A model for foreign exchange markets based on glassy Brownian systems

PubMed Central

Trinidad-Segovia, J. E.; Clara-Rahola, J.; Puertas, A. M.; De las Nieves, F. J.

2017-01-01

In this work we extend a well-known model from arrested physical systems, and employ it in order to efficiently depict different currency pairs of foreign exchange market price fluctuation distributions. We consider the exchange rate price in the time range between 2010 and 2016 at yearly time intervals and resolved at one minute frequency. We then fit the experimental datasets with this model, and find significant qualitative symmetry between price fluctuation distributions from the currency market, and the ones belonging to colloidal particles position in arrested states. The main contribution of this paper is a well-known physical model that does not necessarily assume the independent and identically distributed (i.i.d.) restrictive condition. PMID:29206868

Currency co-movement and network correlation structure of foreign exchange market

NASA Astrophysics Data System (ADS)

Mai, Yong; Chen, Huan; Zou, Jun-Zhong; Li, Sai-Ping

2018-02-01

We study the correlations of exchange rate volatility in the global foreign exchange(FX) market based on complex network graphs. Correlation matrices (CM) and the theoretical information flow method (Infomap) are employed to analyze the modular structure of the global foreign exchange network. The analysis demonstrates that there exist currency modules in the network, which is consistent with the geographical nature of currencies. The European and the East Asian currency modules in the FX network are most significant. We introduce a measure of the impact of individual currency based on its partial correlations with other currencies. We further incorporate an impact elimination method to filter out the impact of core nodes and construct subnetworks after the removal of these core nodes. The result reveals that (i) the US Dollar has prominent global influence on the FX market while the Euro has great impact on European currencies; (ii) the East Asian currency module is more strongly correlated than the European currency module. The strong correlation is a result of the strong co-movement of currencies in the region. The co-movement of currencies is further used to study the formation of international monetary bloc and the result is in good agreement with the consideration based on international trade.

Analysis of Foreign Exchange Interventions by Intervention Agent with an Artificial Market Approach

NASA Astrophysics Data System (ADS)

Matsui, Hiroki; Tojo, Satoshi

We propose a multi-agent system which learns intervention policies and evaluates the effect of interventions in an artificial foreign exchange market. Izumi et al. had presented a system called AGEDASI TOF to simulate artificial market, together with a support system for the government to decide foreign exchange policies. However, the system needed to fix the amount of governmental intervention prior to the simulation, and was not realistic. In addition, the interventions in the system did not affect supply and demand of currencies; thus we could not discuss the effect of intervention correctly. First, we improve the system so as to make much of the weights of influential factors. Thereafter, we introduce an intervention agent that has the role of the central bank to stabilize the market. We could show that the agent learned the effective intervention policies through the reinforcement learning, and that the exchange rate converged to a certain extent in the expected range. We could also estimate the amount of intervention, showing the efficacy of signaling. In this model, in order to investigate the aliasing of the perception of the intervention agent, we introduced a pseudo-agent who was supposed to be able to observe all the behaviors of dealer agents; with this super-agent, we discussed the adequate granularity for a market state description.

Intra-day response of foreign exchange markets after the Tohoku-Oki earthquake

NASA Astrophysics Data System (ADS)

Nakano, Shuhei; Hirata, Yoshito; Iwayama, Koji; Aihara, Kazuyuki

2015-02-01

Although an economy is influenced by a natural disaster, the market response to the disaster during the first 24 hours is not clearly understood. Here we show that an earthquake quickly causes temporal changes in a foreign exchange market by examining the case of the Tohoku-Oki earthquake. Recurrence plots and statistical change point detection independently show that the United States dollar-Japanese yen market responded to the earthquake activity without delay and with the delay of about 2 minutes, respectively. These findings support that the efficient market hypothesis nearly holds now in the time scale of minutes.

Inverse statistics in the foreign exchange market

NASA Astrophysics Data System (ADS)

Jensen, M. H.; Johansen, A.; Petroni, F.; Simonsen, I.

2004-09-01

We investigate intra-day foreign exchange (FX) time series using the inverse statistic analysis developed by Simonsen et al. (Eur. Phys. J. 27 (2002) 583) and Jensen et al. (Physica A 324 (2003) 338). Specifically, we study the time-averaged distributions of waiting times needed to obtain a certain increase (decrease) ρ in the price of an investment. The analysis is performed for the Deutsch Mark (DM) against the US for the full year of 1998, but similar results are obtained for the Japanese Yen against the US. With high statistical significance, the presence of “resonance peaks” in the waiting time distributions is established. Such peaks are a consequence of the trading habits of the market participants as they are not present in the corresponding tick (business) waiting time distributions. Furthermore, a new stylized fact, is observed for the (normalized) waiting time distribution in the form of a power law Pdf. This result is achieved by rescaling of the physical waiting time by the corresponding tick time thereby partially removing scale-dependent features of the market activity.

The Story of Foreign Trade and Exchange.

ERIC Educational Resources Information Center

Fan, Cedric

This comic-style booklet is one of a series of educational booklets published by the Federal Reserve Bank of New York. The booklet uses everyday language and lively illustrations to explain the benefits of international trade; the effects of tariffs and quotas; the significance of foreign exchange rates; how the foreign exchange market facilities…

Time scale defined by the fractal structure of the price fluctuations in foreign exchange markets

NASA Astrophysics Data System (ADS)

Kumagai, Yoshiaki

2010-04-01

In this contribution, a new time scale named C-fluctuation time is defined by price fluctuations observed at a given resolution. The intraday fractal structures and the relations of the three time scales: real time (physical time), tick time and C-fluctuation time, in foreign exchange markets are analyzed. The data set used is trading prices of foreign exchange rates; US dollar (USD)/Japanese yen (JPY), USD/Euro (EUR), and EUR/JPY. The accuracy of the data is one minute and data within a minute are recorded in order of transaction. The series of instantaneous velocity of C-fluctuation time flowing are exponentially distributed for small C when they are measured by real time and for tiny C when they are measured by tick time. When the market is volatile, for larger C, the series of instantaneous velocity are exponentially distributed.

Triangular arbitrage as an interaction among foreign exchange rates

NASA Astrophysics Data System (ADS)

Aiba, Yukihiro; Hatano, Naomichi; Takayasu, Hideki; Marumo, Kouhei; Shimizu, Tokiko

2002-07-01

We first show that there are in fact triangular arbitrage opportunities in the spot foreign exchange markets, analyzing the time dependence of the yen-dollar rate, the dollar-euro rate and the yen-euro rate. Next, we propose a model of foreign exchange rates with an interaction. The model includes effects of triangular arbitrage transactions as an interaction among three rates. The model explains the actual data of the multiple foreign exchange rates well.

Multifractal Behaviors in Foreign Exchange Markets

NASA Astrophysics Data System (ADS)

Kim, Kyungsik; Kim, Soo Yong; Lim, Gyuchang; Scalas, Enrico; Lee, Dong-In

2008-03-01

The market information and its intensity for the context of two-phase phenomenon is introduced in financial exchange markets. To find the underlying process of the formation of market information, we investigate the multifractal properties of the market information in terms of the multifractal and the detrended fluctuation analysis and also examine the higher order correlations between successive pieces of market information. Although the multifractal properties of the market information process is clearly confirmed, the simple binomial multiplicative process is not appropriate to catch its dynamics. It means that the market information process can be essentially different from the fully developed turbulence.

The foreign exchange market: return distributions, multifractality, anomalous multifractality and the Epps effect

NASA Astrophysics Data System (ADS)

Drożdż, Stanisław; Kwapień, Jarosław; Oświȩcimka, Paweł; Rak, Rafał

2010-10-01

We present a systematic study of various statistical characteristics of high-frequency returns from the foreign exchange market. This study is based on six exchange rates forming two triangles: EUR-GBP-USD and GBP-CHF-JPY. It is shown that the exchange rate return fluctuations for all of the pairs considered are well described by the non-extensive statistics in terms of q-Gaussians. There exist some small quantitative variations in the non-extensivity q-parameter values for different exchange rates (which depend also on the time scales studied), and this can be related to the importance of a given exchange rate in the world's currency trade. Temporal correlations organize the series of returns such that they develop the multifractal characteristics for all of the exchange rates, with a varying degree of symmetry of the singularity spectrum f(α), however. The most symmetric spectrum is identified for the GBP/USD. We also form time series of triangular residual returns and find that the distributions of their fluctuations develop disproportionately heavier tails as compared to small fluctuations, which excludes description in terms of q-Gaussians. The multifractal characteristics of these residual returns reveal such anomalous properties as negative singularity exponents and even negative singularity spectra. Such anomalous multifractal measures have so far been considered in the literature in connection with diffusion-limited aggregation and with turbulence. Studying the cross-correlations among different exchange rates, we found that market inefficiency on short time scales leads to the occurrence of the Epps effect on much longer time scales, but comparable to the ones for the stock market. Although the currency market is much more liquid than the stock markets and has a much greater transaction frequency, the building up of correlations takes up to several hours—a duration that does not differ much from what is observed in the stock markets. This may suggest

Triangular arbitrage in the foreign exchange market

NASA Astrophysics Data System (ADS)

Aiba, Yukihiro; Hatano, Naomichi

2004-12-01

We first review our previous work, showing what is the triangular arbitrage transaction and how to quantify the triangular arbitrage opportunity. Next we explain that the correlation of the foreign exchange rates can appear without actual triangular arbitrage transaction.

Modeling foreign exchange market activity around macroeconomic news: Hawkes-process approach.

PubMed

Rambaldi, Marcello; Pennesi, Paris; Lillo, Fabrizio

2015-01-01

We present a Hawkes-model approach to the foreign exchange market in which the high-frequency price dynamics is affected by a self-exciting mechanism and an exogenous component, generated by the pre-announced arrival of macroeconomic news. By focusing on time windows around the news announcement, we find that the model is able to capture the increase of trading activity after the news, both when the news has a sizable effect on volatility and when this effect is negligible, either because the news in not important or because the announcement is in line with the forecast by analysts. We extend the model by considering noncausal effects, due to the fact that the existence of the news (but not its content) is known by the market before the announcement.

Modeling foreign exchange market activity around macroeconomic news: Hawkes-process approach

NASA Astrophysics Data System (ADS)

Rambaldi, Marcello; Pennesi, Paris; Lillo, Fabrizio

2015-01-01

We present a Hawkes-model approach to the foreign exchange market in which the high-frequency price dynamics is affected by a self-exciting mechanism and an exogenous component, generated by the pre-announced arrival of macroeconomic news. By focusing on time windows around the news announcement, we find that the model is able to capture the increase of trading activity after the news, both when the news has a sizable effect on volatility and when this effect is negligible, either because the news in not important or because the announcement is in line with the forecast by analysts. We extend the model by considering noncausal effects, due to the fact that the existence of the news (but not its content) is known by the market before the announcement.

Forecast in foreign exchange markets

NASA Astrophysics Data System (ADS)

Baviera, R.; Pasquini, M.; Serva, M.; Vergni, D.; Vulpiani, A.

2001-04-01

We perform a statistical study of weak efficiency in Deutschemark/US dollar exchange rates using high frequency data. The presence of correlations in the returns sequence implies the possibility of a statistical forecast of market behavior. We show the existence of correlations and how information theory can be relevant in this context.

Foreign exchange rate entropy evolution during financial crises

NASA Astrophysics Data System (ADS)

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.

The Effectiveness of Web-Based Foreign Exchange Trading Simulation in an International Finance Course

ERIC Educational Resources Information Center

Chou, Chen-Huei; Liu, Hao-Chen

2013-01-01

The purpose of this article is to study if trading simulation is an effective tool to increase students' knowledge of the foreign exchange market. We developed a real-time multiuser web-based trading system that replicates an electronic brokerage foreign exchange market. To assess the effectiveness of the program, we conducted surveys in three…

Hierarchical cluster-tendency analysis of the group structure in the foreign exchange market

NASA Astrophysics Data System (ADS)

Wu, Xin-Ye; Zheng, Zhi-Gang

2013-08-01

A hierarchical cluster-tendency (HCT) method in analyzing the group structure of networks of the global foreign exchange (FX) market is proposed by combining the advantages of both the minimal spanning tree (MST) and the hierarchical tree (HT). Fifty currencies of the top 50 World GDP in 2010 according to World Bank's database are chosen as the underlying system. By using the HCT method, all nodes in the FX market network can be "colored" and distinguished. We reveal that the FX networks can be divided into two groups, i.e., the Asia-Pacific group and the Pan-European group. The results given by the hierarchical cluster-tendency method agree well with the formerly observed geographical aggregation behavior in the FX market. Moreover, an oil-resource aggregation phenomenon is discovered by using our method. We find that gold could be a better numeraire for the weekly-frequency FX data.

General and specific statistical properties of foreign exchange markets during a financial crash

NASA Astrophysics Data System (ADS)

Li, Wei-Shen; Tsai, Yun-Jie; Shen, Yu-Hsien; Liaw, Sy-Sang

2016-06-01

We investigate minute-by-minute foreign exchange rate (FX) data of 14 currencies with different exchange-rate regimes during a financial crash, and divide these data into several stages according to their respective tendencies: depreciation stage (stage 1), fluctuating stage (stage 2), and appreciation stage (stage 3). The tail distribution of FX rate returns satisfies a power-law structure for different types of currencies. We find the absolute value of the power-law exponent is smaller in emerging markets than in developed markets, especially during the stage 1, and is greatest in pegged currencies. We also find that the correlation properties of the FX rate return series have quite disparate results among the various types of currencies. Currencies in developed markets respectively have weak persistence and anti-persistence in short and long timescales; whereas the pegged currencies and currencies in emerging markets show different degrees of anti-persistence in various timescales. Further analyses on the data in divided stages indicate that emerging markets and pegged currencies have more prominent dual fractal structures after the depreciation stage, while the developed markets do not. Hurst exponent analyses on the sign series yield similar results to that on the original return series for most currencies. The magnitude series of the returns provide some unique results during a crash. The developed market currencies have strong persistence and exhibit a weaker correlation in the depreciation and appreciation stages. In contrast, the currencies of emerging markets as well as pegged currencies fail to show such a transformation, but rather show a constant-correlation behavior in the corresponding stages of a crash. These results indicate that external shocks exert different degrees of influence during different stages of the crash in various markets.

Dynamic communities in multichannel data: an application to the foreign exchange market during the 2007-2008 credit crisis.

PubMed

Fenn, Daniel J; Porter, Mason A; McDonald, Mark; Williams, Stacy; Johnson, Neil F; Jones, Nick S

2009-09-01

We study the cluster dynamics of multichannel (multivariate) time series by representing their correlations as time-dependent networks and investigating the evolution of network communities. We employ a node-centric approach that allows us to track the effects of the community evolution on the functional roles of individual nodes without having to track entire communities. As an example, we consider a foreign exchange market network in which each node represents an exchange rate and each edge represents a time-dependent correlation between the rates. We study the period 2005-2008, which includes the recent credit and liquidity crisis. Using community detection, we find that exchange rates that are strongly attached to their community are persistently grouped with the same set of rates, whereas exchange rates that are important for the transfer of information tend to be positioned on the edges of communities. Our analysis successfully uncovers major trading changes that occurred in the market during the credit crisis.

Dynamic communities in multichannel data: An application to the foreign exchange market during the 2007-2008 credit crisis

NASA Astrophysics Data System (ADS)

Fenn, Daniel J.; Porter, Mason A.; McDonald, Mark; Williams, Stacy; Johnson, Neil F.; Jones, Nick S.

2009-09-01

We study the cluster dynamics of multichannel (multivariate) time series by representing their correlations as time-dependent networks and investigating the evolution of network communities. We employ a node-centric approach that allows us to track the effects of the community evolution on the functional roles of individual nodes without having to track entire communities. As an example, we consider a foreign exchange market network in which each node represents an exchange rate and each edge represents a time-dependent correlation between the rates. We study the period 2005-2008, which includes the recent credit and liquidity crisis. Using community detection, we find that exchange rates that are strongly attached to their community are persistently grouped with the same set of rates, whereas exchange rates that are important for the transfer of information tend to be positioned on the edges of communities. Our analysis successfully uncovers major trading changes that occurred in the market during the credit crisis.

Foreign exchange market data analysis reveals statistical features that predict price movement acceleration.

PubMed

Nacher, Jose C; Ochiai, Tomoshiro

2012-05-01

Increasingly accessible financial data allow researchers to infer market-dynamics-based laws and to propose models that are able to reproduce them. In recent years, several stylized facts have been uncovered. Here we perform an extensive analysis of foreign exchange data that leads to the unveiling of a statistical financial law. First, our findings show that, on average, volatility increases more when the price exceeds the highest (or lowest) value, i.e., breaks the resistance line. We call this the breaking-acceleration effect. Second, our results show that the probability P(T) to break the resistance line in the past time T follows power law in both real data and theoretically simulated data. However, the probability calculated using real data is rather lower than the one obtained using a traditional Black-Scholes (BS) model. Taken together, the present analysis characterizes a different stylized fact of financial markets and shows that the market exceeds a past (historical) extreme price fewer times than expected by the BS model (the resistance effect). However, when the market does, we predict that the average volatility at that time point will be much higher. These findings indicate that any Markovian model does not faithfully capture the market dynamics.

Foreign exchange market data analysis reveals statistical features that predict price movement acceleration

NASA Astrophysics Data System (ADS)

Nacher, Jose C.; Ochiai, Tomoshiro

2012-05-01

Increasingly accessible financial data allow researchers to infer market-dynamics-based laws and to propose models that are able to reproduce them. In recent years, several stylized facts have been uncovered. Here we perform an extensive analysis of foreign exchange data that leads to the unveiling of a statistical financial law. First, our findings show that, on average, volatility increases more when the price exceeds the highest (or lowest) value, i.e., breaks the resistance line. We call this the breaking-acceleration effect. Second, our results show that the probability P(T) to break the resistance line in the past time T follows power law in both real data and theoretically simulated data. However, the probability calculated using real data is rather lower than the one obtained using a traditional Black-Scholes (BS) model. Taken together, the present analysis characterizes a different stylized fact of financial markets and shows that the market exceeds a past (historical) extreme price fewer times than expected by the BS model (the resistance effect). However, when the market does, we predict that the average volatility at that time point will be much higher. These findings indicate that any Markovian model does not faithfully capture the market dynamics.

Estimating time-varying conditional correlations between stock and foreign exchange markets

NASA Astrophysics Data System (ADS)

Tastan, Hüseyin

2006-02-01

This study explores the dynamic interaction between stock market returns and changes in nominal exchange rates. Many financial variables are known to exhibit fat tails and autoregressive variance structure. It is well-known that unconditional covariance and correlation coefficients also vary significantly over time and multivariate generalized autoregressive model (MGARCH) is able to capture the time-varying variance-covariance matrix for stock market returns and changes in exchange rates. The model is applied to daily Euro-Dollar exchange rates and two stock market indexes from the US economy: Dow-Jones Industrial Average Index and S&P500 Index. The news impact surfaces are also drawn based on the model estimates to see the effects of idiosyncratic shocks in respective markets.

Chaoticity in the time evolution of foreign currency exchange rates in Turkey

NASA Astrophysics Data System (ADS)

Cakar, O.; Aybar, O. O.; Hacinliyan, A. S.; Kusbeyzi, I.

Tools from chaos theory that have found recent use in analysing financial markets have been applied to the US Dollar and Euro buying and selling rates against the Turkish currency. The reason for choosing the foreign exchange rate in this analysis is the fact that foreign currency is an indicator of not only the globalization of economy but also savings and investment. In order to test the globality assumption and to ascertain the degree of involvement of local conditions in Turkey, the Euro and US dollar exchange rates have been subjected to the same analysis.

Currency crises and the evolution of foreign exchange market: Evidence from minimum spanning tree

NASA Astrophysics Data System (ADS)

Jang, Wooseok; Lee, Junghoon; Chang, Woojin

2011-02-01

We examined the time series properties of the foreign exchange market for 1990-2008 in relation to the history of the currency crises using the minimum spanning tree (MST) approach and made several meaningful observations about the MST of currencies. First, around currency crises, the mean correlation coefficient between currencies decreased whereas the normalized tree length increased. The mean correlation coefficient dropped dramatically passing through the Asian crisis and remained at the lowered level after that. Second, the Euro and the US dollar showed a strong negative correlation after 1997, implying that the prices of the two currencies moved in opposite directions. Third, we observed that Asian countries and Latin American countries moved away from the cluster center (USA) passing through the Asian crisis and Argentine crisis, respectively.

12 CFR Appendix A to Subpart A of... - Minimum Capital Components for Interest Rate and Foreign Exchange Rate Contracts

Code of Federal Regulations, 2010 CFR

2010-01-01

... sheet interest rate and foreign exchange rate contracts: a. Interest Rate Contracts i. Single currency... Contracts i. Cross-currency interest rate swaps. ii. Forward foreign exchange rate contracts. iii. Currency... exposure is zero. Mark-to-market values are measured in United States dollars, regardless of the currency...

Estimation of a simple agent-based model of financial markets: An application to Australian stock and foreign exchange data

NASA Astrophysics Data System (ADS)

Alfarano, Simone; Lux, Thomas; Wagner, Friedrich

2006-10-01

Following Alfarano et al. [Estimation of agent-based models: the case of an asymmetric herding model, Comput. Econ. 26 (2005) 19-49; Excess volatility and herding in an artificial financial market: analytical approach and estimation, in: W. Franz, H. Ramser, M. Stadler (Eds.), Funktionsfähigkeit und Stabilität von Finanzmärkten, Mohr Siebeck, Tübingen, 2005, pp. 241-254], we consider a simple agent-based model of a highly stylized financial market. The model takes Kirman's ant process [A. Kirman, Epidemics of opinion and speculative bubbles in financial markets, in: M.P. Taylor (Ed.), Money and Financial Markets, Blackwell, Cambridge, 1991, pp. 354-368; A. Kirman, Ants, rationality, and recruitment, Q. J. Econ. 108 (1993) 137-156] of mimetic contagion as its starting point, but allows for asymmetry in the attractiveness of both groups. Embedding the contagion process into a standard asset-pricing framework, and identifying the abstract groups of the herding model as chartists and fundamentalist traders, a market with periodic bubbles and bursts is obtained. Taking stock of the availability of a closed-form solution for the stationary distribution of returns for this model, we can estimate its parameters via maximum likelihood. Expanding our earlier work, this paper presents pertinent estimates for the Australian dollar/US dollar exchange rate and the Australian stock market index. As it turns out, our model indicates dominance of fundamentalist behavior in both the stock and foreign exchange market.

East Asia’s Foreign Exchange Rate Policies

DTIC Science & Technology

2009-07-16

At the other extreme, Japan, the Philippines, and South Korea have usually allowed their currencies to float freely in foreign exchange ( forex ...China, Indonesia, Malaysia, Singapore, Taiwan, Thailand, and Vietnam allow their currency to adjust in value in forex markets so long as the...There were also reports that Korea sold more dollars for won in early April 2008.7 At the time, some forex analysts claimed that the new South Korean

Phase correlation of foreign exchange time series

NASA Astrophysics Data System (ADS)

Wu, Ming-Chya

2007-03-01

Correlation of foreign exchange rates in currency markets is investigated based on the empirical data of USD/DEM and USD/JPY exchange rates for a period from February 1 1986 to December 31 1996. The return of exchange time series is first decomposed into a number of intrinsic mode functions (IMFs) by the empirical mode decomposition method. The instantaneous phases of the resultant IMFs calculated by the Hilbert transform are then used to characterize the behaviors of pricing transmissions, and the correlation is probed by measuring the phase differences between two IMFs in the same order. From the distribution of phase differences, our results show explicitly that the correlations are stronger in daily time scale than in longer time scales. The demonstration for the correlations in periods of 1986-1989 and 1990-1993 indicates two exchange rates in the former period were more correlated than in the latter period. The result is consistent with the observations from the cross-correlation calculation.

Detection of statistical asymmetries in non-stationary sign time series: Analysis of foreign exchange data

PubMed Central

Takayasu, Hideki; Takayasu, Misako

2017-01-01

We extend the concept of statistical symmetry as the invariance of a probability distribution under transformation to analyze binary sign time series data of price difference from the foreign exchange market. We model segments of the sign time series as Markov sequences and apply a local hypothesis test to evaluate the symmetries of independence and time reversion in different periods of the market. For the test, we derive the probability of a binary Markov process to generate a given set of number of symbol pairs. Using such analysis, we could not only segment the time series according the different behaviors but also characterize the segments in terms of statistical symmetries. As a particular result, we find that the foreign exchange market is essentially time reversible but this symmetry is broken when there is a strong external influence. PMID:28542208

Teaching Interactions between Foreign Exchange Markets and Balance-of-Payments Flows: An Alternative Graphical Approach.

ERIC Educational Resources Information Center

Gaske, Dan

1992-01-01

Provides a graphical framework for presenting interactions among current account flows, capital account flows, and exchange rates. Suggests that the two type of flows must be considered separately in discussions of foreign exchange equilibrium and balance of payments flows. Supplies sample graphs and instructions for applying the framework to real…

Forecasting Foreign Currency Exchange Rates for Air Force Budgeting

DTIC Science & Technology

2015-03-26

FORECASTING FOREIGN CURRENCY EXCHANGE RATES FOR AIR FORCE BUDGETING THESIS MARCH 2015...States. AFIT-ENV-MS-15-M-178 FORECASTING FOREIGN CURRENCY EXCHANGE RATES FOR AIR FORCE BUDGETING THESIS Presented to the Faculty...FORECASTING FOREIGN CURRENCY EXCHANGE RATES FOR AIR FORCE BUDGETING Nicholas R. Gardner, BS Captain, USAF Committee Membership: Lt Col Jonathan

On Value at Risk for Foreign Exchange Rates --- the Copula Approach

NASA Astrophysics Data System (ADS)

Jaworski, P.

2006-11-01

The aim of this paper is to determine the Value at Risk (VaR) of the portfolio consisting of long positions in foreign currencies on an emerging market. Basing on empirical data we restrict ourselves to the case when the tail parts of distributions of logarithmic returns of these assets follow the power laws and the lower tail of associated copula C follows the power law of degree 1. We will illustrate the practical usefulness of this approach by the analysis of the exchange rates of EUR and CHF at the Polish forex market.

Microscopic analysis of currency and stock exchange markets.

PubMed

Kador, L

1999-08-01

Recently it was shown that distributions of short-term price fluctuations in foreign-currency exchange exhibit striking similarities to those of velocity differences in turbulent flows. Similar profiles represent the spectral-diffusion behavior of impurity molecules in disordered solids at low temperatures. It is demonstrated that a microscopic statistical theory of the spectroscopic line shapes can be applied to the other two phenomena. The theory interprets the financial data in terms of information which becomes available to the traders and their reactions as a function of time. The analysis shows that there is no characteristic time scale in financial markets, but that instead stretched-exponential or algebraic memory functions yield good agreement with the price data. For an algebraic function, the theory yields truncated Lévy distributions which are often observed in stock exchange markets.

Microscopic analysis of currency and stock exchange markets

NASA Astrophysics Data System (ADS)

Kador, L.

1999-08-01

Recently it was shown that distributions of short-term price fluctuations in foreign-currency exchange exhibit striking similarities to those of velocity differences in turbulent flows. Similar profiles represent the spectral-diffusion behavior of impurity molecules in disordered solids at low temperatures. It is demonstrated that a microscopic statistical theory of the spectroscopic line shapes can be applied to the other two phenomena. The theory interprets the financial data in terms of information which becomes available to the traders and their reactions as a function of time. The analysis shows that there is no characteristic time scale in financial markets, but that instead stretched-exponential or algebraic memory functions yield good agreement with the price data. For an algebraic function, the theory yields truncated Lévy distributions which are often observed in stock exchange markets.

17 CFR 5.12 - Financial reports of retail foreign exchange dealers.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 17 Commodity and Securities Exchanges 1 2011-04-01 2011-04-01 false Financial reports of retail foreign exchange dealers. 5.12 Section 5.12 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS § 5.12 Financial reports of retail foreign exchange...

Herd behaviors in the stock and foreign exchange markets

NASA Astrophysics Data System (ADS)

Kim, Kyungsik; Yoon, Seong-Min; Kim, Yup

2004-10-01

The herd behavior of returns for the won-dollar exchange rate and the Korean stock price index (KOSPI) is analyzed in Korean financial markets. It is reported that the probability distribution P( R) of returns R for three types of herding parameter satisfies the power-law behavior P( R)≃ R- β with the exponents β=2.2 (the won-dollar exchange rate) and 2.4 (the KOSPI). When the herding parameter h satisfies h⩾2.33, the crash regime in which P( R) increases with the increasing R appears. The active state of the transaction exists to decrease for h>2.33. Especially, we find that the distribution of normalized returns shows a crossover to a Gaussian distribution when the time step Δ t=252 is used. Our results will also be compared to the other well-known analyses.

Cross-sample entropy of foreign exchange time series

NASA Astrophysics Data System (ADS)

Liu, Li-Zhi; Qian, Xi-Yuan; Lu, Heng-Yao

2010-11-01

The correlation of foreign exchange rates in currency markets is investigated based on the empirical data of DKK/USD, NOK/USD, CAD/USD, JPY/USD, KRW/USD, SGD/USD, THB/USD and TWD/USD for a period from 1995 to 2002. Cross-SampEn (cross-sample entropy) method is used to compare the returns of every two exchange rate time series to assess their degree of asynchrony. The calculation method of confidence interval of SampEn is extended and applied to cross-SampEn. The cross-SampEn and its confidence interval for every two of the exchange rate time series in periods 1995-1998 (before the Asian currency crisis) and 1999-2002 (after the Asian currency crisis) are calculated. The results show that the cross-SampEn of every two of these exchange rates becomes higher after the Asian currency crisis, indicating a higher asynchrony between the exchange rates. Especially for Singapore, Thailand and Taiwan, the cross-SampEn values after the Asian currency crisis are significantly higher than those before the Asian currency crisis. Comparison with the correlation coefficient shows that cross-SampEn is superior to describe the correlation between time series.

12 CFR 614.4900 - Foreign exchange.

Code of Federal Regulations, 2012 CFR

2012-01-01

... Cooperatives and Agricultural Credit Banks Financing International Trade § 614.4900 Foreign exchange. (a... international financial activities. The bank's policies should include established guidelines for: (1) Net... Department of the Treasury pertaining to currency exchange activities and international transfers of monetary...

Structure and Evolution of the Foreign Exchange Networks

NASA Astrophysics Data System (ADS)

Kwapień, J.; Gworek, S.; Drożdż, S.

2009-01-01

We investigate topology and temporal evolution of the foreign currency exchange market viewed from a weighted network perspective. Based on exchange rates for a set of 46 currencies (including precious metals), we construct different representations of the FX network depending on a choice of the base currency. Our results show that the network structure is not stable in time, but there are main clusters of currencies, which persist for a long period of time despite the fact that their size and content are variable. We find a long-term trend in the network's evolution which affects the USD and EUR nodes. In all the network representations, the USD node gradually loses its centrality, while, on contrary, the EUR node has become slightly more central than it used to be in its early years. Despite this directional trend, the overall evolution of the network is noisy.

Topology of foreign exchange markets using hierarchical structure methods

NASA Astrophysics Data System (ADS)

Naylor, Michael J.; Rose, Lawrence C.; Moyle, Brendan J.

2007-08-01

This paper uses two physics derived hierarchical techniques, a minimal spanning tree and an ultrametric hierarchical tree, to extract a topological influence map for major currencies from the ultrametric distance matrix for 1995-2001. We find that these two techniques generate a defined and robust scale free network with meaningful taxonomy. The topology is shown to be robust with respect to method, to time horizon and is stable during market crises. This topology, appropriately used, gives a useful guide to determining the underlying economic or regional causal relationships for individual currencies and to understanding the dynamics of exchange rate price determination as part of a complex network.

Scaling properties of foreign exchange volatility

NASA Astrophysics Data System (ADS)

Gençay, Ramazan; Selçuk, Faruk; Whitcher, Brandon

2001-01-01

In this paper, we investigate the scaling properties of foreign exchange volatility. Our methodology is based on a wavelet multi-scaling approach which decomposes the variance of a time series and the covariance between two time series on a scale by scale basis through the application of a discrete wavelet transformation. It is shown that foreign exchange rate volatilities follow different scaling laws at different horizons. Particularly, there is a smaller degree of persistence in intra-day volatility as compared to volatility at one day and higher scales. Therefore, a common practice in the risk management industry to convert risk measures calculated at shorter horizons into longer horizons through a global scaling parameter may not be appropriate. This paper also demonstrates that correlation between the foreign exchange volatilities is the lowest at the intra-day scales but exhibits a gradual increase up to a daily scale. The correlation coefficient stabilizes at scales one day and higher. Therefore, the benefit of currency diversification is the greatest at the intra-day scales and diminishes gradually at higher scales (lower frequencies). The wavelet cross-correlation analysis also indicates that the association between two volatilities is stronger at lower frequencies.

7 CFR 28.160 - Cotton examiners on foreign exchanges.

Code of Federal Regulations, 2014 CFR

2014-01-01

... 7 Agriculture 2 2014-01-01 2014-01-01 false Cotton examiners on foreign exchanges. 28.160 Section... CONTAINER REGULATIONS COTTON CLASSING, TESTING, AND STANDARDS Regulations Under the United States Cotton Standards Act Adjustment of Contract Disputes § 28.160 Cotton examiners on foreign exchanges. Whenever any...

7 CFR 28.160 - Cotton examiners on foreign exchanges.

Code of Federal Regulations, 2013 CFR

2013-01-01

... 7 Agriculture 2 2013-01-01 2013-01-01 false Cotton examiners on foreign exchanges. 28.160 Section... CONTAINER REGULATIONS COTTON CLASSING, TESTING, AND STANDARDS Regulations Under the United States Cotton Standards Act Adjustment of Contract Disputes § 28.160 Cotton examiners on foreign exchanges. Whenever any...

7 CFR 28.160 - Cotton examiners on foreign exchanges.

Code of Federal Regulations, 2011 CFR

2011-01-01

... 7 Agriculture 2 2011-01-01 2011-01-01 false Cotton examiners on foreign exchanges. 28.160 Section... CONTAINER REGULATIONS COTTON CLASSING, TESTING, AND STANDARDS Regulations Under the United States Cotton Standards Act Adjustment of Contract Disputes § 28.160 Cotton examiners on foreign exchanges. Whenever any...

7 CFR 28.160 - Cotton examiners on foreign exchanges.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Cotton examiners on foreign exchanges. 28.160 Section... CONTAINER REGULATIONS COTTON CLASSING, TESTING, AND STANDARDS Regulations Under the United States Cotton Standards Act Adjustment of Contract Disputes § 28.160 Cotton examiners on foreign exchanges. Whenever any...

7 CFR 28.160 - Cotton examiners on foreign exchanges.

Code of Federal Regulations, 2012 CFR

2012-01-01

... 7 Agriculture 2 2012-01-01 2012-01-01 false Cotton examiners on foreign exchanges. 28.160 Section... CONTAINER REGULATIONS COTTON CLASSING, TESTING, AND STANDARDS Regulations Under the United States Cotton Standards Act Adjustment of Contract Disputes § 28.160 Cotton examiners on foreign exchanges. Whenever any...

Similarity measure and topology evolution of foreign exchange markets using dynamic time warping method: Evidence from minimal spanning tree

NASA Astrophysics Data System (ADS)

Wang, Gang-Jin; Xie, Chi; Han, Feng; Sun, Bo

2012-08-01

In this study, we employ a dynamic time warping method to study the topology of similarity networks among 35 major currencies in international foreign exchange (FX) markets, measured by the minimal spanning tree (MST) approach, which is expected to overcome the synchronous restriction of the Pearson correlation coefficient. In the empirical process, firstly, we subdivide the analysis period from June 2005 to May 2011 into three sub-periods: before, during, and after the US sub-prime crisis. Secondly, we choose NZD (New Zealand dollar) as the numeraire and then, analyze the topology evolution of FX markets in terms of the structure changes of MSTs during the above periods. We also present the hierarchical tree associated with the MST to study the currency clusters in each sub-period. Our results confirm that USD and EUR are the predominant world currencies. But USD gradually loses the most central position while EUR acts as a stable center in the MST passing through the crisis. Furthermore, an interesting finding is that, after the crisis, SGD (Singapore dollar) becomes a new center currency for the network.

Dynamical analyses of the time series for three foreign exchange rates

NASA Astrophysics Data System (ADS)

Kim, Sehyun; Kim, Soo Yong; Jung, Jae-Won; Kim, Kyungsik

2012-05-01

In this study, we investigate the multifractal properties of three foreign exchange rates (USD-KRW, USD-JPY, and EUR-USD) that are quoted with different economic scales. We estimate and analyze both the generalized Hurst exponent and the autocorrelation function in three foreign exchange rates. The USD-KRW is shown to have the strongest of the Hurst exponents when compared with the other two foreign exchange rates. In particular, the autocorrelation function of the USD-KRW has the largest memory behavior among three foreign exchange rates. It also exhibits a long-memory property in the first quarter, more than those in the other quarters.

17 CFR 5.10 - Risk assessment recordkeeping requirements for retail foreign exchange dealers.

Code of Federal Regulations, 2013 CFR

2013-04-01

... requirements for retail foreign exchange dealers. 5.10 Section 5.10 Commodity and Securities Exchanges... recordkeeping requirements for retail foreign exchange dealers. (a) Requirement to maintain and preserve information. (1) Each retail foreign exchange dealer registered with the Commission pursuant to section 2(c)(2...

17 CFR 5.10 - Risk assessment recordkeeping requirements for retail foreign exchange dealers.

Code of Federal Regulations, 2012 CFR

2012-04-01

... requirements for retail foreign exchange dealers. 5.10 Section 5.10 Commodity and Securities Exchanges... recordkeeping requirements for retail foreign exchange dealers. (a) Requirement to maintain and preserve information. (1) Each retail foreign exchange dealer registered with the Commission pursuant to section 2(c)(2...

17 CFR 5.10 - Risk assessment recordkeeping requirements for retail foreign exchange dealers.

Code of Federal Regulations, 2014 CFR

2014-04-01

... requirements for retail foreign exchange dealers. 5.10 Section 5.10 Commodity and Securities Exchanges... recordkeeping requirements for retail foreign exchange dealers. (a) Requirement to maintain and preserve information. (1) Each retail foreign exchange dealer registered with the Commission pursuant to section 2(c)(2...

17 CFR 5.11 - Risk assessment reporting requirements for retail foreign exchange dealers.

Code of Federal Regulations, 2012 CFR

2012-04-01

... requirements for retail foreign exchange dealers. 5.11 Section 5.11 Commodity and Securities Exchanges... reporting requirements for retail foreign exchange dealers. (a) Reporting requirements with respect to information required to be maintained by § 5.10 of this part. (1) Each retail foreign exchange dealer...

17 CFR 5.11 - Risk assessment reporting requirements for retail foreign exchange dealers.

Code of Federal Regulations, 2014 CFR

2014-04-01

... requirements for retail foreign exchange dealers. 5.11 Section 5.11 Commodity and Securities Exchanges... reporting requirements for retail foreign exchange dealers. (a) Reporting requirements with respect to information required to be maintained by § 5.10 of this part. (1) Each retail foreign exchange dealer...

17 CFR 5.11 - Risk assessment reporting requirements for retail foreign exchange dealers.

Code of Federal Regulations, 2013 CFR

2013-04-01

... requirements for retail foreign exchange dealers. 5.11 Section 5.11 Commodity and Securities Exchanges... reporting requirements for retail foreign exchange dealers. (a) Reporting requirements with respect to information required to be maintained by § 5.10 of this part. (1) Each retail foreign exchange dealer...

Empirical Tests of the Assumptions Underlying Models for Foreign Exchange Rates.

DTIC Science & Technology

1984-03-01

Research Report COs 481 EMPIRICAL TESTS OF THE ASSUMPTIO:IS UNDERLYING MODELS FOR FOREIGN EXCHANGE RATES by P. Brockett B. Golany 00 00 CENTER FOR...Research Report CCS 481 EMPIRICAL TESTS OF THE ASSUMPTIONS UNDERLYING MODELS FOR FOREIGN EXCHANGE RATES by P. Brockett B. Golany March 1984...applying these tests to the U.S. dollar to Japanese Yen foreign exchange rates . Conclusions and discussion is given in section VI. 1The previous authors

Foreign Exchange and Library Collections in Nigeria.

ERIC Educational Resources Information Center

Obiagwu, M. C.

1987-01-01

This discussion of the difficulties involved in acquiring materials for academic libraries in Nigeria uses statistics at one university to demonstrate the drop in foreign exchange based orders. Alternatives to overseas purchasing, including local purchasing, gifts and exchanges, and resource sharing programs, are also discussed. (CLB)

Detecting a currency's dominance or dependence using foreign exchange network trees

NASA Astrophysics Data System (ADS)

McDonald, Mark; Suleman, Omer; Williams, Stacy; Howison, Sam; Johnson, Neil F.

2005-10-01

In a system containing a large number of interacting stochastic processes, there will typically be many nonzero correlation coefficients. This makes it difficult to either visualize the system’s interdependencies, or identify its dominant elements. Such a situation arises in foreign exchange (FX), which is the world’s biggest market. Here we develop a network analysis of these correlations using minimum spanning trees (MSTs). We show that not only do the MSTs provide a meaningful representation of the global FX dynamics, but they also enable one to determine momentarily dominant and dependent currencies. We find that information about a country’s geographical ties emerges from the raw exchange-rate data. Most importantly from a trading perspective, we discuss how to infer which currencies are “in play” during a particular period of time.

17 CFR 5.10 - Risk assessment recordkeeping requirements for retail foreign exchange dealers.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 17 Commodity and Securities Exchanges 1 2011-04-01 2011-04-01 false Risk assessment recordkeeping requirements for retail foreign exchange dealers. 5.10 Section 5.10 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS § 5.10 Risk assessment...

17 CFR 5.11 - Risk assessment reporting requirements for retail foreign exchange dealers.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 17 Commodity and Securities Exchanges 1 2011-04-01 2011-04-01 false Risk assessment reporting requirements for retail foreign exchange dealers. 5.11 Section 5.11 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS § 5.11 Risk assessment...

The effect of exchange rates on southern pine exports

Treesearch

H.W. Wisdom; James E. Granskog

2003-01-01

Changes in exchange rates affect southern pine exports by changing the cost of southern wood in foreign markets. A strong dollar discourages exports; a weak dollar encourages exports. A simple economic export market model is developed to determine whether changes in the exchange rates in foreign markets of southern pine products have, in fact, let to significant...

12 CFR 614.4900 - Foreign exchange.

Code of Federal Regulations, 2010 CFR

2010-01-01

... with relationship to the customer's financial capability to bear the financial risks assumed. The bank..., where such transactions or positions normally reduce risks in the conduct and management of..., liabilities, and foreign exchange contracts. (3) Outstanding contracts with individual customers and banks. (4...

12 CFR 614.4900 - Foreign exchange.

Code of Federal Regulations, 2014 CFR

2014-01-01

... with relationship to the customer's financial capability to bear the financial risks assumed. The bank..., where such transactions or positions normally reduce risks in the conduct and management of..., liabilities, and foreign exchange contracts. (3) Outstanding contracts with individual customers and banks. (4...

12 CFR 614.4900 - Foreign exchange.

Code of Federal Regulations, 2013 CFR

2013-01-01

... with relationship to the customer's financial capability to bear the financial risks assumed. The bank..., where such transactions or positions normally reduce risks in the conduct and management of..., liabilities, and foreign exchange contracts. (3) Outstanding contracts with individual customers and banks. (4...

Sparseness and Roughness of Foreign Exchange Rates

NASA Astrophysics Data System (ADS)

Vandewalle, N.; Ausloos, M.

An accurate multiaffine analysis of 23 foreign currency exchange rates has been performed. The roughness exponent H1 which characterizes the excursion of the exchange rate has been numerically measured. The degree of intermittency C1 has been also estimated. In the (H1,C1) phase diagram, the currency exchange rates are dispersed in a wide region around the Brownian motion value (H1=0.5,C1=0) and have a significantly intermittent component (C1≠0).

Dynamic relationship between Japanese Yen exchange rates and market anxiety: A new perspective based on MF-DCCA

NASA Astrophysics Data System (ADS)

Lu, Xinsheng; Sun, Xinxin; Ge, Jintian

2017-05-01

This paper investigates the dynamic relationship between Japanese Yen exchange rates and market anxiety during the period from January 5, 1998 to April 18, 2016. A quantitative technique of multifractal detrended cross-correlation analysis (MF-DCCA) is used to explore the multifractal features of the cross-correlations between USD/JPY, AUD/JPY exchange rates and the market anxiety gauge VIX. The investigation shows that the causal relationship between Japanese Yen exchange rates and VIX are bidirectional in general, and the cross-correlations between the two sets of time series are multifractal. Strong evidence suggests that the cross-correlation exponents tend to exhibit different volatility patterns in response to diverse external shocks such as financial distress and widening in interest rate spread, suggesting that the cross-correlated behavior between Japanese Yen exchange rates and VIX are susceptible to economic uncertainties and risks. In addition, the performances of two market anxiety gauges, the VIX and the TED spread, are compared and the sources of multifractality are also traced. Thus, this paper contributes to the literature by shedding light on the unique driving forces of the Yen exchange rate fluctuations in the international foreign exchange market.

75 FR 4891 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-01-29

... Rule Change Regarding Market Maker Trading Licenses for Foreign Currency Options January 22, 2010... proposes to amend its Rule 2213 regarding market maker trading licenses for the Exchange's foreign currency... its rules regarding Foreign Currency Options (``FX Options'') \\5\\ traded on the Exchange. Specifically...

17 CFR 3.10 - Registration of futures commission merchants, retail foreign exchange dealers, introducing...

Code of Federal Regulations, 2013 CFR

2013-04-01

... commission merchants, retail foreign exchange dealers, introducing brokers, commodity trading advisors... Registration § 3.10 Registration of futures commission merchants, retail foreign exchange dealers, introducing...)(3) of this section, application for registration as a futures commission merchant, retail foreign...

17 CFR 3.10 - Registration of futures commission merchants, retail foreign exchange dealers, introducing...

Code of Federal Regulations, 2012 CFR

2012-04-01

... commission merchants, retail foreign exchange dealers, introducing brokers, commodity trading advisors... Registration § 3.10 Registration of futures commission merchants, retail foreign exchange dealers, introducing...)(3) of this section, application for registration as a futures commission merchant, retail foreign...

17 CFR 3.10 - Registration of futures commission merchants, retail foreign exchange dealers, introducing...

Code of Federal Regulations, 2014 CFR

2014-04-01

... commission merchants, retail foreign exchange dealers, introducing brokers, commodity trading advisors... Registration § 3.10 Registration of futures commission merchants, retail foreign exchange dealers, introducing...)(3) of this section, application for registration as a futures commission merchant, retail foreign...

Rethinking exchange market models as optimization algorithms

NASA Astrophysics Data System (ADS)

Luquini, Evandro; Omar, Nizam

2018-02-01

The exchange market model has mainly been used to study the inequality problem. Although the human society inequality problem is very important, the exchange market models dynamics until stationary state and its capability of ranking individuals is interesting in itself. This study considers the hypothesis that the exchange market model could be understood as an optimization procedure. We present herein the implications for algorithmic optimization and also the possibility of a new family of exchange market models

[On the formulation of TCM foreign exchange policy after the reform and opening-up].

PubMed

Wang, Jingfang; Zhu, Jianping

2015-03-01

The foreign exchange activities of traditional Chinese medicine are conducted under the guidance of the policy of the CPC and Chinese government. After the carrying out of the reform and opening-up policy, foreign exchange policy of TCM has experienced the process of growing up from nothing, from less to more, and from coarse to fine, which is closely related to our country's foreign policy, the cause of Chinese medicine development, and urgent need of international communication. In the three decades after the reform and opening-up policy, the formulation of foreign exchange policy of TCM can be divided into three stages: viz., inclusion in the framework of national foreign policy (1978-1985), embodiment in the policy of developing TCM cause (1986-1996), and appearance in the special policy of foreign exchange of Chinese medicine (since 1997). From the development process of these policies, the development of each policy gradually complies with the process of the development of the times, with its contents basically in line with the requirements of the times. The implementation of some policies promotes the foreign exchanges and cooperation of Chinese medicine.

Evaluation of Foreign Investment in Power Plants using Real Options

NASA Astrophysics Data System (ADS)

Kato, Moritoshi; Zhou, Yicheng

This paper proposes new methods for evaluating foreign investment in power plants under market uncertainty using a real options approach. We suppose a thermal power plant project in a deregulated electricity market. One of our proposed methods is that we calculate the cash flow generated by the project in a reference year using actual market data to incorporate periodic characteristics of energy prices into a yearly cash flow model. We make the stochastic yearly cash flow model with the initial value which is the cash flow in the reference year, and certain trend and volatility. Then we calculate the real options value (ROV) of the project which has abandonment options using the yearly cash flow model. Another our proposed method is that we evaluate foreign currency/domestic currency exchange rate risk by representing ROV in foreign currency as yearly pay off and exchanging it to ROV in domestic currency using a stochastic exchange rate model. We analyze the effect of the heat rate and operation and maintenance costs of the power plant on ROV, and evaluate exchange rate risk through numerical examples. Our proposed method will be useful for the risk management of foreign investment in power plants.

Applying Foreign Entry Market Strategies to UK Higher Education Transnational Education Models

ERIC Educational Resources Information Center

Lindsay, Victoria; Antoniou, Christos

2016-01-01

We take a multidisciplinary approach mapping the models used by UK higher education (HE) institutions against established international business foreign market entry strategies. We review the conditions in host markets that facilitate market entry and consider how these will determine foreign market entry strategy. We specifically consider four…

77 FR 62177 - Retail Foreign Exchange Transactions

Federal Register 2010, 2011, 2012, 2013, 2014

2012-10-12

... \\5\\ (a retail foreign exchange (forex) rule). Transactions described in section 2(c)(2)(B)(i)(I...'s retail forex rule must treat similarly all such futures and options and all agreements, contracts... forex rules must prescribe appropriate requirements with respect to disclosure, recordkeeping, capital...

Fluctuation Dynamics of Exchange Rates on Indian Financial Market

NASA Astrophysics Data System (ADS)

Sarkar, A.; Barat, P.

Here we investigate the scaling behavior and the complexity of the average daily exchange rate returns of the Indian Rupee against four foreign currencies namely US Dollar, Euro, Great Britain Pound and Japanese Yen. Our analysis revealed that the average daily exchange rate return of the Indian Rupee against the US Dollar exhibits a persistent scaling behavior and follow Levy stable distribution. On the contrary the average daily exchange rate returns of the other three foreign currencies show randomness and follow Gaussian distribution. Moreover, it is seen that the complexity of the average daily exchange rate return of the Indian Rupee against US Dollar is less than the other three exchange rate returns.

Market Penalties for Foreign Degrees Among College Educated Immigrants

PubMed Central

Arbeit, Caren A.; Warren, John Robert

2014-01-01

Are college degrees earned abroad worth less in the American economy than degrees earned in the United States? Do the labor market penalties associated with holding a foreign degree vary as a function of the country or region in which it was earned? Do these processes differ for men and women? We use data on 18,365 college-educated immigrants from the National Survey of College Graduates (NSCG) to address these questions. Female immigrants with foreign degrees are less likely to be employed than immigrant women who earned their degrees in the US. When employed, both female and male immigrants with foreign degrees are less likely to work in a job related to their highest college degree. Among employed female immigrants, the wage returns to foreign degrees are about 17% less than for U.S. degrees; among male immigrants, this figure is about 11%. For both female and male immigrants, the labor market penalties associated with holding a foreign degree vary as a function of the region from which the foreign degree was obtained. PMID:23521999

17 CFR 5.7 - Minimum financial requirements for retail foreign exchange dealers and futures commission...

Code of Federal Regulations, 2011 CFR

2011-04-01

... 17 Commodity and Securities Exchanges 1 2011-04-01 2011-04-01 false Minimum financial requirements... forex transactions. 5.7 Section 5.7 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS § 5.7 Minimum financial requirements for retail foreign...

Multi-Agent Market Modeling of Foreign Exchange Rates

NASA Astrophysics Data System (ADS)

Zimmermann, Georg; Neuneier, Ralph; Grothmann, Ralph

A market mechanism is basically driven by a superposition of decisions of many agents optimizing their profit. The oeconomic price dynamic is a consequence of the cumulated excess demand/supply created on this micro level. The behavior analysis of a small number of agents is well understood through the game theory. In case of a large number of agents one may use the limiting case that an individual agent does not have an influence on the market, which allows the aggregation of agents by statistic methods. In contrast to this restriction, we can omit the assumption of an atomic market structure, if we model the market through a multi-agent approach. The contribution of the mathematical theory of neural networks to the market price formation is mostly seen on the econometric side: neural networks allow the fitting of high dimensional nonlinear dynamic models. Furthermore, in our opinion, there is a close relationship between economics and the modeling ability of neural networks because a neuron can be interpreted as a simple model of decision making. With this in mind, a neural network models the interaction of many decisions and, hence, can be interpreted as the price formation mechanism of a market.

17 CFR 5.13 - Reporting to customers of retail foreign exchange dealers and futures commission merchants...

Code of Federal Regulations, 2011 CFR

2011-04-01

... 17 Commodity and Securities Exchanges 1 2011-04-01 2011-04-01 false Reporting to customers of....13 Section 5.13 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS § 5.13 Reporting to customers of retail foreign exchange dealers and futures...

Currency Exchange Rates.

ERIC Educational Resources Information Center

Siler, Carl R.

This curriculum unit of the Muncie (Indiana) Southside High School is to simulate the dynamics of foreign currency exchange rates from the perspectives of: (1) a major U.S. corporation, ABB Power T & D Company, Inc., of Muncie, Indiana, a manufacturer of large power transformers for the domestic and foreign markets; and (2) individual…

Diffusion equations and the time evolution of foreign exchange rates

NASA Astrophysics Data System (ADS)

Figueiredo, Annibal; de Castro, Marcio T.; da Fonseca, Regina C. B.; Gleria, Iram

2013-10-01

We investigate which type of diffusion equation is most appropriate to describe the time evolution of foreign exchange rates. We modify the geometric diffusion model assuming a non-exponential time evolution and the stochastic term is the sum of a Wiener noise and a jump process. We find the resulting diffusion equation to obey the Kramers-Moyal equation. Analytical solutions are obtained using the characteristic function formalism and compared with empirical data. The analysis focus on the first four central moments considering the returns of foreign exchange rate. It is shown that the proposed model offers a good improvement over the classical geometric diffusion model.

Multivariable nonlinear analysis of foreign exchange rates

NASA Astrophysics Data System (ADS)

Suzuki, Tomoya; Ikeguchi, Tohru; Suzuki, Masuo

2003-05-01

We analyze the multivariable time series of foreign exchange rates. These are price movements that have often been analyzed, and dealing time intervals and spreads between bid and ask prices. Considering dealing time intervals as event timing such as neurons’ firings, we use raster plots (RPs) and peri-stimulus time histograms (PSTHs) which are popular methods in the field of neurophysiology. Introducing special processings to obtaining RPs and PSTHs time histograms for analyzing exchange rates time series, we discover that there exists dynamical interaction among three variables. We also find that adopting multivariables leads to improvements of prediction accuracy.

Labor market penalties for foreign degrees among college educated immigrants.

PubMed

Arbeit, Caren A; Warren, John Robert

2013-05-01

Are college degrees earned abroad worth less in the American economy than degrees earned in the United States? Do the labor market penalties associated with holding a foreign degree vary as a function of the country or region in which it was earned? Do these processes differ for men and women? We use data on 18,361 college-educated immigrants from the National Survey of College Graduates (NSCG) to address these questions. Female immigrants with foreign degrees are less likely to be employed than immigrant women who earned their degrees in the US. When employed, both female and male immigrants with foreign degrees are less likely to work in a job related to their highest college degree. Among employed female immigrants, the wage returns to foreign degrees are about 17% less than for US degrees; among male immigrants, this figure is about 11%. For both female and male immigrants, the labor market penalties associated with holding a foreign degree vary as a function of the region from which the foreign degree was obtained. Copyright © 2013 Elsevier Inc. All rights reserved.

17 CFR 5.14 - Records to be kept by retail foreign exchange dealers and futures commission merchants.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 17 Commodity and Securities Exchanges 1 2011-04-01 2011-04-01 false Records to be kept by retail foreign exchange dealers and futures commission merchants. 5.14 Section 5.14 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS § 5.14 Records to...

Markovian approximation in foreign exchange markets

NASA Astrophysics Data System (ADS)

Baviera, Roberto; Vergni, Davide; Vulpiani, Angelo

2000-06-01

In this paper, using the exit-time statistic, we study the structure of the price variations for the high-frequency data set of the bid-ask Deutschemark/US dollar exchange rate quotes registered by the inter-bank Reuters network over the period October 1, 1992 to September 30, 1993. Having rejected random-walk models for the returns, we propose a Markovian model which reproduce the available information of the financial series. Besides the usual correlation analysis we have verified the validity of this model by means of other tools all inspired by information theory. These techniques are not only severe tests of the approximation but also evidence of some aspects of the data series which have a clear financial relevance.

Antipersistent Markov behavior in foreign exchange markets

NASA Astrophysics Data System (ADS)

Baviera, Roberto; Pasquini, Michele; Serva, Maurizio; Vergni, Davide; Vulpiani, Angelo

2002-09-01

A quantitative check of efficiency in US dollar/Deutsche mark exchange rates is developed using high-frequency (tick by tick) data. The antipersistent Markov behavior of log-price fluctuations of given size implies, in principle, the possibility of a statistical forecast. We introduce and measure the available information of the quote sequence, and we show how it can be profitable following a particular trading rule.

Progress Report on the South Carolina Market for Foreign Languages Study.

ERIC Educational Resources Information Center

Morgenroth, Robert L.; And Others

The Market for Foreign Languages Study was begun in South Carolina to ascertain both the state's projected needs for modern foreign language competencies and the state's foreign language resources over the next five years. Questionnaires have been sent to industrial plants, secondary schools, and junior and senior colleges. Of the plants…

The models for financial crisis detection in Indonesia based on import, export, and foreign exchange reserves

NASA Astrophysics Data System (ADS)

Sugiyanto; Wibowo, Supriyadi; Rizky Aristina Suwardi, Vivi

2017-12-01

The severity of the financial crisis that occurred in Indonesia required an early warning system of financial crisis. The financial crisis in Indonesia can be detected based on imports, exports, and foreign exchange reserves. The purpose of the research is to determine an appropriate model to detect the financial crisis in Indonesia based on imports, exports, and foreign exchange reserves. Markov switching is an alternative framework for the approach often used in financial crisis detection. Combined volatility and Markov switching model with three states assumptions can be established if an AR and volatility models have been obtained. Imports, exports, and foreign exchange reserves data from January 1990 to December 2016 have the heteroscedasticity effect so that an ARCH model is used as a volatility model. Research shows that SWARCH(3.1) model is an appropriate model for detecting financial crisis in Indonesia based on imports, exports, and foreign exchange reserves.

38 CFR 3.32 - Exchange rates for foreign currencies.

Code of Federal Regulations, 2013 CFR

2013-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2013-07-01 2013-07-01 false Exchange rates for foreign currencies. 3.32 Section 3.32 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation General § 3.32...

38 CFR 3.32 - Exchange rates for foreign currencies.

Code of Federal Regulations, 2014 CFR

2014-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2014-07-01 2014-07-01 false Exchange rates for foreign currencies. 3.32 Section 3.32 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation General § 3.32...

38 CFR 3.32 - Exchange rates for foreign currencies.

Code of Federal Regulations, 2012 CFR

2012-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2012-07-01 2012-07-01 false Exchange rates for foreign currencies. 3.32 Section 3.32 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation General § 3.32...

38 CFR 3.32 - Exchange rates for foreign currencies.

Code of Federal Regulations, 2010 CFR

2010-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Exchange rates for foreign currencies. 3.32 Section 3.32 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation General § 3.32...

38 CFR 3.32 - Exchange rates for foreign currencies.

Code of Federal Regulations, 2011 CFR

2011-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2011-07-01 2011-07-01 false Exchange rates for foreign currencies. 3.32 Section 3.32 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation General § 3.32...

Time-series analysis of multiple foreign exchange rates using time-dependent pattern entropy

NASA Astrophysics Data System (ADS)

Ishizaki, Ryuji; Inoue, Masayoshi

2018-01-01

Time-dependent pattern entropy is a method that reduces variations to binary symbolic dynamics and considers the pattern of symbols in a sliding temporal window. We use this method to analyze the instability of daily variations in multiple foreign exchange rates. The time-dependent pattern entropy of 7 foreign exchange rates (AUD/USD, CAD/USD, CHF/USD, EUR/USD, GBP/USD, JPY/USD, and NZD/USD) was found to be high in the long period after the Lehman shock, and be low in the long period after Mar 2012. We compared the correlation matrix between exchange rates in periods of high and low of the time-dependent pattern entropy.

17 CFR 5.14 - Records to be kept by retail foreign exchange dealers and futures commission merchants.

Code of Federal Regulations, 2012 CFR

2012-04-01

... 17 Commodity and Securities Exchanges 1 2012-04-01 2012-04-01 false Records to be kept by retail... be kept by retail foreign exchange dealers and futures commission merchants. (a) No person shall be registered as a retail foreign exchange dealer under the Act unless, commencing on the date his application...

17 CFR 5.14 - Records to be kept by retail foreign exchange dealers and futures commission merchants.

Code of Federal Regulations, 2014 CFR

2014-04-01

... 17 Commodity and Securities Exchanges 1 2014-04-01 2014-04-01 false Records to be kept by retail... be kept by retail foreign exchange dealers and futures commission merchants. (a) No person shall be registered as a retail foreign exchange dealer under the Act unless, commencing on the date his application...

17 CFR 5.14 - Records to be kept by retail foreign exchange dealers and futures commission merchants.

Code of Federal Regulations, 2013 CFR

2013-04-01

... 17 Commodity and Securities Exchanges 1 2013-04-01 2013-04-01 false Records to be kept by retail... be kept by retail foreign exchange dealers and futures commission merchants. (a) No person shall be registered as a retail foreign exchange dealer under the Act unless, commencing on the date his application...

A cross-country Exchange Market Pressure (EMP) dataset.

PubMed

Desai, Mohit; Patnaik, Ila; Felman, Joshua; Shah, Ajay

2017-06-01

The data presented in this article are related to the research article titled - "An exchange market pressure measure for cross country analysis" (Patnaik et al. [1]). In this article, we present the dataset for Exchange Market Pressure values (EMP) for 139 countries along with their conversion factors, ρ (rho). Exchange Market Pressure, expressed in percentage change in exchange rate, measures the change in exchange rate that would have taken place had the central bank not intervened. The conversion factor ρ can interpreted as the change in exchange rate associated with $1 billion of intervention. Estimates of conversion factor ρ allow us to calculate a monthly time series of EMP for 139 countries. Additionally, the dataset contains the 68% confidence interval (high and low values) for the point estimates of ρ 's. Using the standard errors of estimates of ρ 's, we obtain one sigma intervals around mean estimates of EMP values. These values are also reported in the dataset.

Are marketing campaigns in Taiwan by foreign tobacco companies targeting young smokers?

PubMed

Wen, C P; Chen, T; Tsai, Y-Y; Tsai, S P; Chung, W S I; Cheng, T Y; Levy, D T; Hsu, C C; Peterson, R; Liu, W-Y

2005-06-01

To assess the impact of promotions on cigarette sales in Taiwan after the cigarette market opened to foreign companies, and to assess whether young smokers were targeted by these companies. Trends in cigarette sales, advertising expenditure, brand preference, and cigarette consumption were examined for the period following the 1987 opening of the cigarette market. Tobacco industry internal documents from Legacy Tobacco Documents Library of the University of California, San Francisco, were searched for corporate strategies on promoting youth consumption in Taiwan. Between 1995 and 2000, the inflation adjusted advertising expenditures by all foreign firms increased fourfold. Much of the expenditure was spent on brand stretching the Mild Seven (Japan) and Davidoff (Germany) brands in television advertising. By 2000, the market share of foreign cigarettes exceeded domestics by three to one among young smokers and the leading brand preferred by this segment shifted from the most popular domestic brand (Long Life) to a foreign brand (Mild Seven). Furthermore, there was a sudden increase of 16.4% in smoking rates among young adults (from 36.1% to 42.0%) during the first five years after the market opened. This was also accompanied by increased per capita cigarette consumption and decreased age of smoking initiation. Industry documents confirmed the use of strategies targeted at the young. In particular, establishing new point of sale (POS) retail stores or promotional activities at POS were found to be more effective than advertising in magazines. This study provides evidence that advertising increased with increased competition following the market opening, which, in turn, spurred cigarette sales and consumption. Foreign tobacco companies have deliberately targeted youth in Taiwan and succeeded in gaining three quarters of their cigarette purchases within a decade. Expanding youth consumption will incur excessive future health care costs borne by society. Foreign tobacco

76 FR 64136 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-10-17

... Rule Change Relating to a Market Maker Incentive Plan for Foreign Currency Options October 11, 2011... plan for market makers in a number of foreign currency options (``FX Options'') traded on the Exchange... change is to extend an incentive plan for market makers in options on the New Zealand dollar (``NZD...

17 CFR 21.03 - Selected special calls-duties of foreign brokers, domestic and foreign traders, futures...

Code of Federal Regulations, 2011 CFR

2011-04-01

... 17 Commodity and Securities Exchanges 1 2011-04-01 2011-04-01 false Selected special calls-duties... FUTURES TRADING COMMISSION SPECIAL CALLS § 21.03 Selected special calls-duties of foreign brokers... market, the Commission may issue a call for information from a futures commission merchant, clearing...

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

Federal Register 2010, 2011, 2012, 2013, 2014

2011-10-18

.... Competitive market makers may request appointments to options classes traded on the Exchange, subject to the... foreign currency options. (1) On a quarterly basis, the Exchange shall assign points to each options class... whenever, in the Exchange's judgment, the interests of a fair and orderly market are best served by such...

Language and Culture Exchange in Foreign Language Learning: An Experiment and Recommendations

ERIC Educational Resources Information Center

Lockley, Thomas; Yoshida, Chiharu

2016-01-01

This study attempts to build on the little work that has been done so far on empirically and systematically researching what language and culture exchange (LCE) in the classroom between students of different foreign languages means to those students. It describes the context and method used to build such an exchange and after reviewing relevant…

77 FR 41671 - Extension of Interim Final Temporary Rule on Retail Foreign Exchange Transactions

Federal Register 2010, 2011, 2012, 2013, 2014

2012-07-16

... Exchange Act,\\3\\ shall not enter into, or offer to enter into, a foreign exchange (``forex'') transaction... conditions as the Federal regulatory agency shall prescribe (``retail forex rule'').\\6\\ A Federal regulatory agency's [[Page 41672

Are marketing campaigns in Taiwan by foreign tobacco companies targeting young smokers?

PubMed Central

Wen, C; Chen, T; Tsai, Y; Tsai, S; Chung, W; Cheng, T; Levy, D; Hsu, C; Peterson, R; Liu, W

2005-01-01

Objective: To assess the impact of promotions on cigarette sales in Taiwan after the cigarette market opened to foreign companies, and to assess whether young smokers were targeted by these companies. Methods: Trends in cigarette sales, advertising expenditure, brand preference, and cigarette consumption were examined for the period following the 1987 opening of the cigarette market. Tobacco industry internal documents from Legacy Tobacco Documents Library of the University of California, San Francisco, were searched for corporate strategies on promoting youth consumption in Taiwan. Results: Between 1995 and 2000, the inflation adjusted advertising expenditures by all foreign firms increased fourfold. Much of the expenditure was spent on brand stretching the Mild Seven (Japan) and Davidoff (Germany) brands in television advertising. By 2000, the market share of foreign cigarettes exceeded domestics by three to one among young smokers and the leading brand preferred by this segment shifted from the most popular domestic brand (Long Life) to a foreign brand (Mild Seven). Furthermore, there was a sudden increase of 16.4% in smoking rates among young adults (from 36.1% to 42.0%) during the first five years after the market opened. This was also accompanied by increased per capita cigarette consumption and decreased age of smoking initiation. Industry documents confirmed the use of strategies targeted at the young. In particular, establishing new point of sale (POS) retail stores or promotional activities at POS were found to be more effective than advertising in magazines. Conclusions: This study provides evidence that advertising increased with increased competition following the market opening, which, in turn, spurred cigarette sales and consumption. Foreign tobacco companies have deliberately targeted youth in Taiwan and succeeded in gaining three quarters of their cigarette purchases within a decade. Expanding youth consumption will incur excessive future health

22 CFR 3.12 - Exemption of grants and other foreign government assistance in cultural exchange programs from...

Code of Federal Regulations, 2010 CFR

2010-04-01

... government assistance in cultural exchange programs from coverage of foreign gifts and decorations... assistance provided by a foreign government to facilitate the participation of such employee in a cultural... FOREIGN GOVERNMENTS § 3.12 Exemption of grants and other foreign government assistance in cultural...

Scaling Exponents in Financial Markets

NASA Astrophysics Data System (ADS)

Kim, Kyungsik; Kim, Cheol-Hyun; Kim, Soo Yong

2007-03-01

We study the dynamical behavior of four exchange rates in foreign exchange markets. A detrended fluctuation analysis (DFA) is applied to detect the long-range correlation embedded in the non-stationary time series. It is for our case found that there exists a persistent long-range correlation in volatilities, which implies the deviation from the efficient market hypothesis. Particularly, the crossover is shown to exist in the scaling behaviors of the volatilities.

On the Dominant Status of American Educational Market for Foreign Students since 1980s

ERIC Educational Resources Information Center

Shu, Jun

2012-01-01

The article first probes into some reasons for the formation and the rise of the world educational market for foreign students. Then the article focuses on several important ensuring the absolutely dominant status of the U.S. educational market for foreign students in the world since 1980s and finally concludes that it is the U.S. world-leading…

Modelling world gold prices and USD foreign exchange relationship using multivariate GARCH model

NASA Astrophysics Data System (ADS)

Ping, Pung Yean; Ahmad, Maizah Hura Binti

2014-12-01

World gold price is a popular investment commodity. The series have often been modeled using univariate models. The objective of this paper is to show that there is a co-movement between gold price and USD foreign exchange rate. Using the effect of the USD foreign exchange rate on the gold price, a model that can be used to forecast future gold prices is developed. For this purpose, the current paper proposes a multivariate GARCH (Bivariate GARCH) model. Using daily prices of both series from 01.01.2000 to 05.05.2014, a causal relation between the two series understudied are found and a bivariate GARCH model is produced.

Cross-correlations between RMB exchange rate and international commodity markets

NASA Astrophysics Data System (ADS)

Lu, Xinsheng; Li, Jianfeng; Zhou, Ying; Qian, Yubo

2017-11-01

This paper employs multifractal detrended analysis (MF-DFA) and multifractal detrended cross-correlation analysis (MF-DCCA) to study cross-correlation behaviors between China's RMB exchange rate market and four international commodity markets, using a comprehensive set of data covering the period from 22 July 2005 to 15 March 2016. Our empirical results from MF-DFA indicate that the RMB exchange rate is the most inefficient among the 4 selected markets. The results from quantitative analysis have testified the existence of cross-correlations and the result from MF-DCCA have further confirmed a strong multifractal behavior between RMB exchange rate and international commodity markets. We also demonstrate that the recent financial crisis has significant impact on the cross-correlated behavior. Through the rolling window analysis, we find that the RMB exchange rates and international commodity prices are anti-persistent cross-correlated. The main sources of multifractality in the cross-correlations are long-range correlations between RMB exchange rate and the aggregate commodity, energy and metals index.

Analysis of high-resolution foreign exchange data of USD-JPY for 13 years

NASA Astrophysics Data System (ADS)

Mizuno, Takayuki; Kurihara, Shoko; Takayasu, Misako; Takayasu, Hideki

2003-06-01

We analyze high-resolution foreign exchange data consisting of 20 million data points of USD-JPY for 13 years to report firm statistical laws in distributions and correlations of exchange rate fluctuations. A conditional probability density analysis clearly shows the existence of trend-following movements at time scale of 8-ticks, about 1 min.

Modeling and forecasting foreign exchange daily closing prices with normal inverse Gaussian

NASA Astrophysics Data System (ADS)

Teneng, Dean

2013-09-01

We fit the normal inverse Gaussian(NIG) distribution to foreign exchange closing prices using the open software package R and select best models by Käärik and Umbleja (2011) proposed strategy. We observe that daily closing prices (12/04/2008 - 07/08/2012) of CHF/JPY, AUD/JPY, GBP/JPY, NZD/USD, QAR/CHF, QAR/EUR, SAR/CHF, SAR/EUR, TND/CHF and TND/EUR are excellent fits while EGP/EUR and EUR/GBP are good fits with a Kolmogorov-Smirnov test p-value of 0.062 and 0.08 respectively. It was impossible to estimate normal inverse Gaussian parameters (by maximum likelihood; computational problem) for JPY/CHF but CHF/JPY was an excellent fit. Thus, while the stochastic properties of an exchange rate can be completely modeled with a probability distribution in one direction, it may be impossible the other way around. We also demonstrate that foreign exchange closing prices can be forecasted with the normal inverse Gaussian (NIG) Lévy process, both in cases where the daily closing prices can and cannot be modeled by NIG distribution.

12 CFR Appendix A to Subpart A of... - Minimum Capital Components for Interest Rate and Foreign Exchange Rate Contracts

Code of Federal Regulations, 2011 CFR

2011-01-01

... interest rate and foreign exchange rate contracts are computed on the basis of the credit equivalent amounts of such contracts. Credit equivalent amounts are computed for each of the following off-balance... Equivalent Amounts a. The minimum capital components for interest rate and foreign exchange rate contracts...

17 CFR 5.6 - Maintenance of minimum financial requirements by retail foreign exchange dealers and futures...

Code of Federal Regulations, 2011 CFR

2011-04-01

... 17 Commodity and Securities Exchanges 1 2011-04-01 2011-04-01 false Maintenance of minimum... engaging in retail forex transactions. 5.6 Section 5.6 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS § 5.6 Maintenance of minimum financial...

17 CFR 5.5 - Distribution of “Risk Disclosure Statement” by retail foreign exchange dealers, futures...

Code of Federal Regulations, 2011 CFR

2011-04-01

... 17 Commodity and Securities Exchanges 1 2011-04-01 2011-04-01 false Distribution of âRisk... brokers regarding retail forex transactions. 5.5 Section 5.5 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS § 5.5 Distribution of “Risk...

Using Web-Based Foreign Advertisements in International Marketing Classes

ERIC Educational Resources Information Center

Ryan, Jason

2011-01-01

The author examines the use of the Web-based foreign advertisements for enhancing the international awareness of undergraduate marketing students. An analysis compares the adaptation of advertisements for identical products to the cultural perceptions and values of consumers in different countries. In a sample of 110 international marketing…

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

DOE Office of Scientific and Technical Information (OSTI.GOV)

Coffee, Brian

Intro to Foreign Exchange: Volatility Markets & Trading. Applications of physics and finance; Market Trading and Risk Management of Vanilla FX Options; Measures of Market Risk; Implied Volatility; FX Risk Reversals; FX Strangles; Valuation and Risk Calculations; Risk Management; Market Trading Strategies.

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

ScienceCinema

Coffee, Brian

2018-05-14

Intro to Foreign Exchange: Volatility Markets & Trading. Applications of physics and finance; Market Trading and Risk Management of Vanilla FX Options; Measures of Market Risk; Implied Volatility; FX Risk Reversals; FX Strangles; Valuation and Risk Calculations; Risk Management; Market Trading Strategies.

76 FR 13252 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-03-10

... Rule Change Relating to Access Fees for Foreign Currency Options March 4, 2011. Pursuant to Section 19... fee charged to foreign currency (``FX'') options market makers. The text of the proposed rule change... this proposed rule change is to terminate an access fee charged by the Exchange to foreign currency...

Asymmetric MF-DCCA method based on risk conduction and its application in the Chinese and foreign stock markets

NASA Astrophysics Data System (ADS)

Cao, Guangxi; Han, Yan; Li, Qingchen; Xu, Wei

2017-02-01

The acceleration of economic globalization gradually shows the linkage of the stock markets in various counties and produces a risk conduction effect. An asymmetric MF-DCCA method is conducted based on the different directions of risk conduction (DMF-ADCCA) and by using the traditional MF-DCCA. To ensure that the empirical results are more objective and robust, this study selects the stock index data of China, the US, Germany, India, and Brazil from January 2011 to September 2014 using the asymmetric MF-DCCA method based on different risk conduction effects and nonlinear Granger causality tests to study the asymmetric cross-correlation between domestic and foreign stock markets. Empirical results indicate the existence of a bidirectional conduction effect between domestic and foreign stock markets, and the greater influence degree from foreign countries to domestic market compared with that from the domestic market to foreign countries.

The Impact of Foreign Policy on Educational Exchange: The Swedish State Scholarship Programme 1938-1990

ERIC Educational Resources Information Center

Åkerlund, Andreas

2014-01-01

Programmes of international educational exchange are not only carried out for educational purposes, but form an important part of modern-day public diplomacy. Through exchange programmes education and research are linked with foreign policy interests, which then in turn should affect the international contacts of universities and research…

17 CFR 5.12 - Financial reports of retail foreign exchange dealers.

Code of Federal Regulations, 2014 CFR

2014-04-01

... accountant which is filed by a retail foreign exchange dealer must be filed in paper form and may not be..., either: (i) A Form 1-FR-FCM certified by an independent public accountant as of a date not more than 45... an independent public accountant as of a date not more than one year prior to the date on which such...

17 CFR 5.12 - Financial reports of retail foreign exchange dealers.

Code of Federal Regulations, 2012 CFR

2012-04-01

... accountant which is filed by a retail foreign exchange dealer must be filed in paper form and may not be..., either: (i) A Form 1-FR-FCM certified by an independent public accountant as of a date not more than 45... an independent public accountant as of a date not more than one year prior to the date on which such...

17 CFR 5.12 - Financial reports of retail foreign exchange dealers.

Code of Federal Regulations, 2013 CFR

2013-04-01

... accountant which is filed by a retail foreign exchange dealer must be filed in paper form and may not be..., either: (i) A Form 1-FR-FCM certified by an independent public accountant as of a date not more than 45... an independent public accountant as of a date not more than one year prior to the date on which such...

17 CFR 5.6 - Maintenance of minimum financial requirements by retail foreign exchange dealers and futures...

Code of Federal Regulations, 2013 CFR

2013-04-01

... engaging in retail forex transactions. 5.6 Section 5.6 Commodity and Securities Exchanges COMMODITY FUTURES... forex transactions. (a) Each futures commission merchant offering or engaging in retail forex... engage in retail forex transactions and each person registered as a retail foreign exchange dealer or who...

17 CFR 5.6 - Maintenance of minimum financial requirements by retail foreign exchange dealers and futures...

Code of Federal Regulations, 2014 CFR

2014-04-01

... engaging in retail forex transactions. 5.6 Section 5.6 Commodity and Securities Exchanges COMMODITY FUTURES... forex transactions. (a) Each futures commission merchant offering or engaging in retail forex... engage in retail forex transactions and each person registered as a retail foreign exchange dealer or who...

17 CFR 5.6 - Maintenance of minimum financial requirements by retail foreign exchange dealers and futures...

Code of Federal Regulations, 2012 CFR

2012-04-01

... engaging in retail forex transactions. 5.6 Section 5.6 Commodity and Securities Exchanges COMMODITY FUTURES... forex transactions. (a) Each futures commission merchant offering or engaging in retail forex... engage in retail forex transactions and each person registered as a retail foreign exchange dealer or who...

77 FR 70400 - Reform of Rules and Policies on Foreign Carrier Entry Into the U.S. Telecommunications Market

Federal Register 2010, 2011, 2012, 2013, 2014

2012-11-26

... of Rules and Policies on Foreign Carrier Entry Into the U.S. Telecommunications Market AGENCY... telecommunications services and facilities under section 214 of Communications Act of 1934, as amended (the ``Act... affiliates of foreign carriers for entry into the U.S. market for international telecommunications services...

77 FR 57625 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-09-18

... its common stock listed on a foreign market and list some other type of security on the Exchange, such...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change Amending... 30, 2012, New York Stock Exchange LLC (``NYSE'' or the ``Exchange'') filed with the Securities and...

Fluctuation dynamics of exchange rates on Polish financial market

NASA Astrophysics Data System (ADS)

Orłowski, A.; Struzik, Z. R.; Syczewska, E.; Załuska-Kotur, M. A.

2004-12-01

We show results of local fluctuation analysis, probability distributions, and fractional integration analysis for nominal exchange rates of the Polish zloty versus two foreign currencies (US dollar and German mark/euro). The results confirm the rapid change of the volatility pattern in August 1997. We compare the type of the fluctuation behavior before and after this date.

Diffusive and Arrestedlike Dynamics in Currency Exchange Markets

NASA Astrophysics Data System (ADS)

Clara-Rahola, J.; Puertas, A. M.; Sánchez-Granero, M. A.; Trinidad-Segovia, J. E.; de las Nieves, F. J.

2017-02-01

This work studies the symmetry between colloidal dynamics and the dynamics of the Euro-U.S. dollar currency exchange market (EURUSD). We consider the EURUSD price in the time range between 2001 and 2015, where we find significant qualitative symmetry between fluctuation distributions from this market and the ones belonging to colloidal particles in supercooled or arrested states. In particular, we find that models used for arrested physical systems are suitable for describing the EURUSD fluctuation distributions. Whereas the corresponding mean-squared price displacement (MSPD) to the EURUSD is diffusive for all years, when focusing in selected time frames within a day, we find a two-step MSPD when the New York Stock Exchange market closes, comparable to the dynamics in supercooled systems. This is corroborated by looking at the price correlation functions and non-Gaussian parameters and can be described by the theoretical model. We discuss the origin and implications of this analogy.

Risk management and market efficiency on the Midwest Independent System Operator electricity exchange

NASA Astrophysics Data System (ADS)

Jones, Kevin

Midwest Independent Transmission System Operator, Inc. (MISO) is a non-profit regional transmission organization (RTO) that oversees electricity production and transmission across thirteen states and one Canadian province. MISO also operates an electronic exchange for buying and selling electricity for each of its five regional hubs. MISO oversees two types of markets. The forward market, which is referred to as the day-ahead (DA) market, allows market participants to place demand bids and supply offers on electricity to be delivered at a specified hour the following day. The equilibrium price, known as the locational marginal price (LMP), is determined by MISO after receiving sale offers and purchase bids from market participants. MISO also coordinates a spot market, which is known as the real-time (RT) market. Traders in the real-time market must submit bids and offers by thirty minutes prior to the hour for which the trade will be executed. After receiving purchase and sale offers for a given hour in the real time market, MISO then determines the LMP for that particular hour. The existence of the DA and RT markets allows producers and retailers to hedge against the large fluctuations that are common in electricity prices. Hedge ratios on the MISO exchange are estimated using various techniques. No hedge ratio technique examined consistently outperforms the unhedged portfolio in terms of variance reduction. Consequently, none of the hedge ratio methods in this study meet the general interpretation of FASB guidelines for a highly effective hedge. One of the major goals of deregulation is to bring about competition and increased efficiency in electricity markets. Previous research suggests that electricity exchanges may not be weak-form market efficient. A simple moving average trading rule is found to produce statistically and economically significant profits on the MISO exchange. This could call the long-term survivability of the MISO exchange into question.

26 CFR 1.367(b)-3 - Repatriation of foreign corporate assets in certain nonrecognition transactions.

Code of Federal Regulations, 2010 CFR

2010-04-01

... of an exchanging shareholder whose stock in the foreign acquired corporation has a fair market value... stock in FC has a fair market value of $48,000 on the date DC1 receives the DC2 stock. (ii) Result. Because DC1's stock in FC has a fair market value of less than $50,000 on the date of the section 367(b...

17 CFR 3.10 - Registration of futures commission merchants, retail foreign exchange dealers, introducing...

Code of Federal Regulations, 2011 CFR

2011-04-01

..., commodity pool operators and leverage transaction merchants. 3.10 Section 3.10 Commodity and Securities..., commodity pool operators and leverage transaction merchants. (a) Application for registration. (1)(i) Except... merchant, retail foreign exchange dealers, introducing broker, commodity trading advisor, commodity pool...

Migration-driven aggregation behaviors in job markets with direct foreign immigration

NASA Astrophysics Data System (ADS)

Sun, Ruoyan

2014-09-01

This Letter introduces a new set of rate equations describing migration-driven aggregation behaviors in job markets with direct foreign immigration. We divide the job market into two groups: native and immigrant. A reversible migration of jobs exists in both groups. The interaction between two groups creates a birth and death rate for the native job market. We find out that regardless of initial conditions or the rates, the total number of cities with either job markets decreases. This indicates a more concentrated job markets for both groups in the future. On the other hand, jobs available for immigrants increase over time but the ones for natives are uncertain. The native job markets can either expand or shrink or remain constant due to combined effects of birth and death rates. Finally, we test our analytical results with the population data of all counties in the US from 2000 to 2011.

17 CFR 1.1 - Fraud in or in connection with transactions in foreign currency subject to the Commodity Exchange...

Code of Federal Regulations, 2010 CFR

2010-04-01

... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Fraud in or in connection with... Securities Exchanges COMMODITY FUTURES TRADING COMMISSION GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT Definitions § 1.1 Fraud in or in connection with transactions in foreign currency subject to the...

Predictability of currency market exchange

NASA Astrophysics Data System (ADS)

Ohira, Toru; Sazuka, Naoya; Marumo, Kouhei; Shimizu, Tokiko; Takayasu, Misako; Takayasu, Hideki

2002-05-01

We analyze tick data of yen-dollar exchange with a focus on its up and down movement. We show that there exists a rather particular conditional probability structure with such high frequency data. This result provides us with evidence to question one of the basic assumptions of the traditional market theory, where such bias in high frequency price movements is regarded as not present. We also construct systematically a random walk model reflecting this probability structure.

Expanding Markets: Foreign Direct Investment as a Lesson in Economic Geography

ERIC Educational Resources Information Center

Kalafsky, Ronald

2012-01-01

Firms face numerous challenges when looking to invest internationally, not the least of which includes understanding the business environment of a new market. Given the expansion and impacts of foreign direct investment (FDI), it has become increasingly important for students to understand and analyze the motivations, concerns, and strategies of…

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

Federal Register 2010, 2011, 2012, 2013, 2014

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...

Estimation of time-dependent Hurst exponents with variational smoothing and application to forecasting foreign exchange rates

NASA Astrophysics Data System (ADS)

Garcin, Matthieu

2017-10-01

Hurst exponents depict the long memory of a time series. For human-dependent phenomena, as in finance, this feature may vary in the time. It justifies modelling dynamics by multifractional Brownian motions, which are consistent with time-dependent Hurst exponents. We improve the existing literature on estimating time-dependent Hurst exponents by proposing a smooth estimate obtained by variational calculus. This method is very general and not restricted to the sole Hurst framework. It is globally more accurate and easier than other existing non-parametric estimation techniques. Besides, in the field of Hurst exponents, it makes it possible to make forecasts based on the estimated multifractional Brownian motion. The application to high-frequency foreign exchange markets (GBP, CHF, SEK, USD, CAD, AUD, JPY, CNY and SGD, all against EUR) shows significantly good forecasts. When the Hurst exponent is higher than 0.5, what depicts a long-memory feature, the accuracy is higher.

Programmed Protection of Foreign DNA from Restriction Allows Pathogenicity Island Exchange during Pneumococcal Transformation

PubMed Central

Johnston, Calum; Martin, Bernard; Granadel, Chantal; Polard, Patrice; Claverys, Jean-Pierre

2013-01-01

In bacteria, transformation and restriction-modification (R-M) systems play potentially antagonistic roles. While the former, proposed as a form of sexuality, relies on internalized foreign DNA to create genetic diversity, the latter degrade foreign DNA to protect from bacteriophage attack. The human pathogen Streptococcus pneumoniae is transformable and possesses either of two R-M systems, DpnI and DpnII, which respectively restrict methylated or unmethylated double-stranded (ds) DNA. S. pneumoniae DpnII strains possess DpnM, which methylates dsDNA to protect it from DpnII restriction, and a second methylase, DpnA, which is induced during competence for genetic transformation and is unusual in that it methylates single-stranded (ss) DNA. DpnA was tentatively ascribed the role of protecting internalized plasmids from DpnII restriction, but this seems unlikely in light of recent results establishing that pneumococcal transformation was not evolved to favor plasmid exchange. Here we validate an alternative hypothesis, showing that DpnA plays a crucial role in the protection of internalized foreign DNA, enabling exchange of pathogenicity islands and more generally of variable regions between pneumococcal isolates. We show that transformation of a 21.7 kb heterologous region is reduced by more than 4 logs in dpnA mutant cells and provide evidence that the specific induction of dpnA during competence is critical for full protection. We suggest that the integration of a restrictase/ssDNA-methylase couplet into the competence regulon maintains protection from bacteriophage attack whilst simultaneously enabling exchange of pathogenicicy islands. This protective role of DpnA is likely to be of particular importance for pneumococcal virulence by allowing free variation of capsule serotype in DpnII strains via integration of DpnI capsule loci, contributing to the documented escape of pneumococci from capsule-based vaccines. Generally, this finding is the first evidence for a

17 CFR 270.3a-6 - Foreign banks and foreign insurance companies.

Code of Federal Regulations, 2013 CFR

2013-04-01

... insurance companies. 270.3a-6 Section 270.3a-6 Commodity and Securities Exchanges SECURITIES AND EXCHANGE... foreign insurance companies. (a) Notwithstanding section 3(a)(1)(A) or section 3(a)(1)(C) of the Act (15 U.S.C. 80a-3(a)(1)(A) or 80a-3(a)(1)(C)), a foreign bank or foreign insurance company shall not be...

17 CFR 270.3a-6 - Foreign banks and foreign insurance companies.

Code of Federal Regulations, 2011 CFR

2011-04-01

... insurance companies. 270.3a-6 Section 270.3a-6 Commodity and Securities Exchanges SECURITIES AND EXCHANGE... foreign insurance companies. (a) Notwithstanding section 3(a)(1)(A) or section 3(a)(1)(C) of the Act (15 U.S.C. 80a-3(a)(1)(A) or 80a-3(a)(1)(C)), a foreign bank or foreign insurance company shall not be...

17 CFR 270.3a-6 - Foreign banks and foreign insurance companies.

Code of Federal Regulations, 2014 CFR

2014-04-01

... insurance companies. 270.3a-6 Section 270.3a-6 Commodity and Securities Exchanges SECURITIES AND EXCHANGE... foreign insurance companies. (a) Notwithstanding section 3(a)(1)(A) or section 3(a)(1)(C) of the Act (15 U.S.C. 80a-3(a)(1)(A) or 80a-3(a)(1)(C)), a foreign bank or foreign insurance company shall not be...

17 CFR 270.3a-6 - Foreign banks and foreign insurance companies.

Code of Federal Regulations, 2012 CFR

2012-04-01

... insurance companies. 270.3a-6 Section 270.3a-6 Commodity and Securities Exchanges SECURITIES AND EXCHANGE... foreign insurance companies. (a) Notwithstanding section 3(a)(1)(A) or section 3(a)(1)(C) of the Act (15 U.S.C. 80a-3(a)(1)(A) or 80a-3(a)(1)(C)), a foreign bank or foreign insurance company shall not be...

17 CFR 270.3a-6 - Foreign banks and foreign insurance companies.

Code of Federal Regulations, 2010 CFR

2010-04-01

... insurance companies. 270.3a-6 Section 270.3a-6 Commodity and Securities Exchanges SECURITIES AND EXCHANGE... foreign insurance companies. (a) Notwithstanding section 3(a)(1)(A) or section 3(a)(1)(C) of the Act (15 U.S.C. 80a-3(a)(1)(A) or 80a-3(a)(1)(C)), a foreign bank or foreign insurance company shall not be...

Alternative Approaches for Educating Future Global Marketing Professionals: A Comparison of Foreign Study and Research-Intensive Marketing Programs

ERIC Educational Resources Information Center

Kaufman, Peter A.; Melton, Horace L.; Varner, Iris I.; Hoelscher, Mark; Schmidt, Klaus; Spaulding, Aslihan D.

2011-01-01

Using an experiential learning model as a conceptual background, this article discusses characteristics and learning objectives for well-known foreign study programs such as study tours, study abroad, and internships and compares them with a less common overseas program called the "Global Marketing Program" (GMP). GMP involves…

Effect of market factors on the short-time pricing of stock-exchange metals

NASA Astrophysics Data System (ADS)

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

2016-12-01

The open trade on the world market is estimated using information of one-day exchange prices of nonferrous and precious metals, oil, reduced crude, and gasoline and the main world stock indices in the time period from January 1, 2009 to December 31, 2015. It is found that the short-term changes in the prices of nonferrous metals are determined by the prices on the metal market. The changes in the prices of energy carriers and the stock trade on the stock market weakly influence the pricing of nonferrous and precious metals. The prices of metals depend on the situation during trade on commodity exchanges, and the stock market indirectly influences the exchange prices of metals through changes in the share prices of the companies that produce copper, aluminum, and zinc.

Brazilian exchange rate complexity: Financial crisis effects

NASA Astrophysics Data System (ADS)

Piqueira, José Roberto C.; Mortoza, Letícia Pelluci D.

2012-04-01

With the financial market globalization, foreign investments became vital for the economies, mainly in emerging countries. In the last decades, Brazilian exchange rates appeared as a good indicator to measure either investors' confidence or risk aversion. Here, some events of global or national financial crisis are analyzed, trying to understand how they influenced the "dollar-real" rate evolution. The theoretical tool to be used is the López-Mancini-Calbet (LMC) complexity measure that, applied to real exchange rate data, has shown good fitness between critical events and measured patterns.

Cross-correlations between crude oil and exchange markets for selected oil rich economies

NASA Astrophysics Data System (ADS)

Li, Jianfeng; Lu, Xinsheng; Zhou, Ying

2016-07-01

Using multifractal detrended cross-correlation analysis (MF-DCCA), this paper studies the cross-correlation behavior between crude oil market and five selected exchange rate markets. The dataset covers the period of January 1,1996-December 31,2014, and contains 4,633 observations for each of the series, including daily closing prices of crude oil, Australian Dollars, Canadian Dollars, Mexican Pesos, Russian Rubles, and South African Rand. Our empirical results obtained from cross-correlation statistic and cross-correlation coefficient have confirmed the existence of cross-correlations, and the MF-DCCA results have demonstrated a strong multifractality between cross-correlated crude oil market and exchange rate markets in both short term and long term. Using rolling window analysis, we have also found the persistent cross-correlations between the exchange rates and crude oil returns, and the cross-correlation scaling exponents exhibit volatility during some time periods due to its sensitivity to sudden events.

76 FR 56103 - Retail Foreign Exchange Transactions; Conforming Changes to Existing Regulations in Response to...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-09-12

... off-exchange foreign currency transactions with members of the retail public (i.e., retail forex... various provisions of the CEA as amended by the Dodd-Frank Act with respect to retail forex transactions... counterparty to a retail forex transaction under CEA Section 2(c)(2)(B) (``permitted counterparty''), which...

Improving community health through marketing exchanges: A participatory action research study on water, sanitation, and hygiene in three Melanesian countries.

PubMed

Barrington, D J; Sridharan, S; Saunders, S G; Souter, R T; Bartram, J; Shields, K F; Meo, S; Kearton, A; Hughes, R K

2016-12-01

Diseases related to poor water, sanitation and hygiene (WaSH) are major causes of mortality and morbidity. While pursuing marketing approaches to WaSH to improve health outcomes is often narrowly associated with monetary exchange, marketing theory recognises four broad marketing exchange archetypes: market-based, non-market-based, command-based and culturally determined. This diversity reflects the need for parameters broader than monetary exchange when improving WaSH. This study applied a participatory action research process to investigate how impoverished communities in Melanesian urban and peri-urban informal settlements attempt to meet their WaSH needs through marketing exchange. Exchanges of all four archetypes were present, often in combination. Motivations for participating in the marketing exchanges were based on social relationships alongside WaSH needs, health aspirations and financial circumstances. By leveraging these motivations and pre-existing, self-determined marketing exchanges, WaSH practitioners may be able to foster WaSH marketing exchanges consistent with local context and capabilities, in turn improving community physical, mental and social health. Copyright © 2016 Elsevier Ltd. All rights reserved.

Inhomogeneous scaling behaviors in Malaysian foreign currency exchange rates

NASA Astrophysics Data System (ADS)

Muniandy, S. V.; Lim, S. C.; Murugan, R.

2001-12-01

In this paper, we investigate the fractal scaling behaviors of foreign currency exchange rates with respect to Malaysian currency, Ringgit Malaysia. These time series are examined piecewise before and after the currency control imposed in 1st September 1998 using the monofractal model based on fractional Brownian motion. The global Hurst exponents are determined using the R/ S analysis, the detrended fluctuation analysis and the method of second moment using the correlation coefficients. The limitation of these monofractal analyses is discussed. The usual multifractal analysis reveals that there exists a wide range of Hurst exponents in each of the time series. A new method of modelling the multifractal time series based on multifractional Brownian motion with time-varying Hurst exponents is studied.

Autocorrelation as a source of truncated Lévy flights in foreign exchange rates

NASA Astrophysics Data System (ADS)

Figueiredo, Annibal; Gleria, Iram; Matsushita, Raul; Da Silva, Sergio

2003-05-01

We suggest that the ultraslow speed of convergence associated with truncated Lévy flights (Phys. Rev. Lett. 73 (1994) 2946) may well be explained by autocorrelations in data. We show how a particular type of autocorrelation generates power laws consistent with a truncated Lévy flight. Stock exchanges have been suggested to be modeled by a truncated Lévy flight (Nature 376 (1995) 46; Physica A 297 (2001) 509; Econom. Bull. 7 (2002) 1). Here foreign exchange rate data are taken instead. Scaling power laws in the “probability of return to the origin” are shown to emerge for most currencies. A novel approach to measure how distant a process is from a Gaussian regime is presented.

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

NASA Astrophysics Data System (ADS)

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.

Statistical inference, the bootstrap, and neural-network modeling with application to foreign exchange rates.

PubMed

White, H; Racine, J

2001-01-01

We propose tests for individual and joint irrelevance of network inputs. Such tests can be used to determine whether an input or group of inputs "belong" in a particular model, thus permitting valid statistical inference based on estimated feedforward neural-network models. The approaches employ well-known statistical resampling techniques. We conduct a small Monte Carlo experiment showing that our tests have reasonable level and power behavior, and we apply our methods to examine whether there are predictable regularities in foreign exchange rates. We find that exchange rates do appear to contain information that is exploitable for enhanced point prediction, but the nature of the predictive relations evolves through time.

Foreign Bodies in Dried Mushrooms Marketed in Italy.

PubMed

Schiavo, Maria Rita; Manno, Claudia; Zimmardi, Antonina; Vodret, Bruna; Tilocca, Maria Giovanna; Altissimi, Serena; Haouet, Naceur M

2015-11-02

The presence of foreign bodies in mushrooms affects their marketability and may result in health risks to consumers. The inspection of fresh or dried mushrooms today is very important in view of the increased consumption of this kind of food. Ten samples of dried mushrooms collected in supermarkets were examined for evidence of entomological contamination by macro and microscopic analytical methods, the so-called filth-test . A total of 49 46 determinations, comprising 15 g of the vegetable matrix, were made. The microscopic filth test consistently detected an irregular distribution of physical contaminants following repeated determinations of the same sample. Visual examination, on the other hand, was not sufficient to ensure a product free of contaminants.

Data Bank 28IM(FF) - T-100 International Market Data, US Air Carriers Traffic and Capacity Data - 3 Year Restricted (includes foreign point and foreign point by US Carrier) : [2008

DOT National Transportation Integrated Search

2008-01-01

This CD presents data reported by U.S. carriers. These data are releasable after a 3 year confidentiality period and include U.S. Air Carrier foreign point to foreign point traffic. These data are often referred to as either "market" or on-flight ori...

Data Bank 28IM(FF) - T-100 International Market Data, US Air Carriers Traffic and Capacity Data - 3 Year Restricted (includes foreign point and foreign point by US Carrier) : [2009

DOT National Transportation Integrated Search

2009-01-01

This CD presents data reported by U.S. carriers. These data are releasable after a 3 year confidentiality period and include U.S. Air Carrier foreign point to foreign point traffic. These data are often referred to as either "market" or on-flight ori...

Data Bank 28IM(FF) - T-100 International Market Data, US Air Carriers Traffic and Capacity Data - 3 Year Restricted (includes foreign point and foreign point by US Carrier) : [2007

DOT National Transportation Integrated Search

2007-01-01

This CD presents data reported by U.S. carriers. These data are releasable after a 3 year confidentiality period and include U.S. Air Carrier foreign point to foreign point traffic. These data are often referred to as either "market" or on-flight ori...

Data Bank 28IM(FF) - T-100 International Market Data, US Air Carriers Traffic and Capacity Data - 3 Year Restricted (includes foreign point and foreign point by US Carrier) : [2003

DOT National Transportation Integrated Search

2003-01-01

This CD presents data reported by U.S. carriers. These data are releasable after a 3 year confidentiality period and include U.S. Air Carrier foreign point to foreign point traffic. These data are often referred to as either "market" or on-flight ori...

Data Bank 28IM(FF) - T-100 International Market Data, US Air Carriers Traffic and Capacity Data - 3 Year Restricted (includes foreign point and foreign point by US Carrier) : [2006

DOT National Transportation Integrated Search

2006-01-01

This CD presents data reported by U.S. carriers. These data are releasable after a 3 year confidentiality period and include U.S. Air Carrier foreign point to foreign point traffic. These data are often referred to as either "market" or on-flight ori...

Data Bank 28IM(FF) - T-100 International Market Data, US Air Carriers Traffic and Capacity Data - 3 Year Restricted (includes foreign point and foreign point by US Carrier) : [2005

DOT National Transportation Integrated Search

2005-01-01

This CD presents data reported by U.S. carriers. These data are releasable after a 3 year confidentiality period and include U.S. Air Carrier foreign point to foreign point traffic. These data are often referred to as either "market" or on-flight ori...

Data Bank 28IM(FF) - T-100 International Market Data, US Air Carriers Traffic and Capacity Data - 3 Year Restricted (includes foreign point and foreign point by US Carrier) : [2004

DOT National Transportation Integrated Search

2004-01-01

This CD presents data reported by U.S. carriers. These data are releasable after a 3 year confidentiality period and include U.S. Air Carrier foreign point to foreign point traffic. These data are often referred to as either "market" or on-flight ori...

31 CFR 1022.410 - Additional records to be made and retained by dealers in foreign exchange.

Code of Federal Regulations, 2013 CFR

2013-07-01

... 31 Money and Finance:Treasury 3 2013-07-01 2013-07-01 false Additional records to be made and retained by dealers in foreign exchange. 1022.410 Section 1022.410 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FINANCIAL CRIMES ENFORCEMENT NETWORK, DEPARTMENT OF THE TREASURY...

31 CFR 1022.410 - Additional records to be made and retained by dealers in foreign exchange.

Code of Federal Regulations, 2012 CFR

2012-07-01

... 31 Money and Finance:Treasury 3 2012-07-01 2012-07-01 false Additional records to be made and retained by dealers in foreign exchange. 1022.410 Section 1022.410 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FINANCIAL CRIMES ENFORCEMENT NETWORK, DEPARTMENT OF THE TREASURY...

31 CFR 1022.410 - Additional records to be made and retained by dealers in foreign exchange.

Code of Federal Regulations, 2014 CFR

2014-07-01

... 31 Money and Finance:Treasury 3 2014-07-01 2014-07-01 false Additional records to be made and retained by dealers in foreign exchange. 1022.410 Section 1022.410 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FINANCIAL CRIMES ENFORCEMENT NETWORK, DEPARTMENT OF THE TREASURY...

A strategic gaming model for health information exchange markets.

PubMed

Martinez, Diego A; Feijoo, Felipe; Zayas-Castro, Jose L; Levin, Scott; Das, Tapas K

2018-03-01

Current market conditions create incentives for some providers to exercise control over patient data in ways that unreasonably limit its availability and use. Here we develop a game theoretic model for estimating the willingness of healthcare organizations to join a health information exchange (HIE) network and demonstrate its use in HIE policy design. We formulated the model as a bi-level integer program. A quasi-Newton method is proposed to obtain a strategy Nash equilibrium. We applied our modeling and solution technique to 1,093,177 encounters for exchanging information over a 7.5-year period in 9 hospitals located within a three-county region in Florida. Under a set of assumptions, we found that a proposed federal penalty of up to $2,000,000 has a higher impact on increasing HIE adoption than current federal monetary incentives. Medium-sized hospitals were more reticent to adopt HIE than large-sized hospitals. In the presence of collusion among multiple hospitals to not adopt HIE, neither federal incentives nor proposed penalties increase hospitals' willingness to adopt. Hospitals' apathy toward HIE adoption may threaten the value of inter-connectivity even with federal incentives in place. Competition among hospitals, coupled with volume-based payment systems, creates no incentives for smaller hospitals to exchange data with competitors. Medium-sized hospitals need targeted actions (e.g., outside technological assistance, group purchasing arrangements) to mitigate market incentives to not adopt HIE. Strategic game theoretic models help to clarify HIE adoption decisions under market conditions at play in an extremely complex technology environment.

Recruitment of Foreigners in the Market for Computer Scientists in the United States

PubMed Central

Bound, John; Braga, Breno; Golden, Joseph M.

2016-01-01

We present and calibrate a dynamic model that characterizes the labor market for computer scientists. In our model, firms can recruit computer scientists from recently graduated college students, from STEM workers working in other occupations or from a pool of foreign talent. Counterfactual simulations suggest that wages for computer scientists would have been 2.8–3.8% higher, and the number of Americans employed as computers scientists would have been 7.0–13.6% higher in 2004 if firms could not hire more foreigners than they could in 1994. In contrast, total CS employment would have been 3.8–9.0% lower, and consequently output smaller. PMID:27170827

Time-series analysis of foreign exchange rates using time-dependent pattern entropy

NASA Astrophysics Data System (ADS)

Ishizaki, Ryuji; Inoue, Masayoshi

2013-08-01

Time-dependent pattern entropy is a method that reduces variations to binary symbolic dynamics and considers the pattern of symbols in a sliding temporal window. We use this method to analyze the instability of daily variations in foreign exchange rates, in particular, the dollar-yen rate. The time-dependent pattern entropy of the dollar-yen rate was found to be high in the following periods: before and after the turning points of the yen from strong to weak or from weak to strong, and the period after the Lehman shock.

Researching Online Foreign Language Interaction and Exchange: Theories, Methods and Challenges. Telecollaboration in Education. Volume 3

ERIC Educational Resources Information Center

Dooly, Melinda; O'Dowd, Robert

2012-01-01

This book provides an accessible introduction to some of the methods and theoretical approaches for investigating foreign language (FL) interaction and exchange in online environments. Research approaches which can be applied to Computer-Mediated Communication (CMC) are outlined, followed by discussion of the way in which tools and techniques for…

7 CFR 1206.8 - Foreign producer.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 7 Agriculture 10 2010-01-01 2010-01-01 false Foreign producer. 1206.8 Section 1206.8 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (MARKETING AGREEMENTS... INFORMATION Mango Promotion, Research, and Information Order Definitions § 1206.8 Foreign producer. Foreign...

7 CFR 51.2718 - Foreign material.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Foreign material. 51.2718 Section 51.2718 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Shelled Runner Type Peanuts Definitions § 51.2718 Foreign material. Foreign material means...

7 CFR 51.2718 - Foreign material.

Code of Federal Regulations, 2011 CFR

2011-01-01

... 7 Agriculture 2 2011-01-01 2011-01-01 false Foreign material. 51.2718 Section 51.2718 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Shelled Runner Type Peanuts Definitions § 51.2718 Foreign material. Foreign material means...

7 CFR 51.2123 - Foreign material.

Code of Federal Regulations, 2011 CFR

2011-01-01

... 7 Agriculture 2 2011-01-01 2011-01-01 false Foreign material. 51.2123 Section 51.2123 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Grades of Shelled Almonds Definitions § 51.2123 Foreign material. Foreign material means...

7 CFR 51.2123 - Foreign material.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Foreign material. 51.2123 Section 51.2123 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Grades of Shelled Almonds Definitions § 51.2123 Foreign material. Foreign material means...

7 CFR 51.2760 - Foreign material.

Code of Federal Regulations, 2011 CFR

2011-01-01

... 7 Agriculture 2 2011-01-01 2011-01-01 false Foreign material. 51.2760 Section 51.2760 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Shelled Virginia Type Peanuts Definitions § 51.2760 Foreign material. Foreign material means...

7 CFR 51.2760 - Foreign material.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Foreign material. 51.2760 Section 51.2760 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Standards for Shelled Virginia Type Peanuts Definitions § 51.2760 Foreign material. Foreign material means...

7 CFR 51.2760 - Foreign material.

Code of Federal Regulations, 2014 CFR

2014-01-01

... 7 Agriculture 2 2014-01-01 2014-01-01 false Foreign material. 51.2760 Section 51.2760 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Foreign material. Foreign material means pieces or loose particles of any substance other than peanut...

7 CFR 51.2760 - Foreign material.

Code of Federal Regulations, 2013 CFR

2013-01-01

... 7 Agriculture 2 2013-01-01 2013-01-01 false Foreign material. 51.2760 Section 51.2760 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Foreign material. Foreign material means pieces or loose particles of any substance other than peanut...

7 CFR 51.2718 - Foreign material.

Code of Federal Regulations, 2013 CFR

2013-01-01

... 7 Agriculture 2 2013-01-01 2013-01-01 false Foreign material. 51.2718 Section 51.2718 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Foreign material. Foreign material means pieces or loose particles of any substance other than peanut...

7 CFR 51.2718 - Foreign material.

Code of Federal Regulations, 2014 CFR

2014-01-01

... 7 Agriculture 2 2014-01-01 2014-01-01 false Foreign material. 51.2718 Section 51.2718 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Foreign material. Foreign material means pieces or loose particles of any substance other than peanut...

7 CFR 51.2738 - Foreign material.

Code of Federal Regulations, 2014 CFR

2014-01-01

... 7 Agriculture 2 2014-01-01 2014-01-01 false Foreign material. 51.2738 Section 51.2738 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... § 51.2738 Foreign material. Foreign material means pieces or loose particles of any substance other...

7 CFR 51.2738 - Foreign material.

Code of Federal Regulations, 2013 CFR

2013-01-01

... 7 Agriculture 2 2013-01-01 2013-01-01 false Foreign material. 51.2738 Section 51.2738 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... § 51.2738 Foreign material. Foreign material means pieces or loose particles of any substance other...

Recycled plastics: On-line exchange may breathe life into market

DOE Office of Scientific and Technical Information (OSTI.GOV)

Stringer, J.

1995-11-15

While plastics recycling has become more technologically developed during the past few years, the market-made up of a large number of small companies and municipalities-still remains plagued by unorganized pricing and lack of standardized quality. However, industry players are hoping the recently launched Chicago Board of Trade (CBOT) Recyclable Exchange will put new life into the market by establishing industry-wide standards and making the market more efficient. While many are watching the project with {open_quotes}cautious optimism,{close_quotes} the goal is to match up suppliers with buyers and make recyclable trading easier and cheaper, especially for smaller companies.

7 CFR 29.2520 - Foreign matter.

Code of Federal Regulations, 2014 CFR

2014-01-01

... 7 Agriculture 2 2014-01-01 2014-01-01 false Foreign matter. 29.2520 Section 29.2520 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing...-Cured Tobacco (u.s. Types 22, 23, and Foreign Type 96) § 29.2520 Foreign matter. Any extraneous...

7 CFR 29.2520 - Foreign matter.

Code of Federal Regulations, 2013 CFR

2013-01-01

... 7 Agriculture 2 2013-01-01 2013-01-01 false Foreign matter. 29.2520 Section 29.2520 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing...-Cured Tobacco (u.s. Types 22, 23, and Foreign Type 96) § 29.2520 Foreign matter. Any extraneous...

7 CFR 29.2520 - Foreign matter.

Code of Federal Regulations, 2011 CFR

2011-01-01

... 7 Agriculture 2 2011-01-01 2011-01-01 false Foreign matter. 29.2520 Section 29.2520 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing...-Cured Tobacco (u.s. Types 22, 23, and Foreign Type 96) § 29.2520 Foreign matter. Any extraneous...

7 CFR 29.2520 - Foreign matter.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Foreign matter. 29.2520 Section 29.2520 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing...-Cured Tobacco (u.s. Types 22, 23, and Foreign Type 96) § 29.2520 Foreign matter. Any extraneous...

7 CFR 29.2520 - Foreign matter.

Code of Federal Regulations, 2012 CFR

2012-01-01

... 7 Agriculture 2 2012-01-01 2012-01-01 false Foreign matter. 29.2520 Section 29.2520 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing...-Cured Tobacco (u.s. Types 22, 23, and Foreign Type 96) § 29.2520 Foreign matter. Any extraneous...

17 CFR 240.3b-4 - Definition of “foreign government,” “foreign issuer” and “foreign private issuer”.

Code of Federal Regulations, 2010 CFR

2010-04-01

... voting securities beneficially owned by residents of the United States as reported on reports of... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Definition of âforeign... Securities Exchanges SECURITIES AND EXCHANGE COMMISSION (CONTINUED) GENERAL RULES AND REGULATIONS, SECURITIES...

17 CFR 30.7 - Treatment of foreign futures or foreign options secured amount.

Code of Federal Regulations, 2014 CFR

2014-04-01

... day, unless the futures commission merchant's chief executive officer, chief finance officer or other... unsecured basis to finance a 30.7 customer's foreign futures and foreign options trading, nor may a futures... 17 Commodity and Securities Exchanges 1 2014-04-01 2014-04-01 false Treatment of foreign futures...

Data Bank 28IM(FF) - T-100 International Market Data, US Air Carriers Traffic and Capacity Data (World Area Code) - 3 Year Restricted (includes foreign point and foreign Point by US Carrier) : [2007

DOT National Transportation Integrated Search

2007-01-01

This CD presents data reported by U.S. carriers. These data are releasable after a 3 year confidentiality period and include U.S. Air Carrier foreign point to foreign point traffic. These data are often referred to as either "market" or on-flight ori...

Data Bank 28IM(FF) - T-100 International Market Data, US Air Carriers Traffic and Capacity Data (World Area Code) - 3 Year Restricted (includes foreign point and foreign Point by US Carrier) : [2008

DOT National Transportation Integrated Search

2008-01-01

This CD presents data reported by U.S. carriers. These data are releasable after a 3 year confidentiality period and include U.S. Air Carrier foreign point to foreign point traffic. These data are often referred to as either "market" or on-flight ori...

Data Bank 28IM(FF) - T-100 International Market Data, US Air Carriers Traffic and Capacity Data (World Area Code) - 3 Year Restricted (includes foreign point and foreign Point by US Carrier) : [2009

DOT National Transportation Integrated Search

2009-01-01

This CD presents data reported by U.S. carriers. These data are releasable after a 3 year confidentiality period and include U.S. Air Carrier foreign point to foreign point traffic. These data are often referred to as either "market" or on-flight ori...

Data Bank 28IM(FF) - T-100 International Market Data, US Air Carriers Traffic and Capacity Data (World Area Code) - 3 Year Restricted (includes foreign point and foreign Point by US Carrier) : [2003

DOT National Transportation Integrated Search

2003-01-01

This CD presents data reported by U.S. carriers. These data are releasable after a 3 year confidentiality period and include U.S. Air Carrier foreign point to foreign point traffic. These data are often referred to as either "market" or on-flight ori...

Data Bank 28IM(FF) - T-100 International Market Data, US Air Carriers Traffic and Capacity Data (World Area Code) - 3 Year Restricted (includes foreign point and foreign Point by US Carrier) : [2005

DOT National Transportation Integrated Search

2005-01-01

This CD presents data reported by U.S. carriers. These data are releasable after a 3 year confidentiality period and include U.S. Air Carrier foreign point to foreign point traffic. These data are often referred to as either "market" or on-flight ori...

Data Bank 28IM(FF) - T-100 International Market Data, US Air Carriers Traffic and Capacity Data (World Area Code) - 3 Year Restricted (includes foreign point and foreign Point by US Carrier) : [2006

DOT National Transportation Integrated Search

2006-01-01

This CD presents data reported by U.S. carriers. These data are releasable after a 3 year confidentiality period and include U.S. Air Carrier foreign point to foreign point traffic. These data are often referred to as either "market" or on-flight ori...

Data Bank 28IM(FF) - T-100 International Market Data, US Air Carriers Traffic and Capacity Data (World Area Code) - 3 Year Restricted (includes foreign point and foreign Point by US Carrier) : [2004

DOT National Transportation Integrated Search

2004-01-01

This CD presents data reported by U.S. carriers. These data are releasable after a 3 year confidentiality period and include U.S. Air Carrier foreign point to foreign point traffic. These data are often referred to as either "market" or on-flight ori...

Kinetic models for goods exchange in a multi-agent market

NASA Astrophysics Data System (ADS)

Brugna, Carlo; Toscani, Giuseppe

2018-06-01

In this paper we introduce a system of kinetic equations describing an exchange market consisting of two populations of agents (dealers and speculators) expressing the same preferences for two goods, but applying different strategies in their exchanges. Similarly to the model proposed in Toscani et al. (2013), we describe the trading of the goods by means of some fundamental rules in price theory, in particular by using Cobb-Douglas utility functions for the exchange. The strategy of the speculators is to recover maximal utility from the trade by suitably acting on the percentage of goods which are exchanged. This microscopic description leads to a system of linear Boltzmann-type equations for the probability distributions of the goods on the two populations, in which the post-interaction variables depend from the pre-interaction ones in terms of the mean quantities of the goods present in the market. In this case, it is shown analytically that the strategy of the speculators can drive the price of the two goods towards a zone in which there is a branded utility for their group. Also, according to Toscani et al. (2013), the general system of nonlinear kinetic equations of Boltzmann type for the probability distributions of the goods on the two populations is described in details. Numerical experiments then show how the policy of speculators can modify the final price of goods in this nonlinear setting.

Reciprocal Exchange Patterned by Market Forces Helps Explain Cooperation in a Small-Scale Society.

PubMed

Jaeggi, Adrian V; Hooper, Paul L; Beheim, Bret A; Kaplan, Hillard; Gurven, Michael

2016-08-22

Social organisms sometimes depend on help from reciprocating partners to solve adaptive problems [1], and individual cooperation strategies should aim to offer high supply commodities at low cost to the donor in exchange for high-demand commodities with large return benefits [2, 3]. Although such market dynamics have been documented in some animals [4-7], naturalistic studies of human cooperation are often limited by focusing on single commodities [8]. We analyzed cooperation in five domains (meat sharing, produce sharing, field labor, childcare, and sick care) among 2,161 household dyads of Tsimane' horticulturalists, using Bayesian multilevel models and information-theoretic model comparison. Across domains, the best-fit models included kinship and residential proximity, exchanges in kind and across domains, measures of supply and demand and their interactions with exchange, and household-specific exchange slopes. In these best models, giving, receiving, and reciprocating were to some extent shaped by market forces, and reciprocal exchange across domains had a strong partial effect on cooperation independent of more exogenous factors like kinship and proximity. Our results support the view that reciprocal exchange can provide a reliable solution to adaptive problems [8-11]. Although individual strategies patterned by market forces may generate gains from trade in any species [3], humans' slow life history and skill-intensive foraging niche favor specialization and create interdependence [12, 13], thus stabilizing cooperation and fostering divisions of labor even in informal economies [14, 15]. Copyright © 2016 Elsevier Ltd. All rights reserved.

75 FR 34186 - Self-Regulatory Organizations; BATS Exchange, Inc.; EDGA Exchange, Inc.; EDGX Exchange, Inc...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-06-16

... Securities Exchange LLC; New York Stock Exchange LLC; NYSE Amex LLC; NYSE Arca, Inc.; The NASDAQ Stock Market... Extraordinary Market Volatility June 10, 2010. I. Introduction On May 18, 2010, each of BATS Exchange, Inc..., Inc. (``NYSEArca''), The NASDAQ Stock Market LLC (``NASDAQ''), National Stock Exchange, Inc. (``NSX...

Characteristic time scales in the American dollar-Mexican peso exchange currency market

NASA Astrophysics Data System (ADS)

Alvarez-Ramirez, Jose

2002-06-01

Daily fluctuations of the American dollar-Mexican peso exchange currency market are studied using multifractal analysis methods. It is found evidence of multiaffinity of daily fluctuations in the sense that the qth-order (roughness) Hurst exponent Hq varies with changes in q. It is also found that there exist several characteristic time scales ranging from week to year. Accordingly, the market exhibits persistence in the sense that instabilities introduced by market events acting around the characteristic time scales (mainly, quarter and year) would propagate through the future market activity. Some implications of our results on the regulation of the dollar-mexpeso market activity are discussed.

76 FR 49832 - Notice of Market Assessment and Public Meeting for Digital Transportation Exchange

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-11

... Market Assessment and Public Meeting for Digital Transportation Exchange AGENCY: Office of the Secretary...--creating a thriving marketplace for digital transportation solutions. The Digital Transportation Exchange... best digital products and services for the transportation industry--from very simple to very complex...

Multifractal analysis of the Korean agricultural market

NASA Astrophysics Data System (ADS)

Kim, Hongseok; Oh, Gabjin; Kim, Seunghwan

2011-11-01

We have studied the long-term memory effects of the Korean agricultural market using the detrended fluctuation analysis (DFA) method. In general, the return time series of various financial data, including stock indices, foreign exchange rates, and commodity prices, are uncorrelated in time, while the volatility time series are strongly correlated. However, we found that the return time series of Korean agricultural commodity prices are anti-correlated in time, while the volatility time series are correlated. The n-point correlations of time series were also examined, and it was found that a multifractal structure exists in Korean agricultural market prices.

Replication of Cancellation Orders Using First-Passage Time Theory in Foreign Currency Market

NASA Astrophysics Data System (ADS)

Boilard, Jean-François; Kanazawa, Kiyoshi; Takayasu, Hideki; Takayasu, Misako

Our research focuses on the annihilation dynamics of limit orders in a spot foreign currency market for various currency pairs. We analyze the cancellation order distribution conditioned on the normalized distance from the mid-price; where the normalized distance is defined as the final distance divided by the initial distance. To reproduce real data, we introduce two simple models that assume the market price moves randomly and cancellation occurs either after fixed time t or following the Poisson process. Results of our model qualitatively reproduce basic statistical properties of cancellation orders of the data when limit orders are cancelled according to the Poisson process. We briefly discuss implication of our findings in the construction of more detailed microscopic models.

22 CFR 23.4 - Representative value in exchange.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Representative value in exchange. 23.4 Section 23.4 Foreign Relations DEPARTMENT OF STATE FEES AND FUNDS FINANCE AND ACCOUNTING § 23.4 Representative value in exchange. Representative value in exchange for the collection of a fee means foreign...

Expert Advisor (EA) Evaluation System Using Web-based ELECTRE Method in Foreign Exchange (Forex) Market

NASA Astrophysics Data System (ADS)

Satibi; Widodo, Catur Edi; Farikhin

2018-02-01

This research aims to optimize forex trading profit automatically using EA but its still keep considering accuracy and drawdown levels. The evaluation system will classify EA performance based on trading market sessions (Sydney, Tokyo, London and New York) to determine the right EA to be used in certain market sessions. This evaluation system is a web-based ELECTRE methods that interact in real-time with EA through web service and are able to present real-time charts performance dashboard using web socket protocol communications. Web applications are programmed using NodeJs. In the testing period, all EAs had been simulated 24 hours in all market sessions for three months, the best EA is valued by its profit, accuracy and drawdown criteria that calculated using web-based ELECTRE method. The ideas of this research are to compare the best EA on testing period with collaboration performances of each best classified EA by market sessions. This research uses three months historical data of EUR/USD as testing period and other 3 months as validation period. As a result, performance of collaboration four best EA classified by market sessions can increase profits percentage consistently in testing and validation periods and keep securing accuracy and drawdown levels.

7 CFR 29.2270 - Foreign matter.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Foreign matter. 29.2270 Section 29.2270 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Foreign matter. Any extraneous substance or material such as stalks, suckers, straw, strings, rubber bands...

7 CFR 29.2270 - Foreign matter.

Code of Federal Regulations, 2013 CFR

2013-01-01

... 7 Agriculture 2 2013-01-01 2013-01-01 false Foreign matter. 29.2270 Section 29.2270 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Foreign matter. Any extraneous substance or material such as stalks, suckers, straw, strings, rubber bands...

7 CFR 29.6015 - Foreign matter.

Code of Federal Regulations, 2013 CFR

2013-01-01

... 7 Agriculture 2 2013-01-01 2013-01-01 false Foreign matter. 29.6015 Section 29.6015 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... INSPECTION Standards Definitions § 29.6015 Foreign matter. Any extraneous substance or material such as...

7 CFR 29.3023 - Foreign matter.

Code of Federal Regulations, 2011 CFR

2011-01-01

... 7 Agriculture 2 2011-01-01 2011-01-01 false Foreign matter. 29.3023 Section 29.3023 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Foreign matter. Any extraneous substance or material such as stalks, suckers, straw, strings, rubber bands...

7 CFR 29.2270 - Foreign matter.

Code of Federal Regulations, 2012 CFR

2012-01-01

... 7 Agriculture 2 2012-01-01 2012-01-01 false Foreign matter. 29.2270 Section 29.2270 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Foreign matter. Any extraneous substance or material such as stalks, suckers, straw, strings, rubber bands...

7 CFR 29.6015 - Foreign matter.

Code of Federal Regulations, 2012 CFR

2012-01-01

... 7 Agriculture 2 2012-01-01 2012-01-01 false Foreign matter. 29.6015 Section 29.6015 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... INSPECTION Standards Definitions § 29.6015 Foreign matter. Any extraneous substance or material such as...

7 CFR 29.3023 - Foreign matter.

Code of Federal Regulations, 2014 CFR

2014-01-01

... 7 Agriculture 2 2014-01-01 2014-01-01 false Foreign matter. 29.3023 Section 29.3023 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Foreign matter. Any extraneous substance or material such as stalks, suckers, straw, strings, rubber bands...

7 CFR 29.6015 - Foreign matter.

Code of Federal Regulations, 2014 CFR

2014-01-01

... 7 Agriculture 2 2014-01-01 2014-01-01 false Foreign matter. 29.6015 Section 29.6015 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... INSPECTION Standards Definitions § 29.6015 Foreign matter. Any extraneous substance or material such as...

7 CFR 29.3023 - Foreign matter.

Code of Federal Regulations, 2013 CFR

2013-01-01

... 7 Agriculture 2 2013-01-01 2013-01-01 false Foreign matter. 29.3023 Section 29.3023 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Foreign matter. Any extraneous substance or material such as stalks, suckers, straw, strings, rubber bands...

7 CFR 29.3023 - Foreign matter.

Code of Federal Regulations, 2012 CFR

2012-01-01

... 7 Agriculture 2 2012-01-01 2012-01-01 false Foreign matter. 29.3023 Section 29.3023 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Foreign matter. Any extraneous substance or material such as stalks, suckers, straw, strings, rubber bands...

7 CFR 29.2270 - Foreign matter.

Code of Federal Regulations, 2011 CFR

2011-01-01

... 7 Agriculture 2 2011-01-01 2011-01-01 false Foreign matter. 29.2270 Section 29.2270 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Foreign matter. Any extraneous substance or material such as stalks, suckers, straw, strings, rubber bands...

7 CFR 29.6015 - Foreign matter.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Foreign matter. 29.6015 Section 29.6015 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... INSPECTION Standards Definitions § 29.6015 Foreign matter. Any extraneous substance or material such as...

7 CFR 29.6015 - Foreign matter.

Code of Federal Regulations, 2011 CFR

2011-01-01

... 7 Agriculture 2 2011-01-01 2011-01-01 false Foreign matter. 29.6015 Section 29.6015 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... INSPECTION Standards Definitions § 29.6015 Foreign matter. Any extraneous substance or material such as...

7 CFR 29.2270 - Foreign matter.

Code of Federal Regulations, 2014 CFR

2014-01-01

... 7 Agriculture 2 2014-01-01 2014-01-01 false Foreign matter. 29.2270 Section 29.2270 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Foreign matter. Any extraneous substance or material such as stalks, suckers, straw, strings, rubber bands...

7 CFR 29.3023 - Foreign matter.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Foreign matter. 29.3023 Section 29.3023 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Foreign matter. Any extraneous substance or material such as stalks, suckers, straw, strings, rubber bands...

17 CFR 232.306 - Foreign language documents and symbols.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 17 Commodity and Securities Exchanges 2 2010-04-01 2010-04-01 false Foreign language documents and symbols. 232.306 Section 232.306 Commodity and Securities Exchanges SECURITIES AND EXCHANGE COMMISSION....14d-102), or Schedule 14D-9F (§ 240.14d-103). (e) Foreign currency denominations must be expressed in...

17 CFR 232.306 - Foreign language documents and symbols.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 17 Commodity and Securities Exchanges 2 2011-04-01 2011-04-01 false Foreign language documents and symbols. 232.306 Section 232.306 Commodity and Securities Exchanges SECURITIES AND EXCHANGE COMMISSION....14d-102), or Schedule 14D-9F (§ 240.14d-103). (e) Foreign currency denominations must be expressed in...

On the time-homogeneous Ornstein-Uhlenbeck process in the foreign exchange rates

NASA Astrophysics Data System (ADS)

da Fonseca, Regina C. B.; Matsushita, Raul Y.; de Castro, Márcio T.; Figueiredo, Annibal

2015-10-01

Since Gaussianity and stationarity assumptions cannot be fulfilled by financial data, the time-homogeneous Ornstein-Uhlenbeck (THOU) process was introduced as a candidate model to describe time series of financial returns [1]. It is an Ornstein-Uhlenbeck (OU) process in which these assumptions are replaced by linearity and time-homogeneity. We employ the OU and THOU processes to analyze daily foreign exchange rates against the US dollar. We confirm that the OU process does not fit the data, while in most cases the first four cumulants patterns from data can be described by the THOU process. However, there are some exceptions in which the data do not follow linearity or time-homogeneity assumptions.

Evidence of fueling of the 2000 new economy bubble by foreign capital inflow: implications for the future of the US economy and its stock market

NASA Astrophysics Data System (ADS)

Sornette, Didier; Zhou, Wei-Xing

2004-02-01

Previous analyses of a large ensemble of stock markets have demonstrated that a log-periodic power law (LPPL) behavior of the prices constitutes a qualifying signature of speculative bubbles that often land with a crash. We detect such a LPPL signature in the foreign capital inflow during the bubble on the US markets culminating in March 2000. We detect a weak synchronization and lag with the NASDAQ LPPL pattern. We propose to rationalize these observations by the existence of positive feedback loops between market-appreciation/increased-spending/increased-deficit-of-balance-of-payment/larger-foreign-surplus/increased-foreign-capital-inflows and so on. Our analysis suggests that foreign capital inflow has been following rather than causing the bubble. We then combine a macroeconomic analysis of feedback processes occurring between the economy and the stock market with a technical analysis of more than 200 years of the DJIA to investigate possible scenarios for the future, three years after the end of the bubble and deep into a bearish regime. We conclude that the low interest rates and depreciating dollar are the indispensable ingredients for a lower sustainable burden of the global US debt structure and for allowing the slow rebuilding of an internationally competitive economy. This will probably be accompanied by a weak stock market on the medium term as the growing Federal deficit is consuming a large part of the foreign surplus dollars and the stock market is remaining a very risky and unattractive investment. Notwithstanding strong surge of liquidity in recent months orchestrated by the Federal Reserve, this macroeconomic analysis which incorporates an element of collective behavior is in line with our recent analyses of the bearish market that started in 2000 in terms of a LPPL “anti-bubble”. We project this LPPL anti-bubble to continue at least for another year. On the short term, increased availability of liquidity (M1) and self-fulfilling bullish

7 CFR 29.1020 - Foreign matter.

Code of Federal Regulations, 2012 CFR

2012-01-01

... 7 Agriculture 2 2012-01-01 2012-01-01 false Foreign matter. 29.1020 Section 29.1020 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Type 92) § 29.1020 Foreign matter. Any extraneous substance or material such as straw, strings, rubber...

7 CFR 29.3518 - Foreign matter.

Code of Federal Regulations, 2014 CFR

2014-01-01

... 7 Agriculture 2 2014-01-01 2014-01-01 false Foreign matter. 29.3518 Section 29.3518 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Type 95) § 29.3518 Foreign matter. Any extraneous substance or material such as stalks, suckers, straw...

7 CFR 29.3518 - Foreign matter.

Code of Federal Regulations, 2011 CFR

2011-01-01

... 7 Agriculture 2 2011-01-01 2011-01-01 false Foreign matter. 29.3518 Section 29.3518 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Type 95) § 29.3518 Foreign matter. Any extraneous substance or material such as stalks, suckers, straw...

7 CFR 29.1020 - Foreign matter.

Code of Federal Regulations, 2014 CFR

2014-01-01

... 7 Agriculture 2 2014-01-01 2014-01-01 false Foreign matter. 29.1020 Section 29.1020 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Type 92) § 29.1020 Foreign matter. Any extraneous substance or material such as straw, strings, rubber...

7 CFR 29.3518 - Foreign matter.

Code of Federal Regulations, 2013 CFR

2013-01-01

... 7 Agriculture 2 2013-01-01 2013-01-01 false Foreign matter. 29.3518 Section 29.3518 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Type 95) § 29.3518 Foreign matter. Any extraneous substance or material such as stalks, suckers, straw...

7 CFR 29.1020 - Foreign matter.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Foreign matter. 29.1020 Section 29.1020 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Type 92) § 29.1020 Foreign matter. Any extraneous substance or material such as straw, strings, rubber...

7 CFR 29.3518 - Foreign matter.

Code of Federal Regulations, 2012 CFR

2012-01-01

... 7 Agriculture 2 2012-01-01 2012-01-01 false Foreign matter. 29.3518 Section 29.3518 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Type 95) § 29.3518 Foreign matter. Any extraneous substance or material such as stalks, suckers, straw...

7 CFR 29.1020 - Foreign matter.

Code of Federal Regulations, 2011 CFR

2011-01-01

... 7 Agriculture 2 2011-01-01 2011-01-01 false Foreign matter. 29.1020 Section 29.1020 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Type 92) § 29.1020 Foreign matter. Any extraneous substance or material such as straw, strings, rubber...

7 CFR 29.3518 - Foreign matter.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Foreign matter. 29.3518 Section 29.3518 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Type 95) § 29.3518 Foreign matter. Any extraneous substance or material such as stalks, suckers, straw...

7 CFR 29.1020 - Foreign matter.

Code of Federal Regulations, 2013 CFR

2013-01-01

... 7 Agriculture 2 2013-01-01 2013-01-01 false Foreign matter. 29.1020 Section 29.1020 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Type 92) § 29.1020 Foreign matter. Any extraneous substance or material such as straw, strings, rubber...

Price dynamics and market power in an agent-based power exchange

NASA Astrophysics Data System (ADS)

Cincotti, Silvano; Guerci, Eric; Raberto, Marco

2005-05-01

This paper presents an agent-based model of a power exchange. Supply of electric power is provided by competing generating companies, whereas demand is assumed to be inelastic with respect to price and is constant over time. The transmission network topology is assumed to be a fully connected graph and no transmission constraints are taken into account. The price formation process follows a common scheme for real power exchanges: a clearing house mechanism with uniform price, i.e., with price set equal across all matched buyer-seller pairs. A single class of generating companies is considered, characterized by linear cost function for each technology. Generating companies compete for the sale of electricity through repeated rounds of the uniform auction and determine their supply functions according to production costs. However, an individual reinforcement learning algorithm characterizes generating companies behaviors in order to attain the expected maximum possible profit in each auction round. The paper investigates how the market competitive equilibrium is affected by market microstructure and production costs.

The Application of Exchange Network Theory to the Analysis of Foreign Direct Investment in the People’s Republic of China

DTIC Science & Technology

1988-12-01

theory was first articulated by Andre Gundc ’rank (Trimberger, 1979). Frank contended that Third d countries are not undeveloped but rather underdeeloped...on many of these questions. Foreign investment in Third World countries has typically been studied from an aggregate level perspective. 2 The...accumulation of surplus in the core countries on the basis of inequalities in exchange relations with the rest of the world" (p.401). Exchange relations are

22 CFR 40.202 - Certain former exchange visitors.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Certain former exchange visitors. 40.202....202 Certain former exchange visitors. An alien who was admitted into the United States as an exchange... the alien's exchange visitor status as required by INA 212(e), or (b) The foreign residence...

Models for financial crisis detection in Indonesia based on M1, M2 per foreign exchange reverse, and M2 multiplier indicators

NASA Astrophysics Data System (ADS)

Sugiyanto; Zukhronah, Etik; Pratiwi, Esteti Sophia

2017-12-01

Indonesia has been hit by financial crisis in the middle of 1997. The financial crisis that has occurred gives a severe impact to the economy of Indonesia resulting the needs for a detection system of financial crisis. Crisis can be detected based on several indicators such as M1, M2 per foreign exchange reserves, and M2 multiplier. These three indicators can affect the exchange rate stability and may further affect the financial stability so that it can be one of the causes of the financial crisis. This research aims to determine the appropriate model that can detect the financial crisis in Indonesia. Markov switching is an alternative model that can be approach and used often for detecting financial crisis. We can determine the combination of volatility and Markov switching model with AR and volatility model are determined first. The results of this research are that M1 can be modelled by SWARCH (3, 1) while M2 per foreign research exchange reserves and M2 multiplier can be modelled by SWARCH(3,2).

Gold, currencies and market efficiency

NASA Astrophysics Data System (ADS)

Kristoufek, Ladislav; Vosvrda, Miloslav

2016-05-01

Gold and currency markets form a unique pair with specific interactions and dynamics. We focus on the efficiency ranking of gold markets with respect to the currency of purchase. By utilizing the Efficiency Index (EI) based on fractal dimension, approximate entropy and long-term memory on a wide portfolio of 142 gold price series for different currencies, we construct the efficiency ranking based on the extended EI methodology we provide. Rather unexpected results are uncovered as the gold prices in major currencies lay among the least efficient ones whereas very minor currencies are among the most efficient ones. We argue that such counterintuitive results can be partly attributed to a unique period of examination (2011-2014) characteristic by quantitative easing and rather unorthodox monetary policies together with the investigated illegal collusion of major foreign exchange market participants, as well as some other factors discussed in some detail.

The scale-dependent market trend: Empirical evidences using the lagged DFA method

NASA Astrophysics Data System (ADS)

Li, Daye; Kou, Zhun; Sun, Qiankun

2015-09-01

In this paper we make an empirical research and test the efficiency of 44 important market indexes in multiple scales. A modified method based on the lagged detrended fluctuation analysis is utilized to maximize the information of long-term correlations from the non-zero lags and keep the margin of errors small when measuring the local Hurst exponent. Our empirical result illustrates that a common pattern can be found in the majority of the measured market indexes which tend to be persistent (with the local Hurst exponent > 0.5) in the small time scale, whereas it displays significant anti-persistent characteristics in large time scales. Moreover, not only the stock markets but also the foreign exchange markets share this pattern. Considering that the exchange markets are only weakly synchronized with the economic cycles, it can be concluded that the economic cycles can cause anti-persistence in the large time scale but there are also other factors at work. The empirical result supports the view that financial markets are multi-fractal and it indicates that deviations from efficiency and the type of model to describe the trend of market price are dependent on the forecasting horizon.

26 CFR 1.901-3 - Reduction in amount of foreign taxes on foreign mineral income allowed as a credit.

Code of Federal Regulations, 2010 CFR

2010-04-01

... integrated oil company must treat as foreign mineral income from sources within a foreign country or... of crude oil into gasoline, the distribution of gasoline to marketing outlets, and the retail sale of gasoline. Similarly, income from such sources from the refining, distribution, or marketing of fuel oil by...

Marketing and Market Research for Adult and Continuing Education.

ERIC Educational Resources Information Center

Buckmaster, Annette

Marketing is an essential part of conducting a continuing education program, but marketing consists of more than just promotion. According to Kotler, exchange is the central concept underlying marketing. Marketing involves understanding, planning, implementing, and controlling this exchange. The exchange situation contains all the elements of the…

You and Foreign Money.

ERIC Educational Resources Information Center

Tucker, James F.

Foreign currency units, exchange rates, the international payments process, and spending money abroad are discussed briefly in this booklet to help teachers explain the international economy. Thirty-two countries are listed with their respective currency units, some of which are illustrated. A chart shows the average yearly exchange rates between…

Estimating risk of foreign exchange portfolio: Using VaR and CVaR based on GARCH-EVT-Copula model

NASA Astrophysics Data System (ADS)

Wang, Zong-Run; Chen, Xiao-Hong; Jin, Yan-Bo; Zhou, Yan-Ju

2010-11-01

This paper introduces GARCH-EVT-Copula model and applies it to study the risk of foreign exchange portfolio. Multivariate Copulas, including Gaussian, t and Clayton ones, were used to describe a portfolio risk structure, and to extend the analysis from a bivariate to an n-dimensional asset allocation problem. We apply this methodology to study the returns of a portfolio of four major foreign currencies in China, including USD, EUR, JPY and HKD. Our results suggest that the optimal investment allocations are similar across different Copulas and confidence levels. In addition, we find that the optimal investment concentrates on the USD investment. Generally speaking, t Copula and Clayton Copula better portray the correlation structure of multiple assets than Normal Copula.

Decomposing intraday dependence in currency markets: evidence from the AUD/USD spot market

NASA Astrophysics Data System (ADS)

Batten, Jonathan A.; Ellis, Craig A.; Hogan, Warren P.

2005-07-01

The local Hurst exponent, a measure employed to detect the presence of dependence in a time series, may also be used to investigate the source of intraday variation observed in the returns in foreign exchange markets. Given that changes in the local Hurst exponent may be due to either a time-varying range, or standard deviation, or both of these simultaneously, values for the range, standard deviation and local Hurst exponent are recorded and analyzed separately. To illustrate this approach, a high-frequency data set of the spot Australian dollar/US dollar provides evidence of the returns distribution across the 24-hour trading ‘day’, with time-varying dependence and volatility clearly aligning with the opening and closing of markets. This variation is attributed to the effects of liquidity and the price-discovery actions of dealers.

78 FR 55057 - Authority To Manufacture Carbon Fiber for the U.S. Market Not Approved; Foreign-Trade Subzone...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-09-09

... behalf of Toho Tenax America, Inc. (TTA), to manufacture carbon fiber under zone procedures for the U.S... approve the application requesting authority to manufacture carbon fiber for the U.S. market under zone... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1914] Authority To Manufacture Carbon...

Immigration and Status Exchange in Australia and the United States

PubMed Central

Choi, Kate H.; Tienda, Marta; Cobb-Clark, Deborah; Sinning, Mathias

2012-01-01

This paper evaluates the status exchange hypothesis for Australia and the United States, two Anglophone nations with long immigration traditions whose admission regimes place different emphases on skills. Using log-linear methods, we demonstrate that foreign-born spouses trade educational credentials via marriage with natives in both Australian and U.S. marriage markets and, moreover, that nativity is a more salient marriage barrier for men than for women. With some exceptions, immigrant spouses in mixed nativity couples are better educated than native spouses in same nativity couples, but status exchange is more prevalent among the less-educated spouses in both countries. Support for the status exchange hypothesis is somewhat weaker in Australia partly because of lower average levels of education compared with the United States and partly because of less sharply defined educational hierarchy at the postsecondary level. PMID:23226914

Option price and market instability

NASA Astrophysics Data System (ADS)

Baaquie, Belal E.; Yu, Miao

2017-04-01

An option pricing formula, for which the price of an option depends on both the value of the underlying security as well as the velocity of the security, has been proposed in Baaquie and Yang (2014). The FX (foreign exchange) options price was empirically studied in Baaquie et al., (2014), and it was found that the model in general provides an excellent fit for all strike prices with a fixed model parameters-unlike the Black-Scholes option price Hull and White (1987) that requires the empirically determined implied volatility surface to fit the option data. The option price proposed in Baaquie and Cao Yang (2014) did not fit the data during the crisis of 2007-2008. We make a hypothesis that the failure of the option price to fit data is an indication of the market's large deviation from its near equilibrium behavior due to the market's instability. Furthermore, our indicator of market's instability is shown to be more accurate than the option's observed volatility. The market prices of the FX option for various currencies are studied in the light of our hypothesis.

26 CFR 1.1247-4 - Election by foreign investment company with respect to foreign tax credit.

Code of Federal Regulations, 2010 CFR

2010-04-01

... year of the company, as (b) the fair market value of all shares of stock of the company held by such... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Election by foreign investment company with... Capital Gains and Losses § 1.1247-4 Election by foreign investment company with respect to foreign tax...

Cryptographic Securities Exchanges

NASA Astrophysics Data System (ADS)

Thorpe, Christopher; Parkes, David C.

While transparency in financial markets should enhance liquidity, its exploitation by unethical and parasitic traders discourages others from fully embracing disclosure of their own information. Traders exploit both the private information in upstairs markets used to trade large orders outside traditional exchanges and the public information present in exchanges' quoted limit order books. Using homomorphic cryptographic protocols, market designers can create "partially transparent" markets in which every matched trade is provably correct and only beneficial information is revealed. In a cryptographic securities exchange, market operators can hide information to prevent its exploitation, and still prove facts about the hidden information such as bid/ask spread or market depth.

17 CFR 242.503 - Certain foreign research reports.

Code of Federal Regulations, 2012 CFR

2012-04-01

... 17 Commodity and Securities Exchanges 3 2012-04-01 2012-04-01 false Certain foreign research... Regulation Ac-Analyst Certification § 242.503 Certain foreign research reports. A foreign person, located outside the United States and not associated with a registered broker or dealer, who prepares a research...

17 CFR 242.503 - Certain foreign research reports.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Certain foreign research... Regulation Ac-Analyst Certification § 242.503 Certain foreign research reports. A foreign person, located outside the United States and not associated with a registered broker or dealer, who prepares a research...

17 CFR 242.503 - Certain foreign research reports.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 17 Commodity and Securities Exchanges 3 2011-04-01 2011-04-01 false Certain foreign research... Regulation Ac-Analyst Certification § 242.503 Certain foreign research reports. A foreign person, located outside the United States and not associated with a registered broker or dealer, who prepares a research...

75 FR 2863 - Agency Information Collection Activities: Announcement of Board Approval Under Delegated...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-01-19

... the following survey: Report title: Central Bank Survey of Foreign Exchange and Derivatives Market...: Financial institutions that serve as intermediaries in the wholesale foreign exchange and derivatives market.... government securities market. Estimated annual reporting hours: FR 2004A, 1,404 hours; FR 2004B, 1,872 hours...

Foreign Languages in the Market Place: Business German.

ERIC Educational Resources Information Center

Coombs, Virginia M.

1981-01-01

Since the publication of the report of the President's Commission on Foreign Languages and International Study, U.S. incompetence in foreign languages, as well as efforts of secondary and post-secondary institutions to remedy the matter, have received much attention. Course offerings and curricular innovations have attempted to meet the career…

Foreign civil aviation competition: 1976 summary and implications

NASA Technical Reports Server (NTRS)

Alford, W. J., Jr.; Maddalon, D. V.

1976-01-01

A summary assessment is made of foreign civil aviation as it relates to the posture of the United States civil aviation industry. Major findings include: (1) Main competitors - European Economic Community (EEC) and Union of Soviet Socialist Republics (USSR). (2) Largest commercial market - Transport aircraft. (3) Current market status and projections - U.S. currently dominates the civil aviation market but foreign markets show greater growth trends. (4) Competitive comparisons - Status comparisons are made in technology (aerodynamics, structures and materials, propulsion, avionics, systems, design coordination, and manufacturing); production runs; marketing; and postsales support. The U.S. generally leads except in aerodynamics and propulsion. (5) Multinational ventures - Joint U.S. industry/foreign government development of advanced technology engines is well developed; airframe industry discussions are now underway. (6) Implications - Although the U.S., is currently preeminent in most areas, this may be only a temporary condition. Past U.S. success in aviation has provided many benefits to the nation. These benefits may be lost.

78 FR 40523 - Order Exempting Market Makers Participating in NASDAQ Stock Market LLC's Market Quality Program...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-07-05

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-69892] Order Exempting Market Makers Participating in NASDAQ Stock Market LLC's Market Quality Program From Section 11(d)(1) of the Securities Exchange Act of 1934 and Rule 11d1-2 Thereunder June 28, 2013. On March 13, 2013, the Securities and Exchange Commission (``Commission'') approved a...

17 CFR 151.8 - Foreign boards of trade.

Code of Federal Regulations, 2014 CFR

2014-04-01

... 17 Commodity and Securities Exchanges 2 2014-04-01 2014-04-01 false Foreign boards of trade. 151.8... LIMITS FOR FUTURES AND SWAPS § 151.8 Foreign boards of trade. The aggregate position limits in § 151.4... a foreign board of trade, provided that: (a) Such Referenced Contracts settle against any price...

How to Quantify Deterministic and Random Influences on the Statistics of the Foreign Exchange Market

NASA Astrophysics Data System (ADS)

Friedrich, R.; Peinke, J.; Renner, Ch.

2000-05-01

It is shown that price changes of the U.S. dollar-German mark exchange rates upon different delay times can be regarded as a stochastic Marcovian process. Furthermore, we show how Kramers-Moyal coefficients can be estimated from the empirical data. Finally, we present an explicit Fokker-Planck equation which models very precisely the empirical probability distributions, in particular, their non-Gaussian heavy tails.

31 CFR 561.308 - Foreign financial institution.

Code of Federal Regulations, 2013 CFR

2013-07-01

... 31 Money and Finance:Treasury 3 2013-07-01 2013-07-01 false Foreign financial institution. 561.308 Section 561.308 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE... brokering loans or credits, or purchasing or selling foreign exchange, securities, commodity futures or...

31 CFR 561.308 - Foreign financial institution.

Code of Federal Regulations, 2012 CFR

2012-07-01

... 31 Money and Finance:Treasury 3 2012-07-01 2012-07-01 false Foreign financial institution. 561.308 Section 561.308 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE... brokering loans or credits, or purchasing or selling foreign exchange, securities, commodity futures or...

31 CFR 561.308 - Foreign financial institution.

Code of Federal Regulations, 2014 CFR

2014-07-01

... 31 Money and Finance:Treasury 3 2014-07-01 2014-07-01 false Foreign financial institution. 561.308 Section 561.308 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE... brokering loans or credits, or purchasing or selling foreign exchange, securities, commodity futures or...

78 FR 42439 - Retail Foreign Exchange Transactions

Federal Register 2010, 2011, 2012, 2013, 2014

2013-07-16

... a retail forex business, provided that the broker-dealer complies with the Securities Exchange Act...) of which the broker-dealer is a member insofar as they are applicable to retail forex transactions... Exchange Act, to permit a registered broker or dealer (``broker-dealer'') to engage in retail forex...

75 FR 35291 - Foreign Futures and Options Transactions

Federal Register 2010, 2011, 2012, 2013, 2014

2010-06-22

... Derivatives) From the Application of Certain of the Foreign Futures and Options Regulations the Later of the... Bursa Derivatives and accompanying exhibits, that Malaysia's regulation of futures and options exchanges... COMMODITY FUTURES TRADING COMMISSION 17 CFR Part 30 Foreign Futures and Options Transactions...

17 CFR 38.651 - Protection of markets and market participants.

Code of Federal Regulations, 2014 CFR

2014-04-01

... and the structure of the market to detect trade practice and market abuses and to discipline such... 17 Commodity and Securities Exchanges 1 2014-04-01 2014-04-01 false Protection of markets and market participants. 38.651 Section 38.651 Commodity and Securities Exchanges COMMODITY FUTURES TRADING...

17 CFR 38.651 - Protection of markets and market participants.

Code of Federal Regulations, 2013 CFR

2013-04-01

... and the structure of the market to detect trade practice and market abuses and to discipline such... 17 Commodity and Securities Exchanges 1 2013-04-01 2013-04-01 false Protection of markets and market participants. 38.651 Section 38.651 Commodity and Securities Exchanges COMMODITY FUTURES TRADING...

Impact of unexpected events, shocking news, and rumors on foreign exchange market dynamics

NASA Astrophysics Data System (ADS)

McDonald, Mark; Suleman, Omer; Williams, Stacy; Howison, Sam; Johnson, Neil F.

2008-04-01

The dynamical response of a population of interconnected objects, when exposed to external perturbations, is of great interest to physicists working on complex systems. Here we focus on human systems, by analyzing the dynamical response of the world’s financial community to various types of unexpected events—including the 9/11 terrorist attacks as they unfolded on a minute-by-minute basis. For the unfolding events of 9/11, our results show that there was a gradual collective understanding of what was happening, rather than an immediate realization. More generally, we find that for news items which are not simple economic statements—and hence whose implications for the market are not immediately obvious—there are periods of collective discovery during which opinions seem to vary in a remarkably synchronized way.

Joint Ventures in Cuba: Opportunities for Direct Foreign Investment.

ERIC Educational Resources Information Center

Tancer, Robert S.

1995-01-01

Presents a brief history of direct foreign investment in Cuba since 1982. This investment currently plays an important role in Cuba as a replacement to Soviet aid and as a means to earn foreign exchange. Tourism and mining are the preferred area for foreign investment because both of these sectors offer hard currency returns for Cuba. (20…

Industrial Technology Modernization Program. Project 44. Modernize Facility Equipment and Processes. Volume 2. Revision 2. Phase 2

DTIC Science & Technology

1988-05-01

not be implemented. A change in foreign exchange rates (which increase the equipment cost) and a reduction in marketing forecast resulted in an...project will not be implemented due to unfavorable changes in foreign exchange rates (which increase the equipment costs) and a reduction in market

An investigation of Forex market efficiency based on detrended fluctuation analysis: A case study for Iran

NASA Astrophysics Data System (ADS)

Abounoori, Esmaiel; Shahrazi, Mahdi; Rasekhi, Saeed

2012-06-01

The efficient market hypothesis (EMH) states that asset prices fully reflect all available information. As a result, speculators cannot predict the future behavior of asset prices and earn excess profits at least after adjusting for risk. Although initial tests of the EMH were performed on stock market data, the EMH was soon applied to other markets including foreign exchange (FX). This study uses the detrended fluctuation analysis (DFA) technique to test 01:12:2005-18:04:2010 Iranian Rial/US Dollar exchange rate time series data to see if it can be explained by the weak form of the EMH. Moreover, to determine changes in the degree of inefficiency over time, the whole period has been divided into four subperiods. The study shows that the Iranian Forex market (the Rial/Dollar case) is weak-form inefficient over the whole period and in each of the subperiods. However, the degree of inefficiency is not constant over time. The findings suggest that profitable risk-adjusted trades could be made using past data.

17 CFR 210.3-20 - Currency for financial statements of foreign private issuers.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 17 Commodity and Securities Exchanges 2 2011-04-01 2011-04-01 false Currency for financial statements of foreign private issuers. 210.3-20 Section 210.3-20 Commodity and Securities Exchanges... General Instructions As to Financial Statements § 210.3-20 Currency for financial statements of foreign...

Foreign Teaching Assistants in U.S. Universities.

ERIC Educational Resources Information Center

Bailey, Kathleen M., Ed.; And Others

The communication difficulties of foreign teaching assistants (TA) in U.S. colleges are addressed in 11 articles, with attention to the problems of the TA system as a whole in the spirit of international educational exchange. Titles and authors include the following: "'The Foreign TA Problem'" (Kathleen M. Bailey); 'Toward an Anthropology of the…

Evolution of FX Markets via Globalization of Capital

NASA Astrophysics Data System (ADS)

McCauley, Joseph L.

This paper is about money, and why today's foreign exchange (FX) markets are unstable. According to the literature [1], FX markets were fundamentally different before and after WW I. Any attempt to discuss this topic within standard economic theory necessarily fails because money/liquidity/uncertainty is completely excluded from that theory [2]. Fortunately, our market dynamics models adequately serve our purpose. Eichengreen [1] has presented a stimulating history of the evolution of FX markets from the gold standard of the late nineteenth century through the Bretton Woods Agreement (post WWII-1971) and later the floating currencies of our present market deregulation era (1971-present). He asserts a change from stability to instability over the time interval of WWI. Making his argument precise, we describe how speculators could have made money systematically from a market in statistical equilibrium. The present era normal liquid FX markets are in contrast very hard, to a first approximation impossible, to beat, and consequently are described as `martingales'. The ideas of martingales and options/hedging were irrelevant in the pre-WWI era. I end my historical discussion with the empirical evidence for the stochastic model that describes FX market dynamics quantitatively accurately during the last 7-17 years [3].

The machine in the market: Computers and the infrastructure of price at the New York Stock Exchange, 1965-1975.

PubMed

Kennedy, Devin

2017-12-01

This article traces the development and expansion of early computer systems for managing and disseminating 'real-time' market data at the most influential stock market in the United States, the New York Stock Exchange (NYSE). It follows electronic media at the NYSE over a roughly ten-year period, from the time of the deployment of a computer called the Market Data System (MDS) through debates surrounding the National Market System and the passage of the 1975 Securities Acts Amendments. Building on research at the archives of the NYSE and the Securities and Exchange Commission (SEC), this history emphasizes the regulatory and managerial contexts in which market data became computerized. The SEC viewed market automation as both necessary for the viability of the securities industry and a mechanism for expanding regulatory oversight over the venues of stock trading. Moving from the MDS to later technical projects in the late 1960s and early 1970s, this article charts the changing meaning of electronic governance in a market increasingly conceptualized as a technical object. Adding to recent work in the social studies of finance and financial technologies, this history sites early NYSE computerization programs within managerial efforts to consolidate control over the clerical labor of financial markets, and in contests between regulatory and market institutions. It concludes by exploring the differing forms of electronic governance activated in these efforts to bring computers into the market.

Issues and Innovations in Foreign Language Education. Fastback 222.

ERIC Educational Resources Information Center

Benevento, Jacqueline

Studies indicate that American students have an inadequate understanding of world affairs, with implications for United States national security, business interests in foreign markets, and education in general, and specific recommendations have been made for the improvement of foreign language instruction. Foreign language education in the 1980s…

CGH Short Term Scientist Exchange Program (STSEP)

Cancer.gov

STSEP promotes collaborative research between established U.S. and foreign scientists from low, middle, and upper-middle income countries (LMICs) by supporting, in part, exchange visits of cancer researchers between U.S. and foreign laboratories.

17 CFR 239.43 - Form F-N, appointment of agent for service of process by foreign banks and foreign insurance...

Code of Federal Regulations, 2010 CFR

2010-04-01

... 17 Commodity and Securities Exchanges 2 2010-04-01 2010-04-01 false Form F-N, appointment of agent for service of process by foreign banks and foreign insurance companies and certain of their holding companies and finance subsidiaries making public offerings of securities in the United States. 239.43 Section 239.43 Commodity and Securities...

17 CFR 239.43 - Form F-N, appointment of agent for service of process by foreign banks and foreign insurance...

Code of Federal Regulations, 2011 CFR

2011-04-01

... 17 Commodity and Securities Exchanges 2 2011-04-01 2011-04-01 false Form F-N, appointment of agent for service of process by foreign banks and foreign insurance companies and certain of their holding companies and finance subsidiaries making public offerings of securities in the United States. 239.43 Section 239.43 Commodity and Securities...

The Influence of Faculty Exchange Programs on Faculty Members' Professional Development

ERIC Educational Resources Information Center

Alkarzon, Awni

2016-01-01

This paper addresses the problems facing faculty members, who made short-term international exchange programs in foreign countries; in their attempts to internationalize the campus through teaching, research, and service. Some faculty members who participated in foreign exchange programs try to infuse their international experience through…

Social welfare with a foreign competitor

NASA Astrophysics Data System (ADS)

Ferreira, Fernanda A.

2009-11-01

In this paper, we consider a mixed market in which a state-owned welfare-maximizing public (domestic) firm competes against a profit-maximizing private (foreign) firm. We suppose that the domestic firm is less efficient than the foreign firm. However, the domestic firm can lower its marginal costs by conducting cost-reducing R&D investment. We examine the impacts of entry of a foreign firm on decisions upon cost-reducing R&D investment by the domestic firm and how these affect the domestic welfare.

76 FR 79254 - Self-Regulatory Organizations; EDGA Exchange, Inc.; EDGX Exchange, Inc.; Order Approving Proposed...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-12-21

... Market Maker'') in a derivative securities product (``UTP Derivative Security'') that derives its value... Derivative Security on the Exchange(s) from acting or registering as a market maker on any other exchange in any Reference Asset of that UTP Derivative Security, or any derivative instrument based on a Reference...

Foreign Study-Travel: A Handbook Dealing with a Variety of Questions, Concerns, and Information Involving Foreign Study/Travel in School Situations.

ERIC Educational Resources Information Center

Brouillet, Frank B.; And Others

This handbook addresses the most frequently asked questions about international travel and exchange and gives suggestions to help parents, students, and school personnel avoid some of the problems arising from exchange activity. Chapters include information about: criteria for evaluating and selecting foreign travel and study programs;…

Scaling and correlations in foreign exchange market

NASA Astrophysics Data System (ADS)

Jiang, J.; Ma, K.; Cai, X.

2007-02-01

We observe that the distribution of the relative return, describing the variation of a certain currency, of 74 global currencies obeys a power-law. By using the random matrix theory we find that the distribution of eigenvalues of correlation matrix of relative return also follows a power-law. Using a scaled factorial moment we investigate the distribution of correlation coefficients of the relative return and observe intermittence phenomenon. Furthermore, we define the influence strength for a certain currency, which reflects the influence of its price change to the community interested. By doing that, we find that the distribution of influence strength is again a power-law. Beyond that, we compare the influence strength of Chinese Yuan (RMB) to those of other seven important currencies, which may have some interesting indications.

17 CFR 151.8 - Foreign boards of trade.

Code of Federal Regulations, 2013 CFR

2013-04-01

... 17 Commodity and Securities Exchanges 1 2013-04-01 2013-04-01 false Foreign boards of trade. 151.8... FUTURES AND SWAPS § 151.8 Foreign boards of trade. The aggregate position limits in § 151.4 shall apply to... board of trade, provided that: (a) Such Referenced Contracts settle against any price (including the...

17 CFR 151.8 - Foreign boards of trade.

Code of Federal Regulations, 2012 CFR

2012-04-01

... 17 Commodity and Securities Exchanges 1 2012-04-01 2012-04-01 false Foreign boards of trade. 151.8... FUTURES AND SWAPS § 151.8 Foreign boards of trade. The aggregate position limits in § 151.4 shall apply to... board of trade, provided that: (a) Such Referenced Contracts settle against any price (including the...

The performance of one belt and one road exchange rate: Based on improved singular spectrum analysis

NASA Astrophysics Data System (ADS)

Lai, Lin; Guo, Kun

2017-10-01

;One Belt and One Road; strategy in China is on push of foreign trade openness at northwest, southwest and northeast, absorption of the excess capacity and new support for economic increase. However, the fluctuation in RMB exchange rate with the countries along the road is unstable so related Chinese enterprises will face high risk of exchange rate. Precise explanation or prediction for exchange rate has been the challengeable hop point in the international finance. This paper decomposed the One Belt One Road Exchange Rate Index (OBORR) and the RMB Effective Exchange Rate Index (CNYX) into trend term, market fluctuation term and noise term using improved singular spectrum analysis (SSA). It turns out that the increasing velocity of OBORR is greater than that of CNYX in the long term, and there is dynamic lead-lag structure in the medium term. In the short term, the fluctuation range and frequency of OBORR are greater than those of CNYX, which means there will be more exchange rate risks in One Belt and One Road countries.

22 CFR 224.22 - Exchange of witness lists, statements, and exhibits.

Code of Federal Regulations, 2012 CFR

2012-04-01

... 22 Foreign Relations 1 2012-04-01 2012-04-01 false Exchange of witness lists, statements, and exhibits. 224.22 Section 224.22 Foreign Relations AGENCY FOR INTERNATIONAL DEVELOPMENT IMPLEMENTATION OF THE PROGRAM FRAUD CIVIL REMEDIES ACT § 224.22 Exchange of witness lists, statements, and exhibits. (a...

22 CFR 224.22 - Exchange of witness lists, statements, and exhibits.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 22 Foreign Relations 1 2011-04-01 2011-04-01 false Exchange of witness lists, statements, and exhibits. 224.22 Section 224.22 Foreign Relations AGENCY FOR INTERNATIONAL DEVELOPMENT IMPLEMENTATION OF THE PROGRAM FRAUD CIVIL REMEDIES ACT § 224.22 Exchange of witness lists, statements, and exhibits. (a...

22 CFR 224.22 - Exchange of witness lists, statements, and exhibits.

Code of Federal Regulations, 2014 CFR

2014-04-01

... 22 Foreign Relations 1 2014-04-01 2014-04-01 false Exchange of witness lists, statements, and exhibits. 224.22 Section 224.22 Foreign Relations AGENCY FOR INTERNATIONAL DEVELOPMENT IMPLEMENTATION OF THE PROGRAM FRAUD CIVIL REMEDIES ACT § 224.22 Exchange of witness lists, statements, and exhibits. (a...

22 CFR 224.22 - Exchange of witness lists, statements, and exhibits.

Code of Federal Regulations, 2013 CFR

2013-04-01

... 22 Foreign Relations 1 2013-04-01 2013-04-01 false Exchange of witness lists, statements, and exhibits. 224.22 Section 224.22 Foreign Relations AGENCY FOR INTERNATIONAL DEVELOPMENT IMPLEMENTATION OF THE PROGRAM FRAUD CIVIL REMEDIES ACT § 224.22 Exchange of witness lists, statements, and exhibits. (a...

22 CFR 224.22 - Exchange of witness lists, statements, and exhibits.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Exchange of witness lists, statements, and exhibits. 224.22 Section 224.22 Foreign Relations AGENCY FOR INTERNATIONAL DEVELOPMENT IMPLEMENTATION OF THE PROGRAM FRAUD CIVIL REMEDIES ACT § 224.22 Exchange of witness lists, statements, and exhibits. (a...

Back to the Agora: Marketing Foreign Admissions

ERIC Educational Resources Information Center

Armenio, Joseph A.

1978-01-01

In the face of declining, full-time enrollments, colleges and universities are investigating markets other than those previously cultivated. The international student market presents a viable resource which, with integrated marketing methods, can offset the declining domestic student population. (Author)

Governance and Foreign Aid Allocation

DTIC Science & Technology

2006-07-01

the promotion of market-based principles to restructure macroeconomic policies in developing countries. The greater focus on...the effectiveness of aid in promoting development outcomes. In doing so, I use augmented neoclassical growth framework following Mankiw et al (1992...health care and basic education, macroeconomic reforms and opening markets, the main objective of western foreign aid was to stop newly independent

High-level manpower movement and Japan's foreign aid.

PubMed

Furuya, K

1992-01-01

"Japan's technical assistance programs to Asian countries are summarized. Movements of high-level manpower accompanying direct foreign investments by private enterprise are also reviewed. Proposals for increased human resources development include education and training of foreigners in Japan as well as the training of Japanese aid experts and the development of networks for information exchange." excerpt

7 CFR 1214.11 - Marketing.

Code of Federal Regulations, 2013 CFR

2013-01-01

... 7 Agriculture 10 2013-01-01 2013-01-01 false Marketing. 1214.11 Section 1214.11 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (MARKETING AGREEMENTS... Marketing. Marketing means to sell or otherwise dispose of Christmas trees in interstate, foreign or...

7 CFR 1214.11 - Marketing.

Code of Federal Regulations, 2014 CFR

2014-01-01

... 7 Agriculture 10 2014-01-01 2014-01-01 false Marketing. 1214.11 Section 1214.11 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (MARKETING AGREEMENTS... Marketing. Marketing means to sell or otherwise dispose of Christmas trees in interstate, foreign or...

7 CFR 1214.11 - Marketing.

Code of Federal Regulations, 2012 CFR

2012-01-01

... 7 Agriculture 10 2012-01-01 2012-01-01 false Marketing. 1214.11 Section 1214.11 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (MARKETING AGREEMENTS... Marketing. Marketing means to sell or otherwise dispose of Christmas trees in interstate, foreign or...

22 CFR 521.22 - Exchange of witness lists, statements and exhibits.

Code of Federal Regulations, 2014 CFR

2014-04-01

... 22 Foreign Relations 2 2014-04-01 2014-04-01 false Exchange of witness lists, statements and exhibits. 521.22 Section 521.22 Foreign Relations BROADCASTING BOARD OF GOVERNORS IMPLEMENTATION OF THE PROGRAM FRAUD CIVIL REMEDIES ACT § 521.22 Exchange of witness lists, statements and exhibits. (a) At least...

22 CFR 521.22 - Exchange of witness lists, statements and exhibits.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 22 Foreign Relations 2 2010-04-01 2010-04-01 true Exchange of witness lists, statements and exhibits. 521.22 Section 521.22 Foreign Relations BROADCASTING BOARD OF GOVERNORS IMPLEMENTATION OF THE PROGRAM FRAUD CIVIL REMEDIES ACT § 521.22 Exchange of witness lists, statements and exhibits. (a) At least...

22 CFR 35.22 - Exchange of witness lists, statements and exhibits.

Code of Federal Regulations, 2013 CFR

2013-04-01

... 22 Foreign Relations 1 2013-04-01 2013-04-01 false Exchange of witness lists, statements and exhibits. 35.22 Section 35.22 Foreign Relations DEPARTMENT OF STATE CLAIMS AND STOLEN PROPERTY PROGRAM FRAUD CIVIL REMEDIES § 35.22 Exchange of witness lists, statements and exhibits. (a) At least 15 days...

22 CFR 521.22 - Exchange of witness lists, statements and exhibits.

Code of Federal Regulations, 2013 CFR

2013-04-01

... 22 Foreign Relations 2 2013-04-01 2009-04-01 true Exchange of witness lists, statements and exhibits. 521.22 Section 521.22 Foreign Relations BROADCASTING BOARD OF GOVERNORS IMPLEMENTATION OF THE PROGRAM FRAUD CIVIL REMEDIES ACT § 521.22 Exchange of witness lists, statements and exhibits. (a) At least...

22 CFR 35.22 - Exchange of witness lists, statements and exhibits.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 22 Foreign Relations 1 2011-04-01 2011-04-01 false Exchange of witness lists, statements and exhibits. 35.22 Section 35.22 Foreign Relations DEPARTMENT OF STATE CLAIMS AND STOLEN PROPERTY PROGRAM FRAUD CIVIL REMEDIES § 35.22 Exchange of witness lists, statements and exhibits. (a) At least 15 days...

22 CFR 521.22 - Exchange of witness lists, statements and exhibits.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 22 Foreign Relations 2 2011-04-01 2009-04-01 true Exchange of witness lists, statements and exhibits. 521.22 Section 521.22 Foreign Relations BROADCASTING BOARD OF GOVERNORS IMPLEMENTATION OF THE PROGRAM FRAUD CIVIL REMEDIES ACT § 521.22 Exchange of witness lists, statements and exhibits. (a) At least...

22 CFR 35.22 - Exchange of witness lists, statements and exhibits.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Exchange of witness lists, statements and exhibits. 35.22 Section 35.22 Foreign Relations DEPARTMENT OF STATE CLAIMS AND STOLEN PROPERTY PROGRAM FRAUD CIVIL REMEDIES § 35.22 Exchange of witness lists, statements and exhibits. (a) At least 15 days...

22 CFR 35.22 - Exchange of witness lists, statements and exhibits.

Code of Federal Regulations, 2012 CFR

2012-04-01

... 22 Foreign Relations 1 2012-04-01 2012-04-01 false Exchange of witness lists, statements and exhibits. 35.22 Section 35.22 Foreign Relations DEPARTMENT OF STATE CLAIMS AND STOLEN PROPERTY PROGRAM FRAUD CIVIL REMEDIES § 35.22 Exchange of witness lists, statements and exhibits. (a) At least 15 days...

22 CFR 521.22 - Exchange of witness lists, statements and exhibits.

Code of Federal Regulations, 2012 CFR

2012-04-01

... 22 Foreign Relations 2 2012-04-01 2009-04-01 true Exchange of witness lists, statements and exhibits. 521.22 Section 521.22 Foreign Relations BROADCASTING BOARD OF GOVERNORS IMPLEMENTATION OF THE PROGRAM FRAUD CIVIL REMEDIES ACT § 521.22 Exchange of witness lists, statements and exhibits. (a) At least...

22 CFR 35.22 - Exchange of witness lists, statements and exhibits.

Code of Federal Regulations, 2014 CFR

2014-04-01

... 22 Foreign Relations 1 2014-04-01 2014-04-01 false Exchange of witness lists, statements and exhibits. 35.22 Section 35.22 Foreign Relations DEPARTMENT OF STATE CLAIMS AND STOLEN PROPERTY PROGRAM FRAUD CIVIL REMEDIES § 35.22 Exchange of witness lists, statements and exhibits. (a) At least 15 days...

77 FR 20451 - Self-Regulatory Organizations; BATS Exchange, Inc.; BATS Y-Exchange, Inc.; NASDAQ OMX BX, Inc...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-04-04

... Industry Regulatory Authority, Inc.; International Securities Exchange LLC; The NASDAQ Stock Market LLC... Whether To Disapprove Proposed Rule Changes Relating to Trading Halts Due to Extraordinary Market.... (``FINRA''), International Securities Exchange LLC (``ISE''), The NASDAQ Stock Market LLC (``Nasdaq...

Application of spectral methods for high-frequency financial data to quantifying states of market participants

NASA Astrophysics Data System (ADS)

Sato, Aki-Hiro

2008-06-01

Empirical analysis of the foreign exchange market is conducted based on methods to quantify similarities among multi-dimensional time series with spectral distances introduced in [A.-H. Sato, Physica A 382 (2007) 258-270]. As a result it is found that the similarities among currency pairs fluctuate with the rotation of the earth, and that the similarities among best quotation rates are associated with those among quotation frequencies. Furthermore, it is shown that the Jensen-Shannon spectral divergence is proportional to a mean of the Kullback-Leibler spectral distance both empirically and numerically. It is confirmed that these spectral distances are connected with distributions for behavioural parameters of the market participants from numerical simulation. This concludes that spectral distances of representative quantities of financial markets are related into diversification of behavioural parameters of the market participants.

17 CFR 232.306 - Foreign language documents and symbols.

Code of Federal Regulations, 2012 CFR

2012-04-01

... 17 Commodity and Securities Exchanges 2 2012-04-01 2012-04-01 false Foreign language documents and... § 232.306 Foreign language documents and symbols. (a) All electronic filings and submissions must be in the English language, except as otherwise provided by paragraph (d) of this section. If a filing or...

17 CFR 232.306 - Foreign language documents and symbols.

Code of Federal Regulations, 2013 CFR

2013-04-01

... 17 Commodity and Securities Exchanges 2 2013-04-01 2013-04-01 false Foreign language documents and... § 232.306 Foreign language documents and symbols. (a) All electronic filings and submissions must be in the English language, except as otherwise provided by paragraph (d) of this section. If a filing or...

17 CFR 232.306 - Foreign language documents and symbols.

Code of Federal Regulations, 2014 CFR

2014-04-01

... 17 Commodity and Securities Exchanges 3 2014-04-01 2014-04-01 false Foreign language documents and... § 232.306 Foreign language documents and symbols. (a) All electronic filings and submissions must be in the English language, except as otherwise provided by paragraph (d) of this section. If a filing or...

Driving factors of interactions between the exchange rate market and the commodity market: A wavelet-based complex network perspective

NASA Astrophysics Data System (ADS)

Wen, Shaobo; An, Haizhong; Chen, Zhihua; Liu, Xueyong

2017-08-01

In traditional econometrics, a time series must be in a stationary sequence. However, it usually shows time-varying fluctuations, and it remains a challenge to execute a multiscale analysis of the data and discover the topological characteristics of conduction in different scales. Wavelet analysis and complex networks in physical statistics have special advantages in solving these problems. We select the exchange rate variable from the Chinese market and the commodity price index variable from the world market as the time series of our study. We explore the driving factors behind the behavior of the two markets and their topological characteristics in three steps. First, we use the Kalman filter to find the optimal estimation of the relationship between the two markets. Second, wavelet analysis is used to extract the scales of the relationship that are driven by different frequency wavelets. Meanwhile, we search for the actual economic variables corresponding to different frequency wavelets. Finally, a complex network is used to search for the transfer characteristics of the combination of states driven by different frequency wavelets. The results show that statistical physics have a unique advantage over traditional econometrics. The Chinese market has time-varying impacts on the world market: it has greater influence when the world economy is stable and less influence in times of turmoil. The process of forming the state combination is random. Transitions between state combinations have a clustering feature. Based on these characteristics, we can effectively reduce the information burden on investors and correctly respond to the government's policy mix.

76 FR 46860 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-03

...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change Amending the Definition of Approved Person To Exclude Foreign Affiliates, Creating a New Definition of ``Foreign..., 2011, New York Stock Exchange LLC (``NYSE'' or the ``Exchange'') filed with the Securities and Exchange...

76 FR 57684 - Swap Exclusion for Section 1256 Contracts

Federal Register 2010, 2011, 2012, 2013, 2014

2011-09-16

... other exchange, board of trade, or other market which the Secretary determines has rules adequate to... issued determinations for six entities, all of them foreign futures exchanges. See Rev. Rul. 2010-3 (2010... whether a foreign exchange is a qualified board or exchange under section 1256(g)(7)(C), the Treasury...

The Effects of a Virtual Exchange on Language Skills and Intercultural Competence

ERIC Educational Resources Information Center

Schenker, Theresa

2012-01-01

This dissertation explores the effects of a cross-cultural, cross-lingual virtual exchange on students' foreign language skills and intercultural competence. Specifically, the dissertation investigates the effects of students' participation in a twelve-week telecollaborative exchange on their use of syntactic complexity in foreign language writing…

7 CFR 1421.110 - Commodity certificate exchanges.

Code of Federal Regulations, 2010 CFR

2010-01-01

... COMMODITIES-MARKETING ASSISTANCE LOANS AND LOAN DEFICIENCY PAYMENTS FOR 2008 THROUGH 2012 Marketing Assistance Loans § 1421.110 Commodity certificate exchanges. (a) For any outstanding marketing assistance loan for... commodity certificate for the marketing assistance loan collateral. (b) The exchange rate is the lesser of...

Where do Foreign Student STEM graduates work after they graduate?

NASA Astrophysics Data System (ADS)

Ruiz, Neil

2017-01-01

Foreign students and entrepreneurs add path-breaking innovative ideas and billions of dollars to the United States economy. This presentation takes a look at where foreign students originate, what degrees and subjects they are pursuing in the U.S., and where they work after they graduate from U.S. universities. With a special focus on STEM degrees and physics, Dr. Ruiz will show how foreign students open up markets in their hometown cities which facilitates trade, foreign direct investment and knowledge transfer. In addition, they infuse revenue into local communities, and they help fill demand for jobs requiring specific skills in local U.S. labor markets. He argues that America's business, educational, and community leaders need to develop better strategies that retain their talents after they graduate. Invited speaker number 44869.

75 FR 3281 - Regulation of Off-Exchange Retail Foreign Exchange Transactions and Intermediaries

Federal Register 2010, 2011, 2012, 2013, 2014

2010-01-20

... of the banks and other sophisticated institutions that ordinarily trade in financial instruments.\\9..., 519 U.S. 465, 469 (1997), the U.S. Supreme Court held that foreign currency options were... institution; (2) a registered broker/ dealer (``B-D'') or FCM; (3) an insurance company; (4) a financial...

Imported Talent: Foreign Immigration and the New England Labor Market

ERIC Educational Resources Information Center

Sum, Andrew; Trubs'kyy, Mykhaylo; Fogg, Neeta P.

2003-01-01

The impacts of foreign immigration on population and labor force growth during the 1990s varied widely across U.S. geographic regions, divisions and states. New England was far more dependent than nearly all other regions on the new wave of foreign immigrants to achieve its population growth and labor force growth during the past decade. In fact,…

The internalist perspective on inevitable arbitrage in financial markets

NASA Astrophysics Data System (ADS)

Matsuno, Koichiro

2003-06-01

Arbitrage as an inevitable component of financial markets is due to the robust interplay between the continuous and the discontinuous stochastic variables appearing in the underlying dynamics. We present empirical evidence of such an arbitrage through the laboratory experiment on a portfolio management in the Japan-United States financial markets over the last several years, under the condition that the asset allocation was updated every day over the entire period. The portfolio management addressing the foreign exchange, the stock, and the bond markets was accomplished as referring to and processing only those empirical data that have been complied by and made available from the monetary authorities and the relevant financial markets so far. The averaged annual yield of the portfolio counted in the denomination of US currency was slightly greater than the averaged yield of the same physical assets counted in the denomination of Japanese currency, indicating the occurrence of arbitrage pricing in the financial markets. Daily update of asset allocation was conducted as referring to the predictive movement internal to the dynamics such that monetary flow variables, that are discontinuously stochastic upon the act of measurement internal to the markets, generate monetary stock variables that turn out to be both continuously stochastic and robust in the effect.

All-Round Marketing Increases Hospital Popularity.

PubMed

Ziqi, Tao

2015-06-01

Xuzhou Center Hospital is in a competing medical market in Xuzhou city. This hospital has been dedicating to improve the medical skills and provide professional and individualized service to the patients in order to improve the patient's experience and increase the patient's satisfaction. On the other side, this hospital has provided an all-round marketing campaign to build up the social influence and public reputation through public-praise marketing, web marketing, media marketing, and scholar marketing. Besides, this hospital has been cooperating with foreign medical institutions and inviting foreign medical specialists to academic communication. With the combined effects of improving medical service and all-round marketing, the hospital's economic performance has been enhanced significantly and laid a solid foundation for its ambition to become the first-class hospital in Huaihai Economic Zone.

Lesson and Impressions of the Ghanaian Capital Markets

DTIC Science & Technology

2011-07-31

Gold and cocoa production are major sources of foreign exchange. Interestingly, the country’s largest source of foreign exchange is remittances from...workers abroad. Oil production has expanded. According to industry experts, within 5 years, Ghana is likely to be the third-largest producer of oil...State Department reports the most prominent industries include textiles, apparel, steel, tires, flour milling, cocoa processing, beverages, tobacco

Lesson and Impressions of the Ghanaian Capital Markets

DTIC Science & Technology

2011-07-31

with natural resources, Ghana has roughly twice the per capita output of the poorest countries in West Africa. Gold and cocoa production are major...sources of foreign exchange. Interestingly, the country’s largest source of foreign exchange is remittances from workers abroad. Oil production has...prominent industries include textiles, apparel, steel, tires, flour milling, cocoa processing, beverages, tobacco, simple consumer goods, and car, truck

22 CFR 63.4 - Grants to foreign participants to lecture, teach, and engage in research.

Code of Federal Regulations, 2014 CFR

2014-04-01

... 22 Foreign Relations 1 2014-04-01 2014-04-01 false Grants to foreign participants to lecture... EXCHANGE PROGRAM § 63.4 Grants to foreign participants to lecture, teach, and engage in research. A citizen or national of a foreign country who has been awarded a grant to lecture, teach, and engage in...

22 CFR 63.4 - Grants to foreign participants to lecture, teach, and engage in research.

Code of Federal Regulations, 2013 CFR

2013-04-01

... 22 Foreign Relations 1 2013-04-01 2013-04-01 false Grants to foreign participants to lecture... EXCHANGE PROGRAM § 63.4 Grants to foreign participants to lecture, teach, and engage in research. A citizen or national of a foreign country who has been awarded a grant to lecture, teach, and engage in...

22 CFR 63.4 - Grants to foreign participants to lecture, teach, and engage in research.

Code of Federal Regulations, 2012 CFR

2012-04-01

... 22 Foreign Relations 1 2012-04-01 2012-04-01 false Grants to foreign participants to lecture... EXCHANGE PROGRAM § 63.4 Grants to foreign participants to lecture, teach, and engage in research. A citizen or national of a foreign country who has been awarded a grant to lecture, teach, and engage in...

22 CFR 63.4 - Grants to foreign participants to lecture, teach, and engage in research.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 22 Foreign Relations 1 2011-04-01 2011-04-01 false Grants to foreign participants to lecture... EXCHANGE PROGRAM § 63.4 Grants to foreign participants to lecture, teach, and engage in research. A citizen or national of a foreign country who has been awarded a grant to lecture, teach, and engage in...

Foreign Currency Exchange Problems Relating to the Book Trade

ERIC Educational Resources Information Center

Moran, Michael

1973-01-01

In the purchase of books from foreign countries, the basic problem with regard to currency is to decide which currency will be used in these transactions, and how to reach agreement with vendors on this point. (11 references) (Author)

Energy systems equipment market research in the Philippines. Foreign market survey report

DOE Office of Scientific and Technical Information (OSTI.GOV)

Not Available

1979-05-01

The market research was undertaken to study the present and potential US share of the market in the Philippines for energy systems equipment; to examine growth trends in the Philippines end-user industries over the next few years; to identify specific product categories that offer the most promising export potential for US companies; and to provide basic data which will assist US suppliers in determining current and potential sales and marketing opportunities. The trade promotional and marketing techniques which are likely to suceed in the Philippines were also reviewed.

Multifractal detrended cross-correlation analysis on gold, crude oil and foreign exchange rate time series

NASA Astrophysics Data System (ADS)

Pal, Mayukha; Madhusudana Rao, P.; Manimaran, P.

2014-12-01

We apply the recently developed multifractal detrended cross-correlation analysis method to investigate the cross-correlation behavior and fractal nature between two non-stationary time series. We analyze the daily return price of gold, West Texas Intermediate and Brent crude oil, foreign exchange rate data, over a period of 18 years. The cross correlation has been measured from the Hurst scaling exponents and the singularity spectrum quantitatively. From the results, the existence of multifractal cross-correlation between all of these time series is found. We also found that the cross correlation between gold and oil prices possess uncorrelated behavior and the remaining bivariate time series possess persistent behavior. It was observed for five bivariate series that the cross-correlation exponents are less than the calculated average generalized Hurst exponents (GHE) for q<0 and greater than GHE when q>0 and for one bivariate series the cross-correlation exponent is greater than GHE for all q values.

15 CFR Supplement No. 1 to Part 768 - Evidence of Foreign Availability

Code of Federal Regulations, 2011 CFR

2011-01-01

.... producer, a foreign patent); (vi) Evidence of indigenous technology, production facilities, and the...) Evidence that a foreign country is marketing in the specific country an item of its indigenous manufacture...

15 CFR Supplement No. 1 to Part 768 - Evidence of Foreign Availability

Code of Federal Regulations, 2010 CFR

2010-01-01

.... producer, a foreign patent); (vi) Evidence of indigenous technology, production facilities, and the...) Evidence that a foreign country is marketing in the specific country an item of its indigenous manufacture...

15 CFR Supplement No. 1 to Part 768 - Evidence of Foreign Availability

Code of Federal Regulations, 2012 CFR

2012-01-01

.... producer, a foreign patent); (vi) Evidence of indigenous technology, production facilities, and the...) Evidence that a foreign country is marketing in the specific country an item of its indigenous manufacture...

15 CFR Supplement No. 1 to Part 768 - Evidence of Foreign Availability

Code of Federal Regulations, 2013 CFR

2013-01-01

.... producer, a foreign patent); (vi) Evidence of indigenous technology, production facilities, and the...) Evidence that a foreign country is marketing in the specific country an item of its indigenous manufacture...

15 CFR Supplement No. 1 to Part 768 - Evidence of Foreign Availability

Code of Federal Regulations, 2014 CFR

2014-01-01

.... producer, a foreign patent); (vi) Evidence of indigenous technology, production facilities, and the...) Evidence that a foreign country is marketing in the specific country an item of its indigenous manufacture...

Governmental Objectives in Exchanges of Persons Programs.

ERIC Educational Resources Information Center

Harkness, Albert, Jr.

The paper questions whether educational and cultural activities sponsored by the United States government should be aimed at foreign policy objectives or should be treated as ends in themselves. Arguments are presented by political leaders, educators, and government officials in favor of and against cultural exchange as a form of foreign policy…

76 FR 78553 - Reporting of Specified Foreign Financial Assets

Federal Register 2010, 2011, 2012, 2013, 2014

2011-12-19

... maintained by a foreign financial institution and, to the extent not held in an account at a financial... account, the name and address of the financial institution in which the account is maintained must be... one or more specified foreign financial assets and those assets have an aggregate fair market value...

17 CFR 1.35 - Records of cash commodity, futures, and option transactions.

Code of Federal Regulations, 2012 CFR

2012-04-01

... exchange dealers, introducing brokers, and members of contract markets. Each futures commission merchant, retail foreign exchange dealer, introducing broker, and member of a contract market shall keep full... dealer, introducing broker, and member of a contract market shall retain the required records, data, and...

17 CFR 1.35 - Records of cash commodity, futures, and option transactions.

Code of Federal Regulations, 2011 CFR

2011-04-01

... exchange dealers, introducing brokers, and members of contract markets. Each futures commission merchant, retail foreign exchange dealer, introducing broker, and member of a contract market shall keep full... dealer, introducing broker, and member of a contract market shall retain the required records, data, and...

17 CFR Appendix C to Part 30 - Foreign Petitioners Granted Relief From the Application of Certain of the Part 30 Rules Pursuant...

Code of Federal Regulations, 2010 CFR

2010-04-01

... Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION FOREIGN FUTURES AND FOREIGN OPTIONS..., 1995, 60 FR 30466. Firms designated by the New Zealand Futures and Options Exchange (“NZFOE”). FR date... Certain of the Part 30 Rules Pursuant to § 30.10 Firms designated by the Sydney Futures Exchange Limited...

Policies and Procedures for Foreign Exchange Agencies. First Edition.

ERIC Educational Resources Information Center

Hartman, Donald D.

The guide details the policy of the Jefferson County (Alabama) Board of Education policy concerning international exchange of students (travel both to and from United States) in elementary and secondary grades. The first section specifies the standards by which the county will evaluate all international exchange agencies concerning structure,…

77 FR 1757 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-01-11

... Rule Change Relating to a Market Maker Incentive Plan for Foreign Currency Options January 5, 2012... an incentive plan for market makers in a number of foreign currency options (``FX Options'') traded... proposed rule change is to extend an incentive plan for market makers in options on the New Zealand dollar...

78 FR 23321 - Self-Regulatory Organizations; International Securities Exchange, LLC; Order Granting Approval of...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-04-18

... and trading on the Exchange of options on one foreign currency index-- the Dow Jones FXCM Dollar Index...'s foreign currency options (``FX Options'') \\4\\ and will have European- style exercise provisions... currencies. See Securities Exchange Act Release No. 55575 (April 3, 2007), 72 FR 17963 (April 10, 2007) (SR...

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

Federal Register 2010, 2011, 2012, 2013, 2014

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...

Foreign Currency Exchange Rate Fluctuation Funds.

DTIC Science & Technology

1981-08-21

Services should account for gains and losses due to currency C-) exchange rate fluctuations in fiscal year 1981 military construc- tion and family...housing programs. Some officials contend that, ._J since no contingency funds were made available in fiscal year LJ* 1981, it is not necessary to account...possible trans- F fer to the contingency’ funds. Gains would have been recorded in C= fiscal year 1981 due to the favorable U.S. dollar fluctuations

Professional Training of Marketing Specialists: Foreign Experience

ERIC Educational Resources Information Center

Zakharchenko, Yuliia

2017-01-01

Due to content-based analysis of marketing specialists' professional training and approaches to development of their educational trajectory, it has been revealed that curricula and their content are given much attention by employers whose demands are focused on meeting current labour market conditions. It has been justified that despite the…

Foreign Language Learning, Motivation and the Market Economy

ERIC Educational Resources Information Center

Diamantatou, Christina; Hawes, Thomas

2016-01-01

This study explores UK students' motivation to study foreign languages, linking unrewarding past learning experiences with attrition rates and posing questions about the influence of official policy and socially structured conditions. 31 Further Education college students were given a questionnaire based on Gardner's (1975) Attitude/Motivation…

Investigation of market efficiency and Financial Stability between S&P 500 and London Stock Exchange: Monthly and yearly Forecasting of Time Series Stock Returns using ARMA model

NASA Astrophysics Data System (ADS)

Rounaghi, Mohammad Mahdi; Nassir Zadeh, Farzaneh

2016-08-01

We investigated the presence and changes in, long memory features in the returns and volatility dynamics of S&P 500 and London Stock Exchange using ARMA model. Recently, multifractal analysis has been evolved as an important way to explain the complexity of financial markets which can hardly be described by linear methods of efficient market theory. In financial markets, the weak form of the efficient market hypothesis implies that price returns are serially uncorrelated sequences. In other words, prices should follow a random walk behavior. The random walk hypothesis is evaluated against alternatives accommodating either unifractality or multifractality. Several studies find that the return volatility of stocks tends to exhibit long-range dependence, heavy tails, and clustering. Because stochastic processes with self-similarity possess long-range dependence and heavy tails, it has been suggested that self-similar processes be employed to capture these characteristics in return volatility modeling. The present study applies monthly and yearly forecasting of Time Series Stock Returns in S&P 500 and London Stock Exchange using ARMA model. The statistical analysis of S&P 500 shows that the ARMA model for S&P 500 outperforms the London stock exchange and it is capable for predicting medium or long horizons using real known values. The statistical analysis in London Stock Exchange shows that the ARMA model for monthly stock returns outperforms the yearly. ​A comparison between S&P 500 and London Stock Exchange shows that both markets are efficient and have Financial Stability during periods of boom and bust.

Medical device market in China.

PubMed

Boyer, Philip; Morshed, Bashir I; Mussivand, Tofy

2015-06-01

With China's growing old-age population and economic presence on the international stage, it has become important to evaluate its domestic and foreign market contribution to medical devices. Medical devices are instruments or apparatuses used in the prevention, rehabilitation, treatment, or knowledge generation with respect to disease or other abnormal conditions. This article provides information drawn from recent publications to describe the current state of the Chinese domestic market for medical devices and to define opportunities for foreign investment potential therein. Recent healthcare reforms implemented to meet rising demand due to an aging and migrating population are having a positive effect on market growth-a global market with a projected growth of 15% per year over the next decade. Copyright © 2015 International Center for Artificial Organs and Transplantation and Wiley Periodicals, Inc.

Foreign Languages and the Total Curriculum: Exploring Alternative Basics.

ERIC Educational Resources Information Center

Crouse, Gale; And Others

Four alternative foreign language curricula for college students are described. A course in business French may appeal to students who want their foreign language study to be marketable to prospective employers. The instructor in such a course will find his/her chief task to be the collection of suitable materials; a variety of suggestions from…

The Dependency of the United States on Foreign Markets for Strategic Raw Materials and Its Effect on National Strategy

DTIC Science & Technology

1989-02-16

resources.. to expand its mi I i tar’Y po,,ier iAji tr, very fe. worr i es. Sub .equer t to the Second .or 1 War , howe,.er-, the instruments :,f + wa r h a...of America during the American Civil Wbar an: Japan dur i ng the Second IWor l d War . CONFEDERATE STATES OF AMERICA The American Civil War is an...THE DEPENDENCY OF THE UNITED STATES ON FOREIGN MARKETS FOR STRATEGIC RAW MATERIALS AND ITS EFFECT ON NATIONAL STRATEGY C) A Monograph N’ by

American Student Attitudes Toward Foreign Students Before and During an International Crisis.

ERIC Educational Resources Information Center

Matross, Ronald; And Others

1980-01-01

Attitudes of a random sample of students at a large university toward foreign students and international programs were surveyed before and after the seizure of U.S. hostages in Iran. A newly developed "International Issues Questionnaire" covered attitudes toward foreign students as teaching assistants, funding exchange programs with…

American Student Attitudes toward Foreign Students before and during an International Crisis.

ERIC Educational Resources Information Center

Matross, Ronald; And Others

1982-01-01

Surveyed domestic students' attitudes toward foreign students before and after the seizure of the U.S. hostages in Iran. Results showed most students did not change their attitudes toward foreign students, but did show increased support for funding international exchange programs. Attitudes were related to demographic characteristics and political…

Program for the Improvement and Expansion of Foreign Language Instruction.

ERIC Educational Resources Information Center

Smolen, Lynn

In response to the changing world economic market, foreign language teachers of the University of Akron and Akron Public Schools (Ohio) began a joint project, federally supported, to strengthen foreign language teacher proficiency in the area of careers in business, education, and government service, strengthen oral proficiency of high school…

77 FR 27593 - Exchange Visitor Program-Summer Work Travel

Federal Register 2010, 2011, 2012, 2013, 2014

2012-05-11

... aware, however, that the salutary foreign affairs goals of the Exchange Visitor Program, including the...-line universities are not eligible for the program; 3. Sponsors and foreign entities cannot provide host employers cash or gift incentives (though they may host job fairs); 4. Sponsors must provide...

22 CFR 63.4 - Grants to foreign participants to lecture, teach, and engage in research.

Code of Federal Regulations, 2010 CFR

2010-04-01

..., teach, and engage in research. 63.4 Section 63.4 Foreign Relations DEPARTMENT OF STATE PUBLIC DIPLOMACY... EXCHANGE PROGRAM § 63.4 Grants to foreign participants to lecture, teach, and engage in research. A citizen or national of a foreign country who has been awarded a grant to lecture, teach, and engage in...

Modeling Philippine Stock Exchange Composite Index Using Time Series Analysis

NASA Astrophysics Data System (ADS)

Gayo, W. S.; Urrutia, J. D.; Temple, J. M. F.; Sandoval, J. R. D.; Sanglay, J. E. A.

2015-06-01

This study was conducted to develop a time series model of the Philippine Stock Exchange Composite Index and its volatility using the finite mixture of ARIMA model with conditional variance equations such as ARCH, GARCH, EG ARCH, TARCH and PARCH models. Also, the study aimed to find out the reason behind the behaviorof PSEi, that is, which of the economic variables - Consumer Price Index, crude oil price, foreign exchange rate, gold price, interest rate, money supply, price-earnings ratio, Producers’ Price Index and terms of trade - can be used in projecting future values of PSEi and this was examined using Granger Causality Test. The findings showed that the best time series model for Philippine Stock Exchange Composite index is ARIMA(1,1,5) - ARCH(1). Also, Consumer Price Index, crude oil price and foreign exchange rate are factors concluded to Granger cause Philippine Stock Exchange Composite Index.

U.S. International Trade: Trends and Forecasts

DTIC Science & Technology

2009-03-06

pressures for the government to do more to open foreign markets , to shield U.S. producers from foreign competition, or to assist U.S. industries to...intervened in foreign exchange markets to keep the value of their currencies from rising too fast. The broadest measure of U.S. international economic... markets and a credit squeeze that is threatening the health of numerous businesses all over the world. A major problem is that exporting countries

77 FR 76121 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change To List...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-12-26

... well as other factors that influence exchange rates such as flows, market technical trends, and... Foreign Currency Strategy Exchange-Traded Fund Under NYSE Arca Equities Rule 8.600 December 19, 2012... following under NYSE Arca Equities Rule 8.600 (``Managed Fund Shares''): PIMCO Foreign Currency Strategy...

Selected Economic Translations on Eastern Europe (165th in the series)

DTIC Science & Technology

1960-04-18

requires the;clarification of many other prob- lems (cost computation, the determination of domestic prices,* foreign exchange rates , etc.).as well...expressed in clearing rubles are derived to a considerable extent from the 70 ■p^^^^ capitalist world market prices, because the foreign exchange rates of

26 CFR 1.1296-2 - Definition of marketable stock.

Code of Federal Regulations, 2013 CFR

2013-04-01

... defined in paragraph (b) of this section, on a qualified exchange or other market, as defined in paragraph... markets, as defined in paragraph (c) of this section, is regularly traded on such exchanges or markets for... trading on one or more qualified exchanges or other markets, as defined in paragraph (c) of this section...

26 CFR 1.1296-2 - Definition of marketable stock.

Code of Federal Regulations, 2014 CFR

2014-04-01

... defined in paragraph (b) of this section, on a qualified exchange or other market, as defined in paragraph... markets, as defined in paragraph (c) of this section, is regularly traded on such exchanges or markets for... trading on one or more qualified exchanges or other markets, as defined in paragraph (c) of this section...

26 CFR 1.1296-2 - Definition of marketable stock.

Code of Federal Regulations, 2012 CFR

2012-04-01

... defined in paragraph (b) of this section, on a qualified exchange or other market, as defined in paragraph... markets, as defined in paragraph (c) of this section, is regularly traded on such exchanges or markets for... trading on one or more qualified exchanges or other markets, as defined in paragraph (c) of this section...

7 CFR 1216.14 - Market.

Code of Federal Regulations, 2011 CFR

2011-01-01

... AND ORDERS; MISCELLANEOUS COMMODITIES), DEPARTMENT OF AGRICULTURE PEANUT PROMOTION, RESEARCH, AND INFORMATION ORDER Peanut Promotion, Research, and Information Order Definitions § 1216.14 Market. Market means to sell or otherwise dispose of peanuts into interstate, foreign, or intrastate commerce by buying...

7 CFR 1216.14 - Market.

Code of Federal Regulations, 2010 CFR

2010-01-01

... AND ORDERS; MISCELLANEOUS COMMODITIES), DEPARTMENT OF AGRICULTURE PEANUT PROMOTION, RESEARCH, AND INFORMATION ORDER Peanut Promotion, Research, and Information Order Definitions § 1216.14 Market. Market means to sell or otherwise dispose of peanuts into interstate, foreign, or intrastate commerce by buying...

17 CFR 240.12g3-2 - Exemptions for American depositary receipts and certain foreign securities.

Code of Federal Regulations, 2012 CFR

2012-04-01

... 17 Commodity and Securities Exchanges 3 2012-04-01 2012-04-01 false Exemptions for American depositary receipts and certain foreign securities. 240.12g3-2 Section 240.12g3-2 Commodity and Securities Exchanges SECURITIES AND EXCHANGE COMMISSION (CONTINUED) GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE...

17 CFR 240.12g3-2 - Exemptions for American depositary receipts and certain foreign securities.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 17 Commodity and Securities Exchanges 3 2011-04-01 2011-04-01 false Exemptions for American depositary receipts and certain foreign securities. 240.12g3-2 Section 240.12g3-2 Commodity and Securities Exchanges SECURITIES AND EXCHANGE COMMISSION (CONTINUED) GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE...

17 CFR 240.12g3-2 - Exemptions for American depositary receipts and certain foreign securities.

Code of Federal Regulations, 2014 CFR

2014-04-01

... 17 Commodity and Securities Exchanges 4 2014-04-01 2014-04-01 false Exemptions for American depositary receipts and certain foreign securities. 240.12g3-2 Section 240.12g3-2 Commodity and Securities Exchanges SECURITIES AND EXCHANGE COMMISSION (CONTINUED) GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE...

17 CFR 240.12g3-2 - Exemptions for American depositary receipts and certain foreign securities.

Code of Federal Regulations, 2013 CFR

2013-04-01

... 17 Commodity and Securities Exchanges 3 2013-04-01 2013-04-01 false Exemptions for American depositary receipts and certain foreign securities. 240.12g3-2 Section 240.12g3-2 Commodity and Securities Exchanges SECURITIES AND EXCHANGE COMMISSION (CONTINUED) GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE...

Interdependencies and Causalities in Coupled Financial Networks.

PubMed

Vodenska, Irena; Aoyama, Hideaki; Fujiwara, Yoshi; Iyetomi, Hiroshi; Arai, Yuta

2016-01-01

We explore the foreign exchange and stock market networks for 48 countries from 1999 to 2012 and propose a model, based on complex Hilbert principal component analysis, for extracting significant lead-lag relationships between these markets. The global set of countries, including large and small countries in Europe, the Americas, Asia, and the Middle East, is contrasted with the limited scopes of targets, e.g., G5, G7 or the emerging Asian countries, adopted by previous works. We construct a coupled synchronization network, perform community analysis, and identify formation of four distinct network communities that are relatively stable over time. In addition to investigating the entire period, we divide the time period into into "mild crisis," (1999-2002), "calm," (2003-2006) and "severe crisis" (2007-2012) sub-periods and find that the severe crisis period behavior dominates the dynamics in the foreign exchange-equity synchronization network. We observe that in general the foreign exchange market has predictive power for the global stock market performances. In addition, the United States, German and Mexican markets have forecasting power for the performances of other global equity markets.

Interdependencies and Causalities in Coupled Financial Networks

PubMed Central

Vodenska, Irena; Aoyama, Hideaki; Fujiwara, Yoshi; Iyetomi, Hiroshi; Arai, Yuta

2016-01-01

We explore the foreign exchange and stock market networks for 48 countries from 1999 to 2012 and propose a model, based on complex Hilbert principal component analysis, for extracting significant lead-lag relationships between these markets. The global set of countries, including large and small countries in Europe, the Americas, Asia, and the Middle East, is contrasted with the limited scopes of targets, e.g., G5, G7 or the emerging Asian countries, adopted by previous works. We construct a coupled synchronization network, perform community analysis, and identify formation of four distinct network communities that are relatively stable over time. In addition to investigating the entire period, we divide the time period into into “mild crisis,” (1999–2002), “calm,” (2003–2006) and “severe crisis” (2007–2012) sub-periods and find that the severe crisis period behavior dominates the dynamics in the foreign exchange-equity synchronization network. We observe that in general the foreign exchange market has predictive power for the global stock market performances. In addition, the United States, German and Mexican markets have forecasting power for the performances of other global equity markets. PMID:26977806

32 CFR 536.143 - Settlement authority of Foreign Claims Commissions.

Code of Federal Regulations, 2010 CFR

2010-07-01

.... dollar equivalent (based on the annual Foreign Currency Fluctuation Account exchange rate, where applicable). However, the FCC's jurisdiction to approve is determined by the conversion rate on the date of...

Asia-Pacific Economic Update. Volume 1. Economic Strategy, Context and Performance

DTIC Science & Technology

2002-01-01

deficits and rigid exchange rate regimes contributed to financial turbulence and a disorderly free-fall of Asian foreign exchange rates . Floating exchange rate regimes are needed to optimize free international capital markets.

The fractal feature and price trend in the gold future market at the Shanghai Futures Exchange (SFE)

NASA Astrophysics Data System (ADS)

Wu, Binghui; Duan, Tingting

2017-05-01

The price of gold future is affected by many factors, which include the fluctuation of gold price and the change of trading environment. Fractal analysis can help investors gain better understandings of the price fluctuation and make reasonable investment decisions in the gold future market. After analyzing gold future price from January 2th, 2014 to April 12th, 2016 at the Shanghai Futures Exchange (SFE) in China, the conclusion is drawn that the gold future market has sustainability in each trading day, with all Hurst indexes greater than 0.5. The changing features of Hurst index indicate the sustainability of gold future market is strengthened first and weakened then. As a complicatedly nonlinear system, the gold future market can be well reflected by Elman neural network, which is capable of memorizing previous prices and particularly suited for forecasting time series in comparison with other types of neural networks. After analyzing the price trend in the gold future market, the results show that the relative error between the actual value of gold future and the predictive value of Elman neural network is smaller. This model that has a better performance in data fitting and predication, can help investors analyze and foresee the price tendency in the gold future market.

17 CFR 140.735-4 - Receipt and disposition of foreign gifts and decorations.

Code of Federal Regulations, 2010 CFR

2010-04-01

... Educational and Cultural Exchange Act of 1961 applies. (4) Decoration means an order, device, medal, badge... description of the gift and the circumstances justify acceptance; (C) The identity, if known, of the foreign... justifying acceptance; (C) The identity, if known, of the foreign government and the name and position of the...

17 CFR 140.735-4 - Receipt and disposition of foreign gifts and decorations.

Code of Federal Regulations, 2011 CFR

2011-04-01

... Educational and Cultural Exchange Act of 1961 applies. (4) Decoration means an order, device, medal, badge... description of the gift and the circumstances justify acceptance; (C) The identity, if known, of the foreign... justifying acceptance; (C) The identity, if known, of the foreign government and the name and position of the...

The futility of utility: how market dynamics marginalize Adam Smith

NASA Astrophysics Data System (ADS)

McCauley, Joseph L.

2000-10-01

Economic theorizing is based on the postulated, nonempiric notion of utility. Economists assume that prices, dynamics, and market equilibria are supposed to be derived from utility. The results are supposed to represent mathematically the stabilizing action of Adam Smith's invisible hand. In deterministic excess demand dynamics I show the following. A utility function generally does not exist mathematically due to nonintegrable dynamics when production/investment are accounted for, resolving Mirowski's thesis. Price as a function of demand does not exist mathematically either. All equilibria are unstable. I then explain how deterministic chaos can be distinguished from random noise at short times. In the generalization to liquid markets and finance theory described by stochastic excess demand dynamics, I also show the following. Market price distributions cannot be rescaled to describe price movements as ‘equilibrium’ fluctuations about a systematic drift in price. Utility maximization does not describe equilibrium. Maximization of the Gibbs entropy of the observed price distribution of an asset would describe equilibrium, if equilibrium could be achieved, but equilibrium does not describe real, liquid markets (stocks, bonds, foreign exchange). There are three inconsistent definitions of equilibrium used in economics and finance, only one of which is correct. Prices in unregulated free markets are unstable against both noise and rising or falling expectations: Adam Smith's stabilizing invisible hand does not exist, either in mathematical models of liquid market data, or in real market data.

26 CFR 301.6316-5 - Manner of paying tax by foreign currency.

Code of Federal Regulations, 2010 CFR

2010-04-01

... currency to be deposited shall be that amount which, when converted at the rate of exchange used on the... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Manner of paying tax by foreign currency. 301....6316-5 Manner of paying tax by foreign currency. (a) Time and place to pay. The unpaid tax required to...

12 CFR 741.11 - Foreign branching.

Code of Federal Regulations, 2011 CFR

2011-01-01

... the United States unless the foreign branch is located on a United States military instillation or.... (b) Contents of Application. The application must include a business plan, written approval by the...) Contents of Business Plan. The written business plan must address the following: (1) Analysis of market...

17 CFR 210.2-03 - Examination of financial statements by foreign government auditors.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 17 Commodity and Securities Exchanges 2 2010-04-01 2010-04-01 false Examination of financial statements by foreign government auditors. 210.2-03 Section 210.2-03 Commodity and Securities Exchanges... auditors. Notwithstanding any requirements as to examination by independent accountants, the financial...

Joint Venture Marketing Training: Development Marketing Plans Utilizing Foreign and American Students.

ERIC Educational Resources Information Center

Steele, David; Jones, Kevin

This paper describes a workshop prepared and presented by the Business Administration Department of the University of Wisconsin-Eau Claire, that is designed to provide training in evaluating a European market for an American product and preparing a plan for marketing the product in Europe. It is noted that the program can work with both students…

The sexual erotic market as an analytical framework for understanding erotic-affective exchanges in interracial sexually intimate and affective relationships.

PubMed

Vigoya, Mara Viveros

2015-01-01

This paper examines the way in which erotic-affective exchanges in interracial relationships have been analysed in Latin America. It considers how race, gender and class operate within a market of values such that erotic, affective and economic status are shaped by racial, gender and class hierarchies. In this paper I analyse historical and social arrangements that embody the region's political economy of race and sex. Such a perspective allows me to address the simultaneous co-existence of socio-racial exclusion and inclusion and the repressive and productive effects of power, attraction and anxiety as aspects of lived experiences in relation to sexuality. From there, I outline an analytical framework that references an erotic or pleasure-based market in which capital and other resources are exchanged from a structural perspective stressing relationship alliances. I conclude by identifying the scope and limits of such an approach.

Comparison study of global and local approaches describing critical phenomena on the Polish stock exchange market

NASA Astrophysics Data System (ADS)

Czarnecki, Łukasz; Grech, Dariusz; Pamuła, Grzegorz

2008-12-01

We confront global and local methods to analyze the financial crash-like events on the Polish financial market from the critical phenomena point of view. These methods are based on the analysis of log-periodicity and the local fractal properties of financial time series in the vicinity of phase transitions (crashes). The whole history (1991-2008) of Warsaw Stock Exchange Index (WIG) describing the largest developing financial market in Europe, is analyzed in a daily time horizon. We find that crash-like events on the Polish financial market are described better by the log-divergent price model decorated with log-periodic behavior than the corresponding power-law-divergent price model. Predictions coming from log-periodicity scenario are verified for all main crashes that took place in WIG history. It is argued that crash predictions within log-periodicity model strongly depend on the amount of data taken to make a fit and therefore are likely to contain huge inaccuracies. Turning to local fractal description, we calculate the so-called local (time dependent) Hurst exponent H for the WIG time series and we find the dependence between the behavior of the local fractal properties of the WIG time series and the crashes appearance on the financial market. The latter method seems to work better than the global approach - both for developing as for developed markets. The current situation on the market, particularly related to the Fed intervention in September’07 and the situation on the market immediately after this intervention is also analyzed from the fractional Brownian motion point of view.

Bringing the Firms into Globalization Research: The Effects of Foreign Investment and Exports on Wages in Mexican Manufacturing Firms

PubMed Central

Villarreal, Andrés; Sakamoto, Arthur

2011-01-01

Researchers specializing in organizations and labor markets have paid insufficient attention to the effects that foreign ownership of a firm and its orientation towards export production may have on the wages it pays to its workers. Using information from a nationally-representative sample of manufacturing firms in Mexico, a paradigmatic case of a developing country that is highly integrated into world markets, we find that foreign-owned and export-oriented firms pay considerably more than nationally-owned firms engaged in the production of goods for sale in the domestic market. Second, beyond paying higher wages to their workers, foreign-owned firms also raise the wages paid by domestic firms operating in the same regional labor markets. The wage premium in foreign and export-oriented firms cannot be explained by their size, industry, geographical location, productivity, use of advanced technology, or the sociodemographic composition of their workforce. We find evidence that wages in foreign-owned companies in Mexico are dependent on the country of origin of the capital investment. A greater difference between the industry-specific wages paid in the country of ownership and Mexico is associated with a higher wage premium in Mexican affiliates. Future work should strive to link information from foreign-owned affiliates with their parent companies abroad. PMID:21566699

Pdvsa, seeks foreign investment hike

DOE Office of Scientific and Technical Information (OSTI.GOV)

Roosen, G.

1992-08-03

Looking at a protracted cash crunch, state oil company Petroleos de Venezuela SA plans to encourage accelerated investment by foreign companies in Venezuela's oil sector. Pdvsa late last month sliced about $1 billion from its capital and operating budget for 1992. This paper reports that in the medium term, Pdvsa plans to focus on investment in quicker payout projects in oil production and refining while seeking foreign capital for as many projects as possible in oil and gas exploration and development, petrochemicals, and coal. And it will continue to expand its presence in other countries, especially the US, to maintainmore » market shares of crude and refined products exports. Those are among the business strategies outlined by new Pdvsa Pres. Gustavo Roosen after his first 100 days on the job. Pdvsa sees a key window of opportunity in gaining part of the market share lost by US crude producers as their production continues to decline. Pdvsa production outlays this decade are estimated at $4.4 billion. Pdvsa continues to hold to its target of crude productive capacity at 3.3 million b/d by 1996. The company wants to jump capacity as quickly as prudently possible from the yearend 1991 level of 2.83 million b/d. Currently, Pdvsa must buy 6000,000 b/d of oil on the US market to meet all of its commitments.« less

75 FR 66426 - Determination of Foreign Exchange Swaps and Forwards

Federal Register 2010, 2011, 2012, 2013, 2014

2010-10-28

... Commodity Exchange Act (``CEA''), as amended by Title VII of the Dodd-Frank Wall Street Reform and Consumer... Act in violation of any rule promulgated by the Commodity Futures Trading Commission (``CFTC'').\\6\\ \\2...) an exchange of 2 different currencies on a specific date at a fixed rate that is agreed upon on the...

Photovoltaic water pumping applications: Assessment of the near-term market

NASA Technical Reports Server (NTRS)

Rosenblum, L.; Bifano, W. J.; Scudder, L. R.; Poley, W. A.; Cusick, J. P.

1978-01-01

Water pumping applications represent a potential market for photovoltaics. The price of energy for photovoltaic systems was compared to that of utility line extensions and diesel generators. The potential domestic demand was defined in the government, commercial/institutional and public sectors. The foreign demand and sources of funding for water pumping systems in the developing countries were also discussed briefly. It was concluded that a near term domestic market of at least 240 megawatts and a foreign market of about 6 gigawatts exist.

17 CFR 270.17f-7 - Custody of investment company assets with a foreign securities depository.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Custody of investment company... Exchanges SECURITIES AND EXCHANGE COMMISSION (CONTINUED) RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 § 270.17f-7 Custody of investment company assets with a foreign securities depository. (a) Custody...

75 FR 10059 - Money Market Fund Reform

Federal Register 2010, 2011, 2012, 2013, 2014

2010-03-04

... Part III Securities and Exchange Commission 17 CFR Parts 270 and 274 Money Market Fund Reform...; File Nos. S7-11-09, S7-20-09] RIN 3235-AK33 Money Market Fund Reform AGENCY: Securities and Exchange...'') is adopting amendments to certain rules that govern money market funds under the Investment Company...

Preparing Foreign Language Students for Today's Job Market.

ERIC Educational Resources Information Center

Garfinkel, Alan; Schrank, Holly L.

College language teachers should become more aware of the needs of the job market and the specific ways that language majors can use their unique characteristics to satisfy those needs. Then students must be made aware of this information. The principles of marketing can be used to examine job requirements. Steps in applying these principles…

Photovoltaic village power application: Assessment of the near-term market

NASA Technical Reports Server (NTRS)

Rosenblum, L.; Bifano, W. J.; Poley, W. A.; Scudder, L. R.

1978-01-01

The village power application represents a potential market for photovoltaics. The price of energy for photovoltaic systems was compared to that of utility line extensions and diesel generators. The potential domestic demand was defined in both the government and commercial sectors. The foreign demand and sources of funding for village power systems in the developing countries were also discussed briefly. It was concluded that a near term domestic market of at least 12 MW min and a foreign market of about 10 GW exists.

Foreign currency rate forecasting using neural networks

NASA Astrophysics Data System (ADS)

Pandya, Abhijit S.; Kondo, Tadashi; Talati, Amit; Jayadevappa, Suryaprasad

2000-03-01

Neural networks are increasingly being used as a forecasting tool in many forecasting problems. This paper discusses the application of neural networks in predicting daily foreign exchange rates between the USD, GBP as well as DEM. We approach the problem from a time-series analysis framework - where future exchange rates are forecasted solely using past exchange rates. This relies on the belief that the past prices and future prices are very close related, and interdependent. We present the result of training a neural network with historical USD-GBP data. The methodology used in explained, as well as the training process. We discuss the selection of inputs to the network, and present a comparison of using the actual exchange rates and the exchange rate differences as inputs. Price and rate differences are the preferred way of training neural network in financial applications. Results of both approaches are present together for comparison. We show that the network is able to learn the trends in the exchange rate movements correctly, and present the results of the prediction over several periods of time.

17 CFR 240.15c1-8 - Sales at the market.

Code of Federal Regulations, 2014 CFR

2014-04-01

... 17 Commodity and Securities Exchanges 4 2014-04-01 2014-04-01 false Sales at the market. 240.15c1-8 Section 240.15c1-8 Commodity and Securities Exchanges SECURITIES AND EXCHANGE COMMISSION... Securities Exchange Act of 1934 Rules Relating to Over-The-Counter Markets § 240.15c1-8 Sales at the market...

[Selective internationalization: foreign workers and Japanese society].

PubMed

Ito, R

1990-01-01

Japan's December 1989 revision of the law on immigration and recognition of refugees was intended to provide greater felxibility for employment of foreigners with specialized skills or professional qualifications while excluding migrant workers. This policy, referred to as selective internationalization by the author, represents an effort by the government to early 1980s and to changes in the Japanese economy which after decades of rapid growth is entering a new phase of diversification. The ideal of national homogeneity has prevented formulation of any coherent policy of integrating Japan's foreign born population, mostly descendents of laborers from Japan's former colonies. In 1988, Japan's 677,000 Korean residents constituted 72% of the foreign population registered in Japan. As of 1988, some 40,000 foreigners were registered as residents and permitted to work in any of several well-defined areas. The number, while small, is growing. Illegal migrants are defined essentially as foreigners exercising economic activities not authorized by their visas. The number of such workers is notoriously difficult to estimate, but the number of expulsions for labor violations increased by 4700 in 1989 to 22,600, suggesting that the problem is growing. The Ministry of Justice estimated the number of foreigners in irregular situations at 70,000 in 1988, and it has probably reached 120,000 at present. The number of foreign workers, authorized or not, is estimated at 150-160,000 or .3% of the active population. The 1989 revision of the immigration law does not constitute a foreign labor policy, but it does clearly signal the end of complete protectionism vis a vis the labor market which characterized Japan's period of rapid growth. Internationalization of the labor market reflects 2 concerns, provision of highly qualified employees to enable large enterprises to adapt more readily to changing international conditions, and continued control over the foreign labor supply of small

76 FR 79258 - Self-Regulatory Organizations; Chicago Mercantile Exchange, Inc.; Notice of Filing and Order...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-12-21

... to amend rules related to existing cleared-only foreign exchange (``FX'') currency derivatives... SR-CME-2011-12 to establish rules to expand its cleared-only, foreign currency (``FX'') swaps offering to support the introduction of (1) twenty-six new foreign FX currency derivatives for over-the...

Location Dynamics of Foreign Banking in Shanghai from 1990 TO 2009

NASA Astrophysics Data System (ADS)

Feng, Xiaobing; Kim, Beom Jun

This study examined the determinants of foreign bank location decisions in Shanghai markets over the period of 1990 to 2009. The growing foreign presence in Shanghai was found to be related to two different policy regimes: Pudong development area foreign enterprise clustering period after China opened Pudong, and "deposit-loan-match principle" implementing period after China joined WTO. The current location pattern was found to be correlated to deposit potential in each district. It is evident that the foreign bank location decisions were influenced by those of domestic banks while the reverse did not hold. These findings provide a valuable platform for theoretical modeling and further analysis.

77 FR 26808 - Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-05-07

... Exchange's data feeds. The Exchange believes that such display is consistent with traditional market making....\\3\\ The addition of Attributable Orders will allow a party engaged in market making to identify... orders into the Exchange's systems that will be displayed in Exchange data feeds with such User's market...

Allowance market pricing indicators

DOE Office of Scientific and Technical Information (OSTI.GOV)

Miller, R.W.

1995-12-31

Regardless of whether buyers and sellers rely on one allowance price indicator or a combination of several, the publication of price indicators has facilitated trading in the SO{sub 2} allowance market. Buyers and sellers feel more comfortable with a price benchmark against which to measure their actions; liquidity has increased; and transactions are easier to conclude. At this market`s present stage of development, five price indicators are worthy of discussion: EPA Allowance Auctions; Compliance Strategies Review`s EATX; Utility Environment Report`s price range; Cantor Fitzgerald`s Allowance Price Indicators; and Emissions Exchange Corporation`s Exchange Values. But experience in other markets indicates thatmore » (1) others will be created as the market develops, and (2) all published price indicators will tend to converge as time passes.« less

Trading health services across borders: GATS, markets, and caveats.

PubMed

Mutchnick, lan S; Stern, David T; Moyer, Cheryl A

2005-01-01

The General Agreement on Trade in Services (GATS) is the result of an ongoing process of opening national markets to foreign health services within an international framework of trade agreements that prohibit discriminatory treatment of foreign suppliers. Developing markets are growing, as is demand for health care services, and most of this demand is being met by the private market. The globalization of health services requires the resources of the academic and corporate sectors of the developed world for equitable and sustainable growth. Health services trade should be seen as a tool for achieving these goals, rather than as an end in itself.

The ANS/ENS international student exchange program

DOE Office of Scientific and Technical Information (OSTI.GOV)

Bornstein, I.

1988-01-01

This program, called the ANS/ENS International Student Exchange Program, sponsors bilateral exchanges of engineering graduate students from universities located in the midwestern part of the United States with those from universities in France, West Germany and Japan. The American students are provided with summer jobs at leading research centers in France, West Germany and Japan. And, in turn, the students from those countries come to the United States to work at the Argonne National Laboratory. The Exchange Program has provided enriching experiences for nearly 100 American students and an equal number of students from abroad. These young men and womenmore » not only learn how technical work is conducted in a foreign country, they also learn about the people and their customs. When the students arrive to begin their assignments, they are usually strangers in a foreign culture. By the time they leave, they've become acquainted with the people, have formed strong bonds of friendship; and, in a small way, have helped foster international good and will understanding. 11 figs.« less

45 CFR 155.140 - Establishment of a regional Exchange or subsidiary Exchange.

Code of Federal Regulations, 2012 CFR

2012-10-01

... requirements of an Exchange consistent with this part; and (2) Meet the following standards for SHOP: (i) Perform the functions of a SHOP for its service area in accordance with subpart H of this part; and (ii) If a State elects to operate its individual market Exchange and SHOP under two governance or...

A Study of Jordanian University Students' Perceptions of Using Email Exchanges with Native English Keypals for Improving Their Writing Competency

ERIC Educational Resources Information Center

Mahfouz, Safi Mahmoud

2010-01-01

English foreign language learners generally tend to consider email exchanges with native speakers (NSs) as an effective tool for improving their foreign language proficiency. This study investigated Jordanian university students' perceptions of using email exchanges with native English keypals (NEKs) for improving their writing competency. A…

International finance, Lévy distributions, and the econophysics of exchange rates

NASA Astrophysics Data System (ADS)

Da Silva, Sergio; Matsushita, Raul; Gleria, Iram; Figueiredo, Annibal; Rathie, Pushpa

2005-06-01

This paper surveys the developments in the field of international finance, in particular the research of economists on foreign exchange rates. That might be of interest to physicists working on the econophysics of exchange rates. We show how the econophysics agenda might follow naturally from the economists' research. We also present our own work on the econophysics of exchange rates.

17 CFR 240.17a-8 - Financial recordkeeping and reporting of currency and foreign transactions.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Financial recordkeeping and reporting of currency and foreign transactions. 240.17a-8 Section 240.17a-8 Commodity and Securities... currency and foreign transactions. Every registered broker or dealer who is subject to the requirements of...

17 CFR 240.17a-8 - Financial recordkeeping and reporting of currency and foreign transactions.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 17 Commodity and Securities Exchanges 3 2011-04-01 2011-04-01 false Financial recordkeeping and reporting of currency and foreign transactions. 240.17a-8 Section 240.17a-8 Commodity and Securities... currency and foreign transactions. Every registered broker or dealer who is subject to the requirements of...

75 FR 55409 - Regulation of Off-Exchange Retail Foreign Exchange Transactions and Intermediaries

Federal Register 2010, 2011, 2012, 2013, 2014

2010-09-10

... currency with members of the retail public (i.e., ``retail forex transactions''). The new regulations and... in detail the historical background of the regulation of retail forex transactions, and the events... between forex firms and retail customers on the other hand.\\5\\ \\3\\ Regulation of Off-Exchange Retail...

Homecare marketing and product management.

PubMed

Wells, J B

1985-09-01

Entirely too much lip service is paid to marketing and product management in the health sector with too little action. Home health to one degree or another is guilty of this. Successful home health organizations will capitalize on the power of traditional marketing and product management approaches. Product, pricing, packaging, position, and penetration may be foreign concepts. But marketing is built on these concepts and they are key to product definition and management.

The Integration of Immigrants Into the Labour Markets of the EU. IAB Labour Market Research Topics.

ERIC Educational Resources Information Center

Werner, Heinz

Integration of foreign workers into European Union (EU) labor markets was evaluated. Three indicators of labor market integration were analyzed: unemployment rate, employment rate, and self- employment rate. Results were drawn from the Labor Force Survey data compiled by Eurostat. Findings indicated that, in all EU countries, the unemployment rate…

17 CFR 405.4 - Financial recordkeeping and reporting of currency and foreign transactions by registered...

Code of Federal Regulations, 2010 CFR

2010-04-01

... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Financial recordkeeping and reporting of currency and foreign transactions by registered government securities brokers and dealers. 405.4 Section 405.4 Commodity and Securities Exchanges DEPARTMENT OF THE TREASURY REGULATIONS UNDER...

17 CFR 405.4 - Financial recordkeeping and reporting of currency and foreign transactions by registered...

Code of Federal Regulations, 2011 CFR

2011-04-01

... 17 Commodity and Securities Exchanges 3 2011-04-01 2011-04-01 false Financial recordkeeping and reporting of currency and foreign transactions by registered government securities brokers and dealers. 405.4 Section 405.4 Commodity and Securities Exchanges DEPARTMENT OF THE TREASURY REGULATIONS UNDER...

World helicopter market study

NASA Technical Reports Server (NTRS)

Cleary, B.; Pearson, R. W.; Greenwood, S. W.; Kaplan, L.

1978-01-01

The extent of the threat to the US helicopter industry posed by a determined effort by foreign manufacturers, European companies in particular, to supply their own domestic markets and also to penetrate export markets, including the USA is assessed. Available data on US and world markets for civil and military uses are collated and presented in both graphic and tabular form showing the past history of production and markets and, where forecasts are available, anticipated future trends. The data are discussed on an item-by-item basis and inferences are drawn in as much depth as appears justified.

Patterns of Economic Attainment of Foreign-Born Male Workers in the United States.

ERIC Educational Resources Information Center

Poston, Dudley L., Jr.

1994-01-01

Examines economic-attainment patterns of foreign-born male workers in the U.S. in 1980 to determine the influence of individual-level factors such as educational attainment, labor market experience, etc. Results indicate that, although microlevel characteristics are not complete answers, they are important for most foreign-born populations in…

A Career-Oriented Foreign Language Program for Keystone Oaks School District, Pittsburgh, Pennsylvania.

ERIC Educational Resources Information Center

Grubesky, Marcia R.

A career-oriented foreign language program is discussed that takes into account marketable skills of foreign language majors for a number of careers. The program is threefold. First, it recognizes the need for language skills to supplement technical, business, and professional skills to expand educational knowledge; capabilities in diplomacy and…

Beyond the exchange--the future of B2B.

PubMed

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.

78 FR 56762 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-09-13

... contracts for Market Makers \\3\\ registered on the Exchange. \\3\\ Market Makers may be registered as a Lead Market Maker or as a Registered Market Maker. See Exchange Rule 600(b). Market Makers registered on the...) Registered Market Maker (``RMM''); (ii) Lead Market Maker (``LMM''); (iii) Directed Order Lead Market Maker...

Statistical physics in foreign exchange currency and stock markets

NASA Astrophysics Data System (ADS)

Ausloos, M.

2000-09-01

Problems in economy and finance have attracted the interest of statistical physicists all over the world. Fundamental problems pertain to the existence or not of long-, medium- or/and short-range power-law correlations in various economic systems, to the presence of financial cycles and on economic considerations, including economic policy. A method like the detrended fluctuation analysis is recalled emphasizing its value in sorting out correlation ranges, thereby leading to predictability at short horizon. The ( m, k)-Zipf method is presented for sorting out short-range correlations in the sign and amplitude of the fluctuations. A well-known financial analysis technique, the so-called moving average, is shown to raise questions to physicists about fractional Brownian motion properties. Among spectacular results, the possibility of crash predictions has been demonstrated through the log-periodicity of financial index oscillations.

Bilateral foreign direct investment in forest industry between the U.S. and Canada

Treesearch

Rao V Nagubadi; Daowei Zhang

2011-01-01

In this study we examine the trends and various factors influencing bilateral foreign direct investment (FDI) in the U.S. and Canadian forest industry between 1989 and 2008. Using panel data analysis methods, we find that bilateral FDI is positively influenced by depreciation of host country's real exchange rates and exchange rate volatility, and home country...

The control of foreigners as researchers in Thailand.

PubMed

Ditton, Mary J; Lehane, Leigh

2009-09-01

AN IMPORTANT ASPECT OF ETHICAL CONDUCT of field research is for the researcher to have an appropriate relationship with the legitimate gatekeepers of the field site. This paper describes our experiences of obtaining approval from regulatory authorities in Thailand for field research on Burmese migrants, and discusses the nature and rationale of such government control in Asia and Western countries. It is intended to guide future humanitarian researchers who are planning to study oppressed groups at politically sensitive research sites where regulatory authorities monitor both research sites and research performance. Thailand, like several other Southeast Asian countries, operates a permit system for foreign researchers. This permit system is designed to promote research activities in Thailand so that the results can be used to further the country's development, and to enhance the cooperation and collaboration between Thai and foreign researchers providing opportunities for the exchange of knowledge, technical expertise, and experience. This control of foreign researchers is not prohibitive; foreign humanitarian researchers can organize research and advance the welfare of targeted oppressed populations in cooperation with government agencies.

The Marketing of Public Library Services.

ERIC Educational Resources Information Center

Dragon, Andrea C.

1983-01-01

Defines the concept of marketing and relates models involving the exchanges and transactions of markets and charities to services offered by libraries. Market segmentation, understanding the behavior of markets, competition, and movement toward a market-oriented library are highlighted. Nineteen references are cited. (EJS)

78 FR 69918 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-11-21

... fulfillment of market- making obligations in their appointments. The Exchange believes the elimination of an...-appointments. RMMs only qualify for defined benefits in exchange for fulfillment of market- making obligations... appointments, which are similar to the market-making obligations within appointments imposed by other exchanges...

78 FR 17958 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-03-25

..., market making activity on the Exchange, by establishing quoting compliance standards that are reasonable..., market making activity on the Exchange, by establishing quoting compliance standards that are reasonable... Exchange believes that the proposal will not diminish and in fact may increase, market making activity on...

17 CFR 239.34 - Form F-4, for registration of securities of foreign private issuers issued in certain business...

Code of Federal Regulations, 2010 CFR

2010-04-01

... 17 Commodity and Securities Exchanges 2 2010-04-01 2010-04-01 false Form F-4, for registration of securities of foreign private issuers issued in certain business combination transactions. 239.34 Section 239.34 Commodity and Securities Exchanges SECURITIES AND EXCHANGE COMMISSION FORMS PRESCRIBED UNDER THE...

7 CFR 1427.22 - Commodity certificate exchanges.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 7 Agriculture 10 2010-01-01 2010-01-01 false Commodity certificate exchanges. 1427.22 Section 1427... Deficiency Payments § 1427.22 Commodity certificate exchanges. (a) For any outstanding marketing assistance loan provided for upland cotton, a producer may purchase a commodity certificate and exchange that...

Fractional Market Model and its Verification on the Warsaw STOCK Exchange

NASA Astrophysics Data System (ADS)

Kozłowska, Marzena; Kasprzak, Andrzej; Kutner, Ryszard

We analyzed the rising and relaxation of the cusp-like local peaks superposed with oscillations which were well defined by the Warsaw Stock Exchange index WIG in a daily time horizon. We found that the falling paths of all index peaks were described by a generalized exponential function or the Mittag-Leffler (ML) one superposed with various types of oscillations. However, the rising paths (except the first one of WIG which rises exponentially and the most important last one which rises again according to the ML function) can be better described by bullish anti-bubbles or inverted bubbles.2-4 The ML function superposed with oscillations is a solution of the nonhomogeneous fractional relaxation equation which defines here our Fractional Market Model (FMM) of index dynamics which can be also called the Rheological Model of Market. This solution is a generalized analog of an exactly solvable fractional version of the Standard or Zener Solid Model of viscoelastic materials commonly used in modern rheology.5 For example, we found that the falling paths of the index can be considered to be a system in the intermediate state lying between two complex ones, defined by short and long-time limits of the Mittag-Leffler function; these limits are given by the Kohlrausch-Williams-Watts (KWW) law for the initial times, and the power-law or the Nutting law for asymptotic time. Some rising paths (i.e., the bullish anti-bubbles) are a kind of log-periodic oscillations of the market in the bullish state initiated by a crash. The peaks of the index can be viewed as precritical or precrash ones since: (i) the financial market changes its state too early from the bullish to bearish one before it reaches a scaling region (defined by the diverging power-law of return per unit time), and (ii) they are affected by a finite size effect. These features could be a reminiscence of a significant risk aversion of the investors and their finite number, respectively. However, this means that the

77 FR 47152 - Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-08-07

... Making rules, traditional market making on the floor of an exchange, and existing rules of the Exchange's...Book Attributed\\SM\\, that will allow Recipients the option to view the market participant identifier (``MPID'') of such Members of the Exchange, including Market Makers,\\7\\ on an order-by-order basis...

77 FR 47150 - Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-08-07

... Making rules, traditional market making on the floor of an exchange, and existing rules of the Exchange's...Book Attributed\\SM\\, that will allow Recipients the option to view the market participant identifier (``MPID'') of such Members of the Exchange, including Market Makers,\\7\\ on an order-by-order basis...

The Migration of Foreign Students to Russia

ERIC Educational Resources Information Center

Pis'mennaia, E. E.

2010-01-01

According to forecasts, the competitive struggle on the worldwide scale to attract foreign students is going to get more intense, as many countries see students as the most desirable category of migrants. The world market of educational services has been estimated at $50-60 billion. The economically developed countries, such as the United States,…

The art of designing markets.

PubMed

Roth, Alvin E

2007-10-01

Traditionally, markets have been viewed as simply the confluence of supply and demand. But to function properly, they must be able to attract a sufficient number of buyers and sellers, induce participants to make their preferences clear, and overcome congestion by providing both enough time to make choices and a speedy means of registering them. Solutions to these challenges are the province of market design--a blend of game theory and experimental economics. Roth, a professor of both business and economics at Harvard, is a leading market designer. He and his colleagues have rescued failing markets by, for example, designing labor clearinghouses through which U.S. doctors get their first jobs and auctions through which the Federal Communications Commission sells licenses for parts of the radio broadcast spectrum. They have also created marketlike allocation procedures that involve neither prices nor an exchange of money; these include systems for assigning children to schools in Boston and New York and for facilitating exchanges of kidneys. Computers enable the design of "smart markets" that combine the inputs of users in complex ways: In kidney exchange, they run through every possible match of donors and recipients to arrange the greatest possible number of transplants. In the future, computers may make it possible to auction bundled goods, such as airport takeoff and landing slots. As online markets--like those for jobs and dating--proliferate, a growing understanding of markets in general will provide virtually limitless opportunities for market design.

17 CFR 240.15c1-8 - Sales at the market.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Sales at the market. 240.15c1... Securities Exchange Act of 1934 Rules Relating to Over-The-Counter Markets § 240.15c1-8 Sales at the market... securities exchange that such security is being offered to such customer “at the market” or at a price...

The allowance exchange - ALEX

DOE Office of Scientific and Technical Information (OSTI.GOV)

Mangis, J.K.; Miller, C.; Nicholas, J.

1997-12-31

The success of market approaches to pollution control in reducing the cost of compliance with environmental regulation, has insured the inclusion of emissions trading programs in current and future regulatory programs. As these environmental trading programs multiply, (SO{sub 2}, NO{sub x}, Ozone Precursors, Wetlands, CO{sub 2} and others), utility companies will need a central location to buy, sell, and trade these allowances to meet regulatory needs. In response, SAIC has designed and prototyped an electronic trading system that can provide a common forum for the location and exchange of environmental allowances, marketable permits, and other market based instruments for environmentalmore » management. SAIC intends to open and operate the Allowance Exchange (ALEX) for the trading of all environmental allowances, associated with the operation of electric utilities, as a service to the nation, the industry, and the environmental community.« less

77 FR 26811 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-05-07

... display is consistent with traditional market making on the floor of an exchange as well as existing rules... market making to identify itself as the party willing to buy or sell securities on the Exchange. \\3\\ See... be displayed in Exchange data feeds with such User's market participant identifiers or ``MPIDs...

76 FR 51084 - Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness...