Suggestions for foreign trade enterprises to reduce cost after implementation of RMB cross-border trade settlement

Directory of Open Access Journals (Sweden)

Jie Min

2017-03-01

Full Text Available After RMB cross-border trade settlement was implemented, the ability of foreign trade enterprises to evade foreign exchange risk has enhanced to a great extent. In the meantime, with exchange rate fluctuations, foreign trade enterprises have become more sensitive with exchange rate variation. Based on predecessors’achievement, this thesis reasonably proposed a cost model applicable to foreign trade enterprises, in which the variables are all related to exchange rate. Therefore, by making exchange rate estimation, this thesis conducted data analysis and modeling, so as to find a way for foreign trade enterprises to predict exchange rate in a reasonable way. The thesis reached the conclusion that foreign trade enterprises can better control their cost based on RMB cross-border settlement.

International trade and exchange rate volatility

NARCIS (Netherlands)

J.M.A. Viaene (Jean-Marie); C.G. de Vries (Casper)

1992-01-01

textabstractFor currencies with well developed forward markets several papers have investigated the conjectured negative relationship between trade and short term exchange rate volatility, without being very successful. A theoretical explanation for the empirical anomalies is provided by solving

Production and Trade Situation in Iran and USA and Impact of Exchange rate Volatility on the Exports

Directory of Open Access Journals (Sweden)

M. Salarpour

2015-05-01

Full Text Available In the present study, pistachio production and trade and influential factors on its exports in Iran and the USA are compared the the .Using the annual data from 1970 to 2011; this study aimed to analyze the effects of pistachio price and the effects of food security. Moreover, the relationship between exchange rate and pistachio export in the Iranian economy was analyzed through examining a non linear relation between the two factors. Therefore, the hypothesis validation upon nonlinearity relationship between exchange rate and pistachio export was analyzed using smooth transition autoregressive model (STAR. The results of smooth transition model (STAR show that there is a nonlinear Granger causality between exchange rate and pistachio export and vice versa. It is therefore recommended ,in order to determine the threshold level of potential benefits of pistachio exports, the existence of the nonlinear relationship between the dynamic exchange rate and pistachio exports should be considered. Furthermore, in order to maintain market share in the international level, understanding target markets of export and achieving complete information upon the position of the major competitors in the production and trade of Pistachio is essential.

Multiscale Analysis of Foreign Exchange Order Flows and Technical Trading Profitability

OpenAIRE

Nikola Gradojevic; Camillo Lento

2012-01-01

This paper investigates the multiscale (frequency-dependent) relationship between technical trading profitability and feedback trading effects in the Canada/U.S. dollar foreign exchange market. The results suggest weak evidence that technical trading activities of financial and non-financial customers drive frequent violations of the FX market microstructure assumption that exchange rate movements are driven by order flow. After controlling for transaction costs, we find that the contribution...

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.

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.

Trade balance instability and the optimal exchange rate regime: The case of OPEC countries

Energy Technology Data Exchange (ETDEWEB)

Aljerrah, M.A.

1993-01-01

The OPEC members have experienced wide fluctuations in their trade balances. This can be attributed to several factors: (1) heavy dependence of national income and export earnings on a single primary export-oil; (2) instability of price and world demand for oil; and (3) the exchange rate regime practiced in recent years. An exchange rate policy can be used to minimize the fluctuations in trade balance, given the changes in exchange rates of major international currencies. The purpose of this study is two fold; first, examine the effects of fluctuations in trade balance on the OPEC economies, and second, propose appropriate exchange rate regime for selected OPEC members. The study is divided into two parts. The first part demonstrates the impact of trade balance changes on national income and other macroeconomic variables using a Keynesian framework. The second part involves using conventional trade models to search for the appropriate exchange rate regime to minimize the fluctuations in trade balance of each selective country. The study's findings are: first, fluctuations in trade balances had negative effects on the economics of Algeria, Kuwait, Libya, Saudi Arabia, and the United Arab Emirates. Second, the current exchange rate regime of no sample country is optimal in minimizing trade balance fluctuations. Third, in contrast to expectations, U.S. dollar peg did not stabilize the trade balance of any OPEC member. Finally, the results show that the sample OPEC economies could have enjoyed faster - though with different degree - economic growth if they had pegged their currencies to the derived optimal exchange rate regime. These optimal exchange rate regimes are: the SDR for Algeria and the United Arab Emirates, the purchasing power parity for Libya and Saudi Arabia, and the real Yen for Kuwait.

DOE contractor trade network: a decade of experience in training resource exchange

International Nuclear Information System (INIS)

Croll, P.; Weseman, M.

1989-01-01

Training Resources and Data Exchange (TRADE) refers to a series of activities designed to increase communication and exchanges of ideas, information, and resources among US Department of Energy contractor operated facilities in the field of training and human resource development. TRADE activities are planned and implemented by the DOE Contractor TRADE Executive Committee. TRADE objectives are accomplished through conference workshops, publications, and special interest groups. TRADE special interest groups include the following: computer-based training, emergency preparedness, industrial hygiene training, human resource issues, radiation protection training, safeguards and security training. The authors discuss how TRADE has evolved to meet changing contractor needs to improve human performance over the last 10 years. TRADE currently has working agreements to share training information with INPO, the Federal Laboratories Consortium, and the National Registry of Radiation Protection Technologists

Clearing and settlement of exchange traded derivatives

OpenAIRE

John McPartland

2009-01-01

Derivatives are a class of financial instruments that derive their value from some underlying commodity, security, index, or other asset. Futures and options are common forms of derivatives. This article explains how clearing and settlement systems for exchange traded derivatives work.

Endogenous trade participation with incomplete exchange rate pass-through

OpenAIRE

Imura, Yuko

2013-01-01

This paper investigates the implications of endogenous trade participation for international business cycles, trade flow dynamics and exchange rate pass-through when price adjustments are staggered across firms. I develop a two-country dynamic stochastic general equilibrium model wherein firms make state-dependent decisions on entry and exit in the export market and the frequency of price adjustment is time-dependent. Consistent with recent empirical findings, producers of traded goods in thi...

Profitability of simple technical trading rules of Chinese stock exchange indexes

Science.gov (United States)

Zhu, Hong; Jiang, Zhi-Qiang; Li, Sai-Ping; Zhou, Wei-Xing

2015-12-01

Although technical trading rules have been widely used by practitioners in financial markets, their profitability still remains controversial. We here investigate the profitability of moving average (MA) and trading range break (TRB) rules by using the Shanghai Stock Exchange Composite Index (SHCI) from May 21, 1992 through December 31, 2013 and Shenzhen Stock Exchange Component Index (SZCI) from April 3, 1991 through December 31, 2013. The t-test is adopted to check whether the mean returns which are conditioned on the trading signals are significantly different from unconditioned returns and whether the mean returns conditioned on the buy signals are significantly different from the mean returns conditioned on the sell signals. We find that TRB rules outperform MA rules and short-term variable moving average (VMA) rules outperform long-term VMA rules. By applying White's Reality Check test and accounting for the data snooping effects, we find that the best trading rule outperforms the buy-and-hold strategy when transaction costs are not taken into consideration. Once transaction costs are included, trading profits will be eliminated completely. Our analysis suggests that simple trading rules like MA and TRB cannot beat the standard buy-and-hold strategy for the Chinese stock exchange indexes.

Examining the Performance of Indian Exchange Traded Funds (ETFs

Directory of Open Access Journals (Sweden)

Naman SETHI

2016-11-01

Full Text Available Exchange traded funds (ETFs are known to be a highly attractive mean of investment in today’s financial markets. The present study is an attempt to explain the risk and return features of Indian ETFs and their trading and expense characteristics. The performance of ETFs is measured and compared with their underlying indices. It is found that they underperformed the indices, the reasons being they load their investors with extra risk than their underlying indices. Further, it is found that tracking error is having a positive relationship with expenses and risk of ETFs. Interestingly, the average number of trades and the lagged return of previous day do not affect the volume of shares. The study uses daily closing prices, intraday high and low prices and the volume of the traded shares of 10 ETFs listed on the National Stock Exchang for the period 1st July, 2010 to 30th June, 2015. The non-included ETFs suffer from the restrictions of non-availability of historical prices for at least five years.

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

76 FR 33803 - Order of Suspension of Trading

Science.gov (United States)

2011-06-09

... SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] Order of Suspension of Trading June 7, 2011... trading in the securities of the above-listed companies. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of the above-listed...

THE IMPLICATIONS OF VARYING EXCHANGE RATES FOR THE INTERNATIONAL TRADE

Directory of Open Access Journals (Sweden)

Sandu Carmen

2011-07-01

Full Text Available The benefit of international trade is a more efficient employment of the productive forces of the world. (John Stuart Mill The exchange rate is a primary factor that influences economy. This instrument is used by some countries in order to improve the lack of balance caused as a result of the financial crisis felt in many countries considered by then infallible. The negative effects of the financial crisis can also be found in the decreased volume of commodities involved in international trade exchanges, as a consequence of modified prices and decreased offer. The globalizing trend leads to a constant expansion of exchanges between countries and to the consolidation of international cooperation. Except that economic interdependence generates an increased risk under the influence of economic, financial, monetary or political factors. The currency risk can generate either a gain or loss during foreign trade operations. The long period of RON depreciation made possible the entry of Romanian products on the international markets due to their prices. Sheltered by the gain generated by the evolution of the exchange rate, most of the exporters were not concerned by the increase of product competitiveness or by avoiding the currency risk. The fact that, for many years, the evolution of the exchange rate generated substantial losses for the exporters shows that risk coverage in Romania is, in most cases, a purely theoretical concept.

The Influences of the Exchange Rate on the Performance of Romanian Trade

Directory of Open Access Journals (Sweden)

Gabriela Dobrotă

2016-01-01

Full Text Available The unprecedented development of international trade relations has generated the possibility of obtaining a significant part of the GDP of the participating countries in foreign trade. As a result, the issue of competitiveness in international economy has become a major concern to authorities. In the category of factors which are influencing the competitiveness level is registered the volatility of the exchange rate. In this paper there were analyzed the aspects regarding the evolution of Romania's foreign trade and exchange rate, in the context of monetary policy measures. The conclusion is that the development plan of the national economy is determined by the action of a complex of economic, social and political factors, but measures taken by the monetary authorities in relation to the regime of exchange may generate visible effects at this level and thus to the volume of foreign trade relations.

Asymmetric cointegration between exchange rate and trade balance in Nigeria

Directory of Open Access Journals (Sweden)

Alhaji Jibrilla Aliyu

2015-12-01

Full Text Available This paper empirically examines the long-run pass through of the official exchange rates into trade balance in Nigeria by means of threshold cointegration and asymmetric error correction modeling. The study provides evidence for non-linear cointegration between our variables of interest. The estimated asymmetric error correction models provide new evidence for slower transmission of exchange rate depreciations into the country’s trade balance, which in turn appears to offer partial support for the Dutch disease hypothesis. This finding suggests that policy-makers cannot hope to use currency devaluation to improve the trade balance. It is recommended that policy-makers focus attention on diversification of the economy away from dependence on crude oil exports into productive manufacturing and non-oil exports, which will be vital in making the economy more competitive.

THE EFFECT OF EXCHANGE RATE VOLATILITY ON WHEAT TRADE WORLDWIDE

OpenAIRE

Sun, Changyou; Kim, Mina; Koo, Won W.; Cho, Guedae; Jin, Hyun Joung

2002-01-01

A modified gravity-type model was employed to evaluate the effect of exchange rate volatility on wheat exports worldwide. Special attention was given to the econometric properties of the gravity model within panel framework. Short and long-term measures of exchange rate volatility were constructed and compared. Both measures of exchange rate volatility have exhibited a negative effect on world wheat trade and the long-term effect was even larger. This result implies that exchange rate volatil...

To trade or not to trade: The moderating role of vividness when exchanging gambles

Directory of Open Access Journals (Sweden)

Michal Maimaran

2011-02-01

Full Text Available Individuals are generally reluctant to trade goods---a phenomenon identified as the endowment effect. This paper focuses on consumers' puzzling reluctance to exchange gambles, and in particular lottery tickets with identical distribution (i.e., same odds of winning, and identifies the ticket's vividness as an important moderator. Three studies demonstrate that individuals are more willing to exchange less vivid lottery tickets (e.g., tickets concealed in envelopes, or tickets with an unknown number compared to more vivid tickets (e.g., tickets not concealed in envelopes, or tickets with a known number when offered an incentive to exchange. Moreover, this effect is mediated by anticipated regret, such that less regret is anticipated when exchanging less vivid tickets, thus increasing individuals' willingness to exchange tickets.

An Examination of the Impacts of Exchange Rate Volatility on Sectoral Trade in the Mercosur

OpenAIRE

Larson, Donald W.; Bittencourt, Maurício Vaz Lobo; Thompson, Stanley R.

2005-01-01

This study captures the lack of macroeconomic policy coordination among Mercosur countries, through the impact of real bilateral exchange rate volatility on trade. A sectoral gravity model is estimated under two different measures of exchange rate volatility. Results show that the reduction in exchange rate volatility can increase bilateral trade.

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

75 FR 68636 - 8000, Inc.; Order of Suspension of Trading

Science.gov (United States)

2010-11-08

... SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] 8000, Inc.; Order of Suspension of Trading... and the protection of investors require a suspension of trading in the securities of 8000, Inc. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in...

Terms of trade and exchange rate regimes in developing countries

OpenAIRE

Christian Broda

2002-01-01

Since Friedman (1953), an advantage often attributed to flexible exchange rate regimes over fixed regimes is their ability to insulate more effectively the economy against real shocks. I use a post-Bretton Woods sample (1973-96) of seventy-five developing countries to assess whether the responses of real GDP, real exchange rates, and prices to terms-of-trade shocks differ systematically across exchange rate regimes. I find that responses are significantly different across regimes in a way tha...

Mechanizing the Merc: The Chicago Mercantile Exchange and the Rise of High-Frequency Trading.

Science.gov (United States)

MacKenzie, Donald

2015-07-01

This article investigates one important strand in the evolution of today's high-frequency trading or HFT (the fast, automated trading of large numbers of financial securities). That strand is the history of the automation of trading on what has become the world's most prominent futures exchange, the Chicago Mercantile Exchange or Merc. The process of the automation of the Merc was episodic, often driven by responses to perceived external threats, and involved both "local" politics and transnational considerations. The article discusses the relationship between the Merc's automation and the embodied, deeply social trading practices of the Merc's open-outcry trading pits, and compares how the Merc was mechanized with the quite different-and in a sense more explicitly "social"-project of automation launched by the Merc's rival, the Chicago Board of Trade.

Exchange rate and trade balance: J-curve effect

Directory of Open Access Journals (Sweden)

Petrović Pavle

2010-01-01

Full Text Available This paper shows that exchange rate depreciation in Serbia improves trade balance in the long run, while giving rise to a J-curve effect in the short run. These results add to the already existent empirical evidence for a diverse set of other economies. Both Johansen's and autoregressive distributed lag approach are respectively used giving similar long-run estimates showing that real depreciation improves trade balance. Corresponding errorcorrection models as well as impulse response functions indicate that, following currency depreciation, trade balance first deteriorates before it later improves, i.e. exhibiting the J-curve pattern. These results are relevant for policy making both in Serbia and in a number of other emerging Europe countries as they face major current account adjustments after BoP crises of 2009.

Exchange Rate Volatility and Trade among the Asia Pacific Countries

Directory of Open Access Journals (Sweden)

Saang Joon Baak

2004-06-01

Full Text Available The purpose of this paper is to investigate the impact of exchange rate volatility on exports among 14 Asia Pacific countries, where various measures to raise the intra-region trade are being implemented. Specifically, this paper estimates a gravity model, in which the dependent variable is the product of the exports of two trading countries. In addition, it also estimates a unilateral exports model, in which the dependent variable is not the product of the exports of two trading countries but the exports from one country to another. By doing this, the depreciation rate of the exporting country's currency value can be included as one of the explanatory variables affecting the volume of exports. As the explanatory variables of the export volume, the gravity model adopts the product of the GDPs of two trading counties, their bilateral exchange rate volatility, their distance, a time trend and dummies for the share of the border line, the use of the same language, and the APEC membership. In the case of the unilateral exports model, the product of the GDPs is replaced by the GDP of the importing country, and the depreciation rate of the exporting country's currency value is dded. In addition, considering that the export volume will also depend on various onditions of the exporting country, dummies for exporting countries are also included as an explanatory variable. The empirical tests, using annual data for the period from 1980 to 2002, detect a significant negative impact of exchange rate volatility on the volume of exports. In addition, various tests using the data for sub-sample periods indicate that the negative impact had been weakened since 1989, when APEC had launched, and surged again from 1997, when the Asian financial crisis broke out. This finding implies that the impact of exchange rate volatility is time-dependent and that it is significantlynegative at least in the present time. This phenomenon is noticed regardless which estimation

Intertemporal Risk-Return Trade-off in Foreign Exchange Rates

OpenAIRE

Christiansen, Charlotte

2010-01-01

We investigate the intertemporal risk-return trade-off of foreign ex-change (FX) rates for ten currencies quoted against the USD. For each currency,we use three risk measures simultaneously that pertain to that currency; its re-alized volatility, its realized skewness, and its value-at-risk. We apply monthlyFX excess returns and monthly FX risk measures calculated from daily ob-servations. We find that there is a positive and signi…cant contemporaneousrisk-return trade-off for most currencies...

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.

78 FR 45996 - Duoyuan Printing, Inc.; Order of Suspension: of Trading

Science.gov (United States)

2013-07-30

...: of Trading July 26, 2013. It appears to the Securities and Exchange Commission that there is a lack... require a suspension of trading in securities of Duoyuan Printing, Inc. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in Duoyuan Printing, Inc. is...

77 FR 10004 - Nikron Technologies, Inc.; Order of Suspension of Trading

Science.gov (United States)

2012-02-21

... of Trading February 16, 2012. It appears to the Securities and Exchange Commission that there is a... trading in the securities of the above-listed company. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of the above-listed company is...

76 FR 67528 - Curatech Industries, Inc., Order of Suspension of Trading

Science.gov (United States)

2011-11-01

... of Trading October 28, 2011. It appears to the Securities and Exchange Commission that there is a... protection of investors require a suspension of trading in the securities of the company listed above. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in...

77 FR 26796 - HydroGenetics, Inc.; Order of Suspension of Trading

Science.gov (United States)

2012-05-07

... Trading May 2, 2012. It appears to the Securities and Exchange Commission that there is a lack of current... require a suspension of trading in the securities of HydroGenetics. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of HydroGenetics is...

The Effect of Exchange Rate Fluctuations on a Trade Balance, the case of Russia.

OpenAIRE

Masliukova, Tatiana

2014-01-01

This thesis examines the impact of exchange rate fluctuation on trade balance. In order to examine the effect of depreciation of domestic currency on the trade balance, the data for Russian Federation was used. The time series analysis includes quarterly data since 2000 till 2014. With help of cointegration model it was concluded that there is a long-term dependence between exchange rate and trade balance. Regression results suggest that the impact of depreciation of national currency on trad...

Water exchange traded funds: A study on idiosyncratic risk using Markov switching analysis

Directory of Open Access Journals (Sweden)

Gurudeo Anand Tularam

2016-12-01

Full Text Available We investigate the relationship between idiosyncratic risk and return among four water exchange traded funds—PowerShares Water Resources Portfolio, Power Shares Global Water, First Trust ISE Water Index Fund, and Guggenheim S&P Global Water Index ETF using the Markov switching model for the period 2007–2015. The generated transition probabilities in this paper show that there is a high and low probability of switching between Regimes 1 and 3, respectively. Moreover, we find that the idiosyncratic risk for most of the exchange traded funds move from low volatility (Regime 2 to very low volatility (Regime 1 and 3. Our study also identify that the beta coefficients are positive and entire values are less than 1. Thus, it seems that water investment has a lower systematic risk and a positive effect on the water exchange traded index funds returns during different regimes.

Comparative Advantage, Exchange Rates, and G-7 Sectoral Trade Balances

OpenAIRE

Stephen S. Golub

1994-01-01

This paper uses a Ricardian framework to clarify the role of microeconomic and macroeconomic factors governing the time series and cross-section behavior of sectoral trade balances. Unit labor costs and trade balances are calculated for several sectors for the seven major industrial countries. The time series and cross-section variation in sectoral unit labor costs is decomposed into relative productivity, wage differentials, and exchange rate variations. The main findings are that changes ov...

77 FR 58203 - Freedom Environmental Services, Inc.; Order of Suspension of Trading

Science.gov (United States)

2012-09-19

... Suspension of Trading September 17, 2012. It appears to the Securities and Exchange Commission that there is... require a suspension of trading in the securities of the above-listed company. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of the...

77 FR 10004 - C$ cMoney, Inc.; Order of Suspension of Trading

Science.gov (United States)

2012-02-21

... Trading February 16, 2012. It appears to the Securities and Exchange Commission that there is a lack of... protection of investors require a suspension of trading in the securities of the above-listed company. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in...

75 FR 36128 - Green Energy Resources, Inc.; Order of Suspension of Trading

Science.gov (United States)

2010-06-24

... Suspension of Trading June 22, 2010. It appears to the Securities and Exchange Commission that there is a... a suspension of trading in the securities of Green Energy. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of the above-listed...

Foreign exchange predictability and the carry trade: a decomposition approach

Czech Academy of Sciences Publication Activity Database

Anatolyev, Stanislav; Gospodinov, N.; Jamali, I.; Liu, X.

2017-01-01

Roč. 42, June (2017), s. 199-211 ISSN 0927-5398 Institutional support: RVO:67985998 Keywords : exchange rate forecasting * carry trade * return decomposition Subject RIV: AH - Economics OBOR OECD: Finance Impact factor: 0.979, year: 2016

Examination of the effects of public spending and trade policy on real exchange rate in Cameroon

Directory of Open Access Journals (Sweden)

Victalice Ngimanang ACHAMOH

2015-11-01

Full Text Available The study adopts the inter-temporal model of Rodríguez (1989 and Edward (1989 extended in Elbadawi and Soto (1997 to empirically examine the effect of public expenditure and trade openness on the real exchange rate using Cameroon data from 1977 to 2010. After exploring some issues on exchange rate and reviewing the relevant literature, the study employs residual based-cointegration technique. All the variables were stationary at level form or first differences. Public spending significantly appreciates the real exchange likewise the trade openness variable in the longrun. The results of the study suggests that appreciation of real exchange rate could be prevented by contracting public spending or adopting restrictive trade measures especially in the long run.

Foreign exchange predictability and the carry trade: a decomposition approach

Czech Academy of Sciences Publication Activity Database

Anatolyev, Stanislav; Gospodinov, N.; Jamali, I.; Liu, X.

2017-01-01

Roč. 42, June (2017), s. 199-211 ISSN 0927-5398 Institutional support: Progres-Q24 Keywords : exchange rate forecasting * carry trade * return decomposition Subject RIV: AH - Economics OBOR OECD: Finance Impact factor: 0.979, year: 2016

Production and Trade Situation in Iran and USA and Impact of Exchange rate Volatility on the Exports

OpenAIRE

M. Salarpour; S. Mojarad; M. Sabouhi

2015-01-01

In the present study, pistachio production and trade and influential factors on its exports in Iran and the USA are compared the the .Using the annual data from 1970 to 2011; this study aimed to analyze the effects of pistachio price and the effects of food security. Moreover, the relationship between exchange rate and pistachio export in the Iranian economy was analyzed through examining a non linear relation between the two factors. Therefore, the hypothesis validation upon nonlinearity re...

77 FR 5865 - China Agro-Technology Holdings Ltd.; Order of Suspension of Trading

Science.gov (United States)

2012-02-06

... Suspension of Trading February 2, 2012. It appears to the Securities and Exchange Commission that there is a... trading in the securities of China Agro-Technology Holdings Ltd. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of China Agro...

77 FR 36305 - Stream Communications Network & Media, Inc.; Order of Suspension of Trading

Science.gov (United States)

2012-06-18

....; Order of Suspension of Trading June 14, 2012. It appears to the Securities and Exchange Commission that... a suspension of trading in the securities of the above-listed company. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the security of the above...

77 FR 58424 - China Mobile Media Technology, Inc., Order of Suspension of Trading

Science.gov (United States)

2012-09-20

... Suspension of Trading September 18, 2012. It appears to the Securities and Exchange Commission that there is... trading in the securities of the above-listed company. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of the above-listed company is...

Evaluation of Exchange Rate Policy on Agricultural Trade in Nigeria ...

African Journals Online (AJOL)

International Journal of Agriculture and Rural Development ... this study was to evaluate the effect of exchange rate policy on agricultural trade in Nigeria. ... Government support to farmers in the form of credit and input subsidies is a veritable ...

Exchange Rate Reform Policies and Trade Balances in Nigeria ...

African Journals Online (AJOL)

This paper investigates the effect of the exchange rate on the trade balance in Nigeria between 1970 and 2012. Annual data were collected from the Central Bank of Nigeria's Statistical Bulletin, and World Development Indicator of the World Bank. Co-integrating and Error Correcting Method were used for this estimation.

Russian – Chinese Trade and Exchange Rate

Directory of Open Access Journals (Sweden)

Dmitry Alexandrovich Izotov

2012-09-01

Full Text Available The author assesses the impact of the Yuan exchange rate volatility on the indicators of the Russian-Chinese trade (the analysis is made on the ground of the statistical database CEIC. Quantitative estimates of changes in Russian-Chinese merchandise trade by commodity groups (in the HS classification due to the revaluation of the CNY against the USD were obtained via the regression analysis. In the case of the revaluation of the Yuan to the US dollar the value of Russian exports may increase for such commodity groups as mineral products, chemical industry products, base metals, precious stones and metals, and vehicles. This article shows that the value of Chinese imports will decrease for such merchandise groups as transport vehicles, machinery and equipment, leather industry products, non-precious metals and products from them; in this case, the import of the food industry products, mineral products and optical instruments will decrease insignificantly. The author concludes that the revaluation of the Yuan, contributing to the growth of Russian exports and the reduction in Chinese imports, will not cause a radical change in structure of the Russian-Chinese trade

Trade Openness And Real Exchange Rate Volatility: Panel Data Evidence

OpenAIRE

César Calderón

2004-01-01

A recent strand of the literature, the so-called “New Open Economy Macroeconomics”, argues that nonmonetary factors have gained importance in explaining exchange rate volatility. In this context, it has been suggested the inclusion of shocks to productivity, terms of trade, and government spending, among others. The goal of the present paper is to explain the real exchange rate volatility by positing a structural relationship between volatility and its determinants. To perform our task we col...

Islamic electronic trading platform on organized exchange

Directory of Open Access Journals (Sweden)

Ahmet Suayb Gundogdu

2016-12-01

Full Text Available Today Islamic finance industry is under severe criticism, particularly, concerning liquidity management practices of treasury departments. Since cash lending is not possible under Islamic Shari'ah, Islamic banks tend to use securitized asset related schemes which are by no means neither acceptable under Islamic finance jurisprudence nor compliant with Maqasiq Al-Shari'ah. Maqasid Al-Shariah oversees economic activities which produce wealth and prosperity for all members of society to empower any member with certain level of belongings to bestow freedom while condemning inequality. Under this wider aim of Maqasid Al-Shari'ah, this paper presents alternative state-of-art Shari'ah compliant products, which is used in international trade finance, to be migrated to electronic trading platform under organized exchange in pursuit of replacing controversial liquidity management products. Besides, this paper introduces Islamic Commodity Future Contract, derived from asset backed Murabaha, with physical delivery as an alternative liquidity management tool for Islamic FIs and hedging tool for companies.

78 FR 15402 - Xytos, Inc.; Order of Suspension of Trading

Science.gov (United States)

2013-03-11

... SECURITIES AND EXCHANGE COMMISSION [ File No. 500-1] Xytos, Inc.; Order of Suspension of Trading... financial conditions and business operations, and because of potentially manipulative conduct in the trading... investors require a suspension of trading in the securities of the above-listed company. Therefore, it is...

Can uranium be successfully traded on an exchange - Con side

International Nuclear Information System (INIS)

Strecker, E.

1991-01-01

The author presents reasons why uranium cannot be successfully traded on a commodities exchange as follows: the size of the underlying uranium market may not be sufficiently large, the price risk might be too small for the bulk of the utility buyers to provide a sufficient hedging interest to have an easy start for a successful exchange. It is difficult to determine whether sufficient speculator's interest could be generated for a uranium futures market. There would be certainly be difficulties stemming from the non-proliferation obligations associated with uranium

Leveraged exchange-traded funds price dynamics and options valuation

CERN Document Server

Leung, Tim

2016-01-01

This book provides an analysis, under both discrete-time and continuous-time frameworks, on the price dynamics of leveraged exchange-traded funds (LETFs), with emphasis on the roles of leverage ratio, realized volatility, investment horizon, and tracking errors. This study provides new insights on the risks associated with LETFs. It also leads to the discussion of new risk management concepts, such as admissible leverage ratios and admissible risk horizon, as well as the mathematical and empirical analyses of several trading strategies, including static portfolios, pairs trading, and stop-loss strategies involving ETFs and LETFs. The final part of the book addresses the pricing of options written on LETFs. Since different LETFs are designed to track the same reference index, these funds and their associated options share very similar sources of randomness. The authors provide a no-arbitrage pricing approach that consistently value options on LETFs with different leverage ratios with stochastic volatility and ...

Comparative Advantage, Exchange Rates, and Sectoral Trade Balances of Major Industrial Countries

OpenAIRE

Stephen S. Golub

1994-01-01

This paper uses a Ricardian framework to clarify the role of microeconomic and macroeconomic factors governing the time-series and cross-sectional behavior of sectoral trade balances. Unit labor costs and trade balances are calculated for several sectors for the seven major industrial countries. The time-series and cross-sectional variation in sectoral unit labor costs is decomposed into relative productivity, wage differentials, and exchange rate variations. The main findings are that change...

The electricity exchange. On the organisation and latent functions of electricity exchange trading as seen from the viewpoint of market sociology; Die Stromboerse. Ueber Form und latente Funktionen des boerslichen Stromhandels aus marktsoziologischer Sicht

Energy Technology Data Exchange (ETDEWEB)

Giacovelli, Sebastian

2014-07-01

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.

17 CFR 240.19c-3 - Governing off-board trading by members of national securities exchanges.

Science.gov (United States)

2010-04-01

... members of national securities exchanges. 240.19c-3 Section 240.19c-3 Commodity and Securities Exchanges... Members § 240.19c-3 Governing off-board trading by members of national securities exchanges. The rules of each national securities exchange shall provide as follows: (a) No rule, stated policy or practice of...

Trading Mechanisms, Return’s Volatility, and Efficiency in the Casablance Stock Exchange

Directory of Open Access Journals (Sweden)

El Mehdi Ferrouhi

2013-07-01

Full Text Available Normal 0 false false false EN-US X-NONE X-NONE This paper studies the impact of the stock market continuity on the returns volatility and on the market efficiency in the Casablanca Stock Exchange. For the most active stocks, the trading mechanism used is the continuous market which is preceded by a call market pre opening session. Results obtained concerning return volatility and efficiency under the two trading mechanisms show that the continuous market returns are more volatile than the call market returns and 50% of stocks studied show independence between variations.   Keywords: Trading mechanism, microstructure, call market, continuous market, efficiency, volatility

An Empirical Test of Efficiency of Exchange-Traded Currency Options in India

OpenAIRE

Aparna Bhat; Kirti Arekar

2015-01-01

The objective of this paper is to examine efficiency of the exchange-traded currency options market in India. Put-call-futures parity for the USD-INR currency options is studied by analyzing daily closing prices of options and futures for thirty two months on the National Stock Exchange. The study reveals frequent violations of the put-call-futures parity creating significant arbitrage opportunities. The pattern of mispricing varies when examined for time to maturity, option moneyness, liquid...

The Role of Exchange Traded Funds in the Price Discovery Process of Stocks Listed on the Botswana Stock Exchange

Directory of Open Access Journals (Sweden)

Edson Kambeu

2017-04-01

Full Text Available In this paper we analyse the role of Exchange Traded Funds (ETFs in the price discovery process of stocks listed at the Botswana Stock Exchange.Using daily returns data covering the period 3 January 2013 to 31 December 2015   for Beta Betta ETF and Domestic Company Indices, we utilize a VECM model to find out whether the Betta Beta ETF is playing a significant role in the price discovery process of stocks listed on the Botswana Stock Exchange. We found the error correction term to be statistically significant thereby confirming that the Beta Betta ETF is playing a significant role in the price discovery of stocks listed on the Botswana Stock Exchange.

On the use of exchange rates as trading rules in a bilateral system of transferable discharge permits

International Nuclear Information System (INIS)

Rodriguez, F.

2000-01-01

The use of a system of transferable discharge permits to control the harmful effects of non-uniformly mixed pollutants requires the application of trading rules in order to prevent permit trading among sources from violating environmental standards. The elements and properties of bilateral trading rules can be analyzed more easily once formulated as exchange rates, which would convert, in a cost-effective way, the emission right potentially given up by the seller into an offsetting emission right acquired by the buyer. In this article, a new expression for such exchange rates is proposed and then analyzed to infer some unexplored properties of the system. 8 refs

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)

Is It Possible To Use Intelligent Systems To Design A Profitable Foreign Exchange Trading Agent?

OpenAIRE

Julian, Pomfret-Pudelsky

2009-01-01

In this paper, a trading agent is developed using a basket of intelligent systems with the goal of trading the GBPUSD currency pair profitably in the Foreign Exchange market. The basket of intelligent system consists of two regression models: a radial basis neural network and a TSK-fuzzy inference system; and three classification models: k-nearest neighbour, support vector machine and a decision tree. The trading strategy combines the predictions of each model using a Kalman-type filter to...

78 FR 15982 - Exchange Traded Concepts Trust, et al.; Notice of Application

Science.gov (United States)

2013-03-13

... held out as a traditional open-end investment company or mutual fund. Instead, each Fund will be marketed as an ``exchange- traded fund.'' All marketing materials that describe the features or method of... Fund will execute an Acquiring Fund Agreement stating, without limitation, that their Boards and their...

The effects of exchange rate volatility on international trade fl ows: evidence from panel data analysis and fuzzy approach

Directory of Open Access Journals (Sweden)

Robert M. Kunst

2012-06-01

Full Text Available The aim of this paper is to analyze the effects of exchange rate volatility on international trade flows by using two different approaches, the panel data analysis and fuzzy logic, and to compare the results. To a panel with the crosssection dimension of 91 pairs of EU15 countries and with time ranging from 1964 to 2003, an extended gravity model of trade is applied in order to determine theeffects of exchange rate volatility on bilateral trade flows of EU15 countries. The estimated impact is clearly negative, which indicates that exchange rate volatility has a negative influence on bilateral trade flows. Then, this traditional panel approach is contrasted with an alternative investigation based on fuzzy logic. The key elements of the fuzzy approach are to set fuzzy decision rules and to assignmembership functions to the fuzzy sets intuitively based on experience. Both approaches yield very similar results and fuzzy approach is recommended to be used as a complement to statistical methods.

17 CFR 240.3a12-7 - Exemption for certain derivative securities traded otherwise than on a national securities exchange.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Exemption for certain derivative securities traded otherwise than on a national securities exchange. 240.3a12-7 Section 240.3a12-7... Miscellaneous Exemptions § 240.3a12-7 Exemption for certain derivative securities traded otherwise than on a...

A NEW LOOK AT THE TRADE VOLUME EFFECTS OF REAL EXCHANGE RATE RISK

OpenAIRE

Wang, Kai-Li; Barrett, Christopher B.

2002-01-01

This paper takes a new empirical look at the longstanding question of the effect of exchange rate volatility on international trade flows by studying the case of Taiwan's exports to the United States from 1989-1998. In particular, we employ sectoral level, monthly data and a multivariate GARCH-M estimator with corrections for leptokurtic errors that is consistent with the core hypothesis that traders' forward contracting behavior might be affected by exchange rate risk. We find that real exch...

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.)

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

Impact of Trade Liberalization and Exchange Rate Policy on Industrial Water Pollution and Groundwater Depletion

OpenAIRE

David, Cristina C.; Inocencio, Arlene B.; Gundaya, Debbie M.

2000-01-01

Environmentalists and economists alike have assumed that greater economic openness will lead to increased industrial pollution in developing countries. This paper argues that trade liberalization does not necessarily result in more pollution intensive industrial development using the case of two economic centers in the Philippines. The study links changes in trade and exchange rate policy to the environment by identifying the environmental damage likely to be aggravated by the policy change t...

Trade Adjustments to Exchange Rate Changes by Japanese Manufacturing MNEs: Intra-firm and arm's length transactions

OpenAIRE

ANDO Mitsuyo; KIMURA Fukunari

2013-01-01

This paper examines how Japanese manufacturing multinational enterprises (MNEs) adjust to exchange rate changes. Using the micro-data of Japanese manufacturing MNEs from 1994 to 2010, we find that exports tend to respond to exchange rate changes, in particular when wholly or majority-owned affiliates are dominant among their foreign affiliates and when intra-firm trade ratios are higher. Moreover, the responsiveness to exchange rate changes is higher for intra-firm exports than for total expo...

The Effect of Exchange Rate Volatility on Turkey’s Agricultural Foreign Trade

Directory of Open Access Journals (Sweden)

Güngör Karakaş

2017-07-01

Full Text Available In this study, impact of the real effective exchange rate (REER and its volatility (REERV on Turkey's agricultural foreign trade was investigated. 25importantcountries in agricultural trade of Turkey and 1990-2012 periods were examined, and panel data analysis was used in this research. IGARCH model was applied to obtain for the REERV. Influence of the REER and REERV on Turkey's agricultural trade was analyzed whit FMOLS model both individual country and groups panel. According to the results of FMOLS model; It was determined that Turkey agricultural import (7.61% and export (2.24% were increased when the REER was risen about 1%. The agricultural import was decreased 18.83% in case the REERV was increased 1%. On the other hand, when the REERV was increased around 1%, there was no significantly relationship between agricultural export and REERV. As a result, it can be stated that REER and REERV were caused an imbalance on Turkey's agricultural foreign trade. Agricultural producers and industrialists are often adversely affected by the REERV. For these reasons, it is important to take protective measures for them.

Numerical exploration of Kaldorian interregional macrodynamics: stability and the trade threshold for business cycles under fixed exchange rates.

Science.gov (United States)

Asada, Toichiro; Douskos, Christos; Markellos, Panagiotis

2011-01-01

The stability of equilibrium and the possibility of generation of business cycles in a discrete interregional Kaldorian macrodynamic model with fixed exchange rates are explored using numerical methods. One of the aims is to illustrate the feasibility and effectiveness of the numerical approach for dynamical systems of moderately high dimensionality and several parameters. The model considered is five-dimensional with four parameters, the speeds of adjustment of the goods markets and the degrees of economic interactions between the regions through trade and capital movement. Using a grid search method for the determination of the region of stability of equilibrium in two-dimensional parameter subspaces, and coefficient criteria for the flip bifurcation - and Hopf bifurcation - curve, we determine the stability region in several parameter ranges and identify Hopf bifurcation curves when they exist. It is found that interregional cycles emerge only for sufficient interregional trade. The relevant threshold is predicted by the model at 14 - 16 % of trade transactions. By contrast, no minimum level of capital mobility exists in a global sense as a requirement for the emergence of interregional cycles; the main conclusion being, therefore, that cycles may occur for very low levels of capital mobility if trade is sufficient. Examples of bifurcation and Lyapunov exponent diagrams illustrating the occurrence of cycles or period doubling, and examples of the development of the occurring cycles, are given. Both supercritical and subcritical bifurcations are found to occur, the latter type indicating coexistence of a point and a cyclical attractor.

78 FR 58359 - Self-Regulatory Organizations; Topaz Exchange, LLC; Notice of Filing and Immediate Effectiveness...

Science.gov (United States)

2013-09-23

... Exchange, therefore, opted to provide a higher introductory rate for Maker Rebates in order to attract... rate of fees and rebates the Exchange currently provides for trading in Standard Options. The Exchange... order flow to another exchange if they deem rebates at a particular exchange to be too low. For the...

Exchange Rate Deregulation and Industrial Performance: An ...

African Journals Online (AJOL)

FIRST LADY

economic management and therefore an important macroeconomic indicator used in assessing the ..... Adeolu, O. A. and Babatunde, W. A. (2005), “Trade and Exchange Rate ... Dickey, D. A. and Fuller, W. A. (1981), “Likelihood Ratio Tests for.

78 FR 24241 - John Hancock Exchange-Traded Fund Trust, et al.; Notice of Application

Science.gov (United States)

2013-04-24

... Funds' Board will consider any such potential disadvantages against the benefits of economies of scale... out as a traditional open-end investment company or a mutual fund. Instead, each Fund will be marketed as an ``actively managed exchange-traded fund.'' All marketing materials that describe the features...

75 FR 22874 - Claymore Exchange-Traded Fund Trust 3, et al.; Notice of Application

Science.gov (United States)

2010-04-30

... income exempt from regular federal income tax and outperform the fund's performance benchmark, the... ``mutual fund.'' Instead, each Fund will be marketed as an ``actively-managed exchange-traded fund.'' Any... open-end investment company or a mutual fund. Each Fund's Prospectus will prominently disclose that the...

Modeling Multi-commodity Trade Information Exchange Methods

CERN Document Server

Traczyk, Tomasz

2012-01-01

Market mechanisms are entering into new fields of economy, in which some constraints of physical world, e.g. Kirchoffs Law in power grid, must be taken into account during trading. On such markets, some of commodities, like telecommunication bandwidth or electrical energy, appear to be non-storable, and must be exchanged in real-time. On the other hand, the markets tend to react at shortest possible time, so an idea to delegate some competency to autonomous software agents is very attractive. Multi-commodity mechanism addresses the aforementioned requirements. Modeling the relationships between the commodities allows to formulate new, more sophisticated models and mechanisms, which reflect decision situations in a better manner. Application of multi-commodity approach requires solving several issues related to data modeling, communication, semantics aspects of communication, reliability, etc. This book answers some of the questions and points out promising paths for implementation and development. Presented s...

The Research of Foreign Exchange Exposures in Taiwan

OpenAIRE

Chen, Yi Chen

2006-01-01

The research will be mainly focused on the relationship between the stock returns and the fluctuation of foreign exchange rate exposure in Taiwan listed corporations. Due to the environmental limitations and in sufficient resources, if Taiwan inclines to develop international trade, the exchange market plays an important role in the advances of Taiwan's economy. Therefore, the fluctuations of foreign exchange rate must have a substantially impact on the profitability of industries in Taiwan.

The impact of conditional and unconditional conservatism on trade credit: evidence of Tehran Stock Exchange

Directory of Open Access Journals (Sweden)

Samin KOHANSAL

2017-02-01

Full Text Available The aim of this research is to examine the impact of conditional and unconditional conservatism on the trade credit of companies listed at the Tehran Stock Exchange. In this respect, using a systematic deletion sampling, 74 companies were chosen and studied during the period 2009 to 2013. The method of testing the research hypotheses was a multivariate regression using estimated generalized least square. The results of the research indicated that conditional and unconditional conservatism are positively and significantly related to the trade credit of the companies; in other words, if a higher level of conservatism is used and types of conservatism grow, more trade credit will accrue to companies.

Models for financial crisis detection in Indonesia based on bank deposits, real exchange rate and terms of trade indicators

Science.gov (United States)

Sugiyanto; Zukhronah, Etik; Nur Aini, Anis

2017-12-01

Several times Indonesia has experienced to face a financial crisis, but the crisis occurred in 1997 had a tremendous impact on the economy and national stability. The impact of the crisis fall the exchange rate of rupiah against the dollar so it is needed the financial crisis detection system. Some data of bank deposits, real exchange rate and terms of trade indicators are used in this paper. Data taken from January 1990 until December 2016 are used to form the models with three state. Combination of volatility and Markov switching models are used to model the data. The result suggests that the appropriate model for bank deposit and terms of trade is SWARCH (3,1), and for real exchange rates is SWARCH (3,2).

Ecological Unequal Exchange: International Trade and Uneven Utilization of Environmental Space in the World System

Science.gov (United States)

Rice, James

2007-01-01

We evaluate the argument that international trade influences disproportionate cross-national utilization of global renewable natural resources. Such uneven dynamics are relevant to the consideration of inequitable appropriation of environmental space in particular and processes of ecological unequal exchange more generally. Using OLS regression…

Heat Exchanger/Humidifier Trade Study and Conceptual Design for the Constellation Space Suit Portable Life Support System Ventilation Subsystem

Science.gov (United States)

Paul, Heather L.; Sompayrac, Robert; Conger, Bruce; Chamberlain, Mateo

2009-01-01

As development of the Constellation Space Suit Element progresses, designing the most effective and efficient life support systems is critical. The baseline schematic analysis for the Portable Life Support System (PLSS) indicates that the ventilation loop will need some method of heat exchange and humidification prior to entering the helmet. A trade study was initiated to identify the challenges associated with conditioning the spacesuit breathing gas stream for temperature and water vapor control, to survey technological literature and resources on heat exchanger and humidifiers to provide solutions to the problems of conditioning the spacesuit breathing gas stream, and to propose potential candidate technologies to perform the heat exchanger and humidifier functions. This paper summarizes the results of this trade study and also describes the conceptual designs that NASA developed to address these issues.

Exchange-traded funds of the eurozone sovereign debt

Directory of Open Access Journals (Sweden)

Drenovak Mikica

2010-01-01

Full Text Available Periods of high uncertainty bring liquidity concerns to the forefront for sovereign bond investors. Arguably the most liquid and cost-effective way for retail and small institutional investors to gain diversified sovereign bond exposure is through an exchange traded fund (ETF. In this paper we study the performance, country exposure, and replicating characteristics of a sample of 31 European index ETFs with exposure to eurozone sovereign debt. The obtained results are presented in the context of underlying index selection rules, types of replication, and movements in sovereign debt interest rates and sovereign CDS spreads. It is demonstrated that the ETFs focused on accurately track corresponding bond indices. This is consistent with earlier findings for equity index ETFs. Our results may be of interest for institutional investors, regulators, and everyone interested in sovereign debt investments.

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...

A mathematical analysis of an exchange-traded horse race betting fund with deterministic payoff betting strategy for institutional investment to challenge EMH

Directory of Open Access Journals (Sweden)

Craig George Leslie Hopf

2015-12-01

Full Text Available This paper’s primary alternative hypothesis is Ha: profitable exchange-traded horserace betting fund with deterministic payoff exists for acceptable institutional portfolio return—risk. The primary hypothesis challenges the semi-strong efficient market hypothesis applied to horse race wagering. An optimal deterministic betting model (DBM is derived from the existing stochastic model fundamentals, mathematical pooling principles, and new theorem. The exchange-traded betting fund (ETBF is derived from force of interest first principles. An ETBF driven by DBM processes conjointly defines the research’s betting strategy. Alpha is excess return above financial benchmark, and invokes betting strategy alpha that is composed of model alpha and fund alpha. The results and analysis from statistical testing of a global stratified data sample of three hundred galloper horse races accepted at the ninety-five percent confidence-level positive betting strategy alpha, to endorse an exchange-traded horse race betting fund with deterministic payoff into financial market.

A comparative study of United States and China exchange rate behavior: A co integration analysis

Directory of Open Access Journals (Sweden)

Khuram Shafi

2015-02-01

Full Text Available Exchange rates always affect the prices of the imports and export of products and services in which countries are trading with other parts of the world. Therefore, exchange rate calculation is one of the essential issues for making appropriate policies. This research investigates the determinants of trade, i.e. import, export, industrial growth, consumption level and oil prices fluctuation, which bring changes in exchange rate and their influence eventually on balance of payments. Data of defined variables was collected on yearly basis for China and USA for thirty one years. By applying cointegration, it is estimated that there existed a long run relationship in both countries. USA and China had significant and correct signs on the short run dynamic and some of the factors did not. Exchange rate did not granger cause balance of payment and balance of payment did not granger cause exchange rate. In conclusion, we found that determinants of balance of trade could affect the exchange rates, also, these rates had considerable effect (positive or negative on balance of payments. In this twofold study, we found relationship of exchange rate with selected determinants of trade, and also examined their bilateral effect, and then made contrast of both countries.

17 CFR 240.12d2-1 - Suspension of trading.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Suspension of trading. 240... Securities Exchange Act of 1934 Suspension of Trading, Withdrawal, and Striking from Listing and Registration § 240.12d2-1 Suspension of trading. (a) A national securities exchange may suspend from trading a...

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...

17 CFR 166.2 - Authorization to trade.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Authorization to trade. 166.2 Section 166.2 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION CUSTOMER PROTECTION RULES § 166.2 Authorization to trade. No futures commission merchant, introducing broker or any of their...

17 CFR 242.301 - Requirements for alternative trading systems.

Science.gov (United States)

2010-04-01

... trading systems. 242.301 Section 242.301 Commodity and Securities Exchanges SECURITIES AND EXCHANGE... FUTURES Regulation Ats-Alternative Trading Systems § 242.301 Requirements for alternative trading systems. (a) Scope of section. An alternative trading system shall comply with the requirements in paragraph...

17 CFR 240.11a-1 - Regulation of floor trading.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Regulation of floor trading... Securities Exchange Act of 1934 Adoption of Floor Trading Regulation (rule 11a-1) § 240.11a-1 Regulation of floor trading. (a) No member of a national securities exchange, while on the floor of such exchange...

17 CFR 155.4 - Trading standards for introducing brokers.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Trading standards for introducing brokers. 155.4 Section 155.4 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION TRADING STANDARDS § 155.4 Trading standards for introducing brokers. (a) Each introducing broker...

78 FR 67424 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of...

Science.gov (United States)

2013-11-12

... Terms of Substance of the Proposed Rule Change The Exchange proposes to adopt a CBOE Stock Exchange, LLC... Basis for, the Proposed Rule Change 1. Purpose CBSX is a stock execution facility of CBOE. Therefore...-fraud and anti- manipulation. The proposed requirement that all CBSX Trading Permit Holders be members...

40 CFR 90.206 - Trading.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 20 2010-07-01 2010-07-01 false Trading. 90.206 Section 90.206... Trading Provisions § 90.206 Trading. (a) An engine manufacturer may exchange emission credits with other engine manufacturers in trading, subject to the trading restriction specified in § 90.207(c)(2). (b...

Is It Possible to Replicate the Exchange Rate Volatility Behavior Using Dynamic Strategies?

Directory of Open Access Journals (Sweden)

Claudio Henrique Barbedo

2009-07-01

Full Text Available The implied volatility is certainly an interesting indicator to help get a sense of the market, because it represents the amount of expected volatility the market is pricing. In over-the-counter exchange rate option, whose trading is volatility oriented, it is the most important variable. This work investigates whether information embedded in this implied volatility market are explained by other traded variables in the Brazilian market. The results show that there are sources of non-negotiable risk that influence this implied volatility. Therefore, exchange rate implied volatility can assist to understand the behavior of the derivatives indexed to dollar.

17 CFR 155.2 - Trading standards for floor brokers.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Trading standards for floor brokers. 155.2 Section 155.2 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION TRADING STANDARDS § 155.2 Trading standards for floor brokers. Each contract market shall adopt and submit...

TOWARDS MORE SOCIALLY RESPONSIBLE COCOA TRADE

OpenAIRE

Abbott, Philip C.

2003-01-01

Cocoa is a classic Third World cash crop. It is produced mostly by small, poor farmers in Africa, while its products - chocolate and sun tan oil - are consumed by rich consumers in North America and Europe. A few West African economies are highly dependent on foreign exchange earned from cocoa sales. It has therefore been targeted by Oxfam's Fair Trade initiative, and IITA's Sustainable Tree Crops Program (STCP) is launching an effort of become more aligned with consumer's social preferences....

The Analysis and Structuring of the Causes Impeding the Introduction of Advanced Technologies for Exchange Grain Trading

Directory of Open Access Journals (Sweden)

Vinnychenko Olena V

2015-03-01

Full Text Available In the article the main causes impeding the development and introduction of advanced technologies for grain trading on commodity exchanges in Ukraine have been identified and structured. The generalization of existing shortcomings in operation of the domestic commodity exchanges has served the basis for the model, within which there were built: a directed graph of correlations between the above mentioned shortcomings in the operation of exchanges, the matrix of dependency and reachability. The causes have been identified and structured, the main ones being determined, which, in turn, makes it possible to carry out the correct sequence of actions and emphasize the primary issues requiring priority solutions at making management decisions in order to promote the grain exchange market. The suggested approach clearly shows the correlation between the existing causes and sequence of their elimination.

Electric power trading. The first study on stakes and consequences of power trading

International Nuclear Information System (INIS)

2000-06-01

Power trading (purchase/sale of electricity on a stock exchange) is an emerging activity in continental Europe while it already came to maturity in the US, in the UK and in Scandinavia. Several stock exchanges have opened since 1988, in particular in Germany, Spain and in The Netherlands. New projects of creation are under study, except in France where public authorities remain reticent with respect to this evolution. Power trade is deeply overturning the organization of power markets with offering an alternative to the direct supply from producers and distributors. This study presents the functioning modes of the main stock exchanges in operation today. It analyzes the stakes of power trade for all intervening parties of the market (historical actors, newcomers and consumers). The situation and the strategic behaviour of 12 key-actors of the power sector are also examined. (J.S.)

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...

17 CFR 155.3 - Trading standards for futures commission merchants.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Trading standards for futures commission merchants. 155.3 Section 155.3 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION TRADING STANDARDS § 155.3 Trading standards for futures commission merchants. (a) Each futures...

Organizing Equity Exchanges

Science.gov (United States)

Schaper, Torsten

In the last years equity exchanges have diversified their operations into business areas such as derivatives trading, post-trading services, and software sales. Securities trading and post-trading are subject to economies of scale and scope. The integration of these functions into one institution ensures efficiency by economizing on transactions costs.

What determines the sensitivity of the real exchange rate in Colombia to a terms of trade shock?

DEFF Research Database (Denmark)

Parra-Alvarez, Juan Carlos; Mahadeva, Lavan

2012-01-01

We show that the sensitivity of the real exchange rate to terms of trade shocks is greater the lower the elasticity of final and derived demand between domestic and imported items. We develop a novel Kalman filter-based method to estimate these key parameters for Colombia, taking account of prefe...... the sensitivity of the Colombian economy to external shocks....

Trade Blocs, Currency Blocs and the Disintegration of World Trade in the 1930s

OpenAIRE

Eichengreen, Barry; Irwin, Douglas

1993-01-01

The dramatic implosion and regionalization of international trade during the 1930s has often been blamed on the trade and foreign exchange policies that emerged in the interwar period. We provide new evidence on the impact of trade and currency blocs on trade flows from 1928 1938 that suggests a blanket indictment of interwar trade policies and payments arrangements is not warranted. Discriminatory trade policies and international monetary arrangements had neither a uniformly favorable nor un...

Are Preferential Trade Agreements with Non-trade Objectives a Stumbling Block for Multilateral Liberalization?

OpenAIRE

Nuno Limão

2007-01-01

In many preferential trade agreements (PTAs), countries exchange not only reductions in trade barriers but also cooperation in non-trade issues such as labour and environmental standards, intellectual property, etc. We provide a model of PTAs motivated by cooperation in non-trade issues and analyse its implications for global free trade and welfare. We find that such PTAs increase the cost of multilateral tariff reductions and thus cause a stumbling block to global free trade. This occurs bec...

29 CFR 1209.05 - Closing of meetings; reasons therefor.

Science.gov (United States)

2010-07-01

....05 Labor Regulations Relating to Labor (Continued) NATIONAL MEDIATION BOARD PUBLIC OBSERVATION OF NATIONAL MEDIATION BOARD MEETINGS § 1209.05 Closing of meetings; reasons therefor. (a) Except where the...) (matters specifically exempted from disclosure by statute); (c)(4) (trade secrets and commercial or...

The Real Contours and Targets for the BRICS Monetary Partnership to Facilitate Trade and Investments

Directory of Open Access Journals (Sweden)

Natalia Khmelevskaya

2015-05-01

Full Text Available The article focuses on the evolution of monetary cooperation among BRICS members and on testing the bilateral trade andexchange rate indicators to target transaction costs as they drive export growth. It starts with the formal arrangements toensure the settlement of trade among BRICS in local currencies. An analysis of the export structures of BRICS membersreveals benefits from shifts in export structure from 2009 to 2013, first from China’s role in vertical trade integration andthen, second, as a growing source of demand for BRICS economies. With regard to the exchange rate indicators, mosttrade responses to exchange rate deviations were found to depend on the overall structure of exports. Some BRICS currencydevaluations that anticipate inflation are attributed to exchange rate discrepancies and dumping. With regard to thedivergent effects on export, Russia’s export grew largely through mineral fuel and Brazil has gained from its deepened traderelationships. Therefore, transaction costs may be reduced via common trade settlement arrangements and trade facilitation.The author introduces ideas for designing BRICS payment and settlement mechanisms. One suggestion is to build aclearing union on the platform of BRICS conditional currency reserves similar to the reserve tranche mechanism used by theInternational Monetary Fund. Another addresses cross border local currency payment systems with fine-tuning transac -tions among national clearing systems and banks.

KRW/USD Exchange Rate Volatility and Efficient Risk Management

Directory of Open Access Journals (Sweden)

Sang-Yong Joo

1999-03-01

Full Text Available This thesis analyzes the relationship between the exchange rate of Korean Won and US dollar and the amount of foreign exchange, and studies the direction of the amendment of the risk control of foreign exchange. The GARCH (Generalized Auto Regressive Conditional Heteroscedasticity model which visually embodies the auto-regress of the wave of exchange rate shows that the amount of trade will enhance the fluidity of the exchange rate, that is, the various expects of the participators of the market affect the amount of trade and the fluidity, so in the process of trading, the trader who is in the dry tree of information bears more trading expenditure. It is predicted that the liberalization of foreign exchange rate and fluctuated exchange rate system will jointly bring the enhancement of the fluidity of the exchange rate and the amount of exchange trade. The change of this system will bring the rise of participators in foreign exchange market; meanwhile, it will also initiate superfluous fluidity of foreign exchange market. In order to overcome this problem, the government needs to implement the development strategy of the understructure of the foreign exchange market and the enterprises need to carry through systemic exchange rate risk control.

AN ALTERNATIVE APPROACH TO THE TRADE DYNAMICS IN CROATIA

Directory of Open Access Journals (Sweden)

Daniel Tomic

2016-09-01

Full Text Available The point of understanding the international finance and trade perspective is closely related to comprehension of the terms of trade (exchange rate – trade balance nexus. How well can a country balance its international trade engagement over international price changes and/or applied exchange rate regime is of great importance, especially for a small, opened, indebted and import dependent country such as Croatia. By focusing on the relationship between the terms of trade, exchange rate, volume of trade, current account and output we are trying to provide some new insights into trade dynamics over a business cycle in Croatia. Furthermore, the analysis is done on aggregate level and evaluates only the market of goods, for it constitutes the larger part of the trade balance. Empirical assessment relies on the lead and lag cross-correlation functions between the variables comprising the period 2000 – 2014. Results suggest the existence of the S-curve pattern leading us to some indicative conclusions regarding the trade dynamics in Croatia.

77 FR 26588 - In the Matter of Recycle Tech, Inc.; Order of Suspension of Trading

Science.gov (United States)

2012-05-04

... SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] In the Matter of Recycle Tech, Inc.; Order of... of current and accurate information concerning the securities of Recycle Tech, Inc. (``Recycle Tech... protection of investors require a suspension of trading in the securities of Recycle Tech. Therefore, it is...

Bitcoin trading system

OpenAIRE

Turšič, Samo

2015-01-01

In this thesis an information solution was developed that enables the implementation of different trading strategies and backtesting over cryptocurrency Bitcoin trading data. Supported exchanges are Bitstamp, BTC-e and MtGox. In the field of technical analysis there already exist various solutions for Bitcoin that help traders to trade and advise them on basis of technical indicators and patterns. However, each has its own drawbacks, which we are aiming to fix. A web application was developed...

Bitcoin trading system

OpenAIRE

Turšič, Samo

2014-01-01

In this thesis an information solution was developed that enables the implementation of different trading strategies and backtesting over cryptocurrency Bitcoin trading data. Supported exchanges are Bitstamp, BTC-e and MtGox. In the field of technical analysis there already exist various solutions for Bitcoin that help traders to trade and advise them on basis of technical indicators and patterns. However, each has its own drawbacks, which we are aiming to fix. A web application was developed...

Introduction to International Trade.

Science.gov (United States)

Intercom, 1986

1986-01-01

Focusing mainly on United States-Japan relations, this issue provides 11 lesson plans and student handouts dealing with international trade topics such as protective tariffs, currency exchange rates, unofficial trade barriers, causes of unemployment, the balance of payments and the internationalization of the automobile industry. (JDH)

17 CFR 41.23 - Listing of security futures products for trading.

Science.gov (United States)

2010-04-01

... security futures products for trading, a designated contract market or registered derivatives transaction... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Listing of security futures products for trading. 41.23 Section 41.23 Commodity and Securities Exchanges COMMODITY FUTURES TRADING...

The S-Curve: China versus Its Major Trading Partners

OpenAIRE

Mohsen Bahmani-Oskooee; Ruixin Zhang

2013-01-01

China has been accused of manipulating its currency to gain international competitiveness and enjoy a trade surplus. The S-Curve is a hypothesis that could be used to test the effectiveness of currency devaluation or depreciation. It claims that while future values of the trade balance and current exchange rate are positively correlated, the past values of the trade balance and current exchange rate are negatively correlated. While China¡¯s aggregate trade flows with the rest of the world con...

17 CFR 37.4 - Election to trade excluded and exempt commodities.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Election to trade excluded and exempt commodities. 37.4 Section 37.4 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION DERIVATIVES TRANSACTION EXECUTION FACILITIES § 37.4 Election to trade excluded and exempt...

Cross-Market Linkages of Taiwan Index Futures Contracts Listed on the Taiwan Futures Exchange and the Singapore Exchange

OpenAIRE

Hung-Gay Fung; Qingfeng "Wilson" Liu; Gyoungsin "Daniel" Park

2007-01-01

Cointegration tests and ex ante trading rules are applied to study cross-market linkages between the Taiwan Index futures contracts listed on the Singapore Exchange and the Taiwan Stock Exchange Capitalization-weighted Stock Index futures contracts listed on the Taiwan Futures Exchange. The exchange rate-adjusted returns of the two futures series do not differ significantly in mean but in variances, and show significant mean-reverting tendencies between them. Our trading strategies are able t...

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 16112 - Eugene Science, Inc., Order of Suspension of Trading

Science.gov (United States)

2012-03-19

... Trading March 15, 2012. It appears to the Securities and Exchange Commission that there is a lack of... the public interest and the protection of investors require a suspension of trading in the securities... Exchange Act of 1934, that trading in the securities of the above-listed company is suspended for the...

77 FR 16113 - ASP Ventures Corp., Order of Suspension of Trading

Science.gov (United States)

2012-03-19

... Trading March 15, 2012. It appears to the Securities and Exchange Commission that there is a lack of... the public interest and the protection of investors require a suspension of trading in the securities... Exchange Act of 1934, that trading in the securities of the above-listed company is suspended for the...

78 FR 65744 - Newtech Resources Ltd., Order of Suspension of Trading

Science.gov (United States)

2013-11-01

... Trading October 21, 2013. It appears to the Securities and Exchange Commission that there is a lack of... the public interest and the protection of investors require a suspension of trading in the securities... Exchange Act of 1934, that trading in the securities of the above-listed company is suspended for the...

77 FR 58424 - Enwin Resources, Inc., Order of Suspension of Trading

Science.gov (United States)

2012-09-20

... Trading September 18, 2012. It appears to the Securities and Exchange Commission that there is a lack of... the public interest and the protection of investors require a suspension of trading in the securities... Exchange Act of 1934, that trading in the securities of the above-listed company is suspended for the...

17 CFR 240.12f-3 - Termination or suspension of unlisted trading privileges.

Science.gov (United States)

2010-04-01

... unlisted trading privileges. 240.12f-3 Section 240.12f-3 Commodity and Securities Exchanges SECURITIES AND... Regulations Under the Securities Exchange Act of 1934 Unlisted Trading § 240.12f-3 Termination or suspension of unlisted trading privileges. (a) The issuer of any security for which unlisted trading privileges...

Exporter Price Response to Exchange Rate Changes

DEFF Research Database (Denmark)

Fosse, Henrik Barslund

Firms exporting to foreign markets face a particular challenge: to price their exports in a foreign market when the exchange rate changes. This paper takes on pricing- to-market using a unique data set that covers rm level monthly trade at great detail. As opposed to annual trade ows, monthly trade...... theoretical contributions to the litterature on pricing-to-market and exchange rate pass-through....

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...

77 FR 52766 - Technology and Trading Roundtable

Science.gov (United States)

2012-08-30

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-67725; File No. 4-652] Technology and Trading... ``Technology and Trading: Promoting Stability in Today's Markets'' to discuss ways to promote stability in..., implement, and manage complex and inter-connected trading technologies. The roundtable discussion will be...

Foreign Exchange Risk in International Transactions

Directory of Open Access Journals (Sweden)

Florentina-Olivia Balu

2007-03-01

In this article we will focus on forward and futures contracts for managing foreign exchange risk. A forward is a contract to buy or sell currency at an agreed upon exchange rate at a specific date in the future. Futures are similar to forwards except that they’re traded on exchanges which specify settlement dates. Also we make some recommendations related to the foreign exchange risk-management practices that are useful for companies involved in international trade and for financial institutions interested in providing hedging products to these companies.

Improved price transparency : how electronic trading is affecting natural gas prices

International Nuclear Information System (INIS)

Gault, G.

2002-01-01

New electronic trading platforms can be categorized as: (1) proprietary or marketplace systems owned by the market maker or liquidity provider, (2) matching systems for brokerage systems where counter parties are matched and electronically executed through bilateral trading agreements, and (3) cleared exchanges which have traditional characteristics such as neutrality, anonymity, and clearing. The Calgary-based Natural Gas Exchange (NGX) is an independent electronic energy exchange. It is owned by OM in Stockholm, Sweden and operates under an order from the Alberta Securities Commission. Its main objective is to provide electronic energy trading and clearing services to participants in the the North American energy market. NGX has transacted more than 270,000 trades with zero default. The services at NGX include: centralized and anonymous electronic trading; centralized risk management and netting; centralized collateral management; transaction facilitation; pipeline title transfer coordination; and, real time price index generation. This paper described the impact of the many different types of trading platforms on liquidity and volatility in the marketplace. It also addresses the future of online energy trading and their respective platforms. Supply and demand of natural gas, storage, and weather are the basic market fundamentals, but trading platforms have an impact of volatility of natural gas because of market fragmentation, transparency, and market systems. As online energy exchanges evolve, we will see a consolidation of online energy exchanges that will thin a shrinking pool of players, and appropriately capitalized and centralized clearinghouses will become the backbone of all major online energy trading operations

76 FR 32246 - Uniontown Energy, Inc.; Order of Suspension of Trading

Science.gov (United States)

2011-06-03

... Trading June 1, 2011. It appears to the Securities and Exchange Commission that there is a lack of current... opinion that the public interest and the protection of investors require a suspension of trading in the... Exchange Act of 1934, that trading in the securities of the above-listed company is suspended for the...

The Effects of Capital Outflows from Neighboring Countries on a Home Country’s Terms of Trade and Real Exchange Rate: The Case of East Asia

Directory of Open Access Journals (Sweden)

Sammo Kang

2005-06-01

Full Text Available While there is an extensive body of empirical analyses showing that currency crises tend to be regionally concentrated to specific areas and contagious to countries with high levels of trade, there has been insufficient research on the mechanisms underlying such tendencies. Using a two¡ⓒcountry model, we investigate the possibility of deterioration in the terms of trade and a rise in the real exchange rate of a home country in the case of capital outflows from its trade partner. In addition, an empirical analysis of East Asian countries conclusively shows that some countries conform to the model. Generally, neighboring countries trade extensively with one another for reasons like low logistics costs. This paper finds that such patterns of trade can be one reason for a currency crisis being regional.

77 FR 4853 - Onyx Service & Solutions, Inc.; Order of Suspension of Trading

Science.gov (United States)

2012-01-31

... Suspension of Trading January 27, 2012. It appears to the Securities and Exchange Commission that there is a... the public interest and the protection of investors require a suspension of trading in the securities... Exchange Act of 1934, that trading in the securities of the above-listed company is suspended for the...

76 FR 12144 - Advanced Optics Electronics, Inc.; Order of Suspension of Trading

Science.gov (United States)

2011-03-04

... Suspension of Trading March 2, 2011. It appears to the Securities and Exchange Commission that there is a... the opinion that the public interest and the protection of investors require a suspension of trading... Securities Exchange Act of 1934, that trading in the securities of the above-listed company is suspended for...

78 FR 33142 - Lanbo Financial Group, Inc.; Order of Suspension of Trading

Science.gov (United States)

2013-06-03

... Suspension of Trading May 30, 2013. It appears to the Securities and Exchange Commission that there is a lack... the opinion that the public interest and the protection of investors require a suspension of trading... the Securities Exchange Act of 1934, that trading in the securities of the above-listed company is...

78 FR 65744 - High End Ventures, Inc., Order of Suspension of Trading

Science.gov (United States)

2013-11-01

... of Trading October 21, 2013. It appears to the Securities and Exchange Commission that there is a... opinion that the public interest and the protection of investors require a suspension of trading in the... Exchange Act of 1934, that trading in the securities of the above-listed company is suspended for the...

Data Exchange Inventory System (DEXI)

Data.gov (United States)

Social Security Administration — Enterprise tool used to identify data exchanges occurring between SSA and our trading partners. DEXI contains information on both incoming and outgoing exchanges and...

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.

High-frequency data and the effectiveness of the spot exchange rate EUR/USD

Directory of Open Access Journals (Sweden)

Petr Zeman

2013-01-01

Full Text Available The boom of information technology in recent years significantly influenced the development of the financial markets. Financial markets have become accessible to the public, and increased demand for financial instruments is inevitably reflected in the advanced menu of securities dealers who currently offer a wide variety of investment in the underlying assets and through financial leverage allows investors to profit from tiny price changes of the underlying asset. Shortening of trading period and increasing the frequency of the trades clearly contributes to the growth of profits of securities dealers. The question remains whether this trading method offers the advantage to the investor himself, and whether the investor is able to take advantage of potential market inefficiencies to achieve above-average profits in the short term period. Therefore, this paper analyzes the behaviour of the spot exchange rate EUR/USD within a day, and through statistical tests examining the validity of the random walk hypothesis for the 5-minute, hourly, 4-hourly and daily changes in the spot exchange rate of the currency pair EUR/USD.

17 CFR 155.6 - Trading standards for the transaction of business on registered derivatives transaction execution...

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Trading standards for the transaction of business on registered derivatives transaction execution facilities. 155.6 Section 155.6 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION TRADING STANDARDS § 155.6 Trading...

Carry trade as a speculative investment strategy in Serbia

Directory of Open Access Journals (Sweden)

Bungin Sanja

2012-12-01

Full Text Available This paper is analyses causes and the consequences of a speculative investment carry trade strategy in the exchange market in Serbia. The presence of such type of investor is related to high yields of risk free securities denominated in dinars, as well as the perception of future movements of dinar exchange rate related to currency that serves as source of investment. The consequences of carry trade may significantly influence exchange rate movements when monetary policy has limited facilities to combat negative and sudden shocks.

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.

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)

Exchange asymmetry in experimental settings

Science.gov (United States)

Thomas C. Brown; Mark D. Morrison; Jacob A. Benfield; Gretchen Nurse Rainbolt; Paul A. Bell

2015-01-01

We review past trading experiments and present 11 new experiments designed to show how the trading rate responds to alterations of the experimental procedure. In agreement with earlier studies, results show that if the trade decision is converted to one resembling a choice between goods the exchange asymmetry disappears, but otherwise the asymmetry is...

Trading sulphur emissions under the Second Sulphur Protocol

Energy Technology Data Exchange (ETDEWEB)

Foersund, Finn R.; Naevdal, Eric

1997-07-01

Emission trading is a potent policy instrument in theoretical analyses of environmental policy. However, trading in emission quotas of non-uniformly dispersed pollutants requires that the offsetting quantities vary with location of sources. Such a system is not yet in use. The Second Sulphur Protocol for Europe makes it possible to try out a system of ``exchange rates`` through a clause allowing ``joint implementation`` of emission reductions. In this report, the authors investigate some properties of a system with exogenous exchange rates within a simultaneous trade model based on cost efficiency. Incorporation of constraints on depositions in third party countries may be necessary in order to get third party country cooperation. It is demonstrated that imposition of constraints is feasible, but it is also revealed what demands such incorporation places on the design of the institutional setting. Constraints on trade should only be introduced when the concern for the environment of the various receptors fail to be captured adequately by the calibration of the exchange rates. 16 refs., 2 figs., 3 tabs.

A simple test for PPP among traded goods

NARCIS (Netherlands)

Ph.H.B.F. Franses (Philip Hans); D.J.C. van Dijk (Dick)

2002-01-01

textabstractThe so-called Balassa-Samuelson model implies that relative prices of non-traded goods may be nonstationary and, hence, that PPP should preferably be tested on real exchange rates based on prices of traded goods only. We propose a simple test for PPP among traded goods which can be

Trade in and Valuation of Virtual Water Impacts in a City: A Case Study Of Flagstaff, Arizona

Science.gov (United States)

Rushforth, R.; Ruddell, B. L.

2013-12-01

An increasingly intense component of the global coupled natural and human system (CNH) is the economic trade of various types of resources and the outsourcing of resource impacts between geographically distant economic systems. The human economy's trade arrangements allow specific localities, especially cities, to exceed spatially local resource stock sustainability and footprint constraints, as evidenced in the urban metabolism literature. Each movement or trade of a resource along a network is associated with an embedded or 'virtual' exchange of indirect impacts on the inputs to the production process. The networked trade of embedded resources, therefore, is an essential human adaptation to resource limitations. Using the Embedded Resource Impact Accounting (ERA) framework, we examine the network of embedded water flows created through the trade of goods and services and economic development in Flagstaff, Arizona, and associate these flows with the creation of value in sectors of the economy

17 CFR 240.12f-1 - Applications for permission to reinstate unlisted trading privileges.

Science.gov (United States)

2010-04-01

... reinstate unlisted trading privileges. 240.12f-1 Section 240.12f-1 Commodity and Securities Exchanges... Rules and Regulations Under the Securities Exchange Act of 1934 Unlisted Trading § 240.12f-1 Applications for permission to reinstate unlisted trading privileges. (a) An application to reinstate unlisted...

Trading network predicts stock price.

Science.gov (United States)

Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi

2014-01-16

Stock price prediction is an important and challenging problem for studying financial markets. Existing studies are mainly based on the time series of stock price or the operation performance of listed company. In this paper, we propose to predict stock price based on investors' trading behavior. For each stock, we characterize the daily trading relationship among its investors using a trading network. We then classify the nodes of trading network into three roles according to their connectivity pattern. Strong Granger causality is found between stock price and trading relationship indices, i.e., the fraction of trading relationship among nodes with different roles. We further predict stock price by incorporating these trading relationship indices into a neural network based on time series of stock price. Experimental results on 51 stocks in two Chinese Stock Exchanges demonstrate the accuracy of stock price prediction is significantly improved by the inclusion of trading relationship indices.

Analysis of Right Issue Announcement Effect toward Stock Price Movement and Stock Trading Volume within Issuer in Indonesia Stock Exchange

Directory of Open Access Journals (Sweden)

Wilson Yaputra Yakup

2016-05-01

Full Text Available The purpose of this study were to identify and analyze the rights issue effect to the stock price, the effect of the rights issue on stock trading volume, the correlation between stock prices before and after the right issue, as well as the correlation between volume of trading activity before the right issue and after that event. The objects of the study are the companies listed on Indonesia Stock Exchange (JSX. The hypothesis stated that right issues have a significant effect on stock price on companies listed on the JSX, rights issues have a significant effect on the stock trading volume on companies listed on the JSX, there is a significant correlation between stock price before and after the rights issue on companies listed in JSX, there is a significant correlation between volume of the stock trading before the rights issue and after that event. Data analysis used were descriptive statistics, simple linear regression analysis and paired t-test. Hypothesis testing was performed by using the Pearson correlation test with significance level of 5%. The results show that the right issue has a positive effect but not significant toward stock prices of companies listed in JSX, right issue has a negative effect and not significant toward the trading volume activity (TVA on companies listed in JSX.

36 CFR 13.1504 - Customary trade.

Science.gov (United States)

2010-07-01

... 36 Parks, Forests, and Public Property 1 2010-07-01 2010-07-01 false Customary trade. 13.1504 Section 13.1504 Parks, Forests, and Public Property NATIONAL PARK SERVICE, DEPARTMENT OF THE INTERIOR... trade. In addition to the exchange of furs for cash, “customary trade” in Kobuk Valley National Park...

Genomic admixture tracks pulses of economic activity over 2,000 years in the Indian Ocean trading network.

Science.gov (United States)

Brucato, Nicolas; Kusuma, Pradiptajati; Beaujard, Philippe; Sudoyo, Herawati; Cox, Murray P; Ricaut, François-Xavier

2017-06-07

The Indian Ocean has long been a hub of interacting human populations. Following land- and sea-based routes, trade drove cultural contacts between far-distant ethnic groups in Asia, India, the Middle East and Africa, creating one of the world's first proto-globalized environments. However, the extent to which population mixing was mediated by trade is poorly understood. Reconstructing admixture times from genomic data in 3,006 individuals from 187 regional populations reveals a close association between bouts of human migration and trade volumes during the last 2,000 years across the Indian Ocean trading system. Temporal oscillations in trading activity match phases of contraction and expansion in migration, with high water marks following the expansion of the Silk Roads in the 5 th century AD, the rise of maritime routes in the 11 th century and a drastic restructuring of the trade network following the arrival of Europeans in the 16 th century. The economic fluxes of the Indian Ocean trade network therefore directly shaped exchanges of genes, in addition to goods and concepts.

Securities and Exchange Commission Semiannual Regulatory Agenda

Science.gov (United States)

2010-12-20

... Flexibility Analysis Required: Yes Agency Contact: Alicia Goldin, Division of Trading and Markets, Securities...: Alicia Goldin, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE... Flexibility Analysis Required: Yes Agency Contact: Alicia Goldin, Division of Trading and Markets, Securities...

The Diversity of Financial Instruments Traded on the Stock Exchange

Directory of Open Access Journals (Sweden)

Iulia-Oana BELCIC-ŞTEFAN

2015-09-01

Full Text Available The present study aims to accomplish an in depth analysis of the types of financial instruments traded on the stock exchange, showing in detail both their characteristics and their implications in terms of expected earnings but also the level of associated risk. Depending on the timeframe considered and their own aversion to assumed risk, investors must realize optimal selection of the financial instruments in which they aim to place their funds. Thus, for a long-term investor who does not want to assume a high risk is indicated purchasing bonds, government securities or structured products such as capital protected certificates. If the same long-term investor decides that he can take a higher risk in order to obtain higher gains, he can choose to purchase shares or structured products such as index certificates. The third situation targets investors who seek to obtain short-term gains, but with certain aversion towards the level of assumed risk, for whom is recommended to purchase ETF fund units. At the same time, experienced investors pursuing short-term placement of funds and obtaining substantial gains regardless of the level of risk assumed opt, generally, for structured products such as turbo certificates or derivative financial instruments such futures and options.

Methods of currency risk management in foreign trade

Directory of Open Access Journals (Sweden)

V.V. Ksendzuk

2016-03-01

Full Text Available Development of the country’s market national economy is closely connected with international economic relations. Therefore national business entities are actively involved in foreign trade, and their positive results influence not only on the status and income of owners, but form the economic potential of the country. The survey describes the main indicators of foreign trade and the impact of export and import transactions on economic development of Ukraine, particularly on the gross domestic income of the country. Taking into account also the negative trends in foreign currency exchange rates, the article considers the types of currency risks that accompany international transactions and identifies the limits of the usefulness of currency risk management methods. The methods of currency risk management are also systematized, the benefits of their use for the enterprise are considered and the status and readiness of Ukraine’s financial market to ensure appropriate conditions for the functioning of the currency risk management in domestic enterprises are analyzed.

Trading away what kind of jobs? Globalization, trade and tasks in the US economy.

Science.gov (United States)

Kemeny, Thomas; Rigby, David

2012-04-01

Economists and other social scientists are calling for a reassessment of the impact of international trade on labor markets in developed and developing countries. Classical models of globalization and trade, based upon the international exchange of finished goods, fail to capture the fragmentation of much commodity production and the geographical separation of individual production tasks. This fragmentation, captured in the growing volume of intra-industry trade, prompts investigation of the effects of trade within, rather than between, sectors of the economy. In this paper we examine the relationship between international trade and the task structure of US employment. We link disaggregate US trade data from 1972 to 2006, the NBER manufacturing database, the Decennial Census, and occupational and task data from the Dictionary of Occupational Titles. Within-industry shifts in task characteristics are linked to import competition and technological change. Our results suggest that trade has played a major role in the growth in relative demand for nonroutine tasks, particularly those requiring high levels of interpersonal interaction.

36 CFR 13.1006 - Customary trade.

Science.gov (United States)

2010-07-01

... 36 Parks, Forests, and Public Property 1 2010-07-01 2010-07-01 false Customary trade. 13.1006... § 13.1006 Customary trade. In the Gates of the Arctic National Preserve unit which contains the Kobuk River and its tributaries, “customary trade” shall include—in addition to the exchange of furs for cash...

Water on fire: Gains from electricity trade

International Nuclear Information System (INIS)

Fehr, N.H. von der; Sandsbraaten, L.

1997-01-01

In light of the ongoing liberalization of electricity trade in the Nordic countries, and perhaps in Northern Europe, we argue that gains from electricity trade may be different from those traditionally associated with comparative advantages and economics of scale. In particular, we consider gains arising from the exploitation of technological complementaries between hydro and thermal systems. Our theoretical framework highlights essential features of the two systems and allows for an analysis of effects of trade. We study three trading regimes, which may arise either endogenously or because of trade regulations: day-night power exchange, seasonal energy banking and unbalanced trade. The analysis suggests that gradual trade liberalization may be costly. 13 refs, 7 figs

Social signals and algorithmic trading of Bitcoin.

Science.gov (United States)

Garcia, David; Schweitzer, Frank

2015-09-01

The availability of data on digital traces is growing to unprecedented sizes, but inferring actionable knowledge from large-scale data is far from being trivial. This is especially important for computational finance, where digital traces of human behaviour offer a great potential to drive trading strategies. We contribute to this by providing a consistent approach that integrates various datasources in the design of algorithmic traders. This allows us to derive insights into the principles behind the profitability of our trading strategies. We illustrate our approach through the analysis of Bitcoin, a cryptocurrency known for its large price fluctuations. In our analysis, we include economic signals of volume and price of exchange for USD, adoption of the Bitcoin technology and transaction volume of Bitcoin. We add social signals related to information search, word of mouth volume, emotional valence and opinion polarization as expressed in tweets related to Bitcoin for more than 3 years. Our analysis reveals that increases in opinion polarization and exchange volume precede rising Bitcoin prices, and that emotional valence precedes opinion polarization and rising exchange volumes. We apply these insights to design algorithmic trading strategies for Bitcoin, reaching very high profits in less than a year. We verify this high profitability with robust statistical methods that take into account risk and trading costs, confirming the long-standing hypothesis that trading-based social media sentiment has the potential to yield positive returns on investment.

17 CFR 4.32 - Trading on a Registered Derivatives Transaction Execution Facility for Non-Institutional Customers.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Trading on a Registered Derivatives Transaction Execution Facility for Non-Institutional Customers. 4.32 Section 4.32 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION COMMODITY POOL OPERATORS AND COMMODITY TRADING...

Real Exchange Rate Dynamics in a Small, Primary-Exporting Country

OpenAIRE

Mohsin S. Khan; Peter J. Montiel

1987-01-01

Although the nominal exchange rate is often used as a policy instrument in small, primary-commodity-exporting countries, the real exchange rate is an endogenous variable that responds to both exogenous and policyinduced shocks. This paper examines the dynamic effects on the real exchange rate of various shocks, such as devaluation, fiscal and trade policies, and changes in the terms of trade and foreign real interest rates. Because the path of the real exchange rate differs for different type...

Trade Policy Preferences and the Factor Content of Trade

DEFF Research Database (Denmark)

Jäkel, Ina Charlotte; Smolka, Marcel

demonstrate that the factor price changes induced by trade policy are negatively correlated with the factor content of free trade (and therefore factor abundance). Using large-scale international survey data, we test whether these predicted distributional effects are reflected in the trade policy preferences...... of workers with different labor market skills. In order to isolate the effects of factor abundance from other skill-related confounding factors, we employ a within-skill-group estimator that exploits the cross-country variation in the factor content of free trade. In line with theory, the data show......This paper provides a theoretical and empirical analysis of public opinion towards free trade, investigating cleavages both between and within countries. We study the distributional effects of trade policy in a neoclassical economy with not just two, but many input factors in production. We...

75 FR 67794 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Granting...

Science.gov (United States)

2010-11-03

... Rule Change, as Modified by Amendment No. 1, to Trade Options on Leveraged Exchange- Traded Notes and... of options on leveraged (multiple or inverse) exchange-traded notes (``ETNs''), and (b) broaden the..., commodities, currencies, derivative instruments, or market indexes of the foregoing. Index-Linked Securities...

17 CFR 4.14 - Exemption from registration as a commodity trading advisor.

Science.gov (United States)

2010-04-01

... a commodity trading advisor. 4.14 Section 4.14 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION COMMODITY POOL OPERATORS AND COMMODITY TRADING ADVISORS General Provisions, Definitions and Exemptions § 4.14 Exemption from registration as a commodity trading advisor. This section is...

Source of information-driven trading on the Prague Stock Exchange

Czech Academy of Sciences Publication Activity Database

Kopřiva, František

-, č. 365 (2008), s. 1-39 ISSN 1211-3298 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : trading systems * informed trading * emerging markets Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp365.pdf

17 CFR 242.302 - Recordkeeping requirements for alternative trading systems.

Science.gov (United States)

2010-04-01

... alternative trading systems. 242.302 Section 242.302 Commodity and Securities Exchanges SECURITIES AND... SECURITY FUTURES Regulation Ats-Alternative Trading Systems § 242.302 Recordkeeping requirements for alternative trading systems. To comply with the condition set forth in paragraph (b)(8) of § 242.301, an...

Exchange Rate Volatility, Its Determinants and Effects on the Manufacturing Sector in Nigeria

OpenAIRE

Chimaobi V. Okolo; Onyinye S. Ugwuanyi; Kenneth A. Okpala

2017-01-01

This study evaluated the effect of exchange rate volatility on the manufacturing sector of Nigeria. The flow and stock market theories of exchange rate determination was adopted considering macroeconomic determinants such as balance of trade, trade openness, and net international investment. Furthermore, the influence of changes in parallel exchange rate, official exchange rate and real effective exchange rate was modeled on the manufacturing sector output. Vector autoregression techniques an...

To trade or not to trade: Link prediction in the virtual water network

Science.gov (United States)

Tuninetti, Marta; Tamea, Stefania; Laio, Francesco; Ridolfi, Luca

2017-12-01

In the international trade network, links express the (temporary) presence of a commercial exchange of goods between any two countries. Given the dynamical behaviour of the trade network, where links are created and dismissed every year, predicting the link activation/deactivation is an open research question. Through the international trade network of agricultural goods, water resources are 'virtually' transferred from the country of production to the country of consumption. We propose a novel methodology for link prediction applied to the network of virtual water trade. Starting from the assumption of having links between any two countries, we estimate the associated virtual water flows by means of a gravity-law model using country and link characteristics as drivers. We consider the links with estimated flows higher than 1000 m3/year as active links, while the others as non-active links. Flows traded along estimated active links are then re-estimated using a similar but differently-calibrated gravity-law model. We were able to correctly model 84% of the existing links and 93% of the non-existing links in year 2011. It is worth to note that the predicted active links carry 99% of the global virtual water flow; hence, missed links are mainly those where a minimum volume of virtual water is exchanged. Results indicate that, over the period from 1986 to 2011, population, geographical distances between countries, and agricultural efficiency (through fertilizers use) are the major factors driving the link activation and deactivation. As opposed to other (network-based) models for link prediction, the proposed method is able to reconstruct the network architecture without any prior knowledge of the network topology, using only the nodes and links attributes; it thus represents a general method that can be applied to other networks such as food or value trade networks.

Source of information-driven trading on the Prague Stock Exchange

Czech Academy of Sciences Publication Activity Database

Kopřiva, František

-, č. 365 (2008), s. 1-39 ISSN 1211-3298 R&D Projects: GA ČR(CZ) GA402/08/1376; GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : trading systems * informed trading * emerging markets Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp365.pdf

Optimal trading based on ideal coordination

International Nuclear Information System (INIS)

Egeland, H.

1992-01-01

The author places more emphasis on the technical than on the economical aspects of trading with electric power. Calculation models which can be used to study this trade taking place under the influence of unequal preconditions in Denmark, Finland, Norway and Sweden are presented. It is suggested that trade between these countries is currently satisfactory and should be further developed. The advantages of standard contracts are mentioned. Forms of exchange of, for example, technology know-how between these Nordic countries in the process of connecting their distribution systems etc. would be most advantageous. (AB)

Neoliberalism and global capital mobility: a necessary reconsideration of textbook trade theory

Directory of Open Access Journals (Sweden)

KUNIBERT RAFFER

2015-06-01

Full Text Available Textbook theory ignores capital flows: trade determines exchange rates and specialisation. Approaches taking the effects of capital movements adequately into account are needed, and a new theory of economic policy including measures to protect the real economy from external volatility. Equilibrating textbook mechanisms cannot work unless trade-caused surpluses and deficits set exchange rates. To allow orthodox trade theory to work one must hinder capital flows from destroying its very basis, which the IMF and wrong regulatory decisions have done, penalising production and trade. A new, real economy based theory is proposed, a Neoclassical agenda of controlling capital flows and speculation.

Electricity trade: Generating benefits for British Columbians

International Nuclear Information System (INIS)

1994-01-01

Electricity has been traded in British Columbia since the turn of the century. In 1988, the provincial government established the British Columbia Power Exchange Corporation (Powerex) to conduct electricity trade activities in order to make the most efficient use of the electrial system and generate benefits for British Columbians. The trade is made possible by an interconnected system linking producers and consumers in western Canada and the USA. Provincial participants in the trade include British Columbia Hydro, independent power producers, and cogenerators. Benefits of the electricity trade include generation of revenue from sale of surplus power, being able to buy electricity when the mainly hydroelectric provincial system is in a drought condition or when major shutdowns occur, and enabling postponement of development of new power projects. Powerex conducts its trade under provincial and federal permits and licenses. Different types of trade contracts are negotiated depending on the amount and availability of electricity and the kind of trade being conducted. Exchanges and coordination agreements allow transfer and return between utilities with no net export occurring, allowing balancing of loads between different reigons. Surplus electricity is bought or sold on a short- or long-term basis and on firm or non-firm terms. Electricity exports are not subsidized and are only allowed if the electricity is surplus to provincial needs and can be sold at a profit. A new provincial policy allows private industry to export long-term firm electricity; this involves construction of new private-sector generating facilities solely for the purpose of export. 1 fig

77 FR 16113 - Asiamart, Inc., Order of Suspension of Trading

Science.gov (United States)

2012-03-19

... SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] Asiamart, Inc., Order of Suspension of Trading... and the protection of investors require a suspension of trading in the securities of the above-listed... trading in the securities of the above-listed company is suspended for the period from 9:30 a.m. EDT on...

78 FR 44185 - RVPlus, Inc.; Order of Suspension of Trading

Science.gov (United States)

2013-07-23

... SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] RVPlus, Inc.; Order of Suspension of Trading... and the protection of investors require a suspension of trading in the securities of the above-listed... trading in the securities of the above-listed company is suspended for the period from 9:30 a.m. EDT, on...

Expansion of the public sector, the current account and the exchange rate

OpenAIRE

Ohr, Renate

1985-01-01

Attributing the foreign trade effects of an expansion in the state budget to a single cause cannot do justice to the multitude of macro-economic interrelationships. Both theory and observation can reveal quite differing links between the public sector financial balance, the balance of payments and the exchange rate. The financing and nature of additional budgetary expenditure and the pattern of private investors’ expectations therefore have to be taken into consideration to obtain a clear pic...

Fintech in the exchange industry: potential for disruption?

OpenAIRE

Geranio, Manuela

2017-01-01

The recent growth of financial technology ventures involves several types of financial players, including stock exchanges. Many of them are exploring blockchain applications to their multiple business lines, focusing in particular on post trading activities. Potential benefits include the reduction in counterparty risk and post trading costs as well as the increase of liquidity and transparency. At current stage exchanges are mainly exploring the technology looking for proofs of concept, with...

17 CFR 242.303 - Record preservation requirements for alternative trading systems.

Science.gov (United States)

2010-04-01

... requirements for alternative trading systems. 242.303 Section 242.303 Commodity and Securities Exchanges... REQUIREMENTS FOR SECURITY FUTURES Regulation Ats-Alternative Trading Systems § 242.303 Record preservation requirements for alternative trading systems. (a) To comply with the condition set forth in paragraph (b)(9) of...

Design and research on the platform of network manufacture product electronic trading

Science.gov (United States)

Zhou, Zude; Liu, Quan; Jiang, Xuemei

2003-09-01

With the rapid globalization of market and business, E-trading affects every manufacture enterprise. However, the security of network manufacturing products of transmission on Internet is very important. In this paper we discussed the protocol of fair exchange and platform for network manufacture products E-trading based on fair exchange protocol and digital watermarking techniques. The platform realized reliable and copyright protection.

MULTIFRACTAL STRUCTURE OF CENTRAL AND EASTERN EUROPEAN FOREIGN EXCHANGE MARKETS

Directory of Open Access Journals (Sweden)

Cn#259;pun#351;an Rn#259;zvan

2012-07-01

Full Text Available It is well known that empirical data coming from financial markets, like stock market indices, commodities, interest rates, traded volumes and foreign exchange rates have a multifractal structure. Multifractals were introduced in the field of economics to surpass the shortcomings of classical models like the fractional Brownian motion or GARCH processes. In this paper we investigate the multifractal behavior of Central and Eastern European foreign exchange rates, namely the Czech koruna, Croatian kuna, Hungarian forint, Polish zlot, Romanian leu and Russian rouble with respect to euro from January 13, 2000 to February 29, 2012. The dynamics of exchange rates is of interest for investors and traders, monetary and fiscal authorities, economic agents or policy makers. The exchange rate movements affect the international balance of payments, trade flows, and allocation of the resources in national and international economy. The empirical results from the multifractal detrending fluctuation analysis algorithm show that the six exchange rate series analysed display significant multifractality. Moreover, generating shuffled and surrogate time series, we analyze the sources of multifractality, long-range correlations and heavy-tailed distributions, and we find that this multifractal behavior can be mainly attributed to the latter. Finally, we propose a foreign exchange market inefficiency ranking by considering the multifractality degree as a measure of inefficiency. The regulators, through policy instruments, aim to improve the informational inefficiency of the markets, to reduce the associated risks and to ensure economic stabilization. Evaluation of the degree of information efficiency of foreign exchange markets, for Central and Eastern Europe countries, is important to assess to what extent these countries are prepared for the transition towards fully monetary integration. The weak form efficiency implies that the past exchange rates cannot help to

INTERNATIONAL TRADE WITH ONIONS

Directory of Open Access Journals (Sweden)

Radu Lucian PÂNZARU

2013-01-01

Full Text Available The paper refers to the global trade situation with onion, 2008-2010. Besides presenting the existing situation of the five units continents (Africa, America, Asia, Europe and Oceania study shows worldwide level of imports and exports, as well as its contribution to the performing acts of international exchange. Quantitative aspects of trade are filled with values data, that allowed the preparation of trade exchanges for this product. The main importer (in quantitative terms is represented by Asia, followed by Europe and at greater distance by the America, while the value of imports was dominated by operations performed in Europe, Asia and America - weights of 39.7 , 38.1 and 18.6% respective (of the world total. Concerning the quantity, the major players on the market exports are represented by Asia and Europe. They have dominated the world market, achieving 45.6 and respective 30.8% of world exports. America ranks third with a share of 17.4%. In terms of value, world exports were dominated by Asia, Europe and America (33.5, 32.7 and respective 26.7%, with a downward trend in the share of Asia and increasing European weights and American (compared to the specific situation of the quantities exported

Operating revenue changes in a demutualized stock exchange

Directory of Open Access Journals (Sweden)

Mohamed Hesham Abdel-Hafez

2015-03-01

Full Text Available Stock exchanges were traditionally run as cooperative venues. The globalization, the development of technology, and the increase of competition among stock exchanges forced these venues to change their structure and adopt a new one-demutualization- that can be a lifeline in facing these environmental changes in regards to stock exchanges. This new trend enables the exchange to expand their activities and supply the market with new products and services, therefore enhancing the value of the exchange itself. The main sources of revenue for traditional exchanges have been listing fees, transaction fees, membership fees and the sale of information services such as market data, quotations, and trade data. Due to the environmental changes the stock exchanges' services are now executed electronically, and in turn, this has led to an increase in the competition among exchanges. Furthermore, this increased competition has led to the re-adjustment of the regulation structure which gradually erodes the sources of revenues provided by the conventional stock exchanges. The paper divided the research plan into two sections: the first section is to highlight the concept of demutualization process; the phases of demutualization, the factors that push the stock exchanges to demutualize and the benefits of demutualization. The second section was based on statistical comparative analysis of the stock exchanges' revenues prior and after demutualization. The researcher used the regression analysis tool on seven demutualized stock exchanges during the period from 1997-2012. The paper aims to prove that demutualization has a positive effect on the revenues of the stock exchange, thus it enhances the value of the exchange.

THE LEGAL CAPACITY TO TRADE

OpenAIRE

ADELIN UNGUREANU

2014-01-01

Trading is a part of our society. The man has been trading from ancient times so the amount of trades and transactions around the world is huge. In order for us to initiate, organize and deploy such trades we have to have certain rules which can help regulate the social and professional or legal aspect of trades. Therefore the sole trader capacity must be obtained and used in order for the contracts to be valid. The right and obligations that come with this capacity constitute activities t...

Timing Foreign Exchange Markets

Directory of Open Access Journals (Sweden)

Samuel W. Malone

2016-03-01

Full Text Available To improve short-horizon exchange rate forecasts, we employ foreign exchange market risk factors as fundamentals, and Bayesian treed Gaussian process (BTGP models to handle non-linear, time-varying relationships between these fundamentals and exchange rates. Forecasts from the BTGP model conditional on the carry and dollar factors dominate random walk forecasts on accuracy and economic criteria in the Meese-Rogoff setting. Superior market timing ability for large moves, more than directional accuracy, drives the BTGP’s success. We explain how, through a model averaging Monte Carlo scheme, the BTGP is able to simultaneously exploit smoothness and rough breaks in between-variable dynamics. Either feature in isolation is unable to consistently outperform benchmarks throughout the full span of time in our forecasting exercises. Trading strategies based on ex ante BTGP forecasts deliver the highest out-of-sample risk-adjusted returns for the median currency, as well as for both predictable, traded risk factors.

Exchange Rate Policy in Philippine Development

OpenAIRE

Bautista, Romeo M.

2003-01-01

This paper examines the conduct of exchange rate policy in the Philippines since the early 1980s, paying particular attention to the influence of exchange rate adjustments on relative production incentives. While primary interest is in the exchange rate regime and its incentive effects, the role of trade policy has to be simultaneously analyzed in view of its influence on the conduct of exchange rate policy as well as its direct effect on the real exchange rate. Moreover, there are analytical...

Efficiency and separability in economies with a trade center

NARCIS (Netherlands)

Diamantaras, D.; Gilles, R.P.; Ruys, P.H.M.

1994-01-01

We discuss the endogenous selection of a costly allocation mechanism in a pure exchange economy. The allocation mechanism is modeled as an abstract trade center exhibiting setup costs, access costs and linear transaction costs. Exactly one trade center has to be selected. We define Pareto efficiency

17 CFR 14.4 - Violation of Commodity Exchange Act.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Violation of Commodity Exchange Act. 14.4 Section 14.4 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION... Exchange Act. The Commission may deny, temporarily or permanently, the privilege of appearing or practicing...

Modeling the Volatility of Exchange Rates: GARCH Models

Directory of Open Access Journals (Sweden)

Fahima Charef

2017-03-01

Full Text Available The modeling of the dynamics of the exchange rate at a long time remains a financial and economic research center. In our research we tried to study the relationship between the evolution of exchange rates and macroeconomic fundamentals. Our empirical study is based on a series of exchange rates for the Tunisian dinar against three currencies of major trading partners (dollar, euro, yen and fundamentals (the terms of trade, the inflation rate, the interest rate differential, of monthly data, from jan 2000 to dec-2014, for the case of the Tunisia. We have adopted models of conditional heteroscedasticity (ARCH, GARCH, EGARCH, TGARCH. The results indicate that there is a partial relationship between the evolution of the Tunisian dinar exchange rates and macroeconomic variables.

An Asymmetrical Trade: Trade in the Exotic and Our Understanding of Axes and Early Neolithic Exchange

OpenAIRE

Tom Clare

2009-01-01

This article explores the idea that the movement of axes away from their source of procurement, such as those of Group VI, reflects in part an invisible trade in perishable goods. In particular, it hypothesises that the pattern of movement was stimulated in the early Neolithic by the dispersal of those exotic goods required to establish farming. The evidence for and the implications of this are explored, and it is suggested that in order to facilitate understanding of both the 'trade' in ston...

78 FR 10649 - Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of Filing and Immediate...

Science.gov (United States)

2013-02-14

... Rule Change To Extend Pilot Program Related To Trading Pauses Due to Extraordinary Market Volatility... Volatility.'' The text of the proposed rule change is available at the Exchange's Web site at http://www... specified Exchange Traded Products that experience rapid price movement.\\5\\ More recently, the Exchange...

78 FR 33882 - Order of Suspension of Trading

Science.gov (United States)

2013-06-05

... SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] Order of Suspension of Trading June 3, 2013... Wi-Tron, Inc. Zone Mining Ltd. It appears to the Securities and Exchange Commission that there is a... Commission that there is a lack of current and accurate information concerning the securities of Zone Mining...

The Economic Relationships Between China and the USA Through the Exchange Rate: A Look at the Yuan RMB-US$ Controversy from an European Perspective

Institute of Scientific and Technical Information of China (English)

Guido Ferrari

2013-01-01

In this paper,the debate on Yuan RMB & US$ exchange rate is analyzed from the financial-political point of view,supported with statistical-economic evidence in order to verify whether or not it is artificially kept undervalued,as claimed by the USA government and economists and therefore the cause of ChinaUSA strong trade imbalance which in turn affects the rate of unemployment in the USA.After discussing the different points of view in the subject,the paper stresses the strong re-valuation operated by the China 's government through the People's Bank of China,and after putting in evidence that the exchange rate cannot be imputed of being the main source of trade imbalance,concludes that the still existing undervaluation as compared to the purchasing power parity is "physiological",represents quite wellthe economic exchange rate and cannot be considered the cause of the unemployment rate in the USA.

78 FR 35351 - Polar Petroleum Corp.; Order of Suspension of Trading

Science.gov (United States)

2013-06-12

... Trading June 10, 2013. It appears to the Securities and Exchange Commission that there is a lack of... the protection of investors require a suspension of trading in the securities of the above-listed... trading in the securities of the above-listed company is suspended for the period from 9:30 a.m. EDT on...

ON THE DETERMINANTS OF UNEMPLOYMENT IN NIGERIA: WHAT ARE THE ROLES OF TRADE OPENNESS AND CURRENT ACCOUNT BALANCE?

Directory of Open Access Journals (Sweden)

Isiaka Akande Raifu

2017-12-01

Full Text Available Attention of international trade and macroeconomic experts has focused on the effect of international trade, precisely trade openness, on economic growth and by extension on unemployment rate, albeit with mixed results. However, scanty attention has been drawn towards the effect of current account balance on unemployment rate despite the arguments from different quarters trailing such relationship. By employing Autoregressive Distribution Lag estimation technique, this study specifically focuses on the short-run dynamic and long-run effects of trade openness and current account balance on unemployment rate in Nigeria using the data that span 1981-2014. We found that trade openness worsens unemployment rate both in the short-run and long run. We also discovered that in the short run, current account balance increases unemployment rate but reduces it in the long run. Control variables used in the study such as inflation rate, exchange rate, and FDI followed a priori expectation while real GDP, wages and government consumption expenditure failed to follow a priori expectation. We, therefore, concluded that there is need for sound trade and macroeconomic policies to aid domestic firms’ production to ensure international competitiveness of these firms so as to guarantee employment generation.

Comparison Algorithm Kernels on Support Vector Machine (SVM) To Compare The Trend Curves with Curves Online Forex Trading

OpenAIRE

irfan abbas

2017-01-01

At this time, the players Forex Trading generally still use the data exchange in the form of a Forex Trading figures from different sources. Thus they only receive or know the data rate of a Forex Trading prevailing at the time just so difficult to analyze or predict exchange rate movements future. Forex players usually use the indicators to enable them to analyze and memperdiksi future value. Indicator is a decision making tool. Trading forex is trading currency of a country, the other count...

Cryptographic Combinatorial Securities Exchanges

Science.gov (United States)

Thorpe, Christopher; Parkes, David C.

We present a useful new mechanism that facilitates the atomic exchange of many large baskets of securities in a combinatorial exchange. Cryptography prevents information about the securities in the baskets from being exploited, enhancing trust. Our exchange offers institutions who wish to trade large positions a new alternative to existing methods of block trading: they can reduce transaction costs by taking advantage of other institutions’ available liquidity, while third party liquidity providers guarantee execution—preserving their desired portfolio composition at all times. In our exchange, institutions submit encrypted orders which are crossed, leaving a “remainder”. The exchange proves facts about the portfolio risk of this remainder to third party liquidity providers without revealing the securities in the remainder, the knowledge of which could also be exploited. The third parties learn either (depending on the setting) the portfolio risk parameters of the remainder itself, or how their own portfolio risk would change if they were to incorporate the remainder into a portfolio they submit. In one setting, these third parties submit bids on the commission, and the winner supplies necessary liquidity for the entire exchange to clear. This guaranteed clearing, coupled with external price discovery from the primary markets for the securities, sidesteps difficult combinatorial optimization problems. This latter method of proving how taking on the remainder would change risk parameters of one’s own portfolio, without revealing the remainder’s contents or its own risk parameters, is a useful protocol of independent interest.

Seasonal unit roots in trade variables

OpenAIRE

Carol Alexander; Manuel Cantavella Jordá

1997-01-01

In this paper we examine the presence of seasonal unit roots in trade variables for Germany, France, the United Kingdom, and Italy, using the procedure developed by Hylleberg, Engle, Granger, and Yoo (1990) [HEGY]. Both quarterly and monthly data reject the presence of unit roots at most seasonal frequencies, more frequently in quarterly than in monthly data. This has important implications for econometric modeling of trade balance, exchange rates and income in European Union (EU) countries. ...

THE LEGAL CAPACITY TO TRADE

Directory of Open Access Journals (Sweden)

ADELIN UNGUREANU

2014-12-01

Full Text Available Trading is a part of our society. The man has been trading from ancient times so the amount of trades and transactions around the world is huge. In order for us to initiate, organize and deploy such trades we have to have certain rules which can help regulate the social and professional or legal aspect of trades. Therefore the sole trader capacity must be obtained and used in order for the contracts to be valid. The right and obligations that come with this capacity constitute activities that can be reflected and analysed by obtaining and maintain the sole trader status.

Globalization and world trade

Science.gov (United States)

Peter J. Ince; Joseph Buongiorno

2007-01-01

This chapter discusses economic globalization and world trade in relation to forest sector modeling for the US/North American region. It discusses drivers of economic globalization and related structural changes in US forest product markets, including currency exchange rates and differences in manufacturing costs that have contributed to the displacement of global...

Exchange Rate Determinants in Russia; 1992-1993

OpenAIRE

Vincent Koen; Eric Meyermans

1994-01-01

This paper examines the evolution of the exchange rate of the ruble vis-à-vis the U.S. dollar from exchange rate unification, in July 1992, to the end of 1993. The expected and actual paths of the exchange rate are related to the exchange and trade regime and to the stance of financial and exchange rate policies. An econometric analysis based on weekly data is offered, which suggests that monetary factors have a significant impact on the short run behavior of the exchange rate.

An Econometric Approach to Exchange Control Liberalization and ...

African Journals Online (AJOL)

as the private sector which lead to improved efficiency and economic growth. ... account exchange controls (Bank of Botswana, 2000). .... Ai is a (6*6) matrix of parameters ..... employment, terms of trade and exchange control liberalisation.

Smart trade logistics - Compliance as an opportunity

NARCIS (Netherlands)

Zomer, G.R.

2011-01-01

Facilitation of trade logistics aims at simplification and harmonization of border procedures and related documentation. This is an accelerator for global trade and economic growth and therefore a priority in global trade policy. Trends in logistics and supply chain security and innovations in

Outline for the establishment of an orderly coal trade market

International Nuclear Information System (INIS)

Murai, S.

1988-01-01

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

77 FR 26056 - LocatePlus Holdings Corporation; Order of Suspension of Trading

Science.gov (United States)

2012-05-02

... Suspension of Trading April 30, 2012. It appears to the Securities and Exchange Commission that there is a... trading in the securities of the above-listed company, and any equity securities of any entity purporting..., that trading in the securities of the above-listed company, and any equity securities of any entity...

78 FR 76377 - Makism3D Corp.; Order of Suspension of Trading

Science.gov (United States)

2013-12-17

... SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] Makism3D Corp.; Order of Suspension of Trading... protection of investors require a suspension of trading in the securities of Makism3D Corp. (``Makism3D... opinion that the public interest and the protection of investors require a suspension of trading in the...

Foreign exchange rate entropy evolution during financial crises

Science.gov (United States)

Stosic, Darko; Stosic, Dusan; Ludermir, Teresa; de Oliveira, Wilson; Stosic, Tatijana

2016-05-01

This paper examines the effects of financial crises on foreign exchange (FX) markets, where entropy evolution is measured for different exchange rates, using the time-dependent block entropy method. Empirical results suggest that financial crises are associated with significant increase of exchange rate entropy, reflecting instability in FX market dynamics. In accordance with phenomenological expectations, it is found that FX markets with large liquidity and large trading volume are more inert - they recover quicker from a crisis than markets with small liquidity and small trading volume. Moreover, our numerical analysis shows that periods of economic uncertainty are preceded by periods of low entropy values, which may serve as a tool for anticipating the onset of financial crises.

Five essays on emissions trading

Energy Technology Data Exchange (ETDEWEB)

Godal, Odd

2005-03-01

The thesis discusses energy, environmental and economic aspects of polluting emissions with emphasis on greenhouse gas trade and political measures. 5 papers are included with titles: 1) Carbon trading across sources and periods constrained by the Marrakesh Accords which examines examine the potential effects on permit prices and abatement costs of four compliance rules governing emissions trade across sources and periods in the Kyoto Protocol: The banking rule that allows excess permits to be used later; the restoration rate rule that penalizes borrowing; the commitment period reserve rule that limits sales; and finally, the suspension rule that restricts borrowing and sales. Our framework is a two-period model where parties may be out of compliance in the Kyoto period, but are assumed to comply at a later time. Under varying assumptions about market power and US participation, we find that the rules may have pronounced effects on individual costs, but overall efficiency is not severely affected. 2) Affine price expectations and equilibrium in strategic markets which considers equilibrium in imperfect markets, featuring agents who exchange property rights. Important cases include trade in emission permits of greenhouse gases, or exchange of catch quotas of fish. Some players act strategically while others are price-takers. The ''demand curve'' is endogenous, and it affects all parties. The resulting, reduced objectives need not be concave. Therefore, existence of equilibrium is a delicate matter. To simplify things, and to ensure availability of ''equilibria up to first order'', we presume that all strategic agents form affine price expectations. 3) Greenhouse gases, quota exchange and oligopolistic competition that discusses the problem how quotas can be shared in the ''emissions market'' and how can the agents reach as overall equilibrium in the product market. 4) Strategic markets in property rights

Five essays on emissions trading

Energy Technology Data Exchange (ETDEWEB)

Godal, Odd

2005-03-01

The thesis discusses energy, environmental and economic aspects of polluting emissions with emphasis on greenhouse gas trade and political measures. 5 papers are included with titles: 1) Carbon trading across sources and periods constrained by the Marrakesh Accords which examines examine the potential effects on permit prices and abatement costs of four compliance rules governing emissions trade across sources and periods in the Kyoto Protocol: The banking rule that allows excess permits to be used later; the restoration rate rule that penalizes borrowing; the commitment period reserve rule that limits sales; and finally, the suspension rule that restricts borrowing and sales. Our framework is a two-period model where parties may be out of compliance in the Kyoto period, but are assumed to comply at a later time. Under varying assumptions about market power and US participation, we find that the rules may have pronounced effects on individual costs, but overall efficiency is not severely affected. 2) Affine price expectations and equilibrium in strategic markets which considers equilibrium in imperfect markets, featuring agents who exchange property rights. Important cases include trade in emission permits of greenhouse gases, or exchange of catch quotas of fish. Some players act strategically while others are price-takers. The ''demand curve'' is endogenous, and it affects all parties. The resulting, reduced objectives need not be concave. Therefore, existence of equilibrium is a delicate matter. To simplify things, and to ensure availability of ''equilibria up to first order'', we presume that all strategic agents form affine price expectations. 3) Greenhouse gases, quota exchange and oligopolistic competition that discusses the problem how quotas can be shared in the ''emissions market'' and how can the agents reach as overall equilibrium in the product market. 4) Strategic markets in property rights without price-takers that deals with Cournot-type models of

Essays on Stock Exchange Competition and Pricing

OpenAIRE

Andersen, Atso

2005-01-01

This study deals with the industrial structure, the nature of competition and the pricing of stock exchange trading services in Europe. Specific for the study is that exchanges are considered to be profit-maximizing institutions that face competition. A conventional analysis of concentration ratios shows that the concentration of European stock exchanges is low. When the nature of competition is measured in more detail, regression results indicate that exchanges operate in monopolistic o...

Trade Balance and the J-Curve Phenomenon in Malawi

OpenAIRE

Mataya, Charles S.; Veeman, Michele M.

1997-01-01

The effects of successive currency devaluations, since the 1980s, on Malawi's trade balance are analysed. The major hypothesis tested is that currency devaluation leads to an improvement in trade balance through changes in the real exchange rate. This hypothesis is not supported by the data for Malawi. Although there is evidence of a lagged adjustment yielding an improvement in the trade balance three years after devaluation, the magnitude of this improvement is insufficient to overcome the i...

The Foreign Exchange Rate Exposure of Nations

OpenAIRE

Entorf, Horst; Moebert, Jochen; Sonderhof, Katja

2007-01-01

Following the well-known approach by Adler and Dumas (1984), we evaluate the foreign exchange rate exposure of nations. Results based on data from 27 countries show that national foreign exchange rate exposures are significantly related to the current trade balance variables of corresponding economies.

Biological trade and markets.

Science.gov (United States)

Hammerstein, Peter; Noë, Ronald

2016-02-05

Cooperation between organisms can often be understood, like trade between merchants, as a mutually beneficial exchange of services, resources or other 'commodities'. Mutual benefits alone, however, are not sufficient to explain the evolution of trade-based cooperation. First, organisms may reject a particular trade if another partner offers a better deal. Second, while human trade often entails binding contracts, non-human trade requires unwritten 'terms of contract' that 'self-stabilize' trade and prevent cheating even if all traders strive to maximize fitness. Whenever trading partners can be chosen, market-like situations arise in nature that biologists studying cooperation need to account for. The mere possibility of exerting partner choice stabilizes many forms of otherwise cheatable trade, induces competition, facilitates the evolution of specialization and often leads to intricate forms of cooperation. We discuss selected examples to illustrate these general points and review basic conceptual approaches that are important in the theory of biological trade and markets. Comparing these approaches with theory in economics, it turns out that conventional models-often called 'Walrasian' markets-are of limited relevance to biology. In contrast, early approaches to trade and markets, as found in the works of Ricardo and Cournot, contain elements of thought that have inspired useful models in biology. For example, the concept of comparative advantage has biological applications in trade, signalling and ecological competition. We also see convergence between post-Walrasian economics and biological markets. For example, both economists and biologists are studying 'principal-agent' problems with principals offering jobs to agents without being sure that the agents will do a proper job. Finally, we show that mating markets have many peculiarities not shared with conventional economic markets. Ideas from economics are useful for biologists studying cooperation but need

Dispersed trading and the prevention of market failure

DEFF Research Database (Denmark)

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

2008-01-01

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

Trade liberalisation, competitiveness and the real exchange rate (RER: An analysis of developments in South Africa during the 1990s

Directory of Open Access Journals (Sweden)

L Rangasamy

2003-11-01

Full Text Available This paper tests whether tariff liberalisation has lead to increased competitiveness in the South African economy. The 46 sectors of the South African economy are classified as exportable, importable, importable and exportable and non-tradable. The impact of trade liberalisation on domestic prices for importables and exportables is then assessed by making use of real exchange rate calculations. It is concluded that while increased globalisation of production processes in South Africa may have improved the competitiveness of the tradable sector, tariff liberalisation played a minimal role in improving competitiveness in the manufacturing sector.

Perception Of Trader Towards International Trade: A Diagnostic Study

Directory of Open Access Journals (Sweden)

Muzaffar Asad

2010-12-01

Full Text Available In this article the authors have identified the significant factors that influence international trade in the light of traders. Foreign exchange transaction may prove to be helpful in managing currency risk which is associated with import and export of goods. The significance of multi-national firms over international trade has been discussed along with the impact of balance of payment over international trade and the measures taken by the government to create a balance in balance of payment and balance of trade. The considerations of countries while determining exchange rates have been elaborated in this paper. The numerous factors that affect decision making for International Traders and the rectifications are also discussed in this paper. The paper also discusses how various aspects induce an industry to change its course or completely shut down and how to deal with these lingering threats. On the basis of literature reviewed the variables that have been selected that may influence international trade include; trade quotas, brand name, WTO, NAFTA, SAFTA, ASIAN, GATT, e-commerce, international payment systems, product specialization, home industry, foreign reserves, government regulations, international market, dumping duties, trade policies, social crises, economic crises, balance of payments, change in value, and supply than demand. A questionnaire will be developed on the basis of above-mentioned variables. The respondents of questionnaire will be the traders in the international market, importers and exporters. The data will then be handled by the use of SPSS. Regression analysis will be conducted to identify the significant variables that have major impact on international trade. At the end the recommendations will be mentioned for getting maximum benefit from international trade.

MEASURING THE INFLUENCE OF THE J-CURVE EFFECT ON TRADE IN ROMANIAN FOREST PRODUCTS

Directory of Open Access Journals (Sweden)

Gabriela TUTUEANU

2015-08-01

Full Text Available This paper examines the dynamic effect of the Romanian exchange rate  indices on bilateral trade of Romanian forest products namely fibreboard, particle   board and pulp for paper. Special attention is given to investigate the J-curve hypothesis: whether the trade  balance  for   Romanian   forest   products benefits   from a decline in the  value  of  Romanian Leu (RON. We adopted the autoregressive distributed lag (ARDL approach   to cointegration to estimate the annual bilateral trade data of Romanian forest products  from  1991 to  2013 with various  countries  in the  world. We found  no evidence  of the J-curve  phenomenon for  the  trade in Romanian forest products. The  long-run   analysis   showed the exchange rate  to  be insignificant  in  influencing   the  trade   balance  of  Romanian forest products. This  implies  that  there  are  no changes  in the  trade   balance  for fibreboard, particle board and pulp for paper trade, regardless of whether the Romanian   exchange rate depreciates or appreciates. However, income variables were found to be important factors in determining Romanian trade, only in pulp for paper products.

Interactions between Climate and Trade Policies. A Survey

International Nuclear Information System (INIS)

Galeotti, M.; Kemfert, C.

2004-05-01

Economic globalization affects the environment and sustainable development in several ways and through various channels. The purpose of this paper is to review the key links between globalization and the environment. The paper intends to consider the major issues in multilateral economic agreements in trade and finance that affect environmental sustainability. Major policy issues addressed by these agreements are considered from the perspective of trade liberalization, international investment and finance, and technology diffusion. The concept of trade reflected here is thus broader than international exchange of goods and services

An Asymmetrical Trade: Trade in the Exotic and Our Understanding of Axes and Early Neolithic Exchange

Directory of Open Access Journals (Sweden)

Tom Clare

2009-09-01

Full Text Available This article explores the idea that the movement of axes away from their source of procurement, such as those of Group VI, reflects in part an invisible trade in perishable goods. In particular, it hypothesises that the pattern of movement was stimulated in the early Neolithic by the dispersal of those exotic goods required to establish farming. The evidence for and the implications of this are explored, and it is suggested that in order to facilitate understanding of both the 'trade' in stone axes and the Neolithic in general, what is needed is a systematic programme of petrological sourcing of pottery and other artefacts.

78 FR 12127 - Vitaminspice Inc.; Order of Suspension of Trading

Science.gov (United States)

2013-02-21

... periodic financial filings and in internet promotions concerning, among other things, the company's... SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] Vitaminspice Inc.; Order of Suspension of Trading February 19, 2013. It appears to the Securities and Exchange Commission that there is a lack of...

Process for hydrogen isotope exchange and concentration between liquid water and hydrogen gas and catalyst assembly therefor

International Nuclear Information System (INIS)

Stevens, W.H.

1975-01-01

A bithermal, catalytic, hydrogen isotope exchange process between liquid water and hydrogen gas to effect concentration of the deuterium isotope of hydrogen is described. Liquid water and hydrogen gas are contacted with one another and with at least one catalytically active metal selected from Group VIII of the Periodic Table; the catalyst body has a water repellent, gas and water vapor permeable, organic polymer or resin coating, preferably a fluorinated olefin polymer or silicone resin coating, so that the isotope exchange takes place by two simultaneously occurring, and closely coupled in space, steps and concentration is effected by operating two interconnected sections containing catalyst at different temperatures. (U.S.)

TRANSAKSI PASAR MATA UANG (FOREIGN EXCHANGE DALAM PERSPEKTIF FIQH ISLAM

Directory of Open Access Journals (Sweden)

Bakhrul Huda

2015-09-01

Full Text Available The article discusses the mechanism of foreign exchange through what so-called Forex teamster. The study concludes that trading, viewed from the aspect of goods exchanged, consists of three kinds, namely barter, buying and selling of goods with money, and money exchange. It is allowed to use broker’s service in money exchange activity. It has been even a compulsory (wâjib ‘ayn for a trader to select and chose a legal and trusteed broker in order to assure and secure his money. The reason is that a broker becomes not only wakîl (a trustee or an agent of trader to proceed the transaction of the trader into the market, but also plays role as a responsible person who guarantees the trustiness of market over the trader. In other words, a broker has to make the market trusts every trader’s transaction. The transaction has to cover all benefits and risks. It can be understood, therefore, that non-dealing desk broker is a person who meets the requirements of wakâlah and d}amân contacts implemented within Forex transaction.

PENGARUH BOOKS-TAX DIFFERENCES TERHADAP INVESTOR TRADING

Directory of Open Access Journals (Sweden)

M Khoiru Rusydi

2016-04-01

Full Text Available Abstrak: Pengaruh Books-Tax Differences Terhadap Investor Trading. Penelitian ini bertujuan menguji secara empiris pengaruh pengaruh Books-Tax Differences Terhadap Investor Trading di Indonesia. Penelitian ini merupakan model kuantitatif dengan metode analisa regresi berganda, metode regresi ini di tetapkan pada perusahaan manufaktur yang terdaftar di BEI selama kurun waktu 2010-2012.Hasil penelitian ini menunjukkan Books-Tax Differences berpengaruh negatif terhadap Investor Trading / Trading Volume Activity di Indonesia, yang artinya bahwa semakin besar kesenjangan antara laba akuntansi dan laba fiskal akan mendorong investor untuk tidak melakukan aktivitas perdagangan saham perusahaan tersebut. Abstract: The influence of Books-Tax Differences to Investor Trading. This research aims to examine empirically the influence of Books- Tax Differences to Investor Trading in Indonesia. This research is a quantitative model with multiple regression analysis method, regression method is in charge in companies listed on the Stock Exchange during the period 2010- 2012. The results of this research indicate Books-Tax Differences negatively affect the Investor Trading / Trading Volume Activity in Indonesia, which means that the greater the gap between accounting profit and taxable profit will encourage investors don’t activity the company's stock trading.

A Trading Agent for a Multi-Issue Clearing House

Science.gov (United States)

Debenham, John

The potential size of the electronic business market offers great incentives to trading agents that can bargain, bid in auctions and trade in exchanges. Much of business negotiation is multi-issue. A generic 'information-based' agent is proposed for multi-issue negotiation. Successful negotiation depends on shrewd strategies driven by the right information. This agent has machinery to value information and to manage its integrity. A multi-issue, many-to-many clearing house, and an agent to trade in it, are proposed.

A new assessment of floating exchange rates

OpenAIRE

Waimann, D. R.

1981-01-01

The switch to floating exchange rates during the 1970s has given economists the first comprehensive opportunity to assess the arguments for and against floating. Much new work has been done on various aspects of floating exchange rate behaviour. This article attempts a limited survey of the evidence concerning two important issues—whether floating exchange rates are inherently unstable and whether they harm international trade.

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.

78 FR 43953 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Science.gov (United States)

2013-07-22

... or dealer that executes orders internally by trading as principal or crossing orders as agent. \\4... may determine to utilize a Routing Intermediary that employs ``smart router'' functionality which... to use its smart router functionality to determine the destination options exchange(s) (trading...

78 FR 20960 - Face Up Entertainment Group, Inc.; Order of Suspension of Trading

Science.gov (United States)

2013-04-08

... Suspension of Trading April 4, 2013. It appears to the Securities and Exchange Commission that there is a... business operations, and trading in its securities. Face Up is a Florida corporation based in Valley Stream... interest and the protection of investors require a suspension of trading in the securities of the above...

Cables, Sharks and Servers: Technology and the Geography of the Foreign Exchange Market

OpenAIRE

Eichengreen, Barry; Lafarguette, Romain; Mehl, Arnaud

2016-01-01

We analyze the impact of technology on production and trade in services, focusing on the foreign exchange market. We identify exogenous technological changes by the connection of countries to submarine fiber-optic cables used for electronic trading, but which were not laid for purposes related to the foreign exchange market. We estimate the impact of cable connections on the share of offshore foreign exchange transactions. Cable connections between local markets and matching servers in the ma...

New Solutions for Renewable Energy Trading

Directory of Open Access Journals (Sweden)

Władysław Mielczarski

2014-09-01

Full Text Available The paper presents one of the key problems in renewable energy trading. The support system for RES is operating on financial levels leaving to the RES producers decisions on the energy trade. However, the flawed legal regulations impose the obligations on Default Electricity Supplier (SzU1 to buy all RES production from the installations located in the areas of the SzU operation. Such legal provisions result in the additional burden on the SzU, which main duty is to provide electric energy to customers who do not want to enter competitive electricity markets. Additionally, over interpretation of the Energy Law provisions by the Energy Regulatory Authority (URE2, allowing the RES producers to trade a part of their production on electricity markets leaving the obligation on SzUs, has led to the speculative trade of renewable energy. Some RES producers sell the electricity produced in competitive markets during peak demand hours – usually working days from 7 a.m. to 8 p.m. – when the Power Exchange prices are significantly higher than the obligatory purchase price. When during off peak demand hours electricity prices in the Power Exchange are lower than the obligatory level, RES producers sell the electric energy to SzUs at the obligatory price, determined by the URE. Such an abuse of fair trade results in the additional income for the RES producers being burden on SzUs, which have to transfer such costs to energy endusers. The simulations, carried out for Poland indicate that the additional costs can count for about 200 mln zł per year.

Factors Shaping Agri-food Product Trade in Poland

Directory of Open Access Journals (Sweden)

Piotr Bórawski

2015-01-01

Full Text Available The objective of the paper is to recognize the role of internal and external factors in the trade balance. The analysis of the trade balance is useful to help formulate goals and premises of economy policy to properly allocate production means to eliminate the negative effects of trade liberalization. The authors have studied data about trade of agricultural commodities in the years 2000–2010. To measure the impact of macroeconomic variables used a regression model. The macroeconomic factors included: X1 (inflation, X2 (investment in agriculture and hunting, X3 (GDP and X4 (exchange rate and X5 (FAO food price index. We wanted to recognize the impact of macroeconomic factors on: Y1 (total export, Y2 (total import, Y3 (trade balance.

INTERNATIONAL COMMERCIAL TRADE WITH POTATOES (2009 - 2011

Directory of Open Access Journals (Sweden)

Dragoş Mihai MEDELETE

2014-10-01

Full Text Available The paper refers to the situation related to the potato world trade, 2009-2011. Defining aspects of this issue begin by presenting the sequence of continental entities defined by the FAO (Africa, Americas, Asia, Europe and Oceania, and then presents the study of global imports and exports, and positioning Romania in performing acts of international exchange - in the context of those mentioned above. During the material, given the composition of the trade balance of international trade presents strict export and import situation - in terms of value, subject to quantitative aspects of other scientific approaches. This (look value is more relevant to what is happening on the international market.

78 FR 62775 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Science.gov (United States)

2013-10-22

... completed the Exchange's Trading Permit Holder Orientation Program and to have passed an Exchange Trading... Holder (``TPH'') applicants as well. The CBOE Registration Services Department historically, however, has not required this orientation or examination for CBSX TPH applicants that will not be engaging in...

Central European Free Trade Agreement (CEFTA 2006 - Opportunities, Trade Relation and Evolution of Macedonian Economic Diplomacy

Directory of Open Access Journals (Sweden)

Krum Efremov

2015-07-01

Full Text Available Main activity in the foreign trade policy of the Republic of Macedonia during the past 10 years was the integration of the country on the Central European Free Trade Agreement – (CEFTA. The reason for this is the expectation that the membership of the Republic of Macedonia in CEFTA will significantly contribute to the continual efforts for strengthening the regional trade cooperation, further liberalisation of foreign trade exchange, and continuation of activities for harmonisation of trade rules with international standards. Additionally, CEFTA 2006 provides a much more comprehensive framework for development of mutual relations and economic cooperation among the countries of South Easte Europe. We will explain the concept of development of economic diplomacy in the Republic of Macedonia as a tool for supporting Macedonian economy. The purpose of these activities is to present the Republic of Macedonia as an attractive destination for foreign investments through the promotion of business advantages, and giving incentive to Macedonian export, as well as through strengthening of the country’s position as a attractive touristic destination.

Analisis Kinerja Kontrak Berjangka Komoditi pada Tokyo Grain Exchange – Jepang

Directory of Open Access Journals (Sweden)

Tomy G. Soemapradja

2005-03-01

Full Text Available Futures contract is one of derivative instruments in which its value depends on underlying asset’s price fluctuation in the future. At the beginning, the futures contracts were traded with hedging motive, but now they are traded with speculative motive also. As an agricultural nation, finally, Indonesia has a commodity futures exchange (BBJ by the end of 2000. Low volume of transactions and less futures alternative on BBJ made Tokyo Grain Exchange (TGE as the object of this research. The statistical test concluded: The average rate of return of futures portfolio model is greater than average of forex trading of USD, and the risk of futures portfolio model is greater than forex trading of USD.

Greenhouse gas emission management in the US - current regional initiatives compared with international carbon trading programs

International Nuclear Information System (INIS)

Rink, A.G.; Law, S.

2009-01-01

In the United States (US) there are currently voluntary reporting programs (EPA Climate Leaders, Carbon Disclosure Project and The Climate Registry), organized market-based trading platforms (Chicago Climate Exchange and The Green Exchange) and proposed regional mandatory cap and trade programs in California, the Northeast, the West and the Midwest. The past success of the US Acid Rain 'cap-and-trade' system market-based format together with the availability of the European Union Emission Trading Scheme to serve as a template for future greenhouse gas regulations is promising as the US can participate in the world wide carbon markets already established. (author)

78 FR 13717 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing of...

Science.gov (United States)

2013-02-28

... Index than if traditional trading increments are used because options on the individual foreign currency... trading on the Exchange of options on a foreign currency index, the Dow Jones FXCM Dollar Index. The... the Dow Jones FXCM Dollar Index will be settled in the same manner as the Exchange's foreign currency...

77 FR 31411 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Science.gov (United States)

2012-05-25

... program related to an incentive plan for certain Foreign Currency (``FX'') options traded on the Exchange... Rule Change to Terminate a Pilot Program Related to an Incentive Plan for Certain Foreign Currency Options Traded on the Exchange and To Make a Technical Change to the Schedule of Fees May 21, 2012...

75 FR 44995 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Science.gov (United States)

2010-07-30

... options on the following FX option currencies traded on the Exchange: New Zealand dollar, Mexican peso.../dealer and is not a Priority Customer. For all other FX option currencies traded on the Exchange, this... Rule Change Relating to Foreign Currency Options Orders Fee Discount for Market Makers and Non-ISE...

The role of IAEA safeguards in connection with nuclear trade

International Nuclear Information System (INIS)

Imai, R.

1977-01-01

IAEA safeguards are one of the means to prevent the proliferation of nuclear material for military purposes. As such safeguards can be a potent instrument, and its characteristics are primarily technical. Other means may include (a) political incentives which render possession of nuclear weapons unnecessary and undesirable; (b) extension of trade restrictions regarding certain sensitive material, equipment and technology; and (c) accompanying requirements for physical protection. Peaceful nuclear industry has certain aspects which naturally call for international exchange. The technology itself represents one of the most advanced in our times, and therefore needs to be shared throughout the world. Uranium resources of economic levels are found in only a limited number of countries. Many of the components of the industry, including reactor manufacture and fuel cycle, are vey capital-intensive and technology-intensive, so that it would be natural for a relatively limited number of manufacturing or processing capabilities to serve the rest of the world. It is useful to examine the existing pattern of nuclear trade, as well as to forecast the effects of increasing trade volume. Regarding technology, there is a need to decrease the international shipper/receiver difference by means of containment/surveillance as well as by rapid and accurate reporting. Obviously, its effectiveness will be maximized if all the world's trading partners participated in a system of co-ordination. Improving technical effectiveness of safeguards is very important once nuclear material is in a country. In addition to nuclear material accountancy, new techniques may be employed to recognize the characteristic pattern of a nation's nuclear activities, or deviation from such a pattern. Tracing nuclear trade might become an important input to such an analysis. (author)

The Economics of Pain. : Pain in Dutch Stock Trade Discourses and Practices 1600-1750

NARCIS (Netherlands)

Leemans, I.B.; Macsotay, Tomas; van der Haven, Cornelis; Vanhaesebrouck, Karel

2017-01-01

In the early modern period, bourses were scenes of physical exchange. As most of our stock trade has grown into a virtual interplay between online traders and algorithms, researching the embodied stock trade of the early modern bourse floor can provide insight in the performance of trade and the

Interest in Currency Trading Learning – Preferred Methods and Motivational Factors

Directory of Open Access Journals (Sweden)

Pintar Rok

2016-02-01

Full Text Available Background and purpose: This paper analyzes the interest of potential users for learning in the field of currency trading or foreign exchange (forex, FX. The purpose of our article is a to present currency trading, b to present different options, methods and learning approaches to educating in forex, c to present the research results discovering the interest of potential users for learning in the field of currency trading.

78 FR 3044 - Exchange Traded Spreads Trust, et al.; Notice of Application

Science.gov (United States)

2013-01-15

... the series to deposit securities into, and receive securities from, the series in connection with the... securities (``Equity Funds'') or fixed income securities (``Fixed Income Funds'') traded in the U.S. or non-U... Equity Funds''), Fixed Income Funds that invest in fixed income securities traded in the U.S. market...

The foreign exchange rate rate exposure of nations

OpenAIRE

Entorf, Horst; Moebert, Jochen; Sonderhof, Katja

2007-01-01

Following the well-known approach by Adler and Dumas (1984) we evaluate the foreign exchange rate exposure of nations. Results based on data from 27 countries show that national foreign exchange rate exposures are significantly related to the current trade balance variables of corresponding economies.

Equilibrium exchange rate assessment in Serbia using the IMF external sustainability approach

Directory of Open Access Journals (Sweden)

Pažun Brankica

2014-01-01

Full Text Available The exchange rate has always been a topical issue, particularly in the last two decades, at the time of strong world economy globalisation, as well as liberalization of international flows of goods, services and factors of production, which has resulted in stronger trade and financial integration. There has been a rise in the share of trade in world GDP. Growing developing countries contribute significantly to this growth, which is evident from the data that show increase of their share in world trade , as well as their importance in international capital flows. One of the most important concepts in open macroeconomics is the equilibrium real exchange rate - ERER. Deviations of the real exchange rate are considered to be the cause of the loss of competitiveness and economic slowdown, as well as possible currency crisis (overvaluation and undervaluation. Disadvantages of traditional concepts in exchange rate assessment which are very often reflected in unsuccessful empirical results, motivate experts to seek alternative models to assist in equilibrium exchange rate analysis. This paper aims to present one of three complementary methodologies used by the International Monetary Fund, for the equilibrium real exchange rate assessment in Serbia, as well as the deviation of the real exchange rate from its (estimated equilibrium, that is external sustainability approach.

78 FR 58354 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Science.gov (United States)

2013-09-23

... AA classes based on several factors, including competitive forces and trading volume.\\3\\ The Exchange... electronically in additional Hybrid option classes. The Exchange believes this may result in more competitive pricing in IWM and other Hybrid option classes, which will promote just and equitable principles of trade...

Combining rate-based and cap-and-trade emissions policies

International Nuclear Information System (INIS)

Fischer, Carolyn

2003-12-01

Rate-based emissions policies (like tradable performance standards, TPS) fix average emissions intensity, while cap-and-trade (CAT) policies fix total emissions. This paper shows that unfettered trade between rate-based and cap-and-trade programs always raises combined emissions, except when product markets are related in particular ways. Gains from trade are fully passed on to consumers in the rate-based sector, resulting in more output and greater emissions allocations. We consider several policy options to offset the expansion, including a tax, an 'exchange rate' to adjust for relative permit values, output-based allocation (OBA) for the rate-based sector, and tightening the cap. A range of combinations of tighter allocations could improve situations in both sectors with trade while holding emissions constant

External Sector Rebalancing and Endogenous Trade Imbalance Models

Directory of Open Access Journals (Sweden)

John Whalley

2012-12-01

Full Text Available I discuss the need for trade models to incorporate endogenous trade imbalances both to more adequately capture the reality of a global economy with large imbalances and pressures from the financial crisis for countries to reduce imbalances. Conventional general equilibrium trade models implicitly incorporate monetary neutrality and either have zero trade balance as a property of equilibrium, or have a fixed and exogenous trade imbalance. Models which are discussed here have a variety of forms. In one, central banks fix exchange rates and operate a non accommodative monetary policy and accumulate reserves. Changes in both trade and monetary policies change reserve accumulative and with the external sector imbalances. This is a reflection of China’s current policy regime. In another intertemporal preferences allow for simultaneous inter commodity and intertemporal trade across countries, and with changed intertemporal trade changed external sector imbalances within the period. These formulations are each applied to potential tax initiatives to aid in rebalancing.

75 FR 34499 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Science.gov (United States)

2010-06-17

... maker/taker pricing program. The text of the proposed rule change is available on the Exchange's Web... qualification standards for market makers to receive a rebate under the Exchange's maker/taker pricing program... trading month for series trading between $0.03 and $5.00 in premium. \\8\\ The concept of incenting market...

75 FR 14646 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing of...

Science.gov (United States)

2010-03-26

... 6753 (February 10, 2010) (SR-ISE-2009-106). Under current Rule 502(h), only Exchange-Traded Fund Shares, or ETFs, that are traded on a national securities exchange and are defined as an ``NMS'' stock under... specified non-U.S. currency or currencies deposited with the trust when aggregated in some specified minimum...

77 FR 75223 - Spencer Pharmaceutical Inc.; Order of Suspension of Trading

Science.gov (United States)

2012-12-19

... SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] Spencer Pharmaceutical Inc.; Order of Suspension of Trading December 17, 2012. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Spencer Pharmaceutical Inc...

The market microstructure of the European Climate Exchange

OpenAIRE

Mizrach, Bruce; Otsubo, Yoichi

2011-01-01

This paper analyzes the market microstructure of the European Climate Exchange, the largest EU ETS trading venue. The ECX captures 2/3 of the screen traded market in EUA and more than 90% in CER. 2009 Trading volumes total ?22 billion and are growing, with EUA transactions doubling, and CER volume up 61%. Spreads range from ?0:02 to ?0:06 for EUA and from ?0:07 to ?0:18 for CER. Market impact estimates imply that an average trade will move the EUA market by 1.08 euro centimes and the CER mark...

Forecasting exchange rates; Kawase yosoku no riron to jissai

Energy Technology Data Exchange (ETDEWEB)

Kiuchi, T. [The Long-Term Credit Bank of Japan, Ltd., Tokyo (Japan)

1995-11-20

This paper explains the theory and practice of foreign exchange rate fluctuation. It also explains various factors that constitute the reasons for the difficulty of forecasting the fluctuation in a short to medium period of time as a practical problem, even though forecasting it over a long period of time may be possible theoretically. Export, of which payment received in dollars cannot be used unless exchanged to yen, forms the yen buying demand. Increase in export and trade surplus turns into pressure for the yen appreciation after all. The amounts of exports and imports depend on such fundamentals as productivity and inflation in the country, as well as the cycle of strong business conditions and recession. Staggering of business conditions in Japan and the U.S. causes trade imbalance and fluctuation in foreign exchange rates. Attempts of grabbing the basic tone of the foreign exchange rates upon equalizing the business conditions in both countries is the purchasing power parity theory, which in fact can explain the long-term fluctuations in the past data. However, in the actual scenes where forecasting over a short to medium period is demanded, the forecasting actions are disturbed by such factors lying complexly as exports and imports of capitals, that is the capital circulation in long and short periods, foreign exchange tradings, and difference in interests inside and outside the country. 3 figs.

The Determinants of Korea’s Terms of Trade: The Real-Side Approach

Directory of Open Access Journals (Sweden)

Hongshik Lee

2011-12-01

Full Text Available Previous studies of the determinants of the terms of trade have typically failed to fully reflect the composition of imports and exports and the unique characteristics of trading partners, which have considerable influence on the terms of trade. In particular, most studies of Korea's terms of trade have focused only on the effects of the exchange rate on the terms of trade, and few studies have considered the supply or demand side, i.e., the real side. This study considers panel data on Korea's trading partners from 2000 to 2009 (excluding the period of the Korean's foreign exchange crisis to propose a model reflecting both the trading partner's characteristics as well as the share of manufactured goods in exports and the share of fuel products in imports and provides an analysis of the determinants of Korea's terms of trade by considering the individual features of each product. The proposed dynamic panel model of the effects of the terms of trade for the previous period on the terms of trade for the current period provides more consistent estimates. By using the system generalized method of moments, the proposed model can estimate the determinants of Korea's terms of trade from the real-side perspective. The results indicate that an increase in the lagged terms of trade, relative market potential, or relative per capita income improved Korea's terms of trade, whereas an increase in relative output or the share of fuel products in imports weakened the terms of trade, providing support for common theory. However, an increase in the share of manufactured goods in exports had a negative effect (although not significant on Korea's terms of trade, providing no support for the Prebisch-Singer hypothesis.

78 FR 41174 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate...

Science.gov (United States)

2013-07-09

... Trade Management Software (``TMS'') Fee under Section V.B. The Exchange proposes to rename Section V.A... Exchange is proposing to remove Section V.B. ``Back Office Trade Management Software (``TMS'')'' from the Fee Schedule. The TMS Software is optional software to which BOX Participants may subscribe in order...

Do Austerity Measures Harm International Trade?

Directory of Open Access Journals (Sweden)

Dorin Iulian CHIRIŢOIU

2015-06-01

Full Text Available This paper focuses on the trade relations between Romania and the PIIGS (Portugal, Italy, Ireland, Greece, and Spain in order to verify whether the exports of Romania have been positively or negatively affected by the austerity measures adopted by these Eurozone periphery countries, thus diminishing Romania’s export performance in such markets. Hence, our main research question is whether austerity measures harm or affect in any way the inflows and outflows of international trade in the studied countries. To assess this hypothesis, we focused on the external trade relations, and their linkages with the macroeconomic environment, rather than the competitiveness of a state explained by a detailed sectoral analysis. In this respect, we use comparative and descriptive statistics in order to observe the consequences of the internal devaluation, and implicitly austerity measures, on the PIIGS-Romanian trade relations. Our findings suggest that the effects of austerity measures are not homogenous because they depend on the scale of trade exchanges and on the way in which the austerity measures were applied.

Romania’s foreign trade with the European Union in 2008

Directory of Open Access Journals (Sweden)

Ancuta Stangaciu

2010-12-01

Full Text Available In this study, I proposed to analyze the spatial concentration of international trade flows between Romania and the European Union both overall and by the sections of the Combined Nomenclature. Using statistical analysis methods such as square and Gini’s index or Onicescu informational energy, I concluded that Romania’s main trade partners are Italy, Germany and France and trade relations with these 3 countries are characterized by exchanges of good to cover, generally a wide range of products.

Revenue, welfare and trade effects of European Union Free Trade Agreement on South Africa

Directory of Open Access Journals (Sweden)

Kore M.A. Guei

2017-10-01

Full Text Available Background: Using the partial equilibrium WITS-SMART Simulation model to assess the impact of liberalisation under the Trade Development and Cooperation Agreement (TDCA of a free trade area between the European Union and South Africa. The identification of the impact of such agreement allows for trade policy negotiation adjustment that can be beneficial for South Africa. Aim: The aim of the study is to estimate and discuss the impact of a Free Trade Agreement (FTA with the European Union and South Africa. More specifically, the study intends to estimate the impact of revenue, welfare, imports, exports, trade creation and to come up with policies options for South Africa that can be used in negotiations and policy formulations. Setting: The study used international trade data (2012 available in the WITS-SMART model to assess bilateral trade agreement between the European Union and South Africa. Methods: To identify the impact on revenue, welfare, imports, exports and trade creation, the study simulated an FTA (0% tariff rate for all goods exchanged between the European Union and South Africa. Also, the elasticity of substitution used for the simulation model was 99%. Results: The findings of the study reveal that total trade effects in South Africa are likely to surge by US$ 1.036 billion with a total welfare valued at US$ 134 million. Dismantling tariffs on all European Union (EU goods would be beneficial to consumers through net trade creation. Total trade creation would be US$ 782 million. However, South African producers are likely to contribute a trade diversion of US$ 254 million which has a negative impact on consumer welfare. The country might also experience a revenue loss amounting to US$ 562 million because of the removal of tariffs. In trade, the country’s exports and imports to the EU are expected to increase by US$ 12.419 million and US$ 1.266 million, respectively. Conclusion: The European Union–South Africa FTA would

Agricultural trade and farm employment in China during 1994-2009

DEFF Research Database (Denmark)

Zhu, Jing; Zhang, Shu; Yu, Wusheng

2013-01-01

Purpose – This paper therefore aims at systematically estimating the agricultural trade induced farm employment effects in China. Design/methodology/approach – Using detailed agricultural trade and production data during 1994-2009, the authors estimate the “labor contents” of agricultural trade f...... employment effects do not lend support to the popular notion that increased agricultural trade would help increase farm employment and have important implications for evaluating current and future trade policy in China and elsewhere.......Purpose – This paper therefore aims at systematically estimating the agricultural trade induced farm employment effects in China. Design/methodology/approach – Using detailed agricultural trade and production data during 1994-2009, the authors estimate the “labor contents” of agricultural trade...... flows and use these estimates to compute the farm employment effects. Findings – The authors find that China's agricultural trade has indeed generally developed along its widely believed comparative advantages and disadvantages; however, the farm employment “creation” effect due to labor...

77 FR 10586 - Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE Amex LLC; Order Instituting...

Science.gov (United States)

2012-02-22

... specialist is registered by exercising leadership and managing trading crowd activity and promptly... participation of market makers in exchange markets may benefit public customers by promoting more liquid and efficient trading, and an exchange may legitimately confer benefits on market participants willing to accept...

Global Concept of Financial Institutional Transformation of Stock Exchange

Directory of Open Access Journals (Sweden)

Burmaka Mykola

2017-12-01

Full Text Available The article is about the research of processes of global transformation of stock exchanges through the mechanisms of internationalization, corporate and network consolidation, and technology. Objective processes of internationalization in stock markets affected by financial globalization and arising global information resources create new challenges for stock exchanges that can be overcome by adequate development strategies. The growing competition between stock exchanges and new capital institutes requires stock exchanges to use modern exchange technologies, primarily innovative, in order to maintain liquidity and increase investment attractiveness. Have been analysed the newest tendencies and determinants of modern global financial institutional architecture construction, the leading role in which are starting to play new stock exchanges and stalk exchange platforms, formed in growing financial centres of the world. Have been identified he main components of international stock market restructurization in the process of financial globalization, one of the attributes of which turned out to be a certain fragmentation of markets and their universalization. Through the example of US and EU financial market modernization processes of the last decade have been analysed financial and legal mechanisms of the national and regional levels, which are designed to ensure sustainable development of the global economy at the postcrisis stage. Have been diagnosed international activity of stock exchanges through the quantity indexed of foreign companies in listing, volume of trade with foreign financial instruments, and participation of foreign investors in exchange trade. Have been offered and calculated indices of internationalization of the world’s leading stock market. Have been analysed consolidation processes of the leading stock exchanges and new electronic trading systems at the regional, meso-global and global levels, which resulted in formation of

Position of the European Union in the Global Trade System

Directory of Open Access Journals (Sweden)

Jovićević Mladen

2017-12-01

Full Text Available Only a few decades ago, the main drivers of globalization were the exchange of goods and capital flows, while the global trading system of today, fuelled by rapid technological changes increasingly bases itself on knowledge. The Key events - such as the use of the Internet and the increasingly important role of the rising countries economies - have contributed to a faster global exchange, but to a new nature as well. In order to illustrate the scope of the increase, perhaps it would be the best to mention the fact that in the 1970’s the share of trade in the world GDP amounted to 20%, whereas today it makes about one half. On the other hand, modern products represent compounds of raw materials, components, technologies and services originating from different areas and different continents, which has globalized the products themselves. In such conditions of the market competition, imposed by globalization and liberalization, for the European Union to remain as a leader, it had to prepare a sound and well-founded foreign policy strategy. The aim of this paper is to analyse the current position of the European Union in the global trading system, instruments of foreign trade policy, goals, foreign trade and the main challenges placed before the Union.

Can producer currency pricing models generate volatile real exchange rates?

OpenAIRE

Povoledo, L.

2012-01-01

If the elasticities of substitution between traded and nontraded and between Home and Foreign traded goods are sufficiently low, then the real exchange rate generated by a model with full producer currency pricing is as volatile as in the data.

Analysis of trade condition in Ras region

Directory of Open Access Journals (Sweden)

Andelić Slavica

2017-01-01

Full Text Available Modern academic literature in the field of trade in macro and mesoeconomic atmosphere, is trying to shed light on the data which defines exchange flows in intra and international environment. The study of this work is based on the database based through state registers, where with their sizing and analysis, we are coming to a deeper insight into the condition of market channels of Ras region and its relationship with the environment. The aim of this work is meticulous interpretation of trade patterns as a result of macro and meso trade policy, which could serve as an incentive for local and governmental structures in developing commercial potential of the southern part of our country.

Coordinated Border Management Through Digital Trade Infrastructures and Trans-National Government Cooperation : The FloraHolland Case

NARCIS (Netherlands)

Rukanova, B.D.; Huiden, Roel; Tan, Y.

2017-01-01

Digital infrastructures (DI) that support information exchange related to international trade processes (here referred to as Digital Trade Infrastructures (DTI)) have been seen as an instrument to help address the trade facilitation and security challenges. Data pipelines can be seen as an example

Short-term predictions in forex trading

Science.gov (United States)

Muriel, A.

2004-12-01

Using a kinetic equation that is used to model turbulence (Physica A, 1985-1988, Physica D, 2001-2003), we redefine variables to model the time evolution of the foreign exchange rates of three major currencies. We display live and predicted data for one period of trading in October, 2003.

75 FR 34483 - In the Matter of Certain Automotive Vehicles and Designs Therefore; Notice of Investigation

Science.gov (United States)

2010-06-17

... automotive vehicles and designs therefore that infringe U.S. Patent No. D513,395, and whether an industry in... Industry Zone, Yongkang, Zhejiang Province, China 321307. Shanghai Xingyue Power Machinery Co. Ltd., No... INTERNATIONAL TRADE COMMISSION [Inv. No. 337-TA-722] In the Matter of Certain Automotive Vehicles...

76 FR 74111 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Science.gov (United States)

2011-11-30

... that CBSX is not currently the primary listing market for any stocks, and thus, will not be issuing any... Effectiveness of Proposed Rule Change Related to the Individual Stock Trading Pause Pilot Program November 23... Change The Exchange is proposing to amend CBOE Stock Exchange, LLC's (``CBSX'', the CBOE's stock trading...

77 FR 10013 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

Science.gov (United States)

2012-02-21

... rate than previously.\\9\\ \\5\\ See, Securities Exchange Act Release No. 65615 (Oct. 24, 2011), 76 FR... payment of a credit for non- CHX trades at a lower rate than for CHX trades appears to strike an... transactions as commissions or some other means. The Exchange's proposed restriction will preclude an...

78 FR 74212 - Self-Regulatory Organizations; BATS Exchange, Inc.; Order Granting Approval of Proposed Rule...

Science.gov (United States)

2013-12-10

... Trade Shares of the iShares Liquidity Income Fund December 4, 2013. I. Introduction On September 19... Liquidity Income Fund (``Fund''). The proposed rule change was published for comment in the Federal Register...- income exchange-traded funds. See, infra, note 20. The exchange states that the liquidity of a security...

Patterns of trading profiles at the Nordic Stock Exchange. A correlation-based approach

International Nuclear Information System (INIS)

Musciotto, Federico; Marotta, Luca; Miccichè, Salvatore; Piilo, Jyrki; Mantegna, Rosario N.

2016-01-01

We investigate the trading behavior of Finnish individual investors trading the stocks selected to compute the OMXH25 index in 2003 by tracking the individual daily investment decisions. We verify that the set of investors is a highly heterogeneous system under many aspects. We introduce a correlation based method that is able to detect a hierarchical structure of the trading profiles of heterogeneous individual investors. We verify that the detected hierarchical structure is highly overlapping with the cluster structure obtained with the approach of statistically validated networks when an appropriate threshold of the hierarchical trees is used. We also show that the combination of the correlation based method and of the statistically validated method provides a way to expand the information about the clusters of investors with similar trading profiles in a robust and reliable way.

77 FR 69694 - Determination of Foreign Exchange Swaps and Foreign Exchange Forwards Under the Commodity...

Science.gov (United States)

2012-11-20

... appropriate regulations governing systemically important financial market utilities and payment, clearing, and... this market significantly outweigh the marginal benefits that central clearing and exchange trading... a [central securities depository] or CCP conducts its money settlements using instruments or...

78 FR 32696 - Jupiter Enterprises, Inc., Order of Suspension of Trading

Science.gov (United States)

2013-05-31

... SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] Jupiter Enterprises, Inc., Order of Suspension of Trading May 29, 2013. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Jupiter Enterprises, Inc. because it has not...

Components of the Profitability of Technical Currency Trading

OpenAIRE

Schulmeister, Stephan

2005-01-01

This paper investigates the sources of the profitability of 1024 moving average and momentum models when trading in the German mark (euro)/U.S. dollar market based on daily data. The main results are as follows. First, each of these models would have been profitable over the entire sample period. Second, this profitability is exclusively due to the exploitation of persistent exchange rate trends. Third, these results do not change substantially when trading is examined within subperiods. Four...

KRW/USD Exchange Rate Volatility and Efficient Risk Management

OpenAIRE

Sang-Yong Joo; Chae-Shick Chung; Young-Woo Lee

1999-01-01

This thesis analyzes the relationship between the exchange rate of Korean Won and US dollar and the amount of foreign exchange, and studies the direction of the amendment of the risk control of foreign exchange. The GARCH (Generalized Auto Regressive Conditional Heteroscedasticity) model which visually embodies the auto-regress of the wave of exchange rate shows that the amount of trade will enhance the fluidity of the exchange rate, that is, the various expects of the participators of the ma...

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...

Experience of the New York Mercantile Exchange

International Nuclear Information System (INIS)

Seetin, Mark; Palmer-Huggins, Denisse

1999-01-01

Future's markets are for governments and managers valuable tools a minute by minute window to the market place; you can see exactly what that market is at any time of the day. NYMEX represents virtually a 22 hour market place. We have an electronic trading system in place now in Sidney, Australia, in London, in Hong Kong and probably very soon there will be a couple of other locations that we will have our electronic trading systems. We are updating our electronic trading system in a join effort with the International Petroleum Exchange in London

The role of IAEA Safeguards in connection with nuclear trade

International Nuclear Information System (INIS)

Imai, R.

1977-01-01

IAEA safeguards is one of the means to prevent proliferation of military and/or explosive utilization of nuclear material. As such; safeguards can be a potent instrument, and its characteristics are primarily technical. Other means may include; a) political incentives which make possession of nuclear weapons unnecessary and undescribable; b) an extent of trade restrictions regarding certain sensitive material, equipment and technology; and c) accompanying requirements of physical protection. Peaceful nuclear industry has an aspect which naturally calls for international exchange. The technology itself represents one of the most advanced in our times, and therefore, should be shared throughout the world. Uranium resources of economic grades are found only in a limited number of countries. Many of the components of the industry, including reactor manufacture and fuel cycle, are very capital-intensive and technology-intensive, so that it would be natural that a relatively limited number of manufacturing or processing capabilities should serve the rest of the world. It is useful to look at the existing pattern of nuclear trade, as well as to forecast the effects of increasing trade volume. Regarding technology, the problem divides itself into three in order that safeguards should be effective and non-intrusive. There is a need to decrease international shipper/receiver difference by means of containment/surveillance as well as quick and accurate reporting. Obviously, its effectiveness will be maximized if all the world's trading partners should participate in a system of coordination. Improving technical effectiveness of safeguards is very important, once nuclear material is in a country. Thirdly, in addition to nuclear material accountancy, new techniques may be employed to recognize characteristic patterns of a nations's nuclear activities, or deviation from such a pattern. Tracing nuclear trade might become important input to such an analysis

Trade, trust and the rule of law

NARCIS (Netherlands)

Yu, Shu; Beugelsdijk, Sjoerd; de Haan, Jakob

Well-functioning institutions, both formal (i.e. rule of law) and informal (i.e. trust), facilitate economic exchange. To investigate the nature of the relationship between formal and informal institutions, we analyze bilateral trade patterns in a sample of 16 European countries between 1996-2009.

Coping with terms-of-trade shocks in developing countries

OpenAIRE

Christian Broda; Cedric Tille

2003-01-01

Sharp swings in a developing country's terms of trade, the price of its exports relative to the price of its imports, can seriously disrupt output growth. An analysis of the effects of a decline in export prices in seventy-five developing economies suggests that countries with a flexible exchange rate will experience a much milder contraction in output than their counterparts with fixed exchange rate regimes.

Bilateral Trade Elasticity of Serbia: Is There a J-Curve Effect?

Directory of Open Access Journals (Sweden)

Safet Kurtovic

2017-06-01

Full Text Available We assess the bilateral elasticity effect of real exchange rate depreciation on the export and import demand functions of Serbia and its nine leading trade partners. Analysing quarterly data for the 2004-2015 period, we find the presence of a J-curve effect in the cases of Germany, Austria and Croatia. In contrast, we find that the Marshall-Lerner conditions are fulfilled in the case of bilateral trade with Austria. Finally, in our estimates the elasticity to income has a greater impact on the export and import demand functions than the elasticity to the exchange rate. JEL Classification: F14, F31, F32

Success and failure of technical trading strategies in the cocoa futures market

NARCIS (Netherlands)

Boswijk, P.; Griffioen, G.A.W.; Hommes, C.

2001-01-01

A large set of 5350 trend following technical trading rules is applied to LIFFE and CSCE cocoa futures prices, and to the Pound-Dollar exchange rate, in the period 1983:1-1997:6. We find that 72% of the trading rules generates positive profits, even when correcting for transaction and borrowing

Deriving Trading Rules Using Gene Expression Programming

Directory of Open Access Journals (Sweden)

Adrian VISOIU

2011-01-01

Full Text Available This paper presents how buy and sell trading rules are generated using gene expression programming with special setup. Market concepts are presented and market analysis is discussed with emphasis on technical analysis and quantitative methods. The use of genetic algorithms in deriving trading rules is presented. Gene expression programming is applied in a form where multiple types of operators and operands are used. This gives birth to multiple gene contexts and references between genes in order to keep the linear structure of the gene expression programming chromosome. The setup of multiple gene contexts is presented. The case study shows how to use the proposed gene setup to derive trading rules encoded by Boolean expressions, using a dataset with the reference exchange rates between the Euro and the Romanian leu. The conclusions highlight the positive results obtained in deriving useful trading rules.

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...

Virtuous and vicious virtual water trade with application to Italy.

Directory of Open Access Journals (Sweden)

Julia Anna Winter

Full Text Available The current trade of agricultural goods, with connections involving all continents, entails for global exchanges of "virtual" water, i.e. water used in the production process of alimentary products, but not contained within. Each trade link translates into a corresponding virtual water trade, allowing quantification of import and export fluxes of virtual water. The assessment of the virtual water import for a given nation, compared to the national consumption, could give an approximate idea of the country's reliance on external resources from the food and the water resources point of view. A descriptive approach to the understanding of a nation's degree of dependency from overseas food and water resources is first proposed, and indices of water trade virtuosity, as opposed to inefficiency, are devised. Such indices are based on the concepts of self-sufficiency and relative export, computed systematically on all products from the FAOSTAT database, taking Italy as the first case study. Analysis of time series of the self-sufficiency and relative export can demonstrate effects of market tendencies and influence water-related policies at the international level. The goal of this approach is highlighting incongruent terms in the virtual water balances by the viewpoint of single products. Specific products, which are here referred to as "swap products", are in fact identified as those that lead to inefficiencies in the virtual water balance due to their contemporaneously high import and export. The inefficiencies due to the exchanges of the same products between two nations are calculated in terms of virtual water volumes. Furthermore, the cases of swap products are investigated by computing two further indexes denoting the ratio of virtual water exchanged in the swap and the ratio of the economic values of the swapped products. The analysis of these figures can help examine the reasons behind the swap phenomenon in trade.

Virtuous and vicious virtual water trade with application to Italy.

Science.gov (United States)

Winter, Julia Anna; Allamano, Paola; Claps, Pierluigi

2014-01-01

The current trade of agricultural goods, with connections involving all continents, entails for global exchanges of "virtual" water, i.e. water used in the production process of alimentary products, but not contained within. Each trade link translates into a corresponding virtual water trade, allowing quantification of import and export fluxes of virtual water. The assessment of the virtual water import for a given nation, compared to the national consumption, could give an approximate idea of the country's reliance on external resources from the food and the water resources point of view. A descriptive approach to the understanding of a nation's degree of dependency from overseas food and water resources is first proposed, and indices of water trade virtuosity, as opposed to inefficiency, are devised. Such indices are based on the concepts of self-sufficiency and relative export, computed systematically on all products from the FAOSTAT database, taking Italy as the first case study. Analysis of time series of the self-sufficiency and relative export can demonstrate effects of market tendencies and influence water-related policies at the international level. The goal of this approach is highlighting incongruent terms in the virtual water balances by the viewpoint of single products. Specific products, which are here referred to as "swap products", are in fact identified as those that lead to inefficiencies in the virtual water balance due to their contemporaneously high import and export. The inefficiencies due to the exchanges of the same products between two nations are calculated in terms of virtual water volumes. Furthermore, the cases of swap products are investigated by computing two further indexes denoting the ratio of virtual water exchanged in the swap and the ratio of the economic values of the swapped products. The analysis of these figures can help examine the reasons behind the swap phenomenon in trade.

Process for the exchange of hydrogen isotopes between streams of liquid water and gaseous halohydrocarbon and an apparatus therefor

International Nuclear Information System (INIS)

Symons, E.A.; Rolston, J.H.; Clermont, M.J.; Paterson, L.M.

1983-01-01

This invention provides a process for the exchange of hydrogen isotopes between streams of liquid water and gaseous halohydrocarbons comprising: (a) bringing into contact a water stream, a halohydrocarbon stream, and a catalytic porous anion exchange resin so that the isotope-deficient halohydrocarbon stream is enriched; (b) decomposing the halohydrocarbon stream photolytically into two gaseous streams, one enriched and the other deficient; (c) removing as a product the first, enriched stream; and (d) recycling the second stream for enrichment. An apparatus is also provided

78 FR 71021 - Life Stem Genetics Inc.; Order of Suspension of Trading

Science.gov (United States)

2013-11-27

... SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] Life Stem Genetics Inc.; Order of Suspension of Trading November 25, 2013. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Life Stem Genetics Inc. because...

75 FR 8156 - Electronic Game Card, Inc.; Order of Suspension of Trading

Science.gov (United States)

2010-02-23

... SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] Electronic Game Card, Inc.; Order of Suspension of Trading February 19, 2010. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Electronic Game Card, Inc...

78 FR 32696 - China Properties Developments, Inc.; Order of Suspension of Trading

Science.gov (United States)

2013-05-31

... SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] China Properties Developments, Inc.; Order of Suspension of Trading May 29, 2013. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of China Properties Developments, Inc...

77 FR 73509 - Emerging World Pharma, Inc.; Order of Suspension of Trading

Science.gov (United States)

2012-12-10

... SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] Emerging World Pharma, Inc.; Order of Suspension of Trading December 6, 2012. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Emerging World Pharma, Inc...

Exchange rate predictability and state-of-the-art models

OpenAIRE

Yeșin, Pınar

2016-01-01

This paper empirically evaluates the predictive performance of the International Monetary Fund's (IMF) exchange rate assessments with respect to future exchange rate movements. The assessments of real trade-weighted exchange rates were conducted from 2006 to 2011, and were based on three state-of-the-art exchange rate models with a medium-term focus which were developed by the IMF. The empirical analysis using 26 advanced and emerging market economy currencies reveals that the "diagnosis" of ...

INTERNATIONAL TRADE WHITH RAPESEED

Directory of Open Access Journals (Sweden)

Radu Lucian PÂNZARU

2013-01-01

Full Text Available The study takes into consideration the international trade situation of rapeseed worldwide. To highlight the situation are analyzed sequentially imports and exports in five units continents: Africa, America, Asia, Europe and Oceania. Applicability and interest increased for trade with this product is emphasized by references from Romania. The study takes into consideration 2008-2010. In terms of world imports and their structure is noted preponderance Europe and Asia in the quantities imported - 87.38% (both, the weights low enough for Oceania and Africa - 0.04 together. If we analyze the situation of exports is apparent fact that Europe remains, as in the case of imports, the main player on the market (48.11%, but not followed by Asia, but of America with a very close relative weight (44 , 45%. Oceania owns more than 5% of world quantitatively of exports, while Asia and Africa have shares almost insignificant - 0.36 and 0.05% respectively. Regarding the situation of global trade balance exchanges for rapeseed can be seen a globally deficient character.

A research on EU trade policy system

Directory of Open Access Journals (Sweden)

Qi Sitong

2017-08-01

Full Text Available The EU is the world’s largest trade group, occupying an important position in the world trade in goods and services, especially in the field of service trade. The EU trade in services exports and imports are higher than the United States and Japan, and the EU is the world’s largest capital output and input group, and the world’s largest foreign aid providers. With the deepening of the European integration process, Europe’s position in the world economy and trade is on the rise. Therefore, the EU’s trade policy has increasingly become the focus of attention. From the vertical point of view, research directions can be divided into trade in goods policy, trade in services policy, international direct investment policy, trade-related intellectual property policy four field. In this paper, the four vertical areas are illustrated as the focus of the study.

China’s Foreign Trade: The Response to Changing the Exchange Rate

Directory of Open Access Journals (Sweden)

Izotov D. A.

2011-12-01

Full Text Available Based on official data of Chinese and international statistics assessment is given of the impact of the yuan revaluation on the parameters of China’s foreign trade by country (including in terms of crisis tendencies in the global economy. A regression analysis made it possible to obtain quantitative assessments of the responses of China’s foreign trade parameters by country, depending on different yuan revaluation (10% and 50% to the U.S. dollar. It is found that the yuan revaluation leads to reduction in the growth rates of both China’s exports and imports, with the responses by countries being different

Implementation of blockchain-based energy trading system

Directory of Open Access Journals (Sweden)

Se-Chang Oh

2017-12-01

Full Text Available Purpose - The centralized processes of today’s power trading systems are complex and pose a risk of price tampering and hacking. The decentralized and unmodifiable nature of the blockchain technology that has recently been highlighted offers the potential to improve this power trading process. The purpose of this study is to implement a system to apply the blockchain technology to the problem of power trading. Design/methodology/approach - The authors modeled the power trading problem as the interaction between admin, producer and consumer nodes. And a power trading scenario has been created for this model using a blockchain platform called Multichain which is both fast and highly scalable. To verify this scenario, they implemented a trading system using Savoir, a Python-based JsonRPC module. Findings - Experimental results show that all processes, such as blockchain creation, node connectivity, asset issuance and exchange transactions have been correctly handled according to the scenario. Originality/value - In this study, the authors have proposed and implemented a power trading method that determines price according to the pure market principle and cannot be manipulated or hacked. It is based on the nature of blockchain technology that is decentralized and cannot be tampered.

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

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...

A local non-parametric model for trade sign inference

Science.gov (United States)

Blazejewski, Adam; Coggins, Richard

2005-03-01

We investigate a regularity in market order submission strategies for 12 stocks with large market capitalization on the Australian Stock Exchange. The regularity is evidenced by a predictable relationship between the trade sign (trade initiator), size of the trade, and the contents of the limit order book before the trade. We demonstrate this predictability by developing an empirical inference model to classify trades into buyer-initiated and seller-initiated. The model employs a local non-parametric method, k-nearest neighbor, which in the past was used successfully for chaotic time series prediction. The k-nearest neighbor with three predictor variables achieves an average out-of-sample classification accuracy of 71.40%, compared to 63.32% for the linear logistic regression with seven predictor variables. The result suggests that a non-linear approach may produce a more parsimonious trade sign inference model with a higher out-of-sample classification accuracy. Furthermore, for most of our stocks the observed regularity in market order submissions seems to have a memory of at least 30 trading days.

The value-added tax (VAT) rate of international natural gas trade

International Nuclear Information System (INIS)

Botter, E.

2008-01-01

Since January 1, 2005, international gas trades are controlled by common right derogatory VAT rules. Transfrontier exchanges do not obey to the classical territory rules of exchange of goods but to a particular VAT regime. Moreover, the access to networks and the transportation of natural gas are subjected to particular VAT regulations. This article explains these particularities. (J.S.)

Sector Identification in a Set of Stock Return Time Series Traded at the London Stock Exchange

Science.gov (United States)

Coronnello, C.; Tumminello, M.; Lillo, F.; Micciche, S.; Mantegna, R. N.

2005-09-01

We compare some methods recently used in the literature to detect the existence of a certain degree of common behavior of stock returns belonging to the same economic sector. Specifically, we discuss methods based on random matrix theory and hierarchical clustering techniques. We apply these methods to a portfolio of stocks traded at the London Stock Exchange. The investigated time series are recorded both at a daily time horizon and at a 5-minute time horizon. The correlation coefficient matrix is very different at different time horizons confirming that more structured correlation coefficient matrices are observed for long time horizons. All the considered methods are able to detect economic information and the presence of clusters characterized by the economic sector of stocks. However, different methods present a different degree of sensitivity with respect to different sectors. Our comparative analysis suggests that the application of just a single method could not be able to extract all the economic information present in the correlation coefficient matrix of a stock portfolio.

75 FR 28845 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing of a Proposed Rule...

Science.gov (United States)

2010-05-24

... the Exchange is the primary listing market if the price of such security moves 10% or more from a sale... the last consolidated sale price of a Listed Circuit Breaker Security (``Trigger Trade'') to a... Organizations; National Stock Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Establish a Trading...

International trade and carbon emissions: The role of Chinese institutional and policy reforms.

Science.gov (United States)

Andersson, Fredrik N G

2018-01-01

The carbon dioxide embodied in Chinese exports to developed countries increased rapidly from 1995 to 2008. We test the extent to which institutional reforms in China can explain this increase. We focus on five areas of reforms: trade liberalization, environmental institutions, legal and property rights, institutional risk and exchange rate policy. Our results show that trade liberalization, weak environmental institutions, exchange rate policy, and legal and property rights affect emissions. Our results also indicate that the lack of reform in the utilities sector is an important factor in the rapid increase in embodied emissions. Copyright © 2017 Elsevier Ltd. All rights reserved.

77 FR 37082 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Science.gov (United States)

2012-06-20

... its market share in these products. The Exchange believes this proposed rule change will also serve to... differentiation that exists today at other option exchanges. The Exchange believes it remains an attractive venue... for similar trading strategies. The Exchange operates in a highly competitive market in which market...

77 FR 76160 - New Generation Biofuels Holdings, Inc.; Order of Suspension of Trading

Science.gov (United States)

2012-12-26

... SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] New Generation Biofuels Holdings, Inc.; Order of Suspension of Trading December 21, 2012. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of New Generation Biofuels...

Currency Unions, Trade Flows, and Capital Flows

OpenAIRE

James Yetman

2003-01-01

Trade within currency unions has been shown to be much larger than outside of currency unions, even after factoring in many relevant variables. The existing empirical evidence is based on reduced form models of trade, and therefore indicates that there exists a high correlation between currency union membership and trade, but does not indicate the causality, or the mechanism at work. This paper argues that the balance of evidence points to a large and statistically significant causal relation...

77 FR 8928 - Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness...

Science.gov (United States)

2012-02-15

... is shared by NASDAQ and the following SROs: Boston Options Exchange, C2 Options Exchange... Exchange's responsibility to prescribe standards of training, experience, and competence for Exchange... levels of competence and knowledge generally applicable to proprietary trading. \\16\\ 15 U.S.C. 78f(b...

The determinants of exchange rates and the movements of EUR/RON exchange rate via non-linear stochastic processes

Directory of Open Access Journals (Sweden)

Petrică Andreea-Cristina

2017-07-01

Full Text Available Modeling exchange rate volatility became an important topic for research debate starting with 1973, when many countries switched to floating exchange rate system. In this paper, we focus on the EUR/RON exchange rate both as an economic measure and present the implied economic links, and also as a financial investment and analyze its movements and fluctuations through two volatility stochastic processes: the Standard Generalized Autoregressive Conditionally Heteroscedastic Model (GARCH and the Exponential Generalized Autoregressive Conditionally Heteroscedastic Model (EGARCH. The objective of the conditional variance processes is to capture dependency in the return series of the EUR/RON exchange rate. On this account, analyzing exchange rates could be seen as the input for economic decisions regarding Romanian macroeconomics - the exchange rates being influenced by many factors such as: interest rates, inflation, trading relationships with other countries (imports and exports, or investments - portfolio optimization, risk management, asset pricing. Therefore, we talk about political stability and economic performance of a country that represents a link between the two types of inputs mentioned above and influences both the macroeconomics and the investments. Based on time-varying volatility, we examine implied volatility of daily returns of EUR/RON exchange rate using the standard GARCH model and the asymmetric EGARCH model, whose parameters are estimated through the maximum likelihood method and the error terms follow two distributions (Normal and Student’s t. The empirical results show EGARCH(2,1 with Asymmetric order 2 and Student’s t error terms distribution performs better than all the estimated standard GARCH models (GARCH(1,1, GARCH(1,2, GARCH(2,1 and GARCH(2,2. This conclusion is supported by the major advantage of the EGARCH model compared to the GARCH model which consists in allowing good and bad news having different impact on the

TERMS OF TRADE EVOLUTION, CAUSES AND EFFECTS: CASE STUDY ROMANIA

Directory of Open Access Journals (Sweden)

Negrea Adrian

2014-12-01

Full Text Available Terms of trade are meant to show the ratio by which a country is different in the level and dynamics of revenues from the exchange made by different categories of products on the external markets. The level of recorded revenues from the commercialization of products and services varies from country to country, and there is rarely a mutually beneficial exchange situation from these operations. Trade efficiency analysis lies in the determination of the terms of trade. In the current paper, international developments are analyzed based on net terms of trade index used by UNCTAD. Statistical data are provided by the World Bank, where export and import price index and the volume of imports and exports by countries were considered. The classification of the countries has been done according to the geographical orientation and based on the purchasing power parity, thus creating two tables, the first table highlighting seven regions, and the second table with seven categories of states including OPEC and non-OPEC members. The terms of trade evolution are influenced by certain important factors in the production process of goods and services. Some of these factors are mentioned: labour productivity; changes in commodity prices; yet, only the last factor is examined in this paper. Based on World Bank commodity price data, the evolution of major energy inputs such as crude oil, gas, coal, and major industrial raw materials such as aluminium, copper, lead, nickel, tin, zinc, silver, gold, platinum and iron was analysed and interpreted. For Romania, the data on terms of trade evolution shows a dramatic situation. If terms of trade development presented a cyclical evolution, the economy as a whole would send an optimistic message. In contrast, the data presented in the following paper will show that our country has registered continuous depreciation of the terms of trade ratio, with a direct impact on external trade balance deficits, a rising external debt

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

International Nuclear Information System (INIS)

Schwintowski, Hans-Peter

2014-01-01

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

Comparison Algorithm Kernels on Support Vector Machine (SVM To Compare The Trend Curves with Curves Online Forex Trading

Directory of Open Access Journals (Sweden)

irfan abbas

2017-01-01

Full Text Available At this time, the players Forex Trading generally still use the data exchange in the form of a Forex Trading figures from different sources. Thus they only receive or know the data rate of a Forex Trading prevailing at the time just so difficult to analyze or predict exchange rate movements future. Forex players usually use the indicators to enable them to analyze and memperdiksi future value. Indicator is a decision making tool. Trading forex is trading currency of a country, the other country's currency. Trading took place globally between the financial centers of the world with the involvement of the world's major banks as the major transaction. Trading Forex offers profitable investment type with a small capital and high profit, with relatively small capital can earn profits doubled. This is due to the forex trading systems exist leverage which the invested capital will be doubled if the predicted results of buy / sell is accurate, but Trading Forex having high risk level, but by knowing the right time to trade (buy or sell, the losses can be avoided. Traders who invest in the foreign exchange market is expected to have the ability to analyze the circumstances and situations in predicting the difference in currency exchange rates. Forex price movements that form the pattern (curve up and down greatly assist traders in making decisions. The movement of the curve used as an indicator in the decision to purchase (buy or sell (sell. This study compares (Comparation type algorithm kernel on Support Vector Machine (SVM to predict the movement of the curve in live time trading forex using the data GBPUSD, 1H. Results of research on the study of the results and discussion can be concluded that the Kernel Dot, Kernel Multiquaric, Kernel Neural inappropriately used for data is non-linear in the case of data forex to follow the pattern of trend curves, because curves generated curved linear (straight and then to type of kernel is the closest curve

Foreign Trade Dvelopment between Libya and the European Union

OpenAIRE

Mansoor Maitah; Nassir Salim; Abulgasem Bazina

2011-01-01

This article deals with the analysis of foreign trade development betweenLibyaand the European Union in the recent years. Libya is one of the developing countries with large area, low density of population and large endowment of natural resources, oil and gas. The Libyan economy like a number of other Arab economies, depends heavily on oil revenue, it relies heavily on a single exportable commodity, as the main source of foreign exchange earnings. Trade relations betweenLibyaand the European ...

Statistical Control Charts: Performances of Short Term Stock Trading in Croatia

Directory of Open Access Journals (Sweden)

Dumičić Ksenija

2015-03-01

Full Text Available Background: The stock exchange, as a regulated financial market, in modern economies reflects their economic development level. The stock market indicates the mood of investors in the development of a country and is an important ingredient for growth. Objectives: This paper aims to introduce an additional statistical tool used to support the decision-making process in stock trading, and it investigate the usage of statistical process control (SPC methods into the stock trading process. Methods/Approach: The individual (I, exponentially weighted moving average (EWMA and cumulative sum (CUSUM control charts were used for gaining trade signals. The open and the average prices of CROBEX10 index stocks on the Zagreb Stock Exchange were used in the analysis. The statistical control charts capabilities for stock trading in the short-run were analysed. Results: The statistical control chart analysis pointed out too many signals to buy or sell stocks. Most of them are considered as false alarms. So, the statistical control charts showed to be not so much useful in stock trading or in a portfolio analysis. Conclusions: The presence of non-normality and autocorellation has great impact on statistical control charts performances. It is assumed that if these two problems are solved, the use of statistical control charts in a portfolio analysis could be greatly improved.

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...

Exchange Rate and Industrial Commodity Volatility Transmissions, Asymmetries and Hedging Strategies

NARCIS (Netherlands)

S.M. Hammoudeh (Shawkat); Y. Yuan (Yuan); M.J. McAleer (Michael)

2010-01-01

textabstractThis paper examines the inclusion of the dollar/euro exchange rate together with four important and highly traded commodities - aluminum, copper, gold and oil- in symmetric and asymmetric multivariate GARCH and DCC models. The inclusion of exchange rate increases the significant direct

Devaluation and trade balance in Latin American countries

Directory of Open Access Journals (Sweden)

Kahraman Kalyoncu

2009-06-01

Full Text Available The aim of this paper is to examine effectiveness of devaluation on the trade balance in four countries: Argentina, Brazil, Mexico and Peru. We use the Johansen-Juselius cointegration test and impulse response function to estimate the long-run and shortrun effects of devaluation on the trade balance. The estimated results suggest that depreciation improve the trade balance in the long run for the case of Argentina and Peru, and in the short-run there has been J-curve in Argentina and Peru. In addition, the cointegration is found among the four variables (trade balance, domestic income, foreign incomes and real exchange rate in the case of Argentina and Peru. The results also indicate that there is no cointegration relationship between these variables for Brazil and Mexico. The conclusion of the paper is that the evidence of the J-curve pattern was found for Argentina and Peru only.

Electric trade in the United States, 1996

Energy Technology Data Exchange (ETDEWEB)

NONE

1998-12-01

Wholesale trade in electricity plays an important role for the US electric utility industry. Wholesale, or bulk power, transactions allow electric utilities to reduce power costs, increase power supply options, and improve reliability. In 1996, the wholesale trade market totaled 2.3 trillion kilowatthours, over 73% of total sales to ultimate consumers. This publication, Electric Trade in the United States 1996 (ELECTRA), is the sixth in a series of reports on wholesale power transactions prepared by the Office of Coal, Nuclear, Electric and Alternate Fuels, Energy Information Administration (EIA). The electric trade data are published biennially. The first report presented 1986 data, and this report provides information on the electric power industry during 1996. The electric trade data collected and presented in this report furnish important information on the wholesale structure found within the US electric power industry. The patterns of interutility trade in the report support analyses of wholesale power transactions and provide input for a broader understanding of bulk power market issues that define the emerging national electric energy policies. The report includes information on the quantity of power purchased, sold, exchanged, and wheeled; the geographical locations of transactions and ownership classes involved; and the revenues and costs. 1 fig., 43 tabs.

Intra-industry Affiliate Trade of Foreign Owned Companies in Poland 1993-2002

DEFF Research Database (Denmark)

Nielsen, Jørgen Ulff-Møller; Pawlik, Konrad

2004-01-01

The concept of intra-industry international exchange of goods and assets has attracted a lot of interests within the last 30 years. Concepts like intra-industry trade, intra-industry foreign direct investments, intra-industry affiliate sale, and intra-industry supply have been used in theoretical...... (exports and imports) and industry variables (wages, employment, foreign capital share, investments, sales, etc.) of foreign owned companies in the Polish manufacturing industry for the years 1993-2002, this paper, investigates for the first time intra-industry affiliate trade (IIAT), including its...... and empirical research with most emphasis laid on intra-industry trade. What has not been investigated until now is a subgroup within intra-industry trade, namely intra-industry affiliate trade which is two-way trade from foreign owned affiliates in a country. By use of a unique database containing trade...

Intra-industry Affiliate Trade of Foreign Owned Companies in Poland 1993-2002

DEFF Research Database (Denmark)

Nielsen, Jørgen Ulff-Møller; Pawlik, Konrad

The concept of intra-industry international exchange of goods and assets has attracted a lot of interests within the last 30 years. Concepts like intra-industry trade, intra-industry foreign direct investments, intra-industry affiliate sale, and intra-industry supply have been used in theoretical...... and empirical research with most emphasis laid on intra-industry trade. What has not been investigated until now is a subgroup within intra-industry trade, namely intra-industry affiliate trade, which is two-way trade from/to foreign owned affiliates in a country. By use of a unique database containing trade...... (exports and imports) and industry variables (wages, employment, foreign capital share, investments, sales, etc.) of foreign owned companies in the Polish manufacturing industry for the years 1993-2002, this paper, investigates for the first time intra-industry affiliate trade (IIAT), including its...

76 FR 41855 - Columbus Geographic Systems (GIS) Ltd.; Order of Suspension of Trading

Science.gov (United States)

2011-07-15

... SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] Columbus Geographic Systems (GIS) Ltd.; Order of Suspension of Trading July 13, 2011. It appears to the Securities and Exchange Commission that... Systems (GIS) Ltd. because it has not filed any periodic reports since the period ended June 30, 2008. The...

Trade openness, real exchange rates and job reallocation : Evidence from Belgium

NARCIS (Netherlands)

I. Colantone (Italo)

2012-01-01

textabstractThis paper investigates the impact of real exchange rate movements on job reallocation at the industry level. The analysis focuses on the manufacturing sector of Belgium, using data for 82 NACE 3-digit industries, over the time span 1996-2002. I find that real exchange rate changes do

The Economic Determinants of Bioenergy Trade Intensity in the EU-28: A Co-Integration Approach

Directory of Open Access Journals (Sweden)

Mohd Alsaleh

2018-02-01

Full Text Available This paper examines the dynamic effect of the economic determinants on bilateral trade intensity of the European Union (EU region’s bioenergy industry outputs. The authors adopt the panel co-integration model approach to estimate annual trade intensity data of the EU-28 countries’ bioenergy industry outputs from 1990 to 2013. This study investigated the long-term influence of the rate of real exchange, gross domestic product (GDP, and export price on the trade intensity of bioenergy industry applying fully modified oriented least square (FMOLS, dummy oriented least square (DOLS, and pooled mean group (PMG models. In the current study, the findings boost the empirical validity of the panel co-integration model through FMOLS, indicating that depreciation has improved the trade intensity. This study has further investigated, through the causality test, a distinct set of countries. FMOLS estimation does find proof of the long run improvement of trade intensity. Thus, the result shows that the gross domestic product (GDP and the real exchange rate have a positive and noteworthy influence on the EU-28 region trade intensity of the bioenergy industry. Moreover, the export price affects negatively and significantly the trade intensity of the bioenergy industry in the EU-28 countries.

THE CURRENT ACCOUNT DEFICIT AND THE FIXED EXCHANGE RATE. ADJUSTING MECHANISMS AND MODELS.

Directory of Open Access Journals (Sweden)

HATEGAN D.B. Anca

2010-07-01

Full Text Available The main purpose of the paper is to explain what measures can be taken in order to fix the trade deficit, and the pressure that is upon a country by imposing such measures. The international and the national supply and demand conditions change rapidly, and if a country doesn’t succeed in keeping a tight control over its deficit, a lot of factors will affect its wellbeing. In order to reduce the external trade deficit, the government needs to resort to several techniques. The desired result is to have a balanced current account, and therefore, the government is free to use measures such as fixing its exchange rate, reducing government spending etc. We have shown that all these measures will have a certain impact upon an economy, by allowing its exports to thrive and eliminate the danger from excessive imports, or vice-versa. The main conclusion our paper is that government intervention is allowed in order to maintain the balance of the current account.

Gift Exchange Theory: a critique in relation to organ transplantation.

Science.gov (United States)

Sque, M; Payne, S A

1994-01-01

Organ transplantation is becoming more important as a viable method of treatment for certain severe medical conditions. It is a complex and demanding process for all involved. Nursing as a developing science must respond to cultural and economic changes. Therefore, a need exists to develop a body of empirically based knowledge to understand and support the process of organ transplantation. This paper will argue that as trading in organs is unacceptable to the moral standards of western society and outlawed in many countries, an alternative framework must be considered for understanding the mechanisms through which organs are donated and utilized. The donating and receiving of organs may be equated with gift-giving, as there is no barter of commodities involved. Therefore, a useful framework to explore this phenomenon will be one that underpins the process of giving and receiving of gifts. Gift Exchange Theory will be evaluated and critically examined in relation to organ transplantation and the role of nurses in this process.

76 FR 17973 - Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Order Approving Proposed Rule...

Science.gov (United States)

2011-03-31

... Directors may establish an Advisory Board; and (3) eliminate the C2 Audit Committee. A. Elimination of the... communication between the Exchange and its Trading Permit Holders and to coordinate the activities of Trading... channels, including direct communication with individual Trading Permit Holders, committees established by...

17 CFR 41.27 - Prohibition of dual trading in security futures products by floor brokers.

Science.gov (United States)

2010-04-01

... trading in a security futures product on a designated contract market or registered derivatives...) Registered derivatives transaction execution facilities. Prior to listing a security futures product for... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Prohibition of dual trading in...

Insider Trading B-side: relevance, timeliness and position influence

Directory of Open Access Journals (Sweden)

Luiz Felipe de A. Pontes Girão

2015-12-01

Full Text Available Objective – Our main objective is to analyze the impacto f insider trading on stock investments’ decision. Design/methodology/approach – We used an online survey, obtaining 271 valid answers. To analyze our data, we used some parametric (t and F Anova, and non-parametric techniques (Mann-Whitney and Kruskal-Wallis. Findings – We find that insider tradings are relevant to investment decisions, and the timeliness also exert an influence to this kind of decision, especially abnormal trades. Practical implications – In practical terms, our results suggests that the Brazilian Securities and Exchange Commission (CVM must update the Brazilian insider trading regulation to achieve the objective to protect investors. In the investors point of view, this possible update could improve investors’ ability to control insiders and follow his activities as well as to mimic his trades. Originality/value – The originality of our paper is an analysis of relevance, timeliness and influence of position in a firm as “determinants” of investment decisions. We use these three specific characteristics to criticize the Brazilian insider trading regulation.

EnviroTRADE information system

International Nuclear Information System (INIS)

Harlan, C.; Harrington, M.W.

1993-01-01

Environmental Technologies for Remedial Actions Data Exchange (EnviroTRADE) is a graphical/textual information management system being developed for the cleanup program of the U.S. Department of Energy's (DOE) Weapons Complex. Its principal purpose is to provide a single, powerful, interactive database that addresses environmental restoration and waste management (ER/WM) problems and the technologies currently under development or already available to resolve them. Because the volume and complexity of the information is so large, a sophisticated Relational Database Management System (RDBMS) is employed in EnviroTRADE. EnviroTRADE will be a multi-purpose, multi-user system capable of addressing a broad range of environmental assessment and cleanup issues. An early focus for the Beta version of EnviroTRADE has been to find matches between specific environmental problems at particular sites (e.g., in terms of waste composition and form) and available and new technologies suited to solve problems. The current prototype EnviroTRADE database includes both U.S. and foreign problems and technologies. A Beta version was developed and demonstrated during FY92 and was expanded in FY93. This system was delivered to EM-523 as a stand-alone resident system for demonstration and feedback purposes. The resident system demonstrates the feasibility of this kind of multi-purpose system and also provides a test bed for refining the system architecture. As the architecture and database grow, an increasing range of possible applications is envisioned. The ability to import very large quantities of graphical, textual, and numerical information into the database is of particular importance. Since a great deal of appropriate data already exists in various electronic formats, a rapid expansion into EnviroTRADE-accessible data is possible without relying on manual entry methods

Trade potential of climate smart goods of Vietnam: An application of gravity model

Directory of Open Access Journals (Sweden)

Trung Van Vu

2016-01-01

Full Text Available This paper examines the trade potential of climate smart goods (CSG of Vietnam. In particular, the study employs gravity model with panel data for bilateral trade between Vietnam and its 45 partners from 2002 to 2013 with an objective of identifying the determinants explaining Vietnam's trade of climate smart products. The estimation results reveal that economic size, market size, distance, real exchange rate, border, and the quality of infrastructure of both Vietnam and its trading partners play a major role in bilateral trade of CSG. Additionally, the paper applies the method using speed of convergence and the estimated gravity equation to answer whether Vietnam has fully realized the potential trade of CSG. Accordingly, Vietnam has strong opportunity for trade expansion with 19 out of 45 countries in the scope of this paper.

Labour Demand and Exchange Rate Volatility

OpenAIRE

Udo Broll; Sabine Hansen

2004-01-01

The purpose of this paper is to assess under what conditions exchange rate volatility exerts a positive effect on a firm's labour demand. As the exchange rate volatility increases, so does the value of the export option provided the firm under study is flexible. Flexibility is important because it gives the firm option value. Higher volatility increases the potential gains from trade and may increase the demand for labour. This may explain part of the mixed empirical findings regarding the ef...

The Brazilian experience in managing interest-exchange rate nexus

OpenAIRE

Ricardo Carneiro; Pedro Rossi

2013-01-01

This paper addresses four main questions: firstly, it discusses some theoretical background related to the interest-exchange rate nexus; secondly, it makes an attempt to explain why the interest rate in Brazil is so high, examining briefly the main explanations for it; thirdly, it describes Brazil’s foreign exchange markets, their size and hierarchy; and lastly, it explains the carry trade dynamics considering the institutionalism of the Brazilian foreign exchange market and also the govern...

Can Integration of Agriculture With International Trade Increase ...

African Journals Online (AJOL)

Human activity is greatly constituted by transactions and exchange that can impoverish primary producers while unfairly making others rich in an inequitable manner. Integration of agriculture into international trade is always thought and assumed to bring greater income benefit to farmers, but is this really the case, ...

TERMS OF TRADE INSTABILITY AND BALANCE OF PAYMENTS ...

African Journals Online (AJOL)

FBL

However, by 1976 Britain's share of Nigerian exports and imports dropped to 38 ... Africa countries have the most volatile terms of trade in the ... exchange rate movement and domestic inflation re significant factors responsible for balance of ... In the analysis of balance of payments, three approaches are identifiable. These.

Comparative research of international exchange of plant products

Directory of Open Access Journals (Sweden)

Đorović Milutin T.

2003-01-01

Full Text Available The well known events which had taken place in our country over the period 1989-2001 provoked adverse effects on foreign trade exchange of the total economy, agriculture and commodities of plant origin. These effects and changes were analyzed using corresponding indices for the sub periods 1989-1992 and 1998-2001. The foreign trade exchange balance was substantially negative in both sub periods over the analyzed period showing an aggravating trend. Export covering import declined from 78.09% to only 47.71%. The positive balance of exchange of agricultural, especially commodities of plant origin in the first four years was turned into a negative balance of exchange in the second four years. Export covering import at the agricultural level declined from 164.79% to 78.58% and at the level of commodities of plant origin from 201,76% to 87.35%. There was a significant disturbance of commodity and regional structure exchange. The share of agriculture in the total export of the country was raised from 13.82% to 18.16%. The share of plant originating commodities in the total export of agriculture was raised from 71,96% to 86,34%. Basic agricultural products predominated in the export. In addition, in the domestic export the share of developed countries decreased which contributed to poor export results and increased the import dependence of the country. Considering the above said, the need arises to increase substantially agricultural production, i.e. commodities of plant origin. The structure and output of these productions should meet the needs of both domestic and foreign markets. International standards need to be applied in order to take hold of new foreign markets, exporting high technology processed products, using intensive and efficient promotive activities. Subsequently, greater investments and a planned production are needed, liberalization and especially the system of import control in foreign trade exchange of agricultural products, i

International trade with electric power

OpenAIRE

Årdal, Frode

2009-01-01

In 2003 the European Commission introduced the Directive 2003/54/EC and Regulation 1228/2003/EC which increased the focus on the liberalization of the European electricity market. The international electricity trade has increased and created new challenges related to cross-border transmission and compensation mechanisms. The focus of the report has been to discuss the development of the electricity market in Europe, and the status of international exchange. The report also discusses the con...

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

The Commodity and its Exchange

DEFF Research Database (Denmark)

Høst, Jeppe Engset

2015-01-01

and the value of the quota are examined through the concrete exchange of fishing rights, and it is explained why quota trade can give rise to speculation and monopolies. In the final part of the chapter, it is argued that the value of transferable fishing quotas rely on a social relation between owners...

Commodity exchanges - Function and operation

International Nuclear Information System (INIS)

Levin, R.A.

1991-01-01

The author discusses the potential impacts that a futures market may have on the international trade of uranium. The discussion first centers around the New York Mercantile Exchange. The following market aspects are discussed: long-term contracting; spot market; commoditization and pricing; and advantages, disadvantages, risks, and provisions of futures market contracts

Worlds Apart Trading Together

DEFF Research Database (Denmark)

Evers, Kasper Grønlund

This study sets out to replace the out-dated notion of ‘Indo-Roman trade’ with a more informed perspective integrating the new findings of the last 30 years.In order to accomplish this, a perspective focusing on concrete demand from the ground up is adopted, also shedding light on the role...... of the market in long-distance exchange. Accordingly, the analysis conducted demonstrates that an economically highly substantial trade took place between the Mediterranean and the Indian Ocean in the 1st–6th century CE, altering patterns of consumption and modes of production in India andSouth Arabia as well...... as the Roman Empire.Significantly, it can be documented that this trade was organised at the centres of demand and supply, in Rome and India, respectively, by comparable urban associations, the transport in-between being handled by equally well-organised groups of seagoing merchants.Consequently, this study...

Artist Trading Cards: Connecting with Other Communities

Science.gov (United States)

Bovio, Deborah

2011-01-01

Creating and exchanging Artist Trading Cards (ATCs) has been a rapidly growing trend. These miniature works of art are fun to make--and even more fun to share. The intrigue of developing these handmade treasures begins with the intent of creating art simply for the love of art. In this article, the author describes how her students made their…

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

The Effect of Exchange Rate Volatility on Iran’s Raisin Export

OpenAIRE

2014-01-01

Exchange rate volatility is one of the effective and ambiguous factors in agricultural product export. Considering the importance of agricultural trade to avoid single-product economy, the main aim of this study was to investigate the impact of exchange rate volatility on the Raisin export of Iran during the years1959-2011. For this purpose, exchange rate volatility index was estimated using Moving Average Standard Deviation (MASD). Then, the impact of exchange rate volatility on the value of...

Investigating the asymmetric relationship between inflation-output growth exchange rate changes

Science.gov (United States)

Chu, Jenq Fei; Sek, Siok Kun

2017-08-01

The relationship between inflation-output growth or output variation has long been studied. In this study, we extend the investigation under two exchange rate flexibility/regime in four Asian countries (Indonesia, Korea, Philippines and Thailand) that have experienced drastic exchange rate regime changes aftermath the financial crisis of 1997. These countries have switched from fixed/rigid exchange rate regime to flexible exchange rate and inflation targeting (IT) regime after the crisis. Our main objective is to compare the inflation-output trade-off relationship in the pre-IT and post-IT periods as a tool to evaluate the efficiency of monetary policy. A nonlinear autoregressive distributed lags (NARDL) model is applied to capture the asymmetric effects of exchange rate changes (increases and decreases). The data ranging from 1981M1 onwards till 2016M3. Our results show that exchange rate has asymmetric effect on inflation both short-run and long-run with larger impact in the post-IT period under flexible regime. Depreciation of exchange rate has leads to higher inflation. Furthermore, we find evidences on the relationship between inflation and growth in both short-run and long-run, but the trade-off only detected in the short run both in the pre- and post-IT periods.

The relationship between trading volumes, number of transactions, and stock volatility in GARCH models

Science.gov (United States)

Takaishi, Tetsuya; Chen, Ting Ting

2016-08-01

We examine the relationship between trading volumes, number of transactions, and volatility using daily stock data of the Tokyo Stock Exchange. Following the mixture of distributions hypothesis, we use trading volumes and the number of transactions as proxy for the rate of information arrivals affecting stock volatility. The impact of trading volumes or number of transactions on volatility is measured using the generalized autoregressive conditional heteroscedasticity (GARCH) model. We find that the GARCH effects, that is, persistence of volatility, is not always removed by adding trading volumes or number of transactions, indicating that trading volumes and number of transactions do not adequately represent the rate of information arrivals.

Trade Balances of the Asian Countries under Crisis: Forecast and Evaluation

Directory of Open Access Journals (Sweden)

Ingyo Cheong

1998-06-01

Full Text Available To overcome the financial crisis, we need to do some reform, such as to change the governmental and non-governmental structure, make sure the policy to be transparent, and remove restrictions, etc. All these measures can restore the confidence of foreign investors towards Korea. But to make balance of the trade surplus and keep foreign exchange reserve at a reasonable level, ensure foreign exchange and the security of financial department is one of the most urgent topics. Since the deep relationship of economy among countries in North-East Asia, financial crisis is not only the problem in Korea. It is already expended to the whole North-East Asia. This thesis shows the idea that we can forecast surplus in the trade balance scale, enlarge the trade balance of South Korea and activate export. It also shows that instead of the increase of export, the surplus is caused by the decrease of import. At this point of view, the number of surplus is not true. If the investment keeps decreasing like this, the foundation of Korean Economy will collapse.

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...

78 FR 30376 - Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of Filing and Immediate...

Science.gov (United States)

2013-05-22

... for ports used to enter orders in the Exchange's trading system and to receive data from the Exchange... primary data center and one port at the Exchange's secondary data center. Rather than stating that the fee... footnote that states that logical port fees are limited to logical ports in the Exchange's primary data...

Pass-through of exchange rates and tariffs in Greek-US tobacco trade

OpenAIRE

Rezitis, Anthony N.; Brown, A. Blake

1999-01-01

The paper examines the extent to which exchange rate and unit tariff changes are passed-through in US import prices of unmanufactured Greek oriental tobacco. The results indicate partial pass-through of exchange rates and tariffs. Exchange rate pass-through is about 0.272 and tariff pass-through about 0.185. One possible reason for the partial pass-through is oligopoly in tobacco exporting. Oligopoly would imply that depreciation of the drachma relative to the US dollar benefits tobacco expor...

78 FR 62901 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Science.gov (United States)

2013-10-22

... per contract from its prior rate of $0.05 per contract. See Securities Exchange Act Release No. 69768... similar products.\\13\\ \\13\\ At least one other exchange currently trades foreign currency options. While... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-70647; File No. SR-ISE-2013-50] Self-Regulatory...

Statistical properties of trading activity in Chinese stock market

Science.gov (United States)

Sun, Xiaoqian; Cheng, Xueqi; Shen, Huawei; Wang, Zhaoyang

2010-08-01

We investigate the statistical properties of traders' trading behavior using cumulative distribution function(CDF). We analyze exchange data of 52 stocks for one-year period which contains non-manipulated stocks and manipulated stocks published by China Securities Regulatory Commission(CSRC). By analyzing the total number of transactions and the trading volume of each trader over a year, we find the cumulative distributions have power-law tails and the distributions between non-manipulated stocks and manipulated stocks are different. These findings can help us to detect the manipulated stocks.

The use of copula functions for modeling the risk of investment in shares traded on the Warsaw Stock Exchange

Science.gov (United States)

Domino, Krzysztof; Błachowicz, Tomasz

2014-11-01

In our work copula functions and the Hurst exponent calculated using the local Detrended Fluctuation Analysis (DFA) were used to investigate the risk of investment made in shares traded on the Warsaw Stock Exchange. The combination of copula functions and the Hurst exponent calculated using local DFA is a new approach. For copula function analysis bivariate variables composed of shares prices of the PEKAO bank (a big bank with high capitalization) and other banks (PKOBP, BZ WBK, MBANK and HANDLOWY in decreasing capitalization order) and companies from other branches (KGHM-mining industry, PKNORLEN-petrol industry as well as ASSECO-software industry) were used. Hurst exponents were calculated for daily shares prices and used to predict high drops of those prices. It appeared to be a valuable indicator in the copula selection procedure, since Hurst exponent’s low values were pointing on heavily tailed copulas e.g. the Clayton one.

Technical Analysis in Forex : A Strategy for Individual Trader in Intra-Day Trading

OpenAIRE

Linden, Miikka

2009-01-01

The goal of the thesis was to create a simple and profitable strategy for Foreign Exchange Market (forex) currency trading. Forex is an interesting international market, which is becom-ing globally more and more popular. The author has a strong interest in forex and he had no-ticed how many trading strategies are very complicated and difficult to use. The meaning was to study what kind of simple trading strategy would be profitable in forex. The target of the study was intra-day traders, who ...

Currency Policy Coordination оf Asean Countries: Foreign Trade Effects

Directory of Open Access Journals (Sweden)

Yana Valeryevna Dyomina

2015-12-01

Full Text Available The study estimates foreign trade effects of currency policy measures in ASEAN countries. On the base of exchange rate dynamics the author concludes that during the period of 2000-2014 ASEAN countries in general used competitive devaluation policy of national currencies to CNY, JPY, KRW and EUR and revaluation to USD. To eliminate negative effects of competitive devaluation policy the paper proposes currency policy coordination of ASEAN countries that could be done by pegging of national currencies to a common basket. Employing the SAC (Stable Aggregate Currency method the author suggests 4 options for a common currency basket. The researcher estimates foreign trade effects of currency policy coordination in ASEAN countries for every option of a currency basket in three following cases: ASEAN as a whole, ASEAN-6 and ASEAN-4. The author concludes that the optimal form of currency policy coordination in ASEAN is pegging of exchange rates of national currencies to a common basket composed of 13 East Asian currencies. This currency basket option has maximum foreign trade effects for the Association as a whole and by sub-groups of ASEAN-6 and ASEAN-4 when it devaluates to the U.S. dollar

17 CFR 240.19c-5 - Governing the multiple listing of options on national securities exchanges.

Science.gov (United States)

2010-04-01

... of options on national securities exchanges. 240.19c-5 Section 240.19c-5 Commodity and Securities... of Exchange Members § 240.19c-5 Governing the multiple listing of options on national securities exchanges. (a) The rules of each national securities exchange that provides a trading market in standardized...

The Traders' Cross: Identifying Traders' Surpluses in the Traditional Edgeworth Exchange Diagram

Science.gov (United States)

Beaulier, Scott A.; Prychitko, David L.

2010-01-01

The Edgeworth exchange diagram is a traditional tool of undergraduate microeconomic theory that depicts the mutually beneficial gains from voluntary trade. The authors take the analysis one step further. They identify the buyer's and seller's surpluses that accrue to both trading parties in the Edgeworth diagram. This is a straightforward exercise…

THE IMPACT OF THE EXCHANGE RATE ON THE COMMERCIALS FLOWS

Directory of Open Access Journals (Sweden)

Mihaela IAVORSCHI

2015-04-01

Full Text Available The liberalization of capital movements between states and of the trade of goods and services, are one of the most important phenomena in the current world economy. The purpose of the present study, in the case of Romania, is to answer the question whether the interventions by means of the exchange rate of the national currency contributes to the fluidization and improvement of the commercial trades. The study demonstrates that the leu devaluation does not lead to a substantial increase of the exports. As a mechanism of influence of the commercials flows, the exchange rate has a short-term influence and the economy requires structural reforms, meant to stimulate the growth of the economic competitiveness.

Effects of exchange rate volatility on export volume and prices of forest products

Science.gov (United States)

Sijia Zhang; Joseph Buongiorno

2010-01-01

The relative value of currencies varies considerably over time. These fluctuations bring uncertainty to international traders. As a result, the volatility in exchange rate movements may influence the volume and the price of traded commodities. The volatility of exchange rates was measured by the variance of residuals in a GARCH(1,1) model of the exchange rate. We...

MEANING OF THE BITCOIN CRYPTOGRAPHIC CURRENCY AS A MEDIUM OF EXCHANGE

Directory of Open Access Journals (Sweden)

Łukasz Dopierała

2014-06-01

Full Text Available This article presents one of the new elements of virtual reality, which is the Bitcoin cryptocurrency. This thesis focuses on the condition and perspectives on development of the trading function of this instrument. The authors discuss the legal aspects of functioning of the Bitcoin, conduct a SWOT analysis of this cryptocurrency as a medium of exchange, and examin the scale of use of Bitcoin in transaction purposes. As of March 1, 2014 the trading system gradually develops and the strengths of this cryptographic currency outweigh its weaknesses, but the future of Bitcoin as a medium of exchange is difficult to determine.

e-commerce as a tool in wholesale energy trading in Europe; eCommerce im europaeischen Energiegrosshandel

Energy Technology Data Exchange (ETDEWEB)

Herrmann, M. [Andersen Consulting, Frankfurt am Main (Germany). Bereiche Energiehandel und Risikomanagement; Judisch, S.; Pieper, T. [RWE Energy Trading Ltd., Essen (Germany); Mohnhaupt, M. [Andersen Consulting Unternehmensberatung GmbH, Hamburg (Germany). Bereiche Industrieentwicklung und Geschaeftsstrategien fuer Energie- und Versorgungsunternehmen

2000-10-01

The article discusses why and how novel e-commerce trading channels based on the world wide web, emerging in addition to the OTC market and the exchange trading, will induce a significant change in energy trading. The value adding effects for market participants using the novel trading channels are explained. (orig./CB) [German] Zwischen den klassischen bilateralen Kanaelen und dem Boersensegment werden sich neue Kanaele etablieren, die einen gravierenden Wandel im Energiegrosshandel verursachen. Der zusaetzliche Wert fuer die Teilnehmer an diesen neuen Handelskanaelen wird charakterisiert. (orig./CB)

75 FR 23704 - Order Finding That the NWP Rockies Financial Basis Contract Traded on the...

Science.gov (United States)

2010-05-04

... Traded on the IntercontinentalExchange, Inc., Performs a Significant Price Discovery Function AGENCY... (``ECM'') under sections 2(h)(3)-(5) of the Commodity Exchange Act (``CEA'' or the ``Act''), performs a significant price discovery function pursuant to section 2(h)(7) of the CEA. The Commission undertook this...

75 FR 24648 - Order Finding That the Socal Border Financial Basis Contract Traded on the...

Science.gov (United States)

2010-05-05

... Traded on the IntercontinentalExchange, Inc., Performs a Significant Price Discovery Function AGENCY...'') under sections 2(h)(3)-(5) of the Commodity Exchange Act (``CEA'' or the ``Act''), performs a significant price discovery function pursuant to section 2(h)(7) of the CEA.\\2\\ The Commission undertook this...

77 FR 9714 - Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness...

Science.gov (United States)

2012-02-17

... program is shared by NASDAQ and the following SROs: Boston Options Exchange, C2 Options Exchange... competence for Exchange Members and their associated persons, in particular, by offering an alternative... specified levels of competence and knowledge generally applicable to proprietary trading. \\16\\ 15 U.S.C. 78f...

75 FR 82236 - Principal Trades with Certain Advisory Clients

Science.gov (United States)

2010-12-30

... 3235-AJ96 Principal Trades with Certain Advisory Clients AGENCY: Securities and Exchange Commission... certain of their advisory clients. The amendment extends the date on which rule 206(3)- 3T will sunset... a principal capacity in transactions with certain of their advisory clients.\\1\\ In December 2009, we...

The Role of Private Information in Short-term Fluctuations of Won/Dollar Exchange Rates

Directory of Open Access Journals (Sweden)

Haesik Park

1999-12-01

Full Text Available In this paper, we have examined the short-run movement of the won/dollar exchange rate using information obtained from the inter-bank market in Korea. First, we constructed the hourly measure of excess demand for dollar and used it as a proxy for the trading pattern of market participants. To construct this time series, we relied on the bid and ask won/dollar exchange rates collected on the two-minute interval. We then estimated the structural VAR model consisting of the actually observed won/dollar exchange rate and the proxied trading pattern of market participants to see if private information, as opposed to public information, is relevant for explaining the hourly movement of the won/dollar exchange rate. Private information is found to account for more 30% of hourly variations of the won/dollar exchange rate. Next, we constructed the trading pattern of market participants on a daily basis using the same data set employed to build the hourly measure. We then examined whether private information is useful for predicting the daily won/dollar exchange rate movement. We found that the forecast model using both private and public information reduces out-of-sample forecast errors of an alternative model relying only on public information by 20~25%. Also, the out-of-sample forecast of the model using both private and public information is found to be more accurate than the random walk model.

Trade liberalization in the south east Europe: Effects and controversial issues

Directory of Open Access Journals (Sweden)

Pjerotić Ljiljana

2008-01-01

Full Text Available Included in the regional cooperation of SEE countries, trade liberalization is considered the most important factor of a sustainable economic growth which should contribute to the mutual trade among SEE countries, growth of the foreign direct investments, further production specialization and export structure change. Countries of the region have accepted liberalization as one of the conditions of the Stabilization and Association Process (SAP, hoping, each of them individually, that in that way they would improve proper position. Creating a free trade area will contribute to a further increase of intra-regional trade flows, but it shouldn't be expected that the relative importance of mutual exchange will prevail the importance which EU has for the SEE countries, except Moldova. Paper is divided into five sections. After the introduction, the trade liberalization process in the SEE region is explained in the second part (section 2. The third section analyses actual intra-regional trade flows and SEE countries trade relations with the EU (section 3. Some controversial issues raised in recent debates on trade liberalization in SEE are also discussed (section 4. The main conclusions are given at the end (section 5. .

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

Energy Technology Data Exchange (ETDEWEB)

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

2014-07-01

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

Beyond the exchange--the future of B2B.

Science.gov (United States)

Wise, R; Morrison, D

2000-01-01

Using the Internet to facilitate business-to-business commerce promises many benefits, such as dramatic cost reductions and greater access to buyers and sellers. Yet little is known about how B2B e-commerce will evolve. The authors argue that changes in the financial services industry over the past two decades provide important clues. Exchanges, they say, are not the primary source of value in information-intensive markets; value tends to accumulate among a diverse group of specialists that focus on such tasks as packaging, standard setting, arbitrage, and information management. Because scale and liquidity are vitally important to efficient trading, today's exchanges will consolidate into a relatively small set of mega-exchanges. Originators will handle the origination and aggregation of complex transactions before sending them on to mega-exchanges for execution. E-speculators, seeking to capitalize on an abundance of market information, will tend to concentrate where relatively standardized products can be transferred easily among a large group of buyers. In many markets, a handful of independent solution providers with well-known brand names and solid reputations will thrive alongside mega-exchanges. Sell-side asset exchanges will create the networks and provide the tools to allow suppliers to trade orders among themselves, sometimes after initial transactions with customers are made on the mega-exchanges. For many companies, traditional skills in such areas as product development, manufacturing, and marketing may become relatively less important, while the ability to understand and capitalize on market dynamics may become considerably more important.

Estimation of Import and Export demand Functions Using Bilateral Trade Data ___ the case of Pakistan

OpenAIRE

Jahanzaib Haider; Muhammad Afzal; Farah Riaz

2011-01-01

We estimated the import and export elasticities of Pakistan trade with traditional trade partners and some Asian countries to see the dynamics of Pakistan trade from 1973 to 2008. OLS results suggest that income is the principal determinant of exports and imports. Pakistan exports are cointegrated with Japan and USA while the imports are cointegrated with UAE and USA. Pakistan imports and exports are cointegrated with Bangladesh and Sri Lanka but not with India and China. Income and exchange ...

Exchange rate system and policy in the present world

OpenAIRE

Grubišić Zoran

2005-01-01

The choice of exchange rate regime is important, not only in terms of its effect on trade flows, but also with respect to inflation expectations. Countries facing disinflation may find that pegs regimes are more appropriate solution. But where the trade balance account is significantly deteriorated and growth has been sluggish, a more flexible regime might be called for. The natural classification in eighties and early nineties suggests that intermediate regimes may provide important advantag...

76 FR 51099 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Granting...

Science.gov (United States)

2011-08-17

... Rule Change to Trade Options on the CBOE Silver ETF Volatility Index August 11, 2011. I. Introduction... ETF Volatility Index (``VXSLV''). The proposed rule change was published for comment in the Federal... calculated using certain individual stock and exchange-traded fund (``ETF'') options listed on CBOE.\\3\\ In...

“Democratic Government”, Interest Groups and American Trade Politics

Directory of Open Access Journals (Sweden)

Zhanyu Dong

2013-01-01

Full Text Available The study of American trade politics is of great significance when interpreting U.S.A. trade policies and understanding China-U.S.A. trade relations. In order to explain the mechanism of American trade politics, this paper constructs a new analytical framework of “democratic government-interest groups”, which argues that U.S.A. trade policies are not only the choices made by the democratic government between state interests and political private benefits, but also the outcomes of interaction between the U.S.A. government and interest groups. The case study of the U.S.A. trade policies toward China since the new century also demonstrates how the interaction between the government and interest groups ultimately shapes trade policies. Therefore, we need to understand the logic of American trade politics, generate more mutual benefits for our two countries, and work together to promote the bilateral free trade as well as the bilateral relations between China and the U.S.A.

Mediators as the Walrasian Auctioneers of Exchange Theory

OpenAIRE

Dickenson, David

2003-01-01

This article opens up mediation to systematic economic analysis by considering mediators as analogous to the Walrasian auctioneers of exchange theory. By altering trade-off rates among bargaining issues, mediators facilitate a process leading towards Pareto efficient voluntary settlements.

Environmental pollution and world trade

International Nuclear Information System (INIS)

Batra, Ravi; Beladi, Hamid; Frasca, Ralph

1998-01-01

In this paper we present a model that highlights the relationship between international trade and environmental pollution. It includes a small open economy that produces a domestic composite good and imports another composite good and energy products. The pollution is created by local production, global production and transportation. Given this model we demonstrate that free trade within the current political and economic context may produce a suboptimal level of welfare. The rationale is based upon the argument that transportation is energy-intensive and that, therefore, trade itself is a source of pollution. Consequently, under certain global conditions the introduction of an energy tariff in a small open economy raises social welfare and is superior to free trade. A consumption tariff adopted by a single nation will not have similar consequences because it has no impact upon local usage. However, when a consumption tariff is globally adopted there is the opportunity for a net benefit. Finally, we argue that a global tariff that raises both the price of energy and the price of the imported composite good may generate the greatest increase in welfare by reducing both energy-intensive production and energy-intensive trade

Environmental pollution and world trade

Energy Technology Data Exchange (ETDEWEB)

Batra, Ravi [Department of Economics, Southern Methodist University, Dallas, TX 75275-0496 (United States); Beladi, Hamid; Frasca, Ralph [Department of Economics and Finance, University of Dayton, Dayton, OH 45469-2240 (United States)

1998-11-01

In this paper we present a model that highlights the relationship between international trade and environmental pollution. It includes a small open economy that produces a domestic composite good and imports another composite good and energy products. The pollution is created by local production, global production and transportation. Given this model we demonstrate that free trade within the current political and economic context may produce a suboptimal level of welfare. The rationale is based upon the argument that transportation is energy-intensive and that, therefore, trade itself is a source of pollution. Consequently, under certain global conditions the introduction of an energy tariff in a small open economy raises social welfare and is superior to free trade. A consumption tariff adopted by a single nation will not have similar consequences because it has no impact upon local usage. However, when a consumption tariff is globally adopted there is the opportunity for a net benefit. Finally, we argue that a global tariff that raises both the price of energy and the price of the imported composite good may generate the greatest increase in welfare by reducing both energy-intensive production and energy-intensive trade

Using Multiple Tools to Analyze Resource Exchange in China

Directory of Open Access Journals (Sweden)

Nan Li

2015-09-01

Full Text Available With the rapid development of globalization, the function of international physical resource exchange is becoming increasingly important in economic growth through resource optimization. However, most existing ecological economy studies use physical trade balance (PTB directly or use physical imports and exports individually to analyze national material metabolization. Neither the individual analysis of physical imports and exports nor the direct analysis of PTB is capable of portraying the comprehensive contributions of a certain product to total physical trade. This study introduced an indicator, i.e., the physical contribution to the trade balance (PCB, which evolved from the traditional index of contribution to the trade balance (CB. In addition, trade balance (TB, PTB, CB, and PCB were systematically related and combined. An analysis was conducted using the four tools to obtain overall trade trends in China. This study discovered that both physical trade value and quantity exhibited different characteristics when China joined the World Trade Organization in 2002 and experienced the global economic crisis in 2009. Finally, the advantages of a supporting policy decision by applying multiple analytical tools to physical trade were discussed.

Markets and Networks in International Trade

DEFF Research Database (Denmark)

Håkanson, Lars; Dow, Douglas

2012-01-01

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

Vulnerability of countries to food-production crises propagating in the virtual water trade network

Science.gov (United States)

Tamea, S.; Laio, F.; Ridolfi, L.

2015-12-01

In recent years, the international trade of food and agricultural commodities has undergone a marked increase of exchanged volumes and an expansion of the trade network. This globalization of trade has both positive and negative effects, but the interconnectedness and external dependency of countries generate complex dynamics which are often difficult to understand and model. In this study we consider the volume of water used for the production of agricultural commodities, virtually exchanged among countries through commodity trade, i.e. the virtual water trade. Then, we set up a parsimonious mechanistic model describing the propagation, into the global trade network, of food-production crises generated locally by a social, economic or environmental event (such as war, economic crisis, drought, pest). The model, accounting for the network structure and the virtual water balance of all countries, bases on rules derived from observed virtual water flows and on data-based and statistically verified assumption. It is also tested on real case studies that prove its capability to capture the main features of crises propagation. The model is then employed as the basis for the development of an index of country vulnerability, measuring the exposure of countries to crises propagating in the virtual water trade network. Results of the analysis are discussed within the context of socio-economic and environmental conditions of countries, showing that not only water-scarce, but also wealthy and globalized countries, are among the most vulnerable to external crises. The temporal analysis for the period 1986-2011 reveals that the global average vulnerability has strongly increased over time, confirming the increased exposure of countries to external crises which may occur in the virtual water trade network.

78 FR 50135 - Soil Biogenics Ltd., File No. 500-1; Order of Suspension of Trading

Science.gov (United States)

2013-08-16

... SECURITIES AND EXCHANGE COMMISSION Soil Biogenics Ltd., File No. 500-1; Order of Suspension of Trading August 14, 2013. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Soil Biogenics Ltd. because it has not filed [[Page 50136

75 FR 15476 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

Science.gov (United States)

2010-03-29

... virtually impossible in the liquid securities traded on the Exchange. \\7\\ This is similar to the method... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-61756; File No. SR-NYSE-2010-24] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of...

78 FR 55769 - North China Horticulture, Inc., File No. 500-1; Order of Suspension of Trading

Science.gov (United States)

2013-09-11

... SECURITIES AND EXCHANGE COMMISSION North China Horticulture, Inc., File No. 500-1; Order of Suspension of Trading September 6, 2013. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of North China Horticulture, Inc...

Trading with the waiting-list: the justice of Living Donor List Exchange

NARCIS (Netherlands)

den Hartogh, G.

2010-01-01

In a Living Donor List Exchange program, the donor makes his kidney available for allocation to patients on the postmortal waiting-list and receives in exchange a postmortal kidney, usually an O-kidney, to be given to the recipient he favours. The program can be a solution for a candidate donor who

Seamless electricity trade between Canada and the U.S. northeast

International Nuclear Information System (INIS)

Bernard, J.T.; Clavet, F.; Ondo, J.C.

2003-01-01

In January 1997, the wholesale electricity market in the United States (U.S.) opened to competition following FERC Order 888 which allowed producers and local distribution companies to sell electricity at market prices. The deregulation of the wholesale electricity market in the U.S. is regarded as an opportunity for the Canadian electric power industry to increase profit. This paper examined the price and trade effects for Ontario, Quebec, New Brunswick, New York and New England resulting from the seamless border created by deregulation. Pre-1997 exchanges made possible fuel cost savings of $397.2 million per year. Deregulation added annual savings of $358.7 million. The main beneficiaries are Canadian regions because exports are priced at the marginal costs of the importing regions. Imports from the Canadian regions are not large enough to lower the marginal costs of the U.S. regions. Therefore, electricity deregulation across the border is not likely to greatly decrease prices in the U.S. regions. It was also noted that the U.S. is becoming more dependant upon Canadian electricity imports. Since wholesale markets were opened, greenhouse gas (GHG) emissions increased by 4.3 Mt of carbon dioxide equivalent because of the low cost of coal, mostly in Ontario. Trade patterns may change with growing electricity demand and environmental concerns. 17 refs., 12 tabs., 1 fig

FY 2000 report on information exchanges/analytical survey for improvement of energy consumption efficiency; 2000 nendo energy shohi koritsuka joho kokan bunseki chosa hokokusho

Energy Technology Data Exchange (ETDEWEB)

NONE

2001-03-01

For the purpose of surveying the situation of the arrangement of methods of energy conservation promotion and the emissions trading system in developing countries by Japan having the effectiveness or in cooperation with developed countries, information was collected through the participation in international conferences related to energy conservation promotion, etc. and by visits at governmental organizations in charge in developed countries and developing countries. The results of the survey were classified into the following four items: 1) survey method; 2) exchanges of information on energy conservation in main 3 developing counties; 3) exchanges of information of energy conservation in the main developed countries; 4) exchanges of information of the emissions trading system (international trading system of energy conservation values (greenhouse effect gas emission right)). In 4), survey was made on the following: the emissions trading system for the inside of company group (BP-Amoco), the details of the emissions trading system for one country (the U.K.), the grapple with the emissions trading by a private trading organization (NATSOURCE Co.), and the handle with the emissions trading system by each of the OECD countries. (NEDO)

77 FR 39768 - Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing of Proposed Rule Changes To...

Science.gov (United States)

2012-07-05

... immediately cancel, ``pinging'' orders, as reflected in generally higher message-to-trade ratios. The Exchange.... First, the Exchange believes this limited exception is constructed narrowly enough, based on rational...

Terms of trade effects on PPP and incomes of primary-commodity exporting countries

OpenAIRE

Koya, Sharmistha N.

1994-01-01

This dissertation investigates the commodity currency argument of primary and secondary effects of the terms of trade on exchange rates and real income, respectively. The Johansen procedure of cointegration testing is applied to dynamic models for a set of four developed countries (New Zealand, Australia, Norway and Iceland) and five less developed countries (Colombia, India, Malaysia, Thailand and Venezuela) each against it's major trading partner and the United States. The ...

76 FR 45626 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

Science.gov (United States)

2011-07-29

... executions submitted through an Institutional Broker.\\7\\ The Exchange is also lowering the rate of the... remainders would be charged the fee rate set forth in Section E.1. of the Fee Schedule. The Exchange is... Schedule. The Exchange is also modifying the types of transactions subject to the Trade Processing Fee to...

75 FR 2166 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Science.gov (United States)

2010-01-14

... Effectiveness of Proposed Rule Change Relating to Exchange Fees for Fiscal Year 2010 January 6, 2010. Pursuant..., and the Installation fee of $500 for satellite TV under Section 8(F)(10) of the Fees Schedule; Trade... Exchange's marketing fee\\22\\ shall not apply. The Exchange believes the rule change will further the...

STRUCTURE AND SHARES IN THE ROMANIAN INTERNATIONAL TRADE

Directory of Open Access Journals (Sweden)

Elena TOMA

2014-04-01

Full Text Available An analysis of a wider range of external trade sector of Romania was carried out in this paper. Main purpose of the paper was identification of the products which have submitted during the period 2002-2011 a wide dynamic with regard to trade of Romania, the total and in particular with the EU countries. The methodology used in this respect was detailed analysis of the data, of the structure of imports and exports and the dynamics of these exchanges during the ten years. Thus, we have identified productions which have had a production upward or downward trend in the structure of total trade. It is a case of grain, milk and seeds and oleaginous fruits and tobacco, which has had a positive development in imports and exports. Tobacco and meat products for the imports and live livestock and vegetables for the exports have registered a decreased share.

76 FR 64417 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Science.gov (United States)

2011-10-18

... Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Competitive Market Maker Trading Rights October 12, 2011. Pursuant to Section...\\ notice is hereby given that on October 3, 2011, the International Securities Exchange, LLC (the...

Information arrival and volatility: Evidence from the Saudi Stock Exchange (Tadawul

Directory of Open Access Journals (Sweden)

Ezzat Hassan

2017-01-01

Full Text Available This paper investigates the validation of the Mixture of Distributions Hypothesis (MDH using trading volume and number of trades as contemporaneous proxies for information arrival in 15 sector indices of the Saudi Stock Exchange (Tadawul using the TGARCH model. Findings provide strong evidence for the validity of the MDH for the Saudi market. Volatility persistence decreases when the trading volume and the number of trades are included in the conditional variance equation. The most striking finding is that contemporaneous number of trades is a better proxy for information arrival than trading volume, interacting with volatility in a manner anticipated under the MDH. This can be attributed to the unique characteristic of the Saudi equity market where only domestic investors are allowed to execute trade transactions. Further, the results reveal that the leverage effect was amplified, indicating a more pronounced asymmetric effect of bad news on volatility.

75 FR 38487 - Order Finding That the Fuel Oil-180 Singapore Swap Contract Traded on the...

Science.gov (United States)

2010-07-02

... Traded on the IntercontinentalExchange, Inc., Does Not Perform a Significant Price Discovery Function... (``ECM'') under sections 2(h)(3)-(5) of the Commodity Exchange Act (``CEA'' or the ``Act''), performs a significant price discovery function pursuant to section 2(h)(7) of the CEA. The Commission undertook this...

78 FR 29200 - Benda Pharmaceutical, Inc. and China Shuangjii Cement Ltd., Order of Suspension of Trading

Science.gov (United States)

2013-05-17

... SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] Benda Pharmaceutical, Inc. and China Shuangjii Cement Ltd., Order of Suspension of Trading May 15, 2013. It appears to the Securities and Exchange... Pharmaceutical, Inc. because it has not filed any periodic reports since the period ended September 30, 2010. It...

The empirical relationship between energy futures prices and exchange rates

International Nuclear Information System (INIS)

Sadorsky, P.

2000-01-01

This paper investigates the interaction between energy futures prices and exchange rates. Results are presented to show that futures prices for crude oil, heating oil and unleaded gasoline are co-integrated with a trade-weighted index of exchange rates. This is important because it means that there exists a long-run equilibrium relationship between these four variables. Granger causality results for both the long- and short-run are presented. Evidence is also presented that suggests exchange rates transmit exogenous shocks to energy futures prices. 22 refs

Exchange rate volatility and oil prices shocks and its impact on economic sustainability

Directory of Open Access Journals (Sweden)

Khuram Shaf

2015-01-01

Full Text Available Impact of exchange rate volatility has received a great attention from the last century, its importance is certain in all sectors of the economy and it affects welfare as well as social life of the economy. Exchange rate between two currencies tells the value of one currency in terms of others one. Depreciation/Appreciation of exchange rate affects economic growth in terms of trade and shifts income to/from exporting countries from/to importing countries. The factors affecting exchange rate are inflation, interest rate, foreign direct investment, government consumption expenditure and balance of trade. This research study examines the impact of oil prices and exchange rate volatility on economic growth in Germany based on 40-year annual data. Cointegration technique is applied to check the impact of macroeconomic variables on exchange rate in the long run and short run. It is estimated that imports, exports, inflation, interest rate, government consumption expenditure and foreign direct investment had significant impacts on real effective exchange rate in the long run and short run. Sin addition, Engle Granger results indicate that relationship was significant for the long run and its error correction adjustment mechanism (ECM in short a run is significant and correctly signed for Germany.

78 FR 16338 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing of...

Science.gov (United States)

2013-03-14

... makers (i.e., Electronic Access Members),\\12\\ and whether a trade is adjusted or busted also differs.\\13... Exchange nullifies obvious error transactions unless all parties to the trade are ISE market makers, in... is an equally valid opposing view because adjustments can result in retail customer orders being...

The balance-of-payments constraint:from balanced trade to sustainable debt

Directory of Open Access Journals (Sweden)

Nelson H. Barbosa-Filho

2001-12-01

Full Text Available This paper extends the balance-of-payments constraint on growth known as Thirlwall's law to incorporate unbalanced trade and debt accumulation. Assuming that small open economies face a liquidity constraint, the text shows the growth and real-exchange-rate policy rules consistent with a stable ratio of net exports to income. Given such rules, the text shows how the trade balance of a small open economy is residually determined by the ratio of foreign debt to income allowed by international conditions.

Information needs for problem holders/solution providers: EnviroTRADE

International Nuclear Information System (INIS)

Robson, W.M.; Harrington, M.W.; Harlan, C.P.

1994-01-01

EnviroTRADE (or Environmental Technologies for Remedial Actions Data Exchange) is a domestic and international information system that matches environmental problems with potential technologies solutions by combining state of the art information management techniques, graphical interfaces and a Geographic Information System (GIS). Its search and match algorithms locate technologies relevant to specific environmental problems and identify sites where technology may be applicable. EnviroTRADE also provides many other kinds of database searches and reports. EnviroTRADE is a graphical/textural information management system being developed for the cleanup program of US Department of energy's nuclear weapons complex. Its principal purpose is to provide a single, powerful, interactive data source on the many environmental restoration and waste management (ER/WM) problems and on the technologies currently under development and available to resolve them. Because the volume and complexity of the information is so large, a sophisticated Relational database Management System (RDBMS) is employed for EnviroTRADE which accommodates graphical images, technical data, structured textural descriptions, and a variety of advanced multi-media data types. EnviroTRADE is a multi-purpose, multi-user system capable of addressing a broad range of environmental assessment and cleanup issues

Information needs for problem holders/solution providers: EnviroTRADE

Energy Technology Data Exchange (ETDEWEB)

Robson, W.M. [Lawrence Livermore National Lab., CA (United States); Harrington, M.W.; Harlan, C.P. [Sandia National Labs., Livermore, CA (United States)

1994-12-31

EnviroTRADE (or Environmental Technologies for Remedial Actions Data Exchange) is a domestic and international information system that matches environmental problems with potential technologies solutions by combining state of the art information management techniques, graphical interfaces and a Geographic Information System (GIS). Its search and match algorithms locate technologies relevant to specific environmental problems and identify sites where technology may be applicable. EnviroTRADE also provides many other kinds of database searches and reports. EnviroTRADE is a graphical/textural information management system being developed for the cleanup program of US Department of energy`s nuclear weapons complex. Its principal purpose is to provide a single, powerful, interactive data source on the many environmental restoration and waste management (ER/WM) problems and on the technologies currently under development and available to resolve them. Because the volume and complexity of the information is so large, a sophisticated Relational database Management System (RDBMS) is employed for EnviroTRADE which accommodates graphical images, technical data, structured textural descriptions, and a variety of advanced multi-media data types. EnviroTRADE is a multi-purpose, multi-user system capable of addressing a broad range of environmental assessment and cleanup issues.

78 FR 76664 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Granting...

Science.gov (United States)

2013-12-18

... Exchange plans to introduce CBOE Short-Term Volatility Index (``VXST'') options (to be traded on CBOE) and... value is calculated for options or futures on such volatility indexes. For short-term volatility indexes... different implied volatility measurement periods.\\17\\ \\17\\ The Exchange notes that it will submit a separate...

77 FR 43879 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Science.gov (United States)

2012-07-26

... Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its Customer Large Trade Discount (the ``Discount''), which is intended to cap fees on large customer trades. Currently, regular... ``person'' as ``an individual, partnership (general or limited), joint stock company, corporation, limited...

Assessing the advantages and drawbacks of government trading of guarantees of origin for renewable electricity in Europe

International Nuclear Information System (INIS)

Ragwitz, Mario; Del Rio Gonzalez, Pablo; Resch, Gustav

2009-01-01

The European Commission has proposed a new Renewable Energy Directive, which includes flexibility provisions allowing the cost-effective attainment of the ambitious target for renewable energy of 20% of energy consumption, which has been set for the year 2020. One of the flexibility provisions currently being considered is to allow countries to reach their individual targets by buying their renewable electricity deployment deficit from other countries with a surplus (i.e., with a renewable electricity deployment above their targets). This trade is likely to take the form of an exchange in guarantees of origin (GOs). GOs are currently implemented in Member States to fulfil the Renewable Electricity Directive requirement that each country has a system that allows the tracing of the source of each kWh of renewable electricity and informs on this source. Although the recent and tiny literature on the analysis of GO trading has focused on trade between firms, the exchange of GOs between governments has not received a comparable attention. This paper analyses the advantages and drawbacks of a system of government trading of GOs with respect to company trading. (author)

Assessing the advantages and drawbacks of government trading of guarantees of origin for renewable electricity in Europe

Energy Technology Data Exchange (ETDEWEB)

Ragwitz, Mario [Fraunhofer Institute Systems and Innovation Research, Breslauer Street 48, D-76139 Karlsruhe (Germany); Del Rio Gonzalez, Pablo [Institute for Public Goods and Policies (IPP), Centro de Ciencias Humanas y Sociales, Consejo Superior de Investigaciones Cientificas (CSIC), C/Albasanz 26-28, 28037 Madrid (Spain); Resch, Gustav [Energy Economics Group, Vienna University of Technology, Gusshausstrasse 25-29/373-2, A-1040 Vienna (Austria)

2009-01-15

The European Commission has proposed a new Renewable Energy Directive, which includes flexibility provisions allowing the cost-effective attainment of the ambitious target for renewable energy of 20% of energy consumption, which has been set for the year 2020. One of the flexibility provisions currently being considered is to allow countries to reach their individual targets by buying their renewable electricity deployment deficit from other countries with a surplus (i.e., with a renewable electricity deployment above their targets). This trade is likely to take the form of an exchange in guarantees of origin (GOs). GOs are currently implemented in Member States to fulfil the Renewable Electricity Directive requirement that each country has a system that allows the tracing of the source of each kWh of renewable electricity and informs on this source. Although the recent and tiny literature on the analysis of GO trading has focused on trade between firms, the exchange of GOs between governments has not received a comparable attention. This paper analyses the advantages and drawbacks of a system of government trading of GOs with respect to company trading. (author)

Welfare gains by reducing transaction costs: Linking trade and innovation policy

NARCIS (Netherlands)

Butter, den Frank A.G.; Baeten, Joost

2006-01-01

Specialisation and trade are major sources of productivity increases, and therefore of welfare gains. With reference to the Netherlands this paper discusses how (international) fragmentation of production and outsourcing may enhance productivity. In order to promote further specialisation and trade,

Technical analysis in the foreign exchange market: a layman's guide

OpenAIRE

Christopher J. Neely

1997-01-01

Economists have traditionally been skeptical of the value of technical analysis, the use of past price behavior to guide trading decisions in asset markets. Instead, they have relied on the logic of the efficient markets hypothesis. Christopher J. Neely briefly explains the fundamentals of technical analysis and the efficient markets hypothesis as applied to the foreign exchange market, evaluates the profitability of simple trading rules, and reviews recent ideas that might justify extrapolat...

Foreign Exchange Risk in International Transactions

Directory of Open Access Journals (Sweden)

Florentina-Olivia Balu

2007-03-01

Full Text Available Every international business is affected by the ever-changing value of the currencies implied in contracts. While many of us consider this unpredictability a nuisance, the volatility of currencies around the world can mean the difference between success and failure for many exporters/importers. Exchange rates between one currency and another can change dramatically in a short period of time, leaving the unprepared business exposed to potentially crippling losses. The efficient management of this risk is essential for the survival of a company and any business that is exposed to such a risk should ensure that it is fully prepared to manage it. Old standbys and recent breakthroughs in the area of financial risk management can remove much of the risk from currency rate movements. The range of such products is huge, with increasingly sophisticated techniques constantly being added. Among the most modern methods for managing exchange risk there are four major classes of derivative products like: forwards, futures, options, and swaps. Beyond the four main types of risk management instruments, there are a number of other products including "swaptions" (options on swaps; avenging options; yield curve swaps; futures on spreads; and options on portfolios. Sophisticated mathematical tools and high-speed computers are needed to calculate the price of these instruments and to determine their overall effect on the company. In this article we will focus on forward and futures contracts for managing foreign exchange risk. A forward is a contract to buy or sell currency at an agreed upon exchange rate at a specific date in the future. Futures are similar to forwards except that they're traded on exchanges which specify settlement dates. Also we make some recommendations related to the foreign exchange risk-management practices that are useful for companies involved in international trade and for financial institutions interested in providing hedging products to

Process for the exchange of hydrogen isotopes between streams of liquid water and gaseous halohydrocarbon and an apparatus therefor

International Nuclear Information System (INIS)

Symons, E. A.; Clermont, M. J.; Paterson, L. M.; Rolston, J. H.

1985-01-01

Hydrogen isotope (e.g. deuterium) exchange from liquid water to a gaseous halohydrocarbon (e.g. fluoroform, CF 3 H-CF 3 D) is obtained at an operating temperature in the range 0 0 to 100 0 C. using a catalytically active mass comprising a porous anion exchange resin in the hydroxide ion form and enriched gaseous halohydrocarbon stream is decomposed by isotope selective photo-decomposition into a first, gaseous stream enriched in the hydrogen isotope, which is removed as a product, and a depleted gaseous halohydrocarbon stream, which is recirculated for enrichment again. The catalytically active mass may, for example, be in the form of resin particles suspended in a fluidized bed or packed as resin particles between sheets wound into a roll. One of the sheets may be corrugated and have open interstices to form a packing in a column which permits countercurrent gas and liquid flow past the resin. Preferably the wound sheets are hydrophilic to retard flooding by the liquid water. The liquid water stream may contain dimethyl sulfoxide (DMSO) added as co-solvent

75 FR 23710 - Order Finding That the ICE PG&E Citygate Financial Basis Contract Traded on the...

Science.gov (United States)

2010-05-04

... ICE maintains exclusive rights over IPI's bidweek price indices. As a result, no other exchange can... this contract has the exclusive right to base its settlement on the IPI PG&E Citygate Index price... Contract Traded on the IntercontinentalExchange, Inc., Performs a Significant Price Discovery Function...

The Evolution of Foreign Exchange Markets in the Context of Global Crisis

Directory of Open Access Journals (Sweden)

Mariana Trandafir

2011-12-01

Full Text Available The FX market is the world’s largest financial market. The global financial systeminvolves effective and efficient exchange of currencies. Corporations and investors participate in themarket for operational needs: to reduce risk by hedging currency exposures; to convert their returnsfrom international investments into domestic currencies and to make cross-border investments andraise finance outside home markets. Central banks participate in the market. This paper analyzesforeign exchange marketsactivity before and under the condition the global crisis. The method ofresearch is the comparative analysis used on the global and European level. The research is importantand actual because it reveals the changeswhich have defined a new paradigm forthe foreignexchange marketsand which contributed to the increasing of the global foreign exchange marketturnover during the global crisis. The main conclusion of the paper is that the innovativedevelopments in electronic trading technology and institutional trading arrangements are behind theevolution of the foreign exchange markets. The analysis is supported by statistical tables and uses therecent officialBank for International Settlements and European Central Bank statistic databases.

Current Trends in Foreign Trade Theory and Policy

Directory of Open Access Journals (Sweden)

Zdzisław W. Puślecki

2017-12-01

Full Text Available In this research work, Author focus on the current analysis trends in foreign trade theory and policy. Accordance with the foreign trade policy theory further trade liberalisation and improved framework policies would increase trade and promote growth. It must be emphasized that openness to trade is associated with higher incomes and growth and there is the need for new approaches to trade cooperation in light of the forces that are currently re-shaping international business. What indicates the importance and innovativeness of the research is the presentation of the new models of the foreign trade policy and trade interests. First of all, it must underline that in the new theoretical terms in demand for trade policy very important is factor specificity. The low specificity of factors means that factor returns are equalized throughout a region’s economy. On the other hand, some factors are stuck in their present uses; therefore, factor returns are not equalized throughout a region’s economy but are industry specific. The main objective of the research task is to give a comprehensive analysis of current trends in foreign trade theory and policy and in particular models of foreign trade policy, trade interests indicated by export orientation and import sensitivity, foreign trade policy in different types of authoritarian regimes, protectionist pressures in different political system, the level of protectionist pressures, the tendencies to bilateralism in the foreign trade policy. It should be stressed that free trade in itself is not responsible for economic growth, but more significant are the determining macroeconomic stability and increasing investment.

Estimating long-run equilibrium real exchange rates: short-lived shocks with long-lived impacts on Pakistan.

Science.gov (United States)

Zardad, Asma; Mohsin, Asma; Zaman, Khalid

2013-12-01

The purpose of this study is to investigate the factors that affect real exchange rate volatility for Pakistan through the co-integration and error correction model over a 30-year time period, i.e. between 1980 and 2010. The study employed the autoregressive conditional heteroskedasticity (ARCH), generalized autoregressive conditional heteroskedasticity (GARCH) and Vector Error Correction model (VECM) to estimate the changes in the volatility of real exchange rate series, while an error correction model was used to determine the short-run dynamics of the system. The study is limited to a few variables i.e., productivity differential (i.e., real GDP per capita relative to main trading partner); terms of trade; trade openness and government expenditures in order to manage robust data. The result indicates that real effective exchange rate (REER) has been volatile around its equilibrium level; while, the speed of adjustment is relatively slow. VECM results confirm long run convergence of real exchange rate towards its equilibrium level. Results from ARCH and GARCH estimation shows that real shocks volatility persists, so that shocks die out rather slowly, and lasting misalignment seems to have occurred.

Long-run and Short-run Determinants of the Real Exchange Rate in Zambia

OpenAIRE

Mkenda, Beatrice Kalinda

2001-01-01

The paper analyses the main determinants of the real exchange rate in Zambia. It first gives a brief review of the Zambian economy and a review on real exchange rate studies. Then an illustrative model is presented. The study employs cointegration analysis in estimating the long-run determinants of the real exchange rates for imports and exports, and of the internal real exchange rate. The finding is that terms of trade, government consumption, and investment share all influence the real exch...

NPT, export controls and nuclear trade

International Nuclear Information System (INIS)

Pande, Savita

1997-01-01

Nuclear trade has by and large remained unhampered vis-a-vis both the NPT as well as export control regulations. The NPT rules are regarded as insufficient, the guidelines appear to contravene the spirit of cooperation in trade and development between suppliers and recipients and there is no agreement among leading suppliers themselves on what constitutes the proper conduct of trade. Export control regimes are more or less too informal to be able to be implemented. The supplier states have to invariably depend on national legislations which again vary from country to country. The only common formal basis on which action can be taken is, therefore, the NPT, its loopholes notwithstanding. The idea of transparency, and supplier-recipient dialogue continues to be a myth and will continue to be so long as these regimes remain discriminatory, so long as some nations are more powerful than others by virtue of retaining nuclear weapons and superiority in nuclear technology and trade

Study of influence of exchange rate change on the supply and demand of energy

Energy Technology Data Exchange (ETDEWEB)

Sohn, Y.H.; Shin, D.C. [Korea Energy Economics Institute, Euiwang (Korea, Republic of)

1997-08-01

The change of relative prices of trading goods and non-trading goods due to appreciation or depreciation of real exchange rates influences industrial structure and trading infrastructure by changing output, consumption, import and export, and prices of domestic economy. Considering that energy is used as intermediate input of all industrial sectors as well as in final consumption in the Korean economy which lacks energy resources and relies on imported energy resources, I believe that assessing the concrete effects of the real exchange rate change onto the energy industry must be a very important item in establishing effective energy policy. In this thesis, I measure the elasticity of the exchange rate as endogenous factors related to the energy industry using a CGE model that breaks down the energy industry. One (1) % depreciation of real exchange rate increases the domestic sales prices of all energy industry sectors, and the price increase ratios of petroleum and coal products are calculated as the highest among these. Petroleum and coal products show the highest price increase ratios while both the output and export decrease. On the other hand, depreciation increases the domestic sales prices of power generation, city gas, and heating sectors, but it is found to increase the output apart from petroleum and coal products. Depreciation of the real exchange rate is found to change the composition of the energy industry from petroleum and coal products to power generation, city gas, and heating sectors. 11 refs., 1 fig., 6 tabs.

78 FR 41447 - Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of Filing and Immediate...

Science.gov (United States)

2013-07-10

... also spur innovation and competition for the provision of market data. The Exchange believes that its... making profitable trading decisions. If the cost of the product exceeds its expected value, the BD will... rapid, inexpensive, and profitable. The history of electronic trading is replete with examples of...

Forecasting of foreign exchange rates of Taiwan’s major trading partners by novel nonlinear Grey Bernoulli model NGBM(1, 1)

Science.gov (United States)

Chen, Chun-I.; Chen, Hong Long; Chen, Shuo-Pei

2008-08-01

The traditional Grey Model is easy to understand and simple to calculate, with satisfactory accuracy, but it is also lack of flexibility to adjust the model to acquire higher forecasting precision. This research studies feasibility and effectiveness of a novel Grey model together with the concept of the Bernoulli differential equation in ordinary differential equation. In this research, the author names this newly proposed model as Nonlinear Grey Bernoulli Model (NGBM). The NGBM is nonlinear differential equation with power index n. By controlling n, the curvature of the solution curve could be adjusted to fit the result of one time accumulated generating operation (1-AGO) of raw data. One extreme case from Grey system textbook is studied by NGBM, and two published articles are chosen for practical tests of NGBM. The results prove the novel NGBM is feasible and efficient. Finally, NGBM is used to forecast 2005 foreign exchange rates of twelve Taiwan major trading partners, including Taiwan.

FDI Inflows, Price and Exchange Rate Volatility: New Empirical Evidence from Latin America

Directory of Open Access Journals (Sweden)

Silvia Dal Bianco

2017-02-01

Full Text Available This paper investigates the impact of price and real exchange rate volatility on Foreign Direct Investment (FDI inflows in a panel of 10 Latin American and Caribbean countries, observed between 1990 and 2012. Both price and exchange rate volatility series are estimated through the Generalized Autoregressive Conditional Heteroscedasticity model (GARCH. Our results obtained, employing the Fixed Effects estimator, confirm the theory of hysteresis and option value, in so far as a statistically significant negative effect of exchange rate volatility on FDI is found. Price volatility, instead, turns out to be positive but insignificant. Moreover, we show that human capital and trade openness are key for attracting foreign capital. From the policy perspective, our analysis suggests the importance of stabilization policies as well as the policy of government credibility in promoting trade openness and human capital formation.

European Union Emissions Trading Scheme (EU-ETS) Futures Liquidity Effects: Evidence from the European Energy Exchange (EEX)

OpenAIRE

Ibikunle, Gbenga; Gregoriou, Andros

2011-01-01

We examine liquidity effects after the onset of trading in phase II of the EU-ETS for European Union Allowance (EUA) futures contracts. We obtain evidence of long-term improvement in liquidity of the EEX EUA December 2008 futures contract after the commencement of trading in phase II. Our results suggest the application of a new regime of trading rules in Phase II led to the improvements in liquidity.

Risk-premia, Carry-trade Dynamics, and Economic Value of Currency Speculation

DEFF Research Database (Denmark)

Wagner, Christian

2012-01-01

In this paper, we derive the dynamics and assess the economic value of currency speculation by formalizing the concept of a trader inaction range. We show that exchange rate returns comprise a time-varying risk-premium and that uncovered interest parity (UIP) holds in a speculative sense. The often......-cited ‘forward bias puzzle’ originates from the omission of the risk-premium in standard UIP tests. Consistent with its popularity among market professionals, the carry-trade strategy can be rationalized as it systematically collects risk-premia, however, the economic value generated by bilateral carry-trades...

'Carbon-Money Exchange' to contain global warming and deforestation

International Nuclear Information System (INIS)

Nagase, Kozo

2005-01-01

This paper builds a basic theory of 'Carbon-Money Exchange' in which carbon as currency in nature's household (ecosystems) and money as currency in humankind's household (economy) are exchanged just like in a foreign exchange. The simple chemical equation below makes it possible (CO 2 →C+O 2 =C+O 2 →CO 2 ). The left-hand side represents the work of plants to remove atmospheric CO 2 . The right-hand side represents the work of humans as fossil fuel consumers to produce it. The exchange of the two currencies is possible by copying the fossil fuel market. The paper concludes that this new exchange can automatically contain global warming and deforestation, replacing onerous emissions trading. Moreover, it could revolutionize the conventional economy, creating counter-capitalism, or 'carbonism'

Advancing Sustainable Development in Global Trade and Multilateral Negotiations

Directory of Open Access Journals (Sweden)

Christophe Bellmann

2011-05-01

Full Text Available Published by Palgrave MacmillanWorld exports and imports are quickly recovering after the 2008-09 sharp decline in merchandise trade, as illustrated by global trade performances in the first and second quarters of 2010. In spite of this impressive recovery, domestic concerns in OECD countries about employment, competitiveness and China’s exchange rate policy have created a difficult political environment for further liberalisation under the Doha Round. Interestingly, developing countries, which were reluctant to engage in a new round of trade negotiations back in 2001, are now in the vanguard of those that wish for a swift conclusion of the talks, even if consensus on the ambitious ‘development package’ envisaged in Doha remains elusive. At the same time trade has been the subject of unprecedented attention and scrutiny in the climate change talks. In a world where multilateral cooperation is in crisis there is a dire need for the international community to generate new types of arrangements and innovative responses to the imperatives of development and the global transition to a low-carbon economy.

e-Trading

Energy Technology Data Exchange (ETDEWEB)

NONE

2001-07-01

PetroCosm is a B2B online exchange for the oil and gas industry. It links buyers and sellers to service providers in real-time product and service trading across the supply chain. It can facilitate the transfer of equipment and services for oil and gas companies around the world. This paper referred to the value-creation opportunities associated with electronically transforming oil and gas companies. Traditional businesses that use Internet technology extensively can shift their strategic perspective to an e-business perspective where the need for capital is minimized and more focus can be placed on productivity, creating a more efficient and dynamic company with potential for long-term competitive advantages. Many oil companies have moved forward with implementing the needed technology and management infrastructure for e-business. 10 figs.

e-Trading

International Nuclear Information System (INIS)

2001-01-01

PetroCosm is a B2B online exchange for the oil and gas industry. It links buyers and sellers to service providers in real-time product and service trading across the supply chain. It can facilitate the transfer of equipment and services for oil and gas companies around the world. This paper referred to the value-creation opportunities associated with electronically transforming oil and gas companies. Traditional businesses that use Internet technology extensively can shift their strategic perspective to an e-business perspective where the need for capital is minimized and more focus can be placed on productivity, creating a more efficient and dynamic company with potential for long-term competitive advantages. Many oil companies have moved forward with implementing the needed technology and management infrastructure for e-business. 10 figs

76 FR 21087 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Science.gov (United States)

2011-04-14

... developed an enhanced technology trading platform (the ``Optimise platform''). To assure a smooth transition... Optimise trading platform and will continue to do so up to the launch of the new technology and during the... tested and is available for the launch. The Exchange believes that it will be less disruptive to members...

77 FR 40136 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Science.gov (United States)

2012-07-06

... trading day's last sale price was greater than $100) in premium in each of the front two expiration months... options whose underlying stock's previous trading day's last sale price was greater than $100) in premium... to the following additional two symbols: GLD and VXX.\\12\\ The Exchange proposes to expand the pricing...

77 FR 16295 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Science.gov (United States)

2012-03-20

... trading day's last sale price was greater than $100) in premium in each of the front two expiration months... options whose underlying stock's previous trading day's last sale price was greater than $100) in premium... employing similar pricing schemes and in some cases, is lower that the fees assessed by other exchanges. For...

75 FR 41247 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Science.gov (United States)

2010-07-15

...-19). Under current Rule 502(h), only Exchange-Traded Fund Shares, or ETFs, that are traded on a...) represent interests in a trust that holds a specified non-U.S. currency or currencies deposited with the... owner to receive the specified non-U.S. currency or currencies and pays the beneficial owner interest...

75 FR 23314 - Self-Regulatory Organizations; International Securities Exchange, LLC; Order Granting Approval of...

Science.gov (United States)

2010-05-03

... Rule 502(h), only Exchange-Traded Fund Shares, or ETFs, that are traded on a national securities... that holds a specified non-U.S. currency or currencies deposited with the trust when aggregated in some... non-U.S. currency or currencies and pays the beneficial owner interest and other distributions on the...

The Equilibrium Real Exchange Rate of the Malagasy Franc; Estimation and Assessment

OpenAIRE

John Cady

2003-01-01

Employing cointegration techniques, the long-run determinants of Madagascar's real exchange rate are examined from a stock-flow perspective. The long-run behavior of the real effective exchange rate is explained by the net foreign asset position and factors affecting trade flows. An index of the long-run equilibrium real exchange rate is developed to assess the degree of misalignment. The general conclusions are that the Malagasy franc has experienced significant misalignment in the past, but...

A liquidity study on the Nasdaq OMX Stockholm exchange

OpenAIRE

Leffler, Fredrik; Dworsky Nylander, Adam

2012-01-01

As the demand for liquidity risk management has increased, the importance of comprehensive liquidity assessments of exchanges has been highlighted. This thesis investigates the liquidity on the Nasdaq OMX Stockholm exchange by using daily end of day data. The transaction cost is evaluated using the Holden model and the price impact from trading is evaluated using the Illiq model. Considering the three segments; small cap, mid cap, and large cap, the results suggest that both the transaction c...

75 FR 24612 - Order Finding That the Zone 6-NY Financial Basis Contract Traded on the IntercontinentalExchange...

Science.gov (United States)

2010-05-05

... COMMODITY FUTURES TRADING COMMISSION Order Finding That the Zone 6-NY Financial Basis Contract.... Although Transco's Zone 6 hub is a major trading center for natural gas in the United States and, as noted... AGENCY: Commodity Futures Trading Commission. ACTION: Final order. SUMMARY: On October 9, 2009, the...

Effect of Power Exchange of India: An Overview and Key Issues

Science.gov (United States)

Singh, A.; Chauhan, D. S.; Upadhdhyay, K. G.

2013-09-01

There stands no guarantee that if potential market participants are simply provided with the opportunity for trading electricity, there shall be an efficient wholesale electricity market. India, as well as various other developed countries, relies on voluntary agreements as far as electricity trading is concerned. Self, private initiatives to standardize and commodities contracts play an important role in increasing the trading volume to improve efficiency, in developed countries. In accordance with their experiences, this paper suggested a specific strategy to promote bilateral/OTC trading; hence, India needed to develop a master agreement for electricity contracts. This paper discusses that the creating power exchange for short-term trading in the spot market materializing the contract for the convenience of market participants stands particularly important and henceforth is a necessary factor to make sure that spot market is workable and competitive prior to developing a financial contract for electricity trading.

Propagation of crises in the virtual water trade network

Science.gov (United States)

Tamea, Stefania; Laio, Francesco; Ridolfi, Luca

2015-04-01

The international trade of agricultural goods is associated to the displacement of the water used to produce such goods and embedded in trade as a factor of production. Water virtually exchanged from producing to consuming countries, named virtual water, defines flows across an international network of 'virtual water trade' which enable the assessment of environmental forcings and implications of trade, such as global water savings or country dependencies on foreign water resources. Given the recent expansion of commodity (and virtual water) trade, in both displaced volumes and network structure, concerns have been raised about the exposure to crises of individuals and societies. In fact, if one country had to markedly decrease its export following a socio-economical or environmental crisis, such as a war or a drought, many -if not all- countries would be affected due to a cascade effect within the trade network. The present contribution proposes a mechanistic model describing the propagation of a local crisis into the virtual water trade network, accounting for the network structure and the virtual water balance of all countries. The model, built on data-based assumptions, is tested on the real case study of the Argentinean crisis in 2008-09, when the internal agricultural production (measured as virtual water volume) decreased by 26% and the virtual water export of Argentina dropped accordingly. Crisis propagation and effects on the virtual water trade are correctly captured, showing the way forward to investigations of crises impact and country vulnerability based on the results of the model proposed.

77 FR 38362 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Science.gov (United States)

2012-06-27

... Effectiveness of a Proposed Rule Change To Increase the Class Quoting Limit for Options on Facebook June 21... Limit (``CQL'') for options on Facebook. The text of the proposed rule change is available on the... the Exchange recently began electronically trading options on Facebook, trading volume and TPH...

76 FR 63686 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness...

Science.gov (United States)

2011-10-13

... Exchange's proposal does not address or impact any priority relationship for Professional as opposed to... traded by Options Members (which may include trades on behalf of Public Customers) \\8\\ on BATS Options, a... Members representing as agent Customer Orders on BATS Options and those non- Market Maker Members...

The effects of exchange rate on balance trade and on monetary aggregates of macedonia and the impact of the current world crisis in its economy

Directory of Open Access Journals (Sweden)

Mr.Sc. Kadishe Limani

2012-12-01

Full Text Available Macedonia is a country that is close related to the European Union countries where the majority of the Macedonian foreign trade is with the European Union countries (52%. So the Macedonian economy is in a high level dependency of Euro.  Since Denar is connected closely to Euro, and the level of its usage in everyday economic activity is close to the usage of Denar, it is obvious to be discussed as a dilemma whether Macedonia should have Euro as its currency. However, the problem lies in that whether it is the right time for such action as the best solution for Macedonian economy, keeping in mind the fact that in the international arena there is present a second crisis that is the crisis of Euro-Zone. Based on various sources and on our econometric results, in this paper is argued and supported the main hypothesis that the fix exchange rate for Macedonia is a more optimal choice in comparison with the unilateral euroisation and flexible exchange rate. Thus, during the research we found out some arguments that support the existing regime, such as: under a flexible regime an eventual devaluation of the Denar is more possible, which can lead to more negative effects on the economy than benefits. Thus, devaluation of the Denar will have no significant effects on the balance trade (export and imports and GDP. This means that the competitiveness of a country relies on the other factors. In addition an eventual devaluation of the Denar, it will not have significant effects on monetary aggregates (M2 and M4 due to the asset substitution from Denar deposits to foreign deposits and vice-versa.

77 FR 65028 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

Science.gov (United States)

2012-10-24

... domestic and international shareholder requirements is further highlighted by the fact that many of the... the Consideration of Stockholders and Trading Volume in the Company's Home Country Market or Primary Trading Market Outside the United States, Provided Such Market is a Regulated Stock Exchange, When...

FORMAL TRADE BETWEEN INDIA AND BANGLADESH: AN EMPIRICAL ANALYSIS

Directory of Open Access Journals (Sweden)

S. K.S. YADAV

2016-08-01

Full Text Available The importance of improving trade flows between India and Bangladesh is not only beneficial to them, but for the whole SAARC region, given that Bhutan and Nepal utilise Bangladesh ports as gateways to trade outside the region. Bangladesh’s overall exports are dominated by labour-intensive manufacturing and its imports to India by primary commodities. The shares of manufactured goods in country’s overall export were about 92 and 91 percent in 2001 and 2011 respectively. However, the composition of bilateral trade between these two countries has been changing over time. Addition and removal in the list of products of trade basket is a usual process. Consistent products in the trade basket of Bangladesh are ready made garments and sea food, whereas those of India are raw cotton, cereals and products and machinery of iron and steel. Expansion of trade of these countries with outside world, but not with each other confirms the prevalence of certain barriers, physical or non-physical in nature, rendering many potential products remain untraded. India and Bangladesh being geographically proximate to each other possess huge scope to trade. Specifically as both the countries are rich in natural resources and are competent in the production of small-scale manufacturing and agrarian supplies, mostly from the eastern parts of India and Bangladesh, both possess huge potential for bilateral trade. Many items having high trade potential are still not able to get market exposure in the neighbouring country because of various non-tariff barriers prevailing in current trade scenario, which have hiked up the cost of doing business to unacceptable proportions and as most of the highly tradable products are still kept under the sensitive lists of Bangladesh. There are numerous bottlenecks in the current trade infrastructure which turns out to be physical barrier to trade. The present paper highlights the import export and Exchange Rate change and prospects of

77 FR 10016 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Science.gov (United States)

2012-02-21

... for complex orders in two of the most actively-traded index option products, the NASDAQ 100 Index... makers to enter quotations for complex order strategies in the Complex Order Book,\\8\\ the Exchange... because they are consistent with price differentiation that exists today at other option exchanges. The...

Trade-off preferences regarding adjuvant endocrine therapy among women with estrogen receptor-positive breast cancer.

NARCIS (Netherlands)

Wouters, H.; Maatman, G.A.; Dijk, L. van; Bouvy, M.L.; Vree, R.; Geffen, E.C.G. van; Nortier, J.W.; Stiggelbout, A.M.

2013-01-01

Background: There is substantial nonadherence to effective adjuvant endocrine therapy for breast cancer prevention. We therefore examined patients' trade-offs between the efficacy, side-effects, and regimen duration, and whether trade-offs predicted nonadherence. Patients and methods: Trade-offs

Trade-off preferences regarding adjuvant endocrine therapy among women with estrogen receptor-positive breast cancer

NARCIS (Netherlands)

Wouters, H; Maatman, G A; Van Dijk, L; Bouvy, M L; Vree, R; Van Geffen, E C G; Nortier, J W; Stiggelbout, A M

BACKGROUND: There is substantial nonadherence to effective adjuvant endocrine therapy for breast cancer prevention. We therefore examined patients' trade-offs between the efficacy, side-effects, and regimen duration, and whether trade-offs predicted nonadherence. PATIENTS AND METHODS: Trade-offs

77 FR 59030 - Self-Regulatory Organizations; BATS Exchange, Inc.; Order Granting Approval of Proposed Rule...

Science.gov (United States)

2012-09-25

... (collectively, ``Derivative Securities Products'') \\5\\ when applying the quantitative generic listing criteria... or other Derivative Securities Products. \\4\\ The Exchange notes that NYSE Arca uses the term...\\ Rule 14.11 includes criteria for derivative securities that may be listed or traded on the Exchange...

76 FR 22939 - Self-Regulatory Organizations; CBOE Futures Exchange, LLC; Notice of Filing and Immediate...

Science.gov (United States)

2011-04-25

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-64153; File No. SR-CFE-2011-002] Self-Regulatory Organizations; CBOE Futures Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Listing and Trading CBOE Gold ETF Volatility Index Security Futures...

78 FR 38416 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and...

Science.gov (United States)