wind power producer can substantially increase his revenues by partaking in the intraday market but with diminishing returns to scale—a result that we...