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Sample records for foreign exchange market

  1. Indeterminacy in foreign exchange markets

    NASA Astrophysics Data System (ADS)

    Pasquini, Michele; Serva, Maurizio

    2000-03-01

    We discuss price variations distributions in foreign exchange markets, characterizing them both in calendar and business time frameworks. The price dynamics is found to be the result of two distinct processes, a multi-variance diffusion and an error process. The presence of the latter, which dominates at short time scales, leads to indeterminacy principle in finance. Furthermore, dynamics does not allow for a scheme based on independent probability distributions, since volatility exhibits a strong correlation even at the shortest time scales.

  2. Timing matters in foreign exchange markets

    NASA Astrophysics Data System (ADS)

    Hirata, Yoshito; Aihara, Kazuyuki

    2012-02-01

    We show using nonlinear time series analysis that the timing of trades in foreign exchange markets has significant information. We apply a set of methods for analyzing point process data developed in neuroscience and nonlinear science. Our results imply that foreign exchange markets might be chaotic and have short-term predictability.

  3. Time and foreign exchange markets

    NASA Astrophysics Data System (ADS)

    Berardi, Luca; Serva, Maurizio

    2005-08-01

    The definition of time is still an open question when one deals with high-frequency time series. If time is simply the calendar time, prices can be modeled as continuous random processes and values resulting from transactions or given quotes are discrete samples of this underlying dynamics. On the contrary, if one takes the business time point of view, price dynamics is a discrete random process, and time is simply the ordering according to which prices are quoted in the market. In this paper, we suggest that the business time approach is perhaps a better way of modeling price dynamics than calendar time. This conclusion comes from testing probability densities and conditional variances predicted by the two models against the experimental ones. The data set we use contains the DEM/USD exchange quotes provided to us by Olsen & Associates during a period of one year from January to December 1998. In this period, 1,620,843 quotes entries in the EFX system were recorded.

  4. Spot foreign exchange market and time series

    NASA Astrophysics Data System (ADS)

    Petroni, F.; Serva, M.

    2003-08-01

    We investigate high frequency price dynamics in foreign exchange market using data from Reuters information system (the dataset has been provided to us by Olsen and Associates). In our analysis we show that a naïve approach to the definition of price (for example using the spot mid price) may lead to wrong conclusions on price behavior as for example the presence of short term correlations for returns. For this purpose we introduce an algorithm which only uses the non arbitrage principle to estimate real prices from the spot ones. The new definition leads to returns which are not affected by spurious correlations. Furthermore, any apparent information (defined by using Shannon entropy) contained in the data disappears.

  5. 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.

  6. Characteristic periodicities of collective behavior at the foreign exchange market

    NASA Astrophysics Data System (ADS)

    Sato, A.-H.; Hołyst, J. A.

    2008-04-01

    As the result of empirical investigations into the foreign exchange market a group structure of characteristic periodic decisions of market participants is found. In order to explain this finding at the microscopic level the agent-based model of a financial market in which N market participants trade M financial commodities is considered. If different sources of periodic information exist then the relationship among these characteristic periodic behaviors may be associated with a special structure where market participants perceive such information in the foreign exchange market.

  7. Entropy analysis in foreign exchange markets and economic crisis

    NASA Astrophysics Data System (ADS)

    Ha, Jin-Gi; Yim, Kyubin; Kim, Seunghwan; Jung, Woo-Sung

    2012-08-01

    We investigate the relative market efficiency in 11 foreign exchange markets by using the Lempel-Ziv (LZ) complexity algorithm and several entropy values such as the Shannon entropy, the approximate entropy, and the sample entropy. With daily data in 11 foreign exchange markets from Jan. 2000 to Sep. 2011, we observe that mature markets have higher LZ complexities and entropy values than emerging markets. Furthermore, with sliding time windows, we also investigate the temporal evolutions of those entropies from Jan. 1994 to Sep. 2011, and we find that, after an economic crisis, the approximate entropy and the sample entropy of mature markets such as Japan, Europe and the United Kingdom suddenly become lower.

  8. A multifractal analysis of Asian foreign exchange markets

    NASA Astrophysics Data System (ADS)

    Oh, G.; Eom, C.; Havlin, S.; Jung, W.-S.; Wang, F.; Stanley, H. E.; Kim, S.

    2012-06-01

    We analyze the multifractal spectra of daily foreign exchange rates for Japan, Hong-Kong, Korea, and Thailand with respect to the United States in the period from 1991 until 2005. We find that the return time series show multifractal spectrum features for all four cases. To observe the effect of the Asian currency crisis, we also estimate the multifractal spectra of limited series before and after the crisis. We find that the Korean and Thai foreign exchange markets experienced a significant increase in multifractality compared to Hong-Kong and Japan. We also show that the multifractality is stronger related to the presence of high values of returns in the series.

  9. 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.

  10. 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.

  11. 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.

  12. 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.

  13. 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.

  14. 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.

  15. 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

  16. 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.

  17. 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. PMID:25679668

  18. 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. PMID:23004832

  19. 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.

  20. 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.

  1. 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…

  2. Similarity, Clustering, and Scaling Analyses for the Foreign Exchange Market ---Comprehensive Analysis on States of Market Participants with High-Frequency Financial Data---

    NASA Astrophysics Data System (ADS)

    Sato, A.; Sakai, H.; Nishimura, M.; Holyst, J. A.

    This article proposes mathematical methods to quantify states of marketparticipants in the foreign exchange market (FX market) and conduct comprehensive analysis on behavior of market participants by means of high-frequency financial data. Based on econophysics tools and perspectives we study similarity measures for both rate movements and quotation activities among various currency pairs. We perform also clustering analysis on market states for observation days, and find scaling relationship between mean values of quotation activities and their standard deviations. Using these mathematical methods we can visualize states of the FX market comprehensively. Finally we conclude that states of market participants temporally vary due to both external and internal factors.

  3. Dynamical Structure of Behavioral Similarities of the Market Participants in the Foreign Exchange Market

    NASA Astrophysics Data System (ADS)

    Sato, Aki-Hiro; Shintani, Kohei

    The financial markets started to be computerized due to development and spread of the Information and Communication Technology (ICT) in early 1990s. As the result rapid development and spread of electrical trading systems occurred all over the world. Moreover advance of processing speed of computers and capacity of storages leads to accumulation of activity records of market participants, high frequency financial data. By utilizing the high frequency financial data one can observe behavior of the market participants with high resolutions and analyze a large amount of data enough to quantify them in the statistically significant.

  4. 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.

  5. 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.

  6. 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.

  7. 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…

  8. 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. PMID:19791999

  9. 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.

  10. 76 FR 28358 - Retail Foreign Exchange Transactions

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-05-17

    ... Off-Exchange Retail Foreign Exchange Transactions and Intermediaries, 75 FR 55409 (Sept. 10, 2010... Act. Regulation of Off-Exchange Retail Foreign Exchange Transactions and Intermediaries, 75 FR 3281 (Jan. 20, 2010) (Proposed CFTC Retail Forex Rule). \\13\\ See Retail Foreign Exchange Transactions, 76...

  11. 78 FR 42439 - Retail Foreign Exchange Transactions

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-07-16

    ... Retail Foreign Exchange Transactions, Exchange Act Release No. 64874 (July 13, 2011), 76 FR 41676 (July... Foreign Exchange Transactions and Intermediaries, 75 FR 3282 (Jan. 20, 2010) (``CFTC Proposing Release... Recordkeeping; Final Rule, Exchange Act Release No. 67453 (July 18, 2012), 77 FR 48207 (Aug. 13,...

  12. 12 CFR 614.4900 - Foreign exchange.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Foreign exchange. 614.4900 Section 614.4900... Cooperatives and Agricultural Credit Banks Financing International Trade § 614.4900 Foreign exchange. (a... speculative futures transactions by eligible borrowers in foreign currencies. The bank may engage, on...

  13. 77 FR 62177 - Retail Foreign Exchange Transactions

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-10-12

    ... Hybrid Instruments, 55 FR 13582 (Apr. 11, 1990). Finally, the OCC proposes a technical correction to a...\\ Retail Foreign Exchange Transactions, 76 FR 41375 (July 14, 2011). \\10\\ Retail Foreign Exchange Transactions, 76 FR 56094 (Sept. 12, 2011). B. Definition of Eligible Contract Participant The...

  14. 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…

  15. 12 CFR 614.4900 - Foreign exchange.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... services. These currency exchange activities shall not include any loans or commitments intended to finance... instruments. (d) A bank for cooperatives or an agricultural credit bank engaged in foreign exchange trading shall have written policies describing the scope of trading activity authorized, delegation of...

  16. 12 CFR 614.4900 - Foreign exchange.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... services. These currency exchange activities shall not include any loans or commitments intended to finance... instruments. (d) A bank for cooperatives or an agricultural credit bank engaged in foreign exchange trading shall have written policies describing the scope of trading activity authorized, delegation of...

  17. 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.

  18. 76 FR 56094 - Retail Foreign Exchange Transactions

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-09-12

    ...'' includes ``an appropriate Federal banking agency.'' 7 U.S.C. 2(c)(2)(E)(i)(III). \\4\\ A retail customer is a... engage in off-exchange transactions in foreign currency with retail customers, subject to the... customer \\4\\ except pursuant to a rule or regulation of a Federal regulatory agency allowing...

  19. 76 FR 41676 - Retail Foreign Exchange Transactions

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-07-15

    ...Under section 742(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), certain foreign exchange transactions with persons who are not ``eligible contract participants'' (commonly referred to as ``retail forex transactions,'' and as further defined below) with a registered broker or dealer (``broker-dealer'') will be prohibited as of July 16, 2011, in the......

  20. 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...

  1. 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...

  2. 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...

  3. 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...

  4. 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...

  5. Foreign Exchange: Making International Payments More Cost Effective.

    ERIC Educational Resources Information Center

    Ruesch, Otto J.

    1993-01-01

    College business officers can save money, adhere better to budgets, and improve relations with international vendors through foreign monetary exchange. By comparing exchange rates and buying foreign currency when rates are good, institutions retain much more control over the transaction rate than if they delegate the task to the bank. (MSE)

  6. 78 FR 21019 - Retail Foreign Exchange Transactions (Regulation NN)

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-04-09

    ... Exchange Transactions and Intermediaries, 75 FR 55409 (Sept. 10, 2010) (Final CFTC Retail Forex Rule). The... Retail Foreign Exchange Transactions and Intermediaries, 75 FR 3281 (Jan. 20, 2010) (Proposed CFTC Retail Forex Rule). \\12\\ 76 FR 46652 (August 3, 2011). II. Section-by-Section Analysis Section...

  7. 76 FR 46652 - Retail Foreign Exchange Transactions (Regulation NN)

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-08-03

    ... (76 FR 40779). The retail forex rule proposed today provides for banking institutions to notify the... (other than the banking institution itself). \\26\\ Proposed CFTC Retail Forex Rule, 75 FR at 3287 n.54... Off-Exchange Retail Foreign Exchange Transactions and Intermediaries, 75 FR 55409 (Sept. 10,...

  8. 76 FR 27633 - Notice of Funds Availability: Inviting Applications for Market Access Program, Foreign Market...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-05-12

    ... Commodity Credit Corporation Notice of Funds Availability: Inviting Applications for Market Access Program, Foreign Market Development Cooperator Program, Emerging Markets Program, Technical Assistance for Specialty Crops Program, and Quality Samples Program; Extension of Application Due Date AGENCY:...

  9. Markets, distribution, and exchange after societal cataclysm

    SciTech Connect

    Cantor, R.A.; Henry, S.; Rayner, S.; Eastern Michigan Univ., Ypsilanti, MI . Dept. of Sociology; Oak Ridge National Lab., TN )

    1989-11-01

    The report identifies constraints and opportunities for the restoration of economic exchange following nuclear war. Four survival scenarios are postulated based on high or low levels of damage to (1) institutions that signal trading opportunities, reduce transaction costs, and regulate and enforce contracts, and (2) resources that are used to create and define wealth. The four scenarios are best case, worst case, resource abundance, and an institution intensive case. Three kinds of literature were reviewed, (1) the economics literature on formal markets, (2) the sociological literature on informal markets, and (3) the economic anthropology literature on pre-capitalist and pre-industrial exchange. From this corpus a set of non-market and market exchange structures are derived and rendered as rules vectors describing their operation. Each of the four survival scenarios is expounded as a subset of the possible exchange structures that is logically compatible with the constraints defining that scenario. 242 refs.

  10. 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... COMMISSION OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS § 5.12 Financial reports of retail foreign exchange dealers. (a)(1) Each person who files an application for registration as a retail foreign exchange...

  11. 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.

  12. 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.

  13. 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…

  14. 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.

  15. 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…

  16. 77 FR 27177 - Notice of Funds Availability; Inviting Applications for the Foreign Market Development Cooperator...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-05-09

    ... Commodity Credit Corporation Notice of Funds Availability; Inviting Applications for the Foreign Market Development Cooperator Program; Correction AGENCY: Foreign Agricultural Service, U.S. Department of... Federal Register of April 23, 2012, concerning funds availability and inviting applications for...

  17. 17 CFR 3.12 - Registration of associated persons of futures commission merchants, retail foreign exchange...

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... 17 Commodity and Securities Exchanges 1 2011-04-01 2011-04-01 false Registration of associated persons of futures commission merchants, retail foreign exchange dealers, introducing brokers, commodity trading advisors, commodity pool operators and leverage transaction merchants. 3.12 Section 3.12 Commodity and Securities Exchanges...

  18. Wood products trade and foreign markets: Asian market profile issue, November 1993. Foreign agriculture circular

    SciTech Connect

    Not Available

    1993-11-01

    Contents: trade summary; significant developments; status of usda/ccc export credit guarantees for wood products; US global export status; trends in US exports to the pacific rim; market profiles for wood products; pacific rim; europe; commodity/country trade tables; US exports, 1988 - 1st half 1993; US imports, 1988 - 1st half 1993.

  19. Wood products trade and foreign markets: european market profile issue, July 1994. Foreign agriculture circular

    SciTech Connect

    Not Available

    1994-07-01

    ;Contents: Trade Highlights; Top Five Markets for U.S. Wood Products; Status of USDA/CCC Export Credit Guarantees for Wood Products; Profiles for Wood Products; European Union; Austria; Belgium-Luxembourg; Denmark; Commodity/Country Trade Tables; Corrigendum; Wood Products Trade Account, 1st Quarter 1994; U.S. Exports, for 1989 - 1st Quarter 1994; Value of Wood Products, by Country; Value of Wood Products, by Commodity.

  20. [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. PMID:26420412

  1. 22 CFR 3.12 - Exemption of grants and other foreign government assistance in cultural exchange programs from...

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... 22 Foreign Relations 1 2012-04-01 2012-04-01 false Exemption of grants and other foreign government assistance in cultural exchange programs from coverage of foreign gifts and decorations... Educational and Cultural Exchange Act of 1961 applies”. See 22 U.S.C. 2558 (a) and (b) for the terms...

  2. 78 FR 23888 - Notice of Funds Availability: Inviting Applications for the Foreign Market Development Cooperator...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-04-23

    ... section 1484.20. In addition, in accordance with the Office of Management and Budget's policy (68 FR 38402... Commodity Credit Corporation Notice of Funds Availability: Inviting Applications for the Foreign Market... the 2014 Foreign Market Development Cooperator (Cooperator) program. The intended effect of...

  3. 77 FR 24171 - Notice of Funds Availability: Inviting Applications for the Foreign Market Development Cooperator...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-04-23

    ... and Budget's policy (68 FR 38402 (June 27, 2003)) regarding the need to identify entities that are... Commodity Credit Corporation Notice of Funds Availability: Inviting Applications for the Foreign Market... the 2013 Foreign Market Development Cooperator (Cooperator) program. The intended effect of...

  4. 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…

  5. 17 CFR 5.10 - Risk assessment recordkeeping requirements for retail foreign exchange dealers.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 17 Commodity and Securities Exchanges 1 2013-04-01 2013-04-01 false Risk assessment recordkeeping... COMMODITY FUTURES TRADING COMMISSION OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS § 5.10 Risk assessment... to § 240.17h-1T of this title, or such other risk assessment regulations as the Securities...

  6. 17 CFR 5.10 - Risk assessment recordkeeping requirements for retail foreign exchange dealers.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 17 Commodity and Securities Exchanges 1 2014-04-01 2014-04-01 false Risk assessment recordkeeping... COMMODITY FUTURES TRADING COMMISSION OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS § 5.10 Risk assessment... to § 240.17h-1T of this title, or such other risk assessment regulations as the Securities...

  7. 17 CFR 5.10 - Risk assessment recordkeeping requirements for retail foreign exchange dealers.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... 17 Commodity and Securities Exchanges 1 2012-04-01 2012-04-01 false Risk assessment recordkeeping... COMMODITY FUTURES TRADING COMMISSION OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS § 5.10 Risk assessment... to § 240.17h-1T of this title, or such other risk assessment regulations as the Securities...

  8. 17 CFR 5.11 - Risk assessment reporting requirements for retail foreign exchange dealers.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... 17 Commodity and Securities Exchanges 1 2012-04-01 2012-04-01 false Risk assessment reporting... COMMODITY FUTURES TRADING COMMISSION OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS § 5.11 Risk assessment... financial, operational, and risk management policies, procedures and systems maintained by the...

  9. 17 CFR 5.11 - Risk assessment reporting requirements for retail foreign exchange dealers.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 17 Commodity and Securities Exchanges 1 2014-04-01 2014-04-01 false Risk assessment reporting... COMMODITY FUTURES TRADING COMMISSION OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS § 5.11 Risk assessment... financial, operational, and risk management policies, procedures and systems maintained by the...

  10. 17 CFR 5.11 - Risk assessment reporting requirements for retail foreign exchange dealers.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 17 Commodity and Securities Exchanges 1 2013-04-01 2013-04-01 false Risk assessment reporting... COMMODITY FUTURES TRADING COMMISSION OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS § 5.11 Risk assessment... financial, operational, and risk management policies, procedures and systems maintained by the...

  11. 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... COMMODITY FUTURES TRADING COMMISSION OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS § 5.11 Risk assessment... and preserve information pursuant to § 240.17h-1T of this title, or such other risk...

  12. 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... COMMODITY FUTURES TRADING COMMISSION OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS § 5.10 Risk assessment... to § 240.17h-1T of this title, or such other risk assessment regulations as the Securities...

  13. 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…

  14. 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.

  15. Materials exchanges promote waste, recycling markets

    SciTech Connect

    Melody, M.

    1994-05-01

    Material exchanges are industry's version of garage sales. Materials exchanges provide information clearinghouses for recycled products. One-stop shopping catalogs and databases list a host of industrial materials -- virgin and raw products; surplus, overstock, obsolete and off-specification goods; byproducts; and used, expired and damaged materials. Materials exchanges are cost-effective tools for managing commercial industrial wastes for which no source reduction methods exist. North American exchanges annually divert millions of tons of waste from landfills and incinerators, saving US and Canadian businesses more than $27 million in disposal fees.

  16. 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

    ... legislation. 3.12 Section 3.12 Foreign Relations DEPARTMENT OF STATE GENERAL GIFTS AND DECORATIONS FROM... exchange programs from coverage of foreign gifts and decorations legislation. The Act specifically...

  17. 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... be kept by retail foreign exchange dealers and futures commission merchants. (a) No person shall...

  18. Exchanging Skills in Sales and Marketing.

    ERIC Educational Resources Information Center

    Kodz, J.; Atkinson, J.; Perryman, S.

    A study of the changing nature of skill requirements in sales and marketing occupations in Great Britain included a review of literature and 17 interviews with key sales and marketing contacts and managers and human resource professionals in large companies during Autumn 1996 and Spring 1997. Results were reported in the following areas of study:…

  19. 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,…

  20. 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.

  1. The Development and Application of a Market Entry Process for Foreign Universities Entering the Chinese Higher Education Market

    ERIC Educational Resources Information Center

    Willis, Mike

    2006-01-01

    This paper presents the results of a 7-year research project which was designed to identify the most common market entry processes used by foreign universities entering the Chinese education market through alliances with Chinese counterparts. The research identifies a three-stage entry process which was used by most of the 220 universities studied…

  2. 12 CFR Appendix A to Subpart A of... - Minimum Capital Components for Interest Rate and Foreign Exchange Rate Contracts

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... and Foreign Exchange Rate Contracts A Appendix A to Subpart A of Part 1750 Banks and Banking OFFICE OF... CAPITAL Minimum Capital Pt. 1750, Subpt. A, App. A Appendix A to Subpart A of Part 1750—Minimum Capital... sheet interest rate and foreign exchange rate contracts: a. Interest Rate Contracts i. Single...

  3. 12 CFR Appendix A to Subpart A of... - Minimum Capital Components for Interest Rate and Foreign Exchange Rate Contracts

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... and Foreign Exchange Rate Contracts A Appendix A to Subpart A of Part 1750 Banks and Banking OFFICE OF... CAPITAL Minimum Capital Pt. 1750, Subpt. A, App. A Appendix A to Subpart A of Part 1750—Minimum Capital... sheet interest rate and foreign exchange rate contracts: a. Interest Rate Contracts i. Single...

  4. 12 CFR Appendix A to Subpart A of... - Minimum Capital Components for Interest Rate and Foreign Exchange Rate Contracts

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... and Foreign Exchange Rate Contracts A Appendix A to Subpart A of Part 1750 Banks and Banking OFFICE OF... CAPITAL Minimum Capital Pt. 1750, Subpt. A, App. A Appendix A to Subpart A of Part 1750—Minimum Capital... sheet interest rate and foreign exchange rate contracts: a. Interest Rate Contracts i. Single...

  5. 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

    ... and Foreign Exchange Rate Contracts A Appendix A to Subpart A of Part 1750 Banks and Banking OFFICE OF... CAPITAL Minimum Capital Pt. 1750, Subpt. A, App. A Appendix A to Subpart A of Part 1750—Minimum Capital... sheet interest rate and foreign exchange rate contracts: a. Interest Rate Contracts i. Single...

  6. 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

    ... and Foreign Exchange Rate Contracts A Appendix A to Subpart A of Part 1750 Banks and Banking OFFICE OF... CAPITAL Minimum Capital Pt. 1750, Subpt. A, App. A Appendix A to Subpart A of Part 1750—Minimum Capital... sheet interest rate and foreign exchange rate contracts: a. Interest Rate Contracts i. Single...

  7. 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 transactions in foreign currency subject to the Commodity Exchange Act. 1.1 Section 1.1 Commodity and... ACT Definitions § 1.1 Fraud in or in connection with transactions in foreign currency subject to...

  8. 77 FR 50016 - Extension of Interim Final Temporary Rule on Retail Foreign Exchange Transactions; Correction

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-08-20

    ... rule published at FR 77 41671, on July 16, 2012 should be received on or before October 31, 2012... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION 17 CFR Part 240 RIN 3235-AL19 Extension of Interim Final Temporary Rule on Retail Foreign...

  9. 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…

  10. 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,…

  11. The American Foreign Exchange Option in Time-Dependent One-Dimensional Diffusion Model for Exchange Rate

    SciTech Connect

    Rehman, Nasir Shashiashvili, Malkhaz

    2009-06-15

    The classical Garman-Kohlhagen model for the currency exchange assumes that the domestic and foreign currency risk-free interest rates are constant and the exchange rate follows a log-normal diffusion process.In this paper we consider the general case, when exchange rate evolves according to arbitrary one-dimensional diffusion process with local volatility that is the function of time and the current exchange rate and where the domestic and foreign currency risk-free interest rates may be arbitrary continuous functions of time. First non-trivial problem we encounter in time-dependent case is the continuity in time argument of the value function of the American put option and the regularity properties of the optimal exercise boundary. We establish these properties based on systematic use of the monotonicity in volatility for the value functions of the American as well as European options with convex payoffs together with the Dynamic Programming Principle and we obtain certain type of comparison result for the value functions and corresponding exercise boundaries for the American puts with different strikes, maturities and volatilities.Starting from the latter fact that the optimal exercise boundary curve is left continuous with right-hand limits we give a mathematically rigorous and transparent derivation of the significant early exercise premium representation for the value function of the American foreign exchange put option as the sum of the European put option value function and the early exercise premium.The proof essentially relies on the particular property of the stochastic integral with respect to arbitrary continuous semimartingale over the predictable subsets of its zeros. We derive from the latter the nonlinear integral equation for the optimal exercise boundary which can be studied by numerical methods.

  12. An Identification of the Marketing Implications of the Various Forms of Market Entry for Foreign Universities Seeking To Enter the Hong Kong Higher Education Market.

    ERIC Educational Resources Information Center

    Willis, Mike

    2001-01-01

    Analyzes and evaluates the range of alliance options (universities, institutes, associations, colleges, and others) available for foreign universities in Hong Kong, compares them briefly to the rest of China, and discusses how these various options can be accessed by foreign universities wishing to enter the Hong Kong market via the strategic…

  13. Multifractal detrended cross-correlations between the Chinese exchange market and stock market

    NASA Astrophysics Data System (ADS)

    Cao, Guangxi; Xu, Longbing; Cao, Jie

    2012-10-01

    Based on the daily price data of the Chinese Yuan (RMB)/US dollar exchange rate and the Shanghai Stock Composite Index, we conducted an empirical analysis of the cross-correlations between the Chinese exchange market and stock market using the multifractal cross-correlation analysis method. The results demonstrate the overall significance of the cross-correlation based on the analysis of a statistic. Multifractality exists in cross-correlations, and the cross-correlated behavior of small fluctuations is more persistent than that of large fluctuations. Moreover, using the rolling windows method, we find that the cross-correlations between the Chinese exchange market and stock market vary with time and are especially sensitive to the reform of the RMB exchange rate regime. The previous reduction in the flexibility of the RMB exchange rate in July 2008 strengthened the persistence of cross-correlations and decreased the degree of multifractality, whereas the enhancement of the flexibility of the RMB exchange rate in June 2010 weakened the persistence of cross-correlations and increased the multifractality. Finally, several relevant discussions are provided to verify the robustness of our empirical analysis.

  14. 75 FR 3281 - Regulation of Off-Exchange Retail Foreign Exchange Transactions and Intermediaries

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-01-20

    ...: \\10\\ Trading in Foreign Currencies for Future Delivery, 50 FR 42983 (Oct. 23, 1985). he Commission... Certain Swap Agreements, 58 FR 5587 (Jan. 22, 1993). \\16\\ See, e.g., Sections 4(c) and 4(d) of the Act, 7... registered futures association, pursuant to Section 17(b) of the Act. It is an industry-wide,...

  15. Generalized Bogoliubov Polariton Model: An Application to Stock Exchange Market

    NASA Astrophysics Data System (ADS)

    Thuy Anh, Chu; Anh, Truong Thi Ngoc; Lan, Nguyen Tri; Viet, Nguyen Ai

    2016-06-01

    A generalized Bogoliubov method for investigation non-simple and complex systems was developed. We take two branch polariton Hamiltonian model in second quantization representation and replace the energies of quasi-particles by two distribution functions of research objects. Application to stock exchange market was taken as an example, where the changing the form of return distribution functions from Boltzmann-like to Gaussian-like was studied.

  16. 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…

  17. Foreign Language Skills for Employability in the EU Labour Market

    ERIC Educational Resources Information Center

    Grasmane, Daina; Grasmane, Sanita

    2011-01-01

    To confront rising unemployment, skills of the labour force must be improved. With the aim to find out how foreign language skills impact employability, a study was carried out, in which 61 undergraduates, 33 master's students and 33 doctoral students from the Latvian University of Agriculture participated. The findings testify that 38% of the…

  18. 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…

  19. 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 interdisciplinary…

  20. Implementation of priority insurance in power exchange markets

    SciTech Connect

    Wilson, R.

    1997-02-01

    In their article in this issue, Chao and Peck (1997) propose a market design in which forward contracts for power and transmission are traded in a pre-dispatch power exchange (PX). Subsequently, a system operator (SO) conducts the actual dispatch to implement these contracts to the extent possible, considering the constraints and security of the transmission system in light of events after the forward market closes. Later, a financial settlement process reconciles differences between the forward contracts and the actual power flows. The key feature of their proposal is that a full set of prices for rental of transmission links, together with nodal prices for power, enables a market equilibrium to be fully efficient. In its practical implementation, this efficiency stems form participants` ability to exploit fully the natural complementarities between power trades and transmission rentals, as well as complementarities between power injections at opposite ends of congested transmission links. 3 refs.

  1. 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

  2. 12 CFR 225.136 - Utilization of foreign subsidiaries to sell long-term debt obligations in foreign markets and to...

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Utilization of foreign subsidiaries to sell long-term debt obligations in foreign markets and to transfer the proceeds to their United States... CONTROL (REGULATION Y) Regulations Financial Holding Companies Interpretations § 225.136 Utilization...

  3. Wood products: International trade and foreign markets. Irregular report

    SciTech Connect

    Not Available

    1995-01-01

    This report provides timely, reliable information on the production, trade, supply and demand situation in countries around the world for wood products. It highlights the latest trade policy developments, export statistics and marketing information of interest to U.S. exporters.

  4. The Mag Scene. A Market Survey: Translations of Foreign Language Biomedical Periodicals

    ERIC Educational Resources Information Center

    Abrams, Fred

    1971-01-01

    A market survey was conducted to determine the cost effectiveness of translating any foreign-language biomedical periodical on a regular cover-to-cover basis. The results of the survey suggest the continued translation of individual articles on a demand basis instead. (MM)

  5. 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…

  6. 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.

  7. 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.

  8. 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

    ... 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...

  9. 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...

  10. 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...

  11. 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...

  12. Promoting Value for Consumers: Comparing Individual Health Insurance Markets Inside and Outside the ACA's Exchanges.

    PubMed

    McCue, Michael J; Hall, Mark A

    2016-06-01

    The new health insurance exchanges are the core of the Affordable Care Act's (ACA) insurance reforms, but insurance markets beyond the exchanges also are affected by the reforms. This issue brief compares the markets for individual coverage on and off of the exchanges, using insurers' most recent projections for ACA-compliant policies. In 2016, insurers expect that less than one-fifth of ACA-compliant coverage will be sold outside of the exchanges. Insurers that sell mostly through exchanges devote a greater portion of their premium dollars to medical care than do insurers selling only off of the exchanges, because exchange insurers project lower administrative costs and lower profit margins. Premium increases on exchange plans are less than those for off-exchange plans, in large part because exchange enrollment is projected to shift to closed-network plans. Finally, initial concerns that insurers might seek to segregate higher-risk subscribers on the exchanges have not been realized. PMID:27290751

  13. 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 consumers…

  14. 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. 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…

  16. 26 CFR 1.1249-1 - Gain from certain sales or exchanges of patents, etc., to foreign corporations.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... 26 Internal Revenue 11 2011-04-01 2011-04-01 false Gain from certain sales or exchanges of patents, etc., to foreign corporations. 1.1249-1 Section 1.1249-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Special Rules for Determining Capital Gains and Losses...

  17. 26 CFR 1.1249-1 - Gain from certain sales or exchanges of patents, etc., to foreign corporations.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 26 Internal Revenue 11 2013-04-01 2013-04-01 false Gain from certain sales or exchanges of patents, etc., to foreign corporations. 1.1249-1 Section 1.1249-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Special Rules for Determining Capital Gains and Losses...

  18. 26 CFR 1.1249-1 - Gain from certain sales or exchanges of patents, etc., to foreign corporations.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... 26 Internal Revenue 11 2012-04-01 2012-04-01 false Gain from certain sales or exchanges of patents, etc., to foreign corporations. 1.1249-1 Section 1.1249-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Special Rules for Determining Capital Gains and Losses...

  19. 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

  20. 17 CFR 21.03 - Selected special calls-duties of foreign brokers, domestic and foreign traders, futures...

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Selected special calls-duties of foreign brokers, domestic and foreign traders, futures commission merchants, clearing members, introducing brokers, and reporting markets. 21.03 Section 21.03 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION SPECIAL CALLS...

  1. 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.

  2. Analysis of price fluctuations in futures exchange markets

    NASA Astrophysics Data System (ADS)

    Lim, Gyuchang; Kim, SooYong; Scalas, Enrico; Kim, Kyungsik; Chang, Ki-Ho

    2008-05-01

    We show that the fluctuations of the tick-by-tick logarithmic price in a futures market can be described in terms of the Fokker-Planck equation (FPE). We calculate the corresponding drift and diffusion coefficients and argue that these values can contain some information pertaining to the market state. It is particularly showed that the Korean treasury bond (KTB) futures is well described by a FPE and has a similar structure to turbulence.

  3. Extreme-value dependence: An application to exchange rate markets

    NASA Astrophysics Data System (ADS)

    Fernandez, Viviana

    2007-04-01

    Extreme value theory (EVT) focuses on modeling the tail behavior of a loss distribution using only extreme values rather than the whole data set. For a sample of 10 countries with dirty/free float regimes, we investigate whether paired currencies exhibit a pattern of asymptotic dependence. That is, whether an extremely large appreciation or depreciation in the nominal exchange rate of one country might transmit to another. In general, after controlling for volatility clustering and inertia in returns, we do not find evidence of extreme-value dependence between paired exchange rates. However, for asymptotic-independent paired returns, we find that tail dependency of exchange rates is stronger under large appreciations than under large depreciations.

  4. 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

    ... comment has been given in the Federal Register (75 FR 61696, 10/6/2010; 75 FR 74002, 11/30/2010; 77 FR 73978, 12/12/2012; and 77 FR 75972, 12/26/2012) and the application has been processed pursuant to the... Foreign-Trade Zones Board Authority To Manufacture Carbon Fiber for the U.S. Market Not Approved;...

  5. Value at risk estimation with entropy-based wavelet analysis in exchange markets

    NASA Astrophysics Data System (ADS)

    He, Kaijian; Wang, Lijun; Zou, Yingchao; Lai, Kin Keung

    2014-08-01

    In recent years, exchange markets are increasingly integrated together. Fluctuations and risks across different exchange markets exhibit co-moving and complex dynamics. In this paper we propose the entropy-based multivariate wavelet based approaches to analyze the multiscale characteristic in the multidimensional domain and improve further the Value at Risk estimation reliability. Wavelet analysis has been introduced to construct the entropy-based Multiscale Portfolio Value at Risk estimation algorithm to account for the multiscale dynamic correlation. The entropy measure has been proposed as the more effective measure with the error minimization principle to select the best basis when determining the wavelet families and the decomposition level to use. The empirical studies conducted in this paper have provided positive evidence as to the superior performance of the proposed approach, using the closely related Chinese Renminbi and European Euro exchange market.

  6. Foreign capital and the impact of exchange rate adjustments in oil-exporting developing countries with an application to Indonesia

    SciTech Connect

    Tadjuddin, A.

    1989-01-01

    The efficacy of exchange rate adjustments as an instrument of economic policy in developing countries has long been the subject of considerable controversy. Theoretical treatments of currency devaluation generally conclude that it improves the trade balance and stimulates economic activity. However, this traditional view has been challenged in recent years on the grounds that trade flows, including factor imports, are relatively insensitive to price and exchange rate changes, especially in developing countries. This study analyzes the effects of exchange rate changes in oil exporting developing countries which host foreign capital by using a modified model of the Krugman-Taylor (l978) and Barbone-Batiz (1987) types. It is shown that the impact of devaluation on GNP is influenced by (a) the initial state of the current account balance, (b) the elasticity of demand for non-oil exports, (c) the elasticity of demand for final good imports, (d) the foreign ownership effects, and (e) the impact of devaluation on the government revenues. Devaluation can lead to an increase in national output, but only if the elasticity effects in the non-oil export sector and in the final good imports are large enough to dominate the government revenue effect, the foreign-ownership effect in the oil sector and the impact of any initial current account deficit. The model was applied to the economy of Indonesia, an oil exporting developing country. The net effect of devaluation on national output is known to be contradictory following devaluation, thus supporting the structuralist view that devaluation has negative real effects in this country, at least in the short run. It was also found that the estimated price elasticities of non-oil imports and exports are low in the short-run. Devaluation would lead to improvement in the non-oil trade account in the long run after devaluation.

  7. 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]. PMID:27451903

  8. A dynamical structure of high frequency currency exchange market

    NASA Astrophysics Data System (ADS)

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

    2003-06-01

    We analyze tick-by-tick data, the most high frequency data available, of yen-dollar currency exchange rates. We show that a dynamical structure can be observed in binarized data indicating the direction of up and down movement of prices, which is not apparently seen from the price change itself. This result is consistent with our previous study that there exists a conditional probabilistic structure in binarized data. The dynamical and probabilistic structure which we found could indicate that dealers’ decision making is based on a binary strategy, even if they are unconscious of this fact.

  9. 17 CFR 5.7 - Minimum financial requirements for retail foreign exchange dealers and futures commission...

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... forex transactions. 5.7 Section 5.7 Commodity and Securities Exchanges COMMODITY FUTURES TRADING... exchange dealers and futures commission merchants offering or engaging in retail forex transactions. (a)(1)(i) Each futures commission merchant offering or engaging in retail forex transactions and...

  10. 17 CFR 5.7 - Minimum financial requirements for retail foreign exchange dealers and futures commission...

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... forex transactions. 5.7 Section 5.7 Commodity and Securities Exchanges COMMODITY FUTURES TRADING... exchange dealers and futures commission merchants offering or engaging in retail forex transactions. (a)(1)(i) Each futures commission merchant offering or engaging in retail forex transactions and...

  11. 17 CFR 5.7 - Minimum financial requirements for retail foreign exchange dealers and futures commission...

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... forex transactions. 5.7 Section 5.7 Commodity and Securities Exchanges COMMODITY FUTURES TRADING... exchange dealers and futures commission merchants offering or engaging in retail forex transactions. (a)(1)(i) Each futures commission merchant offering or engaging in retail forex transactions and...

  12. A Weibull distribution with power-law tails that describes the first passage time processes of foreign currency exchanges

    NASA Astrophysics Data System (ADS)

    Sazuka, Naoya; Inoue, Jun-Ichi

    2007-03-01

    A Weibull distribution with power-law tails is confirmed as a good candidate to describe the first passage time process of foreign currency exchange rates. The Lorentz curve and the corresponding Gini coefficient for a Weibull distribution are derived analytically. We show that the coefficient is in good agreement with the same quantity calculated from the empirical data. We also calculate the average waiting time which is an important measure to estimate the time for customers to wait until the next price change after they login to their computer systems. By assuming that the first passage time distribution might change its shape from the Weibull to the power-law at some critical time, we evaluate the averaged waiting time by means of the renewal-reward theorem. We find that our correction of tails of the distribution makes the averaged waiting time much closer to the value obtained from empirical data analysis. We also discuss the deviation from the estimated average waiting time by deriving the waiting time distribution directly. These results make us conclude that the first passage process of the foreign currency exchange rates is well described by a Weibull distribution with power-law tails.

  13. Geothermal Program Review XIV: proceedings. Keeping Geothermal Energy Competitive in Foreign and Domestic Markets

    SciTech Connect

    1996-01-01

    The U.S. Department of Energy`s Office of Geothermal Technologies conducted its annual Program Review XIV in Berkeley, April 8-10, 1996. The geothermal community came together for an in-depth review of the federally-sponsored geothermal research and development program. This year`s theme focused on ``Keeping Geothermal Energy Competitive in Foreign and Domestic Markets.`` This annual conference is designed to promote technology transfer by bringing together DOE-sponsored researchers; utility representatives; geothermal developers; equipment and service suppliers; representatives from local, state, and federal agencies; and others with an interest in geothermal energy. Program Review XIV consisted of eight sessions chaired by industry representatives. Introductory and overview remarks were presented during every session followed by detailed reports on specific DOE-funded research projects. The progress of R&D projects over the past year and plans for future activities were discussed. The government-industry partnership continues to strengthen -- its success, achievements over the past twenty years, and its future direction were highlighted throughout the conference. The comments received from the conference evaluation forms are published in this year`s proceedings. Individual papers have been processed for inclusion in the Energy Science and Technology Database.

  14. 17 CFR 3.10 - Registration of futures commission merchants, retail foreign exchange dealers, introducing...

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... placing of orders on behalf of others involving any contracts of sale of any commodity for future delivery, on or subject to the rules of any contract market, to security futures products as defined in section... transactions executed bilaterally, on or subject to the rules of a designated contract market, or on or...

  15. 17 CFR 3.10 - Registration of futures commission merchants, retail foreign exchange dealers, introducing...

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... placing of orders on behalf of others involving any contracts of sale of any commodity for future delivery, on or subject to the rules of any contract market, to security futures products as defined in section... transactions executed bilaterally, on or subject to the rules of a designated contract market, or on or...

  16. Exchange of futures for physicals offers several hedging strategies for volatile markets

    SciTech Connect

    Kane, G.J.; Scott, D.C.

    1989-01-23

    Exchange of futures for physicals (EFP), as applied to the Nymex energy complex, is in its simplest form, a mechanism for pricing a contract for physicals made basis a futures price, or exchanging a futures position (either long or short) for a similar position in the physical market. The level at which the futures are exchanged becomes the reference price used to establish the final flat price for the physical transaction. In most cases, EFPs are used to manage price risk, and at the same time, establish contractual commitments in the cash market with terms and conditions that are tailored to the needs of industry participants. Hence, EFPs nominally combine the making or taking of delivery of petroleum products against Nymex futures positions, but they are primarily used by the industry to hedge transactions and fix prices for cash deals. Most future markets are used primarily by commercial participants to hedge exposure to changing prices. Some future markets have no mechanism for the actual delivery of the physical commodity; settlement is made in cash. In most markets where there is a physical delivery, most positions are unwound before the delivery date. Likewise, actual delivery under Nymex energy contracts constitutes a small percentage of the total number of contracts traded.

  17. 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.

  18. 17 CFR 5.7 - Minimum financial requirements for retail foreign exchange dealers and futures commission...

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... or rates of exchange. (ii) Current assets must exclude any retail forex account which liquidates to a...) Current assets must exclude any unsecured receivable accrued from any over-the-counter transaction in... of this section: (1) Where the applicant or registrant has an asset or liability which is defined...

  19. 26 CFR 1.1296-2 - Definition of marketable stock.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... multiple tiers. If an exchange in a foreign country has more than one tier or market level on which stock... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Definition of marketable stock. 1.1296-2 Section... Definition of marketable stock. (a) General rule. For purposes of section 1296, the term marketable...

  20. Specialization of China large-scale exchange market based on constrained co-local spatial association rule

    NASA Astrophysics Data System (ADS)

    Zhang, Xuewu; Du, Yunyan; Su, Fenzhen; Wen, Wei

    2009-10-01

    With quick development of economy, spatial distribution and specialization level of China large scale commodity exchange markets whose turnover are more than 100 million Yuan, have changed greatly. And influencing factors which distribute in the research region have attribute information and spatial information and do not satisfy statistical independence. Commodity exchange market specialization index is brought forward to measure specialization degree, based on the former research and constrained co-local spatial association rule is used to analyze symbiotic pattern between specialization level and influencing factors. Constrained predicate templates and association rule templates can improve mining efficiency greatly. As the result shown, large scale commodity exchange market specialization level on country-region spatial scale went down from 2000 to 2005 and rose at 2006. The interesting association rules extracted based on defined minimum support and confident can provide officers of region governments with rational advices on large scale commodity exchange markets planning and construction.

  1. 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.

  2. 76 FR 21327 - Notice of Funds Availability: Inviting Applications for the Foreign Market Development Cooperator...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-04-15

    ... and Budget's policy (68 FR 38402 (June 27, 2003)) regarding the need to identify entities that are... all Cooperator marketing plan expenditures. (b) Past Export Performance (20) The 6-year average share... average share (2006-2011) of all Cooperator marketing plan expenditures plus a 6-year average share...

  3. 75 FR 26191 - Notice of Funds Availability: Inviting Applications for the Foreign Market Development Cooperator...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-05-11

    ... and Budget's policy (68 FR 38402 (June 27, 2003)) regarding the need to identify entities that are... all Cooperator marketing plan expenditures. (b) Past Export Performance (20) The 6-year average share... average share (2005-2010) of all Cooperator marketing plan expenditures plus a 6-year average share...

  4. 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

  5. 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.

  6. Time interval between successive trading in foreign currency market: from microscopic to macroscopic

    NASA Astrophysics Data System (ADS)

    Sato, Aki-Hiro

    2004-12-01

    Recently, it has been shown that inter-transaction interval (ITI) distribution of foreign currency rates has a fat tail. In order to understand the statistical property of the ITI dealer model with N interactive agents is proposed. From numerical simulations it is confirmed that the ITI distribution of the dealer model has a power law tail. The random multiplicative process (RMP) can be approximately derived from the ITI of the dealer model. Consequently, we conclude that the power law tail of the ITI distribution of the dealer model is a result of the RMP.

  7. 26 CFR 1.367(a)-1T - Transfers to foreign corporations subject to section 367(a): In general (temporary).

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... in manufacturing activities or in marketing activities. A working interest in oil and gas properties... fair market value of $1 million and adjusted basis of $800,000 to foreign corporation FC in an exchange... securities market. Instead, the transfer of such an interest shall be treated in the same manner as...

  8. Debtor States and the World Market: Explaining Mexican and Brazilian Foreign Economic Policy.

    ERIC Educational Resources Information Center

    Gayle, Dennis John

    The ways in which world market instabilities affect indebted developing countries and explanations of their differential policy responses are the central issues addressed in this paper. The development of Brazil and Mexico is examined as examples of middle-income developing nations whose economies have assumed dependent development. Dependent…

  9. Foreign Diploma versus Immigrant Background: Determinants of Labour Market Success or Failure?

    ERIC Educational Resources Information Center

    Storen, Liv Anne; Wiers-Jenssen, Jannecke

    2010-01-01

    This article compares the labour market situation of graduates with different types of international background. The authors look at four groups of graduates: immigrants and ethnic Norwegians graduated in Norway and immigrants and ethnic Norwegians graduated abroad. By employing multinomial logistic regression analyses the authors find that ethnic…

  10. Data analysis unveils a new stylized fact in foreign currency markets

    NASA Astrophysics Data System (ADS)

    Nacher, J. C.; Ochiai, T.

    2012-09-01

    The search for stylized facts (i.e., simplified empirical facts) is of capital importance in econophysics because the stylized facts constitute the experimental empirical body on which theories and models should be tested. At the moment they are too few and this is an important limitation to the progress in the field. In this work, we unveil a new stylized fact, which consists of resistance effect and breaking-acceleration effect that implicitly requires a long memory feature in price movement. By analyzing a vast amount of historical data, we demonstrate that the financial market tends to exceed a past (historical) extreme price less often than expected by a classic short-memory model (e.g., Black-Scholes model). We call it resistance effect. However, when the market does it, we predict that the average volatility at that time point will be much higher (accelerates more). It means, in average, volatility accelerates more when the price breaks the highest (lowest) value. We refer to this as breaking-acceleration effect. These observed empirical facts are actually an effect which may arise from technical trading and psychological effects. Taken together, these results indicate that, beyond the predictive capability of this unveiled stylized fact, traditional short-memory models do not faithfully capture the market dynamics.

  11. EXCHANGE

    SciTech Connect

    Boltz, J.C.

    1992-09-01

    EXCHANGE is published monthly by the Idaho National Engineering Laboratory (INEL), a multidisciplinary facility operated for the US Department of Energy (DOE). The purpose of EXCHANGE is to inform computer users about about recent changes and innovations in both the mainframe and personal computer environments and how these changes can affect work being performed at DOE facilities.

  12. Using biological markets principles to examine patterns of grooming exchange in Macaca thibetana.

    PubMed

    Balasubramaniam, K N; Berman, C M; Ogawa, H; Li, J

    2011-12-01

    Biological markets principles offer testable hypotheses to explain variation in grooming exchange patterns among nonhuman primates. They predict that when within-group contest competition (WGC) is high and dominance hierarchies steep, grooming interchange with other "commodity" behaviors (such as agonistic support) should prevail. In contrast, when WGC is low and gradients shallow, market theory predicts that grooming reciprocity should prevail. We tested these predictions in a wild, provisioned Tibetan macaque (Macaca thibetana) group across six time periods during which the group had been subjected to varying degrees of range restriction. Data on female-female aggression, grooming, and support were collected using all-occurrences and focal animal sampling techniques, and analyzed using ANCOVA methods and correlation analyses. We found that hierarchical steepness varied significantly across periods, but did not correlate with two indirect indicators of WGC (group size and range restriction) in predicted directions. Contrary to expectations, we found a negative correlation between steepness and group size, perhaps because the responses of group members to external risks (i.e. prolonged and unavoidable exposure to humans) may have overshadowed the effects of WGC. As predicted, grooming reciprocity was significant in each period and negatively correlated with steepness, even after we controlled group size, kinship, rank differences, and proximity. In contrast, there was no evidence for grooming interchange with agonistic support or for a positive relationship between interchange and steepness. We hypothesize that stressful conditions and/or the presence of stable hierarchies during each period may have led to a greater market demand for grooming than support. We suggest that future studies testing these predictions consider more direct measures of WGC and commodities in addition to support, such as feeding tolerance and access to infants. PMID:21922505

  13. 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.

  14. 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

  15. 26 CFR 1.1248-1 - Treatment of gain from certain sales or exchanges of stock in certain foreign corporations.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... foreign corporation at any time thereafter. On December 31, 1965, Brown, a United States person who has... share sold. Since Brown owned stock representing at least 10 percent of the total combined voting power...) applies to the gain recognized by Brown to the extent of the earnings and profits attributable under §...

  16. 26 CFR 1.1296-2 - Definition of marketable stock.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... exchange has trading volume, listing, financial disclosure, surveillance, and other requirements designed... annually, independent auditors prepare financial statements of the foreign corporation that include balance... trading on one or more qualified exchanges or other markets, as defined in paragraph (c) of this...

  17. 76 FR 49832 - Notice of Market Assessment and Public Meeting for Digital Transportation Exchange

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-08-11

    ... connect citizens, businesses, state and local governments, industry, entrepreneurs, researchers, and... Digital Transportation Exchange (DTE) will be a public exchange where citizens, businesses, state and..., businesses, state and local governments, industry, entrepreneurs, researchers, and investors. DTE is...

  18. 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.

  19. EXCHANGE

    SciTech Connect

    Boltz, J.C.

    1993-03-01

    This report discusses the following topics on computer environments: Releasing computer software outside EG G Idaho; Ilford digital photo imager; mandatory upgrade of PC ORPS software; ORPS host computer upgrade; EROB computer users see network change; password expiration notice; big iron still has place in HPC market; handy scripts to copy and move files; more on workstation password expiration; training center course schedule for April 1993; Microsoft Word Version 5.1a- button bar; file attributes can provide you greater flexibility; constructing a personal WordPerfect dictionary; and Windows shortcuts.

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

    NASA Astrophysics Data System (ADS)

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

    2008-08-01

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

  1. Communicative Competences and the Use of ICT for Foreign Language Learning within the European Student Exchange Programme ERASMUS

    ERIC Educational Resources Information Center

    Gomez, Jose Ignacio Aguaded; Vicente, Cristina Pozo

    2011-01-01

    This article presents the results from a mainly statistical and comparative analysis regarding the communicative competences and the use of information and communication technologies (ICTs) of German exchange students. The data was extracted from two exhaustive, rigorous and methodical questionnaires related to communicative and ICT competences,…

  2. 17 CFR 5.5 - Distribution of “Risk Disclosure Statement” by retail foreign exchange dealers, futures...

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... brokers regarding retail forex transactions. 5.5 Section 5.5 Commodity and Securities Exchanges COMMODITY... brokers regarding retail forex transactions. (a) Except as provided in § 5.23 of this part, no retail... introducing broker, may open an account that will engage in retail forex transactions for a retail...

  3. 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

    ... exchange dealer or futures commission merchant must promptly furnish in writing to each retail forex... once every three months, a statement which clearly shows: (1) For each retail forex customer: (i) The open retail forex transactions with prices at which acquired; (ii) The net unrealized profits or...

  4. 17 CFR 5.13 - Reporting to customers of retail foreign exchange dealers and futures commission merchants...

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... exchange dealer or futures commission merchant must promptly furnish in writing to each retail forex... once every three months, a statement which clearly shows: (1) For each retail forex customer: (i) The open retail forex transactions with prices at which acquired; (ii) The net unrealized profits or...

  5. 17 CFR 5.13 - Reporting to customers of retail foreign exchange dealers and futures commission merchants...

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... exchange dealer or futures commission merchant must promptly furnish in writing to each retail forex... once every three months, a statement which clearly shows: (1) For each retail forex customer: (i) The open retail forex transactions with prices at which acquired; (ii) The net unrealized profits or...

  6. 17 CFR 5.5 - Distribution of “Risk Disclosure Statement” by retail foreign exchange dealers, futures...

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... brokers regarding retail forex transactions. 5.5 Section 5.5 Commodity and Securities Exchanges COMMODITY... brokers regarding retail forex transactions. (a) Except as provided in § 5.23 of this part, no retail... introducing broker, may open an account that will engage in retail forex transactions for a retail...

  7. 17 CFR 5.13 - Reporting to customers of retail foreign exchange dealers and futures commission merchants...

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... exchange dealer or futures commission merchant must promptly furnish in writing to each retail forex... once every three months, a statement which clearly shows: (1) For each retail forex customer: (i) The open retail forex transactions with prices at which acquired; (ii) The net unrealized profits or...

  8. 17 CFR 5.5 - Distribution of “Risk Disclosure Statement” by retail foreign exchange dealers, futures...

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... brokers regarding retail forex transactions. 5.5 Section 5.5 Commodity and Securities Exchanges COMMODITY... brokers regarding retail forex transactions. (a) Except as provided in § 5.23 of this part, no retail... introducing broker, may open an account that will engage in retail forex transactions for a retail...

  9. 17 CFR 5.5 - Distribution of “Risk Disclosure Statement” by retail foreign exchange dealers, futures...

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... brokers regarding retail forex transactions. 5.5 Section 5.5 Commodity and Securities Exchanges COMMODITY... brokers regarding retail forex transactions. (a) Except as provided in § 5.23 of this part, no retail... introducing broker, may open an account that will engage in retail forex transactions for a retail...

  10. Connectivity: Transferring Foreign Language Files.

    ERIC Educational Resources Information Center

    Feustle, Joseph A., Jr.

    1990-01-01

    Discusses the capability of computer technology in exchanging databases and spreadsheets in modern foreign languages. Numerous word processing programs and computer hardware are highlighted and compared. (GLR)

  11. 17 CFR 17.03 - Delegation of authority to the Director of the Division of Market Oversight.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... Director of the Division of Market Oversight. 17.03 Section 17.03 Commodity and Securities Exchanges... MEMBERS, AND FOREIGN BROKERS § 17.03 Delegation of authority to the Director of the Division of Market... in the paragraphs below to the Director of the Division of Market Oversight to be exercised by...

  12. 17 CFR 17.03 - Delegation of authority to the Director of the Division of Market Oversight.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... Director of the Division of Market Oversight. 17.03 Section 17.03 Commodity and Securities Exchanges... MEMBERS, AND FOREIGN BROKERS § 17.03 Delegation of authority to the Director of the Division of Market... in the paragraphs below to the Director of the Division of Market Oversight to be exercised by...

  13. 17 CFR 17.03 - Delegation of authority to the Director of the Division of Market Oversight.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... Director of the Division of Market Oversight. 17.03 Section 17.03 Commodity and Securities Exchanges... MEMBERS, AND FOREIGN BROKERS § 17.03 Delegation of authority to the Director of the Division of Market... in the paragraphs below to the Director of the Division of Market Oversight to be exercised by...

  14. 17 CFR 17.03 - Delegation of authority to the Director of the Division of Market Oversight.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... Director of the Division of Market Oversight. 17.03 Section 17.03 Commodity and Securities Exchanges... MEMBERS, AND FOREIGN BROKERS § 17.03 Delegation of authority to the Director of the Division of Market... in the paragraphs below to the Director of the Division of Market Oversight to be exercised by...

  15. 7 CFR 51.2123 - Foreign material.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... 7 Agriculture 2 2013-01-01 2013-01-01 false Foreign material. 51.2123 Section 51.2123 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Foreign material. Foreign material means pieces of shell, hulls or other foreign matter which will...

  16. 7 CFR 51.2123 - Foreign material.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... 7 Agriculture 2 2014-01-01 2014-01-01 false Foreign material. 51.2123 Section 51.2123 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Foreign material. Foreign material means pieces of shell, hulls or other foreign matter which will...

  17. Marketing.

    ERIC Educational Resources Information Center

    Doyle, Peter

    1987-01-01

    Explores the role of marketing in the modern firm and the key tasks of marketing management. Defines the term "marketing" and discusses it as an economic concept. Discusses three key marketing principals. (RKM)

  18. The transformation of morals in markets: death, benefits, and the exchange of life insurance policies.

    PubMed

    Quinn, Sarah

    2008-11-01

    This article adopts an institutional approach to describe the changing secondary market for life insurance in the United States. Since the 1990s, this market, in which investors buy strangers' life insurance policies, has grown in the face of considerable moral ambivalence. The author uses news reports and interviews to identify and describe three conceptions of this market: sacred revulsion, consumerist consolation, and rationalized reconciliation. Differences among the conceptions are considered in view of the institutional legacy of life insurance and its success in organizing practices, perceptions, and understandings about markets and death. From this case, the author draws implications for analyses of morals in markets, an important and emergent topic within economic sociology. PMID:19569397

  19. Patient Protection and Affordable Care Act; exchange and insurance market standards for 2015 and beyond. Final rule.

    PubMed

    2014-05-27

    This final rule addresses various requirements applicable to health insurance issuers, Affordable Insurance Exchanges (``Exchanges''), Navigators, non-Navigator assistance personnel, and other entities under the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (collectively referred to as the Affordable Care Act). Specifically, the rule establishes standards related to product discontinuation and renewal, quality reporting, non-discrimination standards, minimum certification standards and responsibilities of qualified health plan (QHP) issuers, the Small Business Health Options Program, and enforcement remedies in Federally-facilitated Exchanges. It also finalizes: A modification of HHS's allocation of reinsurance collections if those collections do not meet our projections; certain changes to allowable administrative expenses in the risk corridors calculation; modifications to the way we calculate the annual limit on cost sharing so that we round this parameter down to the nearest $50 increment; an approach to index the required contribution used to determine eligibility for an exemption from the shared responsibility payment under section 5000A of the Internal Revenue Code; grounds for imposing civil money penalties on persons who provide false or fraudulent information to the Exchange and on persons who improperly use or disclose information; updated standards for the consumer assistance programs; standards related to the opt-out provisions for self-funded, non-Federal governmental plans and related to the individual market provisions under the Health Insurance Portability and Accountability Act of 1996 including excepted benefits; standards regarding how enrollees may request access to non-formulary drugs under exigent circumstances; amendments to Exchange appeals standards and coverage enrollment and termination standards; and time-limited adjustments to the standards relating to the medical loss ratio

  20. 17 CFR 30.7 - Treatment of foreign futures or foreign options secured amount.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 17 Commodity and Securities Exchanges 1 2013-04-01 2013-04-01 false Treatment of foreign futures... FUTURES TRADING COMMISSION FOREIGN FUTURES AND FOREIGN OPTIONS TRANSACTIONS § 30.7 Treatment of foreign futures or foreign options secured amount. (a) Except as provided in this section, a futures...

  1. 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…

  2. 76 FR 51201 - Patient Protection and Affordable Care Act; Exchange Functions in the Individual Market...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-08-17

    ... on August 3, 2010 (75 FR 45584). Second, Initial Guidance to States on Exchanges was issued on... for State innovation was published in the Federal Register on March 14, 2011 (76 FR 13553). Fourth, two proposed regulations were published in the Federal Register on July 15, 2011 (76 FR 41866 and...

  3. 17 CFR 30.12 - Direct foreign order transmittal.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... 17 Commodity and Securities Exchanges 1 2011-04-01 2011-04-01 false Direct foreign order... FOREIGN FUTURES AND FOREIGN OPTIONS TRANSACTIONS § 30.12 Direct foreign order transmittal. (a) Authorized... investment decisions with respect to foreign futures and foreign option transactions are made by a...

  4. 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

    ... System (ECFS). See Electronic Filing of Documents in Rulemaking Proceedings, 63 FR 24121 (1998... From the Federal Register Online via the Government Publishing Office FEDERAL COMMUNICATIONS.... Telecommunications Market AGENCY: Federal Communications Commission. ACTION: Proposed rule. SUMMARY: In this...

  5. Future sustainability forecasting by exchange markets: basic theory and an application.

    PubMed

    Malyshkina, Nataliya; Niemeier, Deb

    2010-12-01

    Setting sustainability targets and evaluating systems progress are of great importance nowadays due to threats to the human society, to economic development and to ecosystems, posed by unsustainable human activities. This research establishes a probabilistic theoretical approach based on market expectations reflected in prices of publicly traded securities to estimate the time horizon until the appearance of new technologies related to replacement of nonrenewable resources, for example, crude oil and oil products. To assess time T when technological innovations are likely to appear, we apply advanced pricing equations, based on a stochastic discount factor to those traded securities whose future cash flows critically depend on appearance of such innovations. In a simple approximation of the proposed approach applied to replacement of crude oil and oil products, we obtain T ≈ (P(0)(oil)/C(0))·ln (Δ·P(0)(oil)/P(0)(alt)), where P(0)(oil) and P(0)(alt) are the current aggregate market capitalizations of oil and alternative-energy companies, C(0) is the annual aggregate dividends that oil companies pay to their shareholders at the present, and Δ is the fraction of the oil (oil products) replaced at time T. This formula gives T ≈ 131 years for replacement of gasoline and diesel. The proposed market-expectations approach may allow policymakers to effectively develop policies and plan for long-term changes. PMID:21058697

  6. Semiparametric Bayesian commensurate survival model for post-market medical device surveillance with non-exchangeable historical data.

    PubMed

    Murray, Thomas A; Hobbs, Brian P; Lystig, Theodore C; Carlin, Bradley P

    2014-03-01

    Trial investigators often have a primary interest in the estimation of the survival curve in a population for which there exists acceptable historical information from which to borrow strength. However, borrowing strength from a historical trial that is non-exchangeable with the current trial can result in biased conclusions. In this article we propose a fully Bayesian semiparametric method for the purpose of attenuating bias and increasing efficiency when jointly modeling time-to-event data from two possibly non-exchangeable sources of information. We illustrate the mechanics of our methods by applying them to a pair of post-market surveillance datasets regarding adverse events in persons on dialysis that had either a bare metal or drug-eluting stent implanted during a cardiac revascularization surgery. We finish with a discussion of the advantages and limitations of this approach to evidence synthesis, as well as directions for future work in this area. The article's Supplementary Materials offer simulations to show our procedure's bias, mean squared error, and coverage probability properties in a variety of settings. PMID:24308779

  7. Soccer and stock market risk: empirical evidence from the Istanbul Stock Exchange.

    PubMed

    Berument, M Hakan; Ceylan, Nildag Basak

    2013-06-01

    There is an emerging but important literature on the effects of sport events such as soccer on stock market returns. After a soccer team's win, agents discount future events more favorably and increase risk tolerance. Similarly, after a loss, risk tolerance decreases. This paper directly assesses risk tolerance after a sports event by using daily data from the three major soccer teams in Turkey (Beşiktaşç Fenerbahge and Galatasaray). Results provide evidence that risk tolerance increases after a win, but similar patterns were not found after a loss. PMID:24245071

  8. 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...

  9. 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...

  10. 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...

  11. 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...

  12. 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...

  13. 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...

  14. 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...

  15. 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...

  16. 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...

  17. 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...

  18. 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...

  19. 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...

  20. 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...

  1. 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...

  2. 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...

  3. 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...

  4. 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...

  5. 21 CFR 314.106 - Foreign data.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 21 Food and Drugs 5 2013-04-01 2013-04-01 false Foreign data. 314.106 Section 314.106 Food and... Applications § 314.106 Foreign data. (a) General. The acceptance of foreign data in an application generally is... solely on foreign clinical data meeting U.S. criteria for marketing approval may be approved if: (1)...

  6. 21 CFR 314.106 - Foreign data.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 21 Food and Drugs 5 2014-04-01 2014-04-01 false Foreign data. 314.106 Section 314.106 Food and... Applications § 314.106 Foreign data. (a) General. The acceptance of foreign data in an application generally is... solely on foreign clinical data meeting U.S. criteria for marketing approval may be approved if: (1)...

  7. 21 CFR 314.106 - Foreign data.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... 21 Food and Drugs 5 2012-04-01 2012-04-01 false Foreign data. 314.106 Section 314.106 Food and... Applications § 314.106 Foreign data. (a) General. The acceptance of foreign data in an application generally is... solely on foreign clinical data meeting U.S. criteria for marketing approval may be approved if: (1)...

  8. 21 CFR 314.106 - Foreign data.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... 21 Food and Drugs 5 2011-04-01 2011-04-01 false Foreign data. 314.106 Section 314.106 Food and... Applications § 314.106 Foreign data. (a) General. The acceptance of foreign data in an application generally is... solely on foreign clinical data meeting U.S. criteria for marketing approval may be approved if: (1)...

  9. 21 CFR 314.106 - Foreign data.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 21 Food and Drugs 5 2010-04-01 2010-04-01 false Foreign data. 314.106 Section 314.106 Food and... Applications § 314.106 Foreign data. (a) General. The acceptance of foreign data in an application generally is... solely on foreign clinical data meeting U.S. criteria for marketing approval may be approved if: (1)...

  10. 22 CFR Appendix B to Part 62 - Exchange Visitor Program Services, Exchange-Visitor Program Application

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Exchange Visitor Program Services, Exchange-Visitor Program Application B Appendix B to Part 62 Foreign Relations DEPARTMENT OF STATE PUBLIC DIPLOMACY AND EXCHANGES EXCHANGE VISITOR PROGRAM Pt. 62, App. B Appendix B to Part 62—Exchange Visitor Program Services, Exchange-Visitor...

  11. 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.

  12. Epidemic model for information diffusion in web forums: experiments in marketing exchange and political dialog.

    PubMed

    Woo, Jiyoung; Chen, Hsinchun

    2016-01-01

    As social media has become more prevalent, its influence on business, politics, and society has become significant. Due to easy access and interaction between large numbers of users, information diffuses in an epidemic style on the web. Understanding the mechanisms of information diffusion through these new publication methods is important for political and marketing purposes. Among social media, web forums, where people in online communities disseminate and receive information, provide a good environment for examining information diffusion. In this paper, we model topic diffusion in web forums using the epidemiology model, the susceptible-infected-recovered (SIR) model, frequently used in previous research to analyze both disease outbreaks and knowledge diffusion. The model was evaluated on a large longitudinal dataset from the web forum of a major retail company and from a general political discussion forum. The fitting results showed that the SIR model is a plausible model to describe the diffusion process of a topic. This research shows that epidemic models can expand their application areas to topic discussion on the web, particularly social media such as web forums. PMID:26839759

  13. Toward a formalization of a two traders market with information exchange

    NASA Astrophysics Data System (ADS)

    Bagarello, F.; Haven, E.

    2015-01-01

    This paper shows that Hamiltonians and operators can also be put to good use even in contexts which are not purely physics based. Consider the world of finance. The work presented here models a two traders system with information exchange with the help of four fundamental operators: cash and share operators, a portfolio operator, and an operator reflecting the loss of information. An information Hamiltonian is considered and an additional Hamiltonian is presented which reflects the dynamics of selling/buying shares between traders. An important result of the paper is that when the information Hamiltonian is zero, portfolio operators commute with the Hamiltonian and this suggests that the dynamics are really due to the information. Under the assumption that the interaction and information terms in the Hamiltonian have similar strength, a perturbation scheme is considered on the interaction parameter. Contrary to intuition, the paper shows that up to a second order in the interaction parameter, a key factor in the computation of the portfolios of traders will be the initial values of the loss of information (rather than the initial conditions on the cash and shares). Finally, the paper shows that a natural outcome from the inequality of the variation of the portfolio of trader one versus the variation of the portfolio of trader two, begs for the introduction of ‘good’ and ‘bad’ information. It is shown that ‘good’ information is related to the reservoirs (where an infinite set of bosonic operators are used) which model rumors/news and external facts, whilst ‘bad’ information is associated with a set of two modes bosonic operators.

  14. Marketing.

    ERIC Educational Resources Information Center

    Appel, David L.

    This booklet suggests ways in which institutions--Catholic schools in particular--can move beyond public relations and advertising to engage in the broader arena of marketing with its focus on consumer satisfaction. The first of the book's three chapters reviews the concept of marketing, providing definitions of key terms, clarification of…

  15. 17 CFR 30.12 - Direct foreign order transmittal.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... 17 Commodity and Securities Exchanges 1 2012-04-01 2012-04-01 false Direct foreign order... FOREIGN FUTURES AND FOREIGN OPTIONS TRANSACTIONS § 30.12 Direct foreign order transmittal. (a) Authorized... orders directly with the foreign broker. The disclosure statement must read as follows: Direct...

  16. 17 CFR 30.12 - Direct foreign order transmittal.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 17 Commodity and Securities Exchanges 1 2013-04-01 2013-04-01 false Direct foreign order... FOREIGN FUTURES AND FOREIGN OPTIONS TRANSACTIONS § 30.12 Direct foreign order transmittal. (a) Authorized... orders directly with the foreign broker. The disclosure statement must read as follows: Direct...

  17. 17 CFR 30.12 - Direct foreign order transmittal.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 17 Commodity and Securities Exchanges 1 2014-04-01 2014-04-01 false Direct foreign order... FOREIGN FUTURES AND FOREIGN OPTIONS TRANSACTIONS § 30.12 Direct foreign order transmittal. (a) Authorized... orders directly with the foreign broker. The disclosure statement must read as follows: Direct...

  18. 77 FR 5283 - Self-Regulatory Organizations; Chicago Mercantile Exchange, Inc.; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-02-02

    ... Effectiveness of Proposed Rule Change Regarding Fees for Its Cleared-only OTC FX Clearing Offering January 26... make certain fee-related changes that would apply to its cleared-only OTC foreign exchange (``FX... participant segments in the market. Product Scope The following cleared only OTC FX products (``Products''):...

  19. Hallmarks of Successful International Business Programs. CIEE Occasional Papers on International Exchange 25, Forum Series.

    ERIC Educational Resources Information Center

    Arpan, Jeffrey S.; And Others

    The increasing focus of the Council on International Educational Exchange on helping meet the needs of American businesses to be competitive in international markets is discussed in a preface by Barbara B. Burn, noting that the absence of competence on the part of American business in foreign languages and cross-cultural skills and knowledge can…

  20. 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. PMID:25431884

  1. 17 CFR 240.3b-4 - Definition of “foreign government,” “foreign issuer” and “foreign private issuer”.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Definition of âforeign government,â âforeign issuerâ and âforeign private issuerâ. 240.3b-4 Section 240.3b-4 Commodity and Securities Exchanges SECURITIES AND EXCHANGE COMMISSION (CONTINUED) GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 Rules and...

  2. Foreign Exposure

    ERIC Educational Resources Information Center

    Huebner, Lee W.

    2006-01-01

    The admirable ideal of "total" immersion in a foreign culture privileges students who plan early on for foreign study, establish early language fluency and elect majors and activities that make it easier to leave campus. Other students often find that they lack the language skills to qualify for many foreign programs or are unable to reconcile…

  3. Assessing the Impact of School-Based Marketing Efforts: A Case Study of a Foreign Language Immersion Program in a School-Choice Environment

    ERIC Educational Resources Information Center

    Olson Beal, Heather K.; Beal, Brent D.

    2016-01-01

    The marketization of K-12 education has led to an increase in school-based marketing efforts. Relatively little research, however, has examined how public schools market themselves, who is involved in marketing, and how these marketing efforts impact key stakeholders, including school administrators, teachers, students, and parents.We explore…

  4. Mediational Effects of Desktop-Videoconferencing Telecollaborative Exchanges on the Intercultural Communicative Competence of Students of French as a Foreign Language

    ERIC Educational Resources Information Center

    Martin, Veronique

    2013-01-01

    Since the early 2000s, foreign language practitioners and researchers have shown an increasing interest in exploring the affordances of multimodal telecollaborative environments for the linguistic and intercultural development of their students. Due in part to their inherent complexity, one-on-one desktop-videoconferencing contexts have not been…

  5. 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...

  6. 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...

  7. 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,...

  8. 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...

  9. 7 CFR 30.21 - Foreign matter.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... 7 Agriculture 2 2012-01-01 2012-01-01 false Foreign matter. 30.21 Section 30.21 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Foreign matter. Any substance or material extraneous to tobacco leaves, such as dirt, sand,...

  10. 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...

  11. 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...

  12. 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,...

  13. 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...

  14. 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...

  15. 7 CFR 30.21 - Foreign matter.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... 7 Agriculture 2 2014-01-01 2014-01-01 false Foreign matter. 30.21 Section 30.21 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Foreign matter. Any substance or material extraneous to tobacco leaves, such as dirt, sand,...

  16. 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...

  17. 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...

  18. 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...

  19. 7 CFR 30.21 - Foreign matter.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... 7 Agriculture 2 2011-01-01 2011-01-01 false Foreign matter. 30.21 Section 30.21 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Foreign matter. Any substance or material extraneous to tobacco leaves, such as dirt, sand,...

  20. 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,...

  1. 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...

  2. 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...

  3. 7 CFR 30.21 - Foreign matter.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... 7 Agriculture 2 2010-01-01 2010-01-01 false Foreign matter. 30.21 Section 30.21 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Foreign matter. Any substance or material extraneous to tobacco leaves, such as dirt, sand,...

  4. 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...

  5. 7 CFR 30.21 - Foreign matter.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... 7 Agriculture 2 2013-01-01 2013-01-01 false Foreign matter. 30.21 Section 30.21 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing... Foreign matter. Any substance or material extraneous to tobacco leaves, such as dirt, sand,...

  6. 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,...

  7. 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...

  8. 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...

  9. 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,...

  10. 77 FR 75251 - 60-Day Notice of Proposed Information Collection: ECA Exchange Student Surveys

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-12-19

    ... foreign countries and 300 US students studying in foreign countries). Estimated Number of Responses: 1800 annually--(1500 exchange students from foreign countries and 300 US students studying in foreign...