Science.gov

Sample records for foreign exchange market

  1. Market efficiency in foreign exchange markets

    NASA Astrophysics Data System (ADS)

    Oh, Gabjin; Kim, Seunghwan; Eom, Cheoljun

    2007-08-01

    We investigate the relative market efficiency in financial market data, using the approximate entropy(ApEn) method for a quantification of randomness in time series. We used the global foreign exchange market indices for 17 countries during two periods from 1984 to 1998 and from 1999 to 2004 in order to study the efficiency of various foreign exchange markets around the market crisis. We found that on average, the ApEn values for European and North American foreign exchange markets are larger than those for African and Asian ones except Japan. We also found that the ApEn for Asian markets increased significantly after the Asian currency crisis. Our results suggest that the markets with a larger liquidity such as European and North American foreign exchange markets have a higher market efficiency than those with a smaller liquidity such as the African and Asian markets except Japan.

  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. How did China's foreign exchange reform affect the efficiency of foreign exchange market?

    NASA Astrophysics Data System (ADS)

    Ning, Ye; Wang, Yiming; Su, Chi-wei

    2017-10-01

    This study compares the market efficiency of China's onshore and offshore foreign exchange markets before and after the foreign exchange reform on August 11, 2015. We use the multifractal detrended fluctuation analysis of the onshore and offshore RMB/USD spot exchange rate series as basis. We then find that the onshore foreign exchange market before the reform has the lowest market efficiency, which increased after the reform. The offshore foreign exchange market before the reform has the highest market efficiency, which dropped after the reform. This finding implies the increased efficiency of the onshore foreign exchange market and the loss of efficiency in the offshore foreign exchange market. We also find that the offshore foreign exchange market is more efficient than the onshore market and that the gap shrank after the reform. Changes in intervention of the People's Bank of China since the reform is a possible explanation for the changes in the efficiency of the foreign exchange market.

  4. 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.

  5. 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.

  6. Competitions hatch butterfly attractors in foreign exchange markets

    NASA Astrophysics Data System (ADS)

    Jin, Yu Ying

    2005-03-01

    Chaos in foreign exchange markets is a common issue of concern in the study of economic dynamics. In this work, we mainly investigate the competition effect on chaos in foreign exchange markets. As one of the main economic structures in the globalization process, competition between two target exchange rates with the same base currency forms a simple competitive exchange rate relation, where each exchange rate follows the chaotic model of De Grauwe (Exchange Rate Theory-Chaotic Models of Foreign Exchange Markets, Blackwell, Oxford, Cambridge, MA, 1993). The main discovery is, while each exchange rate is in its non-chaotic parameter regions, the effect of competition will “hatch” butterfly-like chaotic attractors in the competitive market. The positive Lyapunov exponent in the market explains the reason why chaos occurs.

  7. 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.

  8. Multifractal Behaviors in Foreign Exchange Markets

    NASA Astrophysics Data System (ADS)

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

    2008-03-01

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

  9. 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.

  10. Real prices from spot foreign exchange market

    NASA Astrophysics Data System (ADS)

    Petroni, Filippo; Serva, Maurizio

    2004-12-01

    In this work we discuss the problem of price definition when using high frequency foreign exchange data. If one uses the spot mid price a strong autocorrelation of returns, at one lag, is found which is only due to microstructure effect and does not capture the real behavior of price dynamics. This autocorrelation increases the intraday volatility estimated from this type of data. To solve this problem we introduce an algorithm which is able, by using the no-arbitrage principle, of eliminating every microstructure effects.

  11. Exchange rate rebounds after foreign exchange market interventions

    NASA Astrophysics Data System (ADS)

    Hoshikawa, Takeshi

    2017-03-01

    This study examined the rebounds in the exchange rate after foreign exchange intervention. When intervention is strongly effective, the exchange rate rebounds at next day. The effect of intervention is reduced slightly by the rebound after the intervention. The exchange rate might have been 67.12-77.47 yen to a US dollar without yen-selling/dollar-purchasing intervention of 74,691,100 million yen implemented by the Japanese government since 1991, in comparison to the actual exchange rate was 103.19 yen to the US dollar at the end of March 2014.

  12. 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.

  13. 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.

  14. Multifractal Analysis of Asian Foreign Exchange Markets and Financial Crisis

    NASA Astrophysics Data System (ADS)

    Oh, Gabjin; Kwon, Okyu; Jung, Woo-Sung

    2012-02-01

    We analyze the multifractal spectra of daily foreign exchange rates for Japan, Hong-Kong, Korea, and Thailand with respect to the United States Dollar from 1991 to 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 stronge related to the presence of high values of returns in the series.

  15. Fluctuation scaling of quotation activities in the foreign exchange market

    NASA Astrophysics Data System (ADS)

    Sato, Aki-Hiro; Nishimura, Maiko; Hołyst, Janusz A.

    2010-07-01

    We study the scaling behavior of quotation activities for various currency pairs in the foreign exchange market. The components’ centrality is estimated from multiple time series and visualized as a currency pair network. The power-law relationship between a mean of quotation activity and its standard deviation for each currency pair is found. The scaling exponent α and the ratio between common and specific fluctuations η increase with the length of the observation time window Δt. The result means that although for Δt=1 (min), the market dynamics are governed by specific processes, and at a longer time scale Δt>100 (min) the common information flow becomes more important. We point out that quotation activities are not independently Poissonian for Δt=1 (min), and temporally or mutually correlated activities of quotations can happen even at this time scale. A stochastic model for the foreign exchange market based on a bipartite graph representation is proposed.

  16. A Dealer Model of Foreign Exchange Market with Finite Assets

    NASA Astrophysics Data System (ADS)

    Hamano, Tomoya; Kanazawa, Kiyoshi; Takayasu, Hideki; Takayasu, Misako

    An agent-based model is introduced to study the finite-asset effect in foreign exchange markets. We find that the transacted price asymptotically approaches an equilibrium price, which is determined by the monetary balance between the pair of currencies. We phenomenologically derive a formula to estimate the equilibrium price, and we model its relaxation dynamics around the equilibrium price on the basis of a Langevin-like equation.

  17. An Experiment with Official and Parallel Foreign Exchange Markets in a Developing Country.

    ERIC Educational Resources Information Center

    Hazlett, Denise; Ganje, Jeela

    1999-01-01

    Describes a classroom experiment that demonstrates under what conditions the parallel market rate approximates the free-market value of the domestic currency. Students act as foreign exchange traders in a developing country. Provides results of the experiment and discussion questions. (CMK)

  18. Herd behaviors in the stock and foreign exchange markets

    NASA Astrophysics Data System (ADS)

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

    2004-10-01

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

  19. 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.

  20. Multi-Agent Market Modeling of Foreign Exchange Rates

    NASA Astrophysics Data System (ADS)

    Zimmermann, Georg; Neuneier, Ralph; Grothmann, Ralph

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

  1. 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.

  2. 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.

  3. 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.

  4. Time-Variation of Imbalance of Order Book in Foreign Exchange Market

    NASA Astrophysics Data System (ADS)

    Sueshige, Takumi; Kanazawa, Kiyoshi; Takayasu, Hideki; Takayasu, Misako

    The time-variation of the limit order book is studied in terms of the imbalance of the bid and ask sides for foreign exchange markets. We first introduce a set of variables quantifying the imbalance between the bid and ask orders, and study the probability distribution of the imbalance to show its time-variation. We also suggest an approximate Gaussian fit for the imbalance distributions for cross-sectional views. This result implies the localization tendency of the order book imbalance around the Gaussian peak.

  5. 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.

  6. 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

  7. 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.

  8. 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.

  9. 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.

  10. 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.

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

    NASA Astrophysics Data System (ADS)

    Jang, Wooseok; Lee, Junghoon; Chang, Woojin

    2011-02-01

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

  12. Do foreign exchange and equity markets co-move in Latin American region? Detrended cross-correlation approach

    NASA Astrophysics Data System (ADS)

    Bashir, Usman; Yu, Yugang; Hussain, Muntazir; Zebende, Gilney F.

    2016-11-01

    This paper investigates the dynamics of the relationship between foreign exchange markets and stock markets through time varying co-movements. In this sense, we analyzed the time series monthly of Latin American countries for the period from 1991 to 2015. Furthermore, we apply Granger causality to verify the direction of causality between foreign exchange and stock market and detrended cross-correlation approach (ρDCCA) for any co-movements at different time scales. Our empirical results suggest a positive cross correlation between exchange rate and stock price for all Latin American countries. The findings reveal two clear patterns of correlation. First, Brazil and Argentina have positive correlation in both short and long time frames. Second, the remaining countries are negatively correlated in shorter time scale, gradually moving to positive. This paper contributes to the field in three ways. First, we verified the co-movements of exchange rate and stock prices that were rarely discussed in previous empirical studies. Second, ρDCCA coefficient is a robust and powerful methodology to measure the cross correlation when dealing with non stationarity of time series. Third, most of the studies employed one or two time scales using co-integration and vector autoregressive approaches. Not much is known about the co-movements at varying time scales between foreign exchange and stock markets. ρDCCA coefficient facilitates the understanding of its explanatory depth.

  13. 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…

  14. 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…

  15. 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.

  16. 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.

  17. Frequency analysis of tick quotes on the foreign exchange market and agent-based modeling: A spectral distance approach

    NASA Astrophysics Data System (ADS)

    Sato, Aki-Hiro

    2007-08-01

    High-frequency financial data of the foreign exchange market (EUR/CHF, EUR/GBP, EUR/JPY, EUR/NOK, EUR/SEK, EUR/USD, NZD/USD, USD/CAD, USD/CHF, USD/JPY, USD/NOK, and USD/SEK) are analyzed by utilizing the Kullback-Leibler divergence between two normalized spectrograms of the tick frequency and the generalized Jensen-Shannon divergence among them. The temporal structure variations of the similarity between currency pairs is detected and characterized. A simple agent-based model in which N market participants exchange M currency pairs is proposed. The equation for the tick frequency is approximately derived theoretically. Based on the analysis of this model, the spectral distance of the tick frequency is associated with the similarity of the behavior (perception and decision) of the market participants in exchanging these currency pairs.

  18. 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.

  19. 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.

  20. 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.

  1. 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.

  2. 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…

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

    NASA Astrophysics Data System (ADS)

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

    2012-08-01

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

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

    PubMed

    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.

  5. 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.

  6. 76 FR 25774 - Determination of Foreign Exchange Swaps and Foreign Exchange Forwards Under the Commodity...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-05-05

    ... other derivatives market. To date, no CCP has developed a practical solution to guarantee the... exchange derivatives, such as foreign exchange options, currency swaps, or non-deliverable forwards (``NDFs... swaps, credit default swaps, commodity swaps and other derivatives fluctuate in response to changes...

  7. 76 FR 41375 - Retail Foreign Exchange Transactions

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-07-14

    ... of North American Foreign Exchange Volume tbl. 3e (Jan. 2011); Bank for International Settlements... Comptroller of the Currency 12 CFR Part 48 RIN 1557-AD42 Retail Foreign Exchange Transactions AGENCY: Office..., Federal branches and agencies of foreign banks, and their operating subsidiaries to engage in...

  8. Phase correlation of foreign exchange time series

    NASA Astrophysics Data System (ADS)

    Wu, Ming-Chya

    2007-03-01

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

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

    ERIC Educational Resources Information Center

    Chou, Chen-Huei; Liu, Hao-Chen

    2013-01-01

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

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

    ERIC Educational Resources Information Center

    Chou, Chen-Huei; Liu, Hao-Chen

    2013-01-01

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

  11. 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.

  12. Sparseness and Roughness of Foreign Exchange Rates

    NASA Astrophysics Data System (ADS)

    Vandewalle, N.; Ausloos, M.

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

  13. 76 FR 40779 - Retail Foreign Exchange Transactions

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-07-12

    ...The FDIC is adopting a final rule that imposes requirements for foreign currency futures, options on futures, and options that an insured depository institution supervised by the FDIC engages in with retail customers. The final rule also imposes requirements on other foreign currency transactions that are functionally or economically similar, including so-called ``rolling spot'' transactions that an individual enters into with a foreign currency dealer, usually through the Internet or other electronic platform, to transact in foreign currency. The regulations do not apply to traditional foreign currency forwards, spots, or swap transactions that an insured depository institution engages in with business customers to hedge foreign exchange risk. The final rule applies to all state nonmember banks and, as of July 21, 2011, also to all state savings associations.

  14. 77 FR 69694 - Determination of Foreign Exchange Swaps and Foreign Exchange Forwards Under the Commodity...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-11-20

    ... foreign exchange options, currency swaps, or non-deliverable forwards (``NDFs''). Among other measures... default swaps, commodity swaps and other derivatives fluctuate in response to changes in the value of the... derivatives. Foreign exchange options, currency swaps, and NDFs (as discussed below) may not be exempted...

  15. East Asia’s Foreign Exchange Rate Policies

    DTIC Science & Technology

    2009-07-16

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

  16. 75 FR 66426 - Determination of Foreign Exchange Swaps and Forwards

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-10-28

    ... Determination of Foreign Exchange Swaps and Forwards AGENCY: Departmental Offices, Department of the Treasury..., foreign exchange forwards, or both, from the definition of a ``swap'' under the CEA. The Secretary has..., foreign exchange forwards, or both, is warranted and on the application of the factors that the Secretary...

  17. 78 FR 21019 - Retail Foreign Exchange Transactions (Regulation NN)

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-04-09

    ... CFR Part 240 RIN 7100-AD 79 Retail Foreign Exchange Transactions (Regulation NN) AGENCY: Board of... to engage in off-exchange transactions in ] foreign currency with retail customers. The final rule...\\ shall not enter into, or offer to enter into, certain types of foreign exchange transactions described...

  18. Scaling properties of foreign exchange volatility

    NASA Astrophysics Data System (ADS)

    Gençay, Ramazan; Selçuk, Faruk; Whitcher, Brandon

    2001-01-01

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

  19. 17 CFR 5.10 - Risk assessment recordkeeping requirements for retail foreign exchange dealers.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... business; (v) The level of market, credit or other risk present in the activities of the affiliated person... 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...

  20. Structure and Evolution of the Foreign Exchange Networks

    NASA Astrophysics Data System (ADS)

    Kwapień, J.; Gworek, S.; Drożdż, S.

    2009-01-01

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

  1. Cross-sample entropy of foreign exchange time series

    NASA Astrophysics Data System (ADS)

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

    2010-11-01

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

  2. 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...

  3. 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...

  4. 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...

  5. 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...

  6. 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...

  7. 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)

  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... Program (FMD), Emerging Markets Program (EMP), Technical Assistance for Specialty Crops Program (TASC...

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

    NASA Astrophysics Data System (ADS)

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

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

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

    PubMed

    Yamashita Rios de Sousa, Arthur Matsuo; Takayasu, Hideki; Takayasu, Misako

    2017-01-01

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

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

    PubMed Central

    Takayasu, Hideki; Takayasu, Misako

    2017-01-01

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

  13. Microscopic analysis of currency and stock exchange markets.

    PubMed

    Kador, L

    1999-08-01

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

  14. 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.

  15. Scaling and correlations in foreign exchange market

    NASA Astrophysics Data System (ADS)

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

    2007-02-01

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

  16. 78 FR 42439 - Retail Foreign Exchange Transactions

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-07-16

    ... companies, large corporations, and other large financial institutions to trade in risks associated with... Interim Rule Release at 41684. \\52\\ The Better Markets Letter and Philadelphia Financial Letter refer... involving intermediaries that are broker-dealers. See Better Markets Letter and Philadelphia...

  17. 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

    ... agricultural export assistance programs, including the Market Access Program (MAP), the Emerging Markets... 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 this...

  18. 75 FR 66829 - Determination of Foreign Exchange Swaps and Forwards

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-10-29

    ... available publicly. FOR FURTHER INFORMATION CONTACT: Office of Financial Institutions Policy, 1500... exchange forwards would create systemic risk, lower transparency, or threaten the financial stability of... markets, specifically to enhance supervision, strengthen risk management, and lower systemic risk? (8...

  19. 17 CFR 5.12 - Financial reports of 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 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 dealer...

  20. 17 CFR 5.12 - Financial reports of 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 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 dealer...

  1. 17 CFR 5.10 - Risk assessment recordkeeping requirements for retail foreign exchange dealers.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

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

  2. 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 dealer...

  3. 17 CFR 5.11 - Risk assessment reporting requirements for retail foreign exchange dealers.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

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

  4. 17 CFR 5.10 - Risk assessment recordkeeping requirements for retail foreign exchange dealers.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

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

  5. 17 CFR 5.11 - Risk assessment reporting requirements for retail foreign exchange dealers.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

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

  6. 17 CFR 5.11 - Risk assessment reporting requirements for retail foreign exchange dealers.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

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

  7. 76 FR 28358 - Retail Foreign Exchange Transactions

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-05-17

    ... Commodity Exchange Act (CEA) provides that a United States financial institution \\3\\ for which there is a...\\ The CEA defines ``financial institution'' as including ``a depository institution (as defined in... the financial institution. This is consistent with the heightened customer protection provided...

  8. 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.

  9. Forecasting Foreign Currency Exchange Rates for Air Force Budgeting

    DTIC Science & Technology

    2015-03-26

    actual exchange rate. The statistics based approach focuses mainly on variance and the measure of the margin of error between projected and actual...from the procedures used to collect the data as well as measurement error from the instruments (for foreign currency an example of measurement error ...If using more than one method, the analyst should compare the results of each method to measure the error between each method. Different scales

  10. Market Penalties for Foreign Degrees Among College Educated Immigrants

    PubMed Central

    Arbeit, Caren A.; Warren, John Robert

    2014-01-01

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

  11. Labor market penalties for foreign degrees among college educated immigrants.

    PubMed

    Arbeit, Caren A; Warren, John Robert

    2013-05-01

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

  12. 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…

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

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-01-20

    ... Commission's jurisdiction extends to contracts of sale of a commodity for future delivery (or an option on such a contract) or an option (other than an option executed or traded on a national securities... the provisions of Act'' in connection with off-exchange foreign currency futures, options, and...

  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. 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…

  17. 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.

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

    PubMed

    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.

  19. Maximizing the existing potential of new foreign markets for anthracite

    SciTech Connect

    Ziolkowski, L.W.; Ahn, Y.K.; Hong, S.P.

    1988-09-01

    The major purposes of this report were to: (1) conduct an in-depth survey of both the technical and marketing problems in the United States Anthracite Industry (predominately in Northeastern Pennsylvania); and (2) make recommendations in areas of technical R and D needs that will enhance the United States export of anthracite to foreign markets (especially Korea). The report identifies various anthracite culm drying and other coal utilization concepts; recommends several anthracite utilization configurations which appear to be the most suitable to the Korean market and a sensitivity analysis on these configurations; and identifies several solutions to resolve some of the problems which were identified relative to: (a) reducing the price of exporting anthracite; (b) the producers quality control activities which relate to meeting the Korean specifications and generally improving the understanding on the contract terms that relate to the encouragement of long term commitments of anthracite by Korea. 33 refs., 23 figs., 33 tabs.

  20. Inhomogeneous scaling behaviors in Malaysian foreign currency exchange rates

    NASA Astrophysics Data System (ADS)

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

    2001-12-01

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

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

    PubMed

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

    2017-06-01

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

  2. 77 FR 41671 - Extension of Interim Final Temporary Rule on Retail Foreign Exchange Transactions

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-07-16

    ... and margin, reporting, business conduct, and documentation, and may include such other standards or... proposed rules for bank holding companies. See Retail Foreign Exchange Transactions, 76 FR 46652 (August 3... foreign exchange activities conducted by broker-dealers, including entities that are dually registered...

  3. The Effects of Foreign Exchange Programs on Career Development and Planning.

    ERIC Educational Resources Information Center

    Biggs, Donald A.; Wan, Teh Yuan

    The effects of foreign exchange programs on career development and planning of the students involved should be considered. For foreign exchange students to develop the cognitive skills needed in effective transfer of vocational knowledge and skills, students need to engage in cross-cultural career exploration, make career decisions about the…

  4. 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 the...

  5. 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

    .... The FAS also considers the extent to which a proposed project targets markets with the greatest growth... Commodity Credit Corporation Notice of Funds Availability: Inviting Applications for the Foreign Market... the 2011 Foreign Market Development Cooperator (Cooperator) program. The intended effect of this...

  6. 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

    ... project targets markets with the greatest growth potential. These factors are part of the FAS resource... 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 this...

  7. 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.

  8. 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.

  9. 17 CFR 3.10 - Registration of futures commission merchants, retail foreign exchange dealers, introducing...

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 17 Commodity and Securities Exchanges 1 2014-04-01 2014-04-01 false Registration of futures commission merchants, retail foreign exchange dealers, introducing brokers, commodity trading advisors... Section 3.10 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION...

  10. 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:…

  11. PEMFC contamination model: Foreign cation exchange with ionomer protons

    NASA Astrophysics Data System (ADS)

    St-Pierre, Jean

    2011-08-01

    A generic, transient fuel cell ohmic loss mathematical model was developed for the case of contaminants that ion exchange with ionomer protons. The model was derived using step changes in contaminant concentration, constant operating conditions and foreign cation transport via liquid water droplets. In addition, the effect of ionomer cations redistribution within the ionomer on thermodynamic, kinetic and mass transport losses and migration were neglected. Thus, a simpler, ideal, ohmic loss case is defined and is applicable to uncharged contaminant species and gas phase contaminants. The closed form solutions were validated using contamination data from a membrane exposed to NH3. The model needs to be validated against contamination and recovery data sets including an NH4+ contaminated membrane exposed to a water stream. A method is proposed to determine model parameters and relies on the prior knowledge of the initial ionomer resistivity. The model expands the number of previously derived cases. Most models in this inventory, derived with the assumption that the reactant is absent, lead to different dimensionless current vs. time behaviors similar to a fingerprint. These model characteristics facilitate contaminant mechanism identification. Separation between membrane and catalyst (electroinactive contaminant) contamination is conceivably possible using additional indicative cell resistance measurements. Contamination is predicted to be significantly more severe under low relative humidity conditions.

  12. Foreign Bodies in Dried Mushrooms Marketed in Italy

    PubMed Central

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

    2014-01-01

    The presence of foreign bodies in mushrooms affects their marketability and may result in health risks to consumers. The inspection of fresh or dried mushrooms today is very important in view of the increased consumption of this kind of food. Ten samples of dried mushrooms collected in supermarkets were examined for evidence of entomological contamination by macro and microscopic analytical methods, the so-called filth-test. A total of 49 46 determinations, comprising 15 g of the vegetable matrix, were made. The microscopic filth test consistently detected an irregular distribution of physical contaminants following repeated determinations of the same sample. Visual examination, on the other hand, was not sufficient to ensure a product free of contaminants. PMID:27800414

  13. 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…

  14. [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.

  15. 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 and...

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

    ERIC Educational Resources Information Center

    Åkerlund, Andreas

    2014-01-01

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

  17. 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…

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

    ERIC Educational Resources Information Center

    Lockley, Thomas; Yoshida, Chiharu

    2016-01-01

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

  19. 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... and preserve information pursuant to § 240.17h-1T of this title, or such other risk...

  20. 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...

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

    ERIC Educational Resources Information Center

    Lockley, Thomas; Yoshida, Chiharu

    2016-01-01

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

  2. 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.

  3. Foreign Currency Exchange Problems Relating to the Book Trade

    ERIC Educational Resources Information Center

    Moran, Michael

    1973-01-01

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

  4. 17 CFR 5.14 - Records to be kept by retail foreign exchange dealers and futures commission merchants.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

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

  5. 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... be kept by retail foreign exchange dealers and futures commission merchants. (a) No person shall be registered as a retail foreign exchange dealer under the Act unless, commencing on the date his application...

  6. 17 CFR 5.14 - Records to be kept by retail foreign exchange dealers and futures commission merchants.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

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

  7. 17 CFR 5.14 - Records to be kept by retail foreign exchange dealers and futures commission merchants.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

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

  8. Diffusive and Arrestedlike Dynamics in Currency Exchange Markets

    NASA Astrophysics Data System (ADS)

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

    2017-02-01

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

  9. Diffusive and Arrestedlike Dynamics in Currency Exchange Markets.

    PubMed

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

    2017-02-10

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

  10. 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…

  11. 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,…

  12. 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.

  13. 76 FR 6128 - Energy Exchange International, LLC; Supplemental Notice That Initial Market-Based Rate Filing...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-02-03

    ...-000] Energy Exchange International, LLC; Supplemental Notice That Initial Market-Based Rate Filing... the above-referenced proceeding Energy Exchange International, LLC's application for market-based rate...

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

    NASA Astrophysics Data System (ADS)

    Lu, Xinsheng; Sun, Xinxin; Ge, Jintian

    2017-05-01

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

  15. Statistical physics in foreign exchange currency and stock markets

    NASA Astrophysics Data System (ADS)

    Ausloos, M.

    2000-09-01

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

  16. 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.

  17. 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…

  18. Foreign Languages in the Market Place: Business German.

    ERIC Educational Resources Information Center

    Coombs, Virginia M.

    1981-01-01

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

  19. 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,…

  20. 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.

  1. Monitoring Foreign Students in the United States: The Student and Exchange Visitor Information System (SEVIS)

    DTIC Science & Technology

    2005-01-14

    Students in the United States: The Student and Exchange Visitor Information System ( SEVIS ) Updated January 14, 2005 Alison Siskin Analyst in Social...Students in the United States: The Student and Exchange Visitor Information System ( SEVIS ) 5a. CONTRACT NUMBER 5b. GRANT NUMBER 5c. PROGRAM ELEMENT...Visitor Information System ( SEVIS ) Summary There has been increased interest in monitoring foreign students while maintaining the long tradition of

  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

    ... 12 Banks and Banking 9 2012-01-01 2012-01-01 false Minimum Capital Components for Interest Rate... Components for Interest Rate and Foreign Exchange Rate Contracts 1. The minimum capital components for interest rate and foreign exchange rate contracts are computed on the basis of the credit equivalent...

  3. 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...

  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

    ... to open their markets to U.S. carriers under the current test, or are there any other benefits to U.S.... Telecommunications Market AGENCY: Federal Communications Commission. ACTION: Proposed rule. SUMMARY: In this document... notifications from foreign carriers or affiliates of foreign carriers for entry into the U.S. market...

  5. 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

    ... Foreign-Trade Zones Board Authority To Manufacture Carbon Fiber for the U.S. Market Not Approved; Foreign... manufacture carbon fiber under zone procedures for the U.S. market within Subzone 148C at the TTA facility in... authority to manufacture carbon fiber for the U.S. market under zone procedures within Subzone 148C at...

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

    ERIC Educational Resources Information Center

    Dooly, Melinda; O'Dowd, Robert

    2012-01-01

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

  7. 17 CFR 3.12 - Registration of associated persons of futures commission merchants, retail foreign exchange...

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... information supplied by the applicant in response to the questions on Form 8-R which relate to the applicant's... knowledge, information, and belief, all of the publicly available information supplied by the applicant on... supervisory chain-of-command, provided the futures commission merchant, retail foreign exchange dealer...

  8. Integrating Foreign Languages and International Exchanges in a Graduate Program of Business.

    ERIC Educational Resources Information Center

    Bryant, Michael; Sheehan, David

    The integration of foreign language education and international exchange into a French graduate program in business administration is discussed. The 3-year program results in the equivalent of a master's degree in management. The historical, educational, cultural, and socio-political factors in development of the program are reviewed, and key…

  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. 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.

  11. [Adjustment processes of foreign exchange high school students in Japan].

    PubMed

    Nagai, S

    1988-04-01

    The main purpose of the present study was to excavate the adjustment problems of 93 high school exchange students in Japan. Questionnaires including Cornell Medical Index (CMI) were administered longitudinally. In addition, individual interviews were held with those who had failed to adjust to the Japanese society. As for the subjective psychosomatic symptoms manifested in CMI, there was no significant sex difference while Asians were successively found to be significantly more liable to diseases and less adjusted than non-Asians. The questionnaires other than CMI disclosed difficulties which exchange students found in adjusting at Japanese home, including delicate personal relationships with host siblings, apparent lack of affective gestures (hugs and kisses), and early curfew. In the meanwhile, language barrier and trifling rules constituted the primary difficulties they faced at host school. On account of prejudice against women, girls had more unpleasant experiences than boys. Through individual interviews, all of the early returners were found to have already had a basic problem in their home countries.

  12. 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…

  13. 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…

  14. 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…

  15. Labor markets of Japanese-descended workers and foreign trainees in Japan.

    PubMed

    Okunishi, Y; Sano, T

    1995-01-01

    "This article first presents a classification of foreign workers in Japan, trends in their numbers, and the legal framework pertaining to them. This is followed by a focus on workers of Japanese descent and foreign trainees, and the means by which they are recruited and the labor market problems they confront in Japan. The article concludes with several policy recommendations and suggestions for future research." excerpt

  16. 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…

  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. 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…

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

    NASA Astrophysics Data System (ADS)

    Garcin, Matthieu

    2017-10-01

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

  20. Foreign currency exchange network topology across the 2008 credit crisis

    NASA Astrophysics Data System (ADS)

    Sharif, Shamshuritawati; Ap, Nuraisah Che; Ruslan, Nuraimi

    2017-05-01

    A stable world currency exchange rate is a very important aspect to be considered for a developed country, i.e Malaysia. A better understanding about the currencies itself is needed nowadays. This project is about to understanding the fluctuation and to identify the most influential world currencies in the three different cases; before credit crisis, during credit crisis and after credit crisis. A network topology approach is use to examine the interrelationship between currencies based on correlation analysis. With this point of view, those relationships can be measured by a correlation structure among the currencies. The network can be analyse by filtering the important information using minimum spanning tree (MST) and interpret it using degree centrality as the centrality measure. This topology will give a useful guide to understand the behaviour and determine the most influential currency in the network as a part of a complex system. All currencies are compared among the three different cases; before credit crisis, during credit crisis and after credit crisis period. The result of this project shows that Unites State Dollar (USD), Brazilian Real (BRL), United Kingdom Pound (EUR) and Danish Krone (DKK) are the most influential currencies before the credit crisis period. With respect to during the credit crisis, New Zealand Dollar (NZD) dominates the network and it is followed by Singapore Dollar (SGD) for after the credit crisis period.

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

    PubMed

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

    2005-06-01

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

  2. The effect of exchange rates on southern pine exports

    Treesearch

    H.W. Wisdom; James E. Granskog

    2003-01-01

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

  3. 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.

  4. 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.

  5. 12 CFR 225.136 - Utilization of foreign subsidiaries to sell long-term debt obligations in foreign markets and to...

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... 12 Banks and Banking 3 2011-01-01 2011-01-01 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...

  6. 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…

  7. 75 FR 55409 - Regulation of Off-Exchange Retail Foreign Exchange Transactions and Intermediaries

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-09-10

    ... forex transactions''). The new regulations and amendments to existing regulations published today... background of the regulation of retail forex transactions, and the events, legislative and otherwise, that... organizations (``DCOs'') on the one hand, and off-exchange transactions between forex firms and retail...

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

    PubMed

    Bound, John; Braga, Breno; Golden, Joseph M; Khanna, Gaurav

    2015-07-01

    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.

  9. 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.

  10. 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... Determining Capital Gains and Losses § 1.1249-1 Gain from certain sales or exchanges of patents, etc., to foreign corporations. (a) General rule. Section 1249 provides that if gain is recognized from the sale...

  11. 26 CFR 1.1249-1 - Gain from certain sales or exchanges of patents, etc., to foreign corporations.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 26 Internal Revenue 11 2014-04-01 2014-04-01 false Gain from certain sales or exchanges of patents... Determining Capital Gains and Losses § 1.1249-1 Gain from certain sales or exchanges of patents, etc., to foreign corporations. (a) General rule. Section 1249 provides that if gain is recognized from the sale...

  12. 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... Determining Capital Gains and Losses § 1.1249-1 Gain from certain sales or exchanges of patents, etc., to foreign corporations. (a) General rule. Section 1249 provides that if gain is recognized from the sale...

  13. 26 CFR 1.1249-1 - Gain from certain sales or exchanges of patents, etc., to foreign corporations.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Gain from certain sales or exchanges of patents... Capital Gains and Losses § 1.1249-1 Gain from certain sales or exchanges of patents, etc., to foreign corporations. (a) General rule. Section 1249 provides that if gain is recognized from the sale or...

  14. 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... Determining Capital Gains and Losses § 1.1249-1 Gain from certain sales or exchanges of patents, etc., to foreign corporations. (a) General rule. Section 1249 provides that if gain is recognized from the sale...

  15. 17 CFR 5.6 - Maintenance of minimum financial requirements by retail foreign exchange dealers and futures...

    Code of Federal Regulations, 2013 CFR

    2013-04-01

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

  16. 17 CFR 5.6 - Maintenance of minimum financial requirements by retail foreign exchange dealers and futures...

    Code of Federal Regulations, 2014 CFR

    2014-04-01

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

  17. 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 who...

  18. 17 CFR 5.6 - Maintenance of minimum financial requirements by retail foreign exchange dealers and futures...

    Code of Federal Regulations, 2012 CFR

    2012-04-01

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

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

    NASA Astrophysics Data System (ADS)

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

    2017-02-01

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

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

    NASA Astrophysics Data System (ADS)

    Ishizaki, Ryuji; Inoue, Masayoshi

    2013-08-01

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

  1. 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…

  2. 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…

  3. 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…

  4. Programmed protection of foreign DNA from restriction allows pathogenicity island exchange during pneumococcal transformation.

    PubMed

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

    2013-02-01

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

  5. Maximizing the existing potential of new foreign markets for anthracite: Executive summary

    SciTech Connect

    Ziolkowski, L.W.; Ahn, Y.K.; Hong, S.P.

    1988-09-01

    The major purposes of this report were to: (1) conduct an in-depth survey of both the technical and marketing problems in the United States Anthracite Industry (predominately in Northeastern Pennsylvania); and (2) make recommendations in areas of technical R and D needs that will enhance the United States export of anthracite to foreign markets (especially Korea). Furthermore, the report identifies various anthracite culm drying and other coal utilization concepts; recommends several anthracite utilization configurations which appear to be the most suitable to the Korean market and a sensitivity analysis on these configurations; and identifies several solutions to resolve some of the problems which were identified relative to: (a) reducing the price of exporting anthracite; (b) the producers quality control activities which relate to meeting the Korean specifications and generally improving the understanding on the contract terms that relate to the encouragement of long term commitments of anthracite by Korea. 5 figs., 11 tabs.

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

    NASA Astrophysics Data System (ADS)

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

    2017-06-01

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

  7. 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.

  8. 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

  9. 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.

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

    NASA Astrophysics Data System (ADS)

    Alvarez-Ramirez, Jose

    2002-06-01

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

  11. 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

    ... 12 Banks and Banking 10 2014-01-01 2014-01-01 false Minimum Capital Components for Interest Rate and Foreign Exchange Rate Contracts A Appendix A to Subpart A of Part 1750 Banks and Banking OFFICE OF FEDERAL HOUSING ENTERPRISE OVERSIGHT, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT SAFETY AND SOUNDNESS CAPITAL Minimum Capital Pt. 1750, Subpt. A,...

  12. 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

    ... 12 Banks and Banking 7 2011-01-01 2011-01-01 false Minimum Capital Components for Interest Rate and Foreign Exchange Rate Contracts A Appendix A to Subpart A of Part 1750 Banks and Banking OFFICE OF FEDERAL HOUSING ENTERPRISE OVERSIGHT, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT SAFETY AND SOUNDNESS CAPITAL Minimum Capital Pt. 1750, Subpt. A,...

  13. 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

    ... 12 Banks and Banking 9 2013-01-01 2013-01-01 false Minimum Capital Components for Interest Rate and Foreign Exchange Rate Contracts A Appendix A to Subpart A of Part 1750 Banks and Banking OFFICE OF FEDERAL HOUSING ENTERPRISE OVERSIGHT, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT SAFETY AND SOUNDNESS CAPITAL Minimum Capital Pt. 1750, Subpt. A,...

  14. 17 CFR 229.201 - (Item 201) Market price of and dividends on the registrant's common equity and related...

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... UNDER SECURITIES ACT OF 1933, SECURITIES EXCHANGE ACT OF 1934 AND ENERGY POLICY AND CONSERVATION ACT OF... of foreign registrants, also identify the principal established foreign public trading market, if any... explanation. (iv) Where a foreign registrant has identified a principal established foreign trading market...

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

    NASA Astrophysics Data System (ADS)

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

    2016-12-01

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

  16. 26 CFR 1.367(a)-9T - Treatment of deemed section 351 exchanges pursuant to section 304(a)(1) (temporary).

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... $40x basis and $100x fair market value. The FC2 stock has a $100x basis and $100x fair market value. As... United States person is treated as transferring stock of a domestic or foreign corporation to a foreign corporation (foreign acquiring corporation) in exchange for stock of the foreign acquiring corporation in a...

  17. 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.

  18. Modeling and predicting historical volatility in exchange rate markets

    NASA Astrophysics Data System (ADS)

    Lahmiri, Salim

    2017-04-01

    Volatility modeling and forecasting of currency exchange rate is an important task in several business risk management tasks; including treasury risk management, derivatives pricing, and portfolio risk evaluation. The purpose of this study is to present a simple and effective approach for predicting historical volatility of currency exchange rate. The approach is based on a limited set of technical indicators as inputs to the artificial neural networks (ANN). To show the effectiveness of the proposed approach, it was applied to forecast US/Canada and US/Euro exchange rates volatilities. The forecasting results show that our simple approach outperformed the conventional GARCH and EGARCH with different distribution assumptions, and also the hybrid GARCH and EGARCH with ANN in terms of mean absolute error, mean of squared errors, and Theil's inequality coefficient. Because of the simplicity and effectiveness of the approach, it is promising for US currency volatility prediction tasks.

  19. 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.

  20. Cross-correlations between RMB exchange rate and international commodity markets

    NASA Astrophysics Data System (ADS)

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

    2017-11-01

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

  1. 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].

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

    PubMed

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

    2016-12-01

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

  3. The Nordic energy market model an electricity power exchange across national borders

    SciTech Connect

    Randen, H.; Andersen, J.H.

    1998-07-01

    As a first step towards a Nordic Power Exchange the Swedish and the Norwegian electricity market were merged into one free trade area. Norwegian and Swedish participants trade on equal terms on the market. Finnish and Danish participants trade on special terms towards the common Norwegian-Swedish free trade area. Finland will be included in the free trade area in 1998. Nord Pool is responsible for two markets. The Spot Market is the Nordic market for physical delivery power. In this market participants trade power contracts for next-day delivery. A price is determined for each hour based on bids and offer from the participants. The Spot Market serves as reference price for Nord Pool's Futures and Forward Market and reference price in the bilateral wholesale market. The Futures and Forward Markets are financial markets for price hedging and risk management. Through these market the participants can hedge purchase and sale of power within a time horizon of up to three years. In the bilateral wholesale market there is a high trade activity of financial contracts that are standardized in the same manner as Nord Pools forwards. Nord Pool has therefore established a clearing service where contracts that are traded on bilateral basis can be cleared through Nord Pool and with Nord Pool as counterpart. More than 200 participants from Norway, Sweden, Finland, Denmark and England trade through Nord Pool. A general goal is to develop the market to include all four nordic countries in one common free trade area in close co-operation with the power business in the countries. There are different conditions for competition in the four countries, and much coordinating work is therefore still left to be done.

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

    NASA Astrophysics Data System (ADS)

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

    2017-08-01

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

  5. 77 FR 62541 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-10-15

    ... an annual basis. The Exchange proposes to change this to the ``Foreign Private Issuer Determination... compensation committee requirements to foreign private issuers that follow home country practice. The Exchange... mechanism of a free and open market and a national market system, and, in general, to protect investors...

  6. 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.

  7. Foreign Participation in U.S. Science and Engineering Higher Education and Labor Markets. Special Report.

    ERIC Educational Resources Information Center

    Broyles, Susan G.; And Others

    Information is presented on foreign graduate students, foreign science and engineering (S/E) students in master's-granting institutions. The impact of these foreign graduates in the U.S. labor force is also assessed. The data were obtained from the National Science Foundation-conducted graduate science students and postdoctorates survey of…

  8. 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.

  9. 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.

  10. Market Assessment for Residential Refrigerator-Freezer with Novel Rotating Heat Exchanger

    SciTech Connect

    Sikes, Karen; Blackburn, Julia; Grubbs, Tyler; Abdelaziz, Omar; Momen, Ayyoub

    2016-02-01

    Despite a steady record of energy efficiency improvements in residential refrigerators and freezers over recent decades, these products still account for 4% of the site energy consumption for the average U.S. household. The Oak Ridge National Laboratory (ORNL) – along with partners Sandia National Laboratories (SNL) and the University of Maryland – are pursuing further efficiency improvements in this market sector by using a novel/prototype rotating heat exchanger (RHX) based on a Sandia Cooler technology as an evaporator in a residential refrigerator-freezer. The purpose of this study is to investigate the market potential of refrigerator-freezer products equipped with RHX evaporators in the United States, including projections of maximum annual market share and unit shipments and maximum direct and indirect job creation.

  11. The DpnI/DpnII pneumococcal system, defense against foreign attack without compromising genetic exchange.

    PubMed

    Johnston, Calum; Polard, Patrice; Claverys, Jean-Pierre

    2013-07-01

    Natural genetic transformation and restriction-modification (R-M) systems play potentially antagonistic roles in bacteria. R-M systems, degrading foreign DNA to protect the cell from bacteriophage, can interfere with transformation, which relies on foreign DNA to promote genetic diversity. Here we describe how the human pathogen Streptococcus pneumoniae, which is naturally transformable, yet possesses either of two R-M systems, DpnI or DpnII, accommodates these conflicting processes. In addition to the classic restrictase and double-stranded DNA methylase, the DpnII system possesses an unusual single-stranded (ss) DNA methylase, DpnA, which is specifically induced during competence for genetic transformation. We provide further insight into our recent discovery that DpnA, which protects transforming foreign ssDNA from restriction, is crucial for acquisition of pathogenicity islands.

  12. 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 each...

  13. 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 each...

  14. 17 CFR 5.7 - Minimum financial requirements for retail foreign exchange dealers and futures commission...

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... 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 each...

  15. 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.

  16. 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.

  17. Creating demand for foreign brands in a 'home run' market: tobacco company tactics in South Korea following market liberalisation.

    PubMed

    Lee, Sungkyu; Lee, Kelley; Holden, Chris

    2014-05-01

    To analyse the tactics transnational tobacco companies (TTCs) used to increase market share in South Korea after market liberalisation in 1988, and the subsequent impact of TTCs' activities on the domestic industry and ultimately public health. Internal tobacco industry documents were searched iteratively and analysed by keyword related to strategies for increasing market share in Korea since liberalisation. Following market liberalisation, TTCs faced entrenched cultural and institutional barriers in Korea which hindered increased sales of cigarette imports. TTCs identified population groups more favourably inclined towards imported brands, developed new distribution channels and used promotional activities targeting these groups. The growth in market share by TTCs suggests that these activities were successful at challenging the Korea Tobacco & Ginseng Corporation (KTGC) monopoly. In response, KTGC shifted to a proactive marketing approach and adopted strategies similar to TTCs. This, in turn, made the Korean market highly competitive. Findings show that, after market liberalisation, there was an upward trend in cigarette consumption and smoking prevalence among the targeted population groups, notably youth and young women. Governments engaging in trade negotiations that may lead to the opening of domestic tobacco markets need a fuller understanding of previous industry activities for expanding into emerging markets as well as how the domestic industry can change accordingly. To protect public health, the adoption of comprehensive tobacco control measures, guided by WHO Framework Convention on Tobacco Control, are needed as part of such negotiations.

  18. 26 CFR 1.367(a)-9T - Treatment of deemed section 351 exchanges pursuant to section 304(a)(1) (temporary).

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... calendar taxable year. The FC1 stock has a $40x basis and $100x fair market value. The FC2 stock has a... section 304(a)(1), a United States person is treated as transferring stock of a domestic or foreign corporation to a foreign corporation (foreign acquiring corporation) in exchange for stock of the foreign...

  19. Strong Dollar, Weak Dollar: Foreign Exchange Rates and the U.S. Economy.

    ERIC Educational Resources Information Center

    Schilling, Tim

    Many generalizations sound simple enough--for example, "strong is good, weak is bad"--but they can be confusing when talking about money. This booklet explores how the U.S. dollar and foreign currencies affect each other and how their interaction affects the individual and the economy. The booklet contains the following sections:…

  20. Foreign Mission Funding in South Africa. South African Information Exchange Working Paper Number 21.

    ERIC Educational Resources Information Center

    Micou, Ann McKinstry

    This volume is an update of a 1990 report that described the guidelines of various foreign governments for internal funding programs for their missions in South Africa. Of the 18 participants, 16 were the embassies of Australia, Austria, Great Britain, Canada, Denmark, Finland, France, Germany, Greece, Israel, Italy, Japan, the Netherlands,…

  1. 17 CFR 5.12 - Financial reports of retail foreign exchange dealers.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ..., either: (i) A Form 1-FR-FCM certified by an independent public accountant as of a date not more than 45... an independent public accountant as of a date not more than one year prior to the date on which such... independent public accountant and must be filed no later than 90 days after the close of the retail foreign...

  2. 17 CFR 5.10 - Risk assessment recordkeeping requirements for retail foreign exchange dealers.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... capital, and sources of alternative funding; (C) Establishing and maintaining internal controls with... Affiliated Persons, prepared in accordance with generally accepted accounting principles, which consolidated... exchange dealer's highest level Material Affiliated Person as part of its internal financial...

  3. 77 FR 20079 - Securities Exchange Act of 1934; In the Matter of the NASDAQ Stock Market LLC; Order Granting...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-04-03

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Securities Exchange Act of 1934; In the Matter of the NASDAQ Stock Market LLC; Order Granting Petition for Review and Scheduling Filing of Statements Pursuant to Rule 431 of the Rules of Practice,\\1...

  4. 76 FR 1488 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-01-10

    ... COMMISSION Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Market Maker Incentive Plan for Foreign... International Securities Exchange, LLC (the ``Exchange'' or the ``ISE'') filed with the Securities and Exchange...

  5. 77 FR 1757 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-01-11

    ... COMMISSION Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Market Maker Incentive Plan for Foreign... International Securities Exchange, LLC (the ``ISE'' or the ``Exchange'') filed with the Securities and Exchange...

  6. 75 FR 18565 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-04-12

    ... COMMISSION Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Market Maker Incentive Plan for Foreign... International Securities Exchange, LLC (the ``Exchange'' or the ``ISE'') filed with the Securities and Exchange...

  7. 75 FR 2913 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-01-19

    ... COMMISSION Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Market Maker Incentive Plan for Foreign... International Securities Exchange, LLC (the ``Exchange'' or the ``ISE'') filed with the Securities and Exchange...

  8. 76 FR 20431 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-04-12

    ... COMMISSION Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Market Maker Incentive Plan for Foreign... International Securities Exchange, LLC (the ``Exchange'' or the ``ISE'') filed with the Securities and Exchange...

  9. 76 FR 42145 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-07-18

    ... COMMISSION Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Market Maker Incentive Plan for Foreign... International Securities Exchange, LLC (the ``Exchange'' or the ``ISE'') filed with the Securities and Exchange...

  10. 76 FR 12778 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-03-08

    ... COMMISSION Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Market Maker Incentive Plan for Foreign... International Securities Exchange, LLC (the ``Exchange'' or the ``ISE'') filed with the Securities and Exchange...

  11. 76 FR 64136 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-10-17

    ... COMMISSION Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Market Maker Incentive Plan for Foreign... International Securities Exchange, LLC (the ``Exchange'' or ``ISE'') filed with the Securities and Exchange...

  12. 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.

  13. 77 FR 51602 - Self-Regulatory Organizations; BATS Exchange, Inc.; Order Granting Approval of a Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-08-24

    ... one year in the U.S. over-the-counter market, on another national securities exchange, or on a regulated foreign exchange following the consummation of the Reverse Merger and (i) in the case of a... issuers and market participants with respect to the factors considered by the Exchange in...

  14. Understanding the relational impact of the health care marketing exchange: a review of the social implications of therapeutic communicator style.

    PubMed

    Johnson, B C

    1987-09-01

    Though the benefits derived from verbal communication between practitioner and patient often are beyond the control of most health care marketers, this encounter includes nearly all of the personality and social appeals that are critical to the development of a successful and long-lasting marketing exchange. To enable marketers of health care to understand more fully the communication context in which practitioners operate, the author reviews the social implications of therapeutic communicator style.

  15. 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

    ...Rulemaking Portal ( http://www.regulations.gov ). Follow the instructions for submitting comments. Paper Comments Send paper comments in triplicate to Elizabeth Murphy, Secretary, Securities and Exchange... a comment date and an addresses section in its preamble. This correction adds the comment date and...

  16. Study Abroad; Student and Academic Exchanges; Foreign Students in China; Chinese Students Abroad: Annotated Bibliography.

    ERIC Educational Resources Information Center

    Parker, Franklin

    An annotated bibliography includes 66 items drawn from a wide variety of sources including scholarly journals, government reports, books, newspapers, and ERIC documents. While many of the cited works focus on educational exchange programs between China and Western nations since the Cultural Revolution, some of the sources deal with earlier…

  17. Foreign Personnel Exchange Programs: A Supporting Effort in Building Partnership Capacity

    DTIC Science & Technology

    2008-01-01

    New Zealand Defence Force Relating to the Conduct ofExercise Long Look, (obtained from Daryl J. Cambell , 16 January, 2008). 45. U.S. Department...Daryl J. Cambell , 16 January, 2008). Commandant of the Marine Corps. 1STHALF CY 2008 A VIATION PERSONNEL EXCHANGE PROGRAM (PEP) AND lINTER-SERVICE

  18. 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.

  19. Multifractal detrended Cross Correlation Analysis of Foreign Exchange and SENSEX fluctuation in Indian perspective

    NASA Astrophysics Data System (ADS)

    Dutta, Srimonti; Ghosh, Dipak; Chatterjee, Sucharita

    2016-12-01

    The manuscript studies autocorrelation and cross correlation of SENSEX fluctuations and Forex Exchange Rate in respect to Indian scenario. Multifractal detrended fluctuation analysis (MFDFA) and multifractal detrended cross correlation analysis (MFDXA) were employed to study the correlation between the two series. It was observed that the two series are strongly cross correlated. The change of degree of cross correlation with time was studied and the results are interpreted qualitatively.

  20. Study of a market model with conservative exchanges on complex networks

    NASA Astrophysics Data System (ADS)

    Braunstein, Lidia A.; Macri, Pablo A.; Iglesias, J. R.

    2013-04-01

    Many models of market dynamics make use of the idea of conservative wealth exchanges among economic agents. A few years ago an exchange model using extremal dynamics was developed and a very interesting result was obtained: a self-generated minimum wealth or poverty line. On the other hand, the wealth distribution exhibited an exponential shape as a function of the square of the wealth. These results have been obtained both considering exchanges between nearest neighbors or in a mean field scheme. In the present paper we study the effect of distributing the agents on a complex network. We have considered archetypical complex networks: Erdös-Rényi random networks and scale-free networks. The presence of a poverty line with finite wealth is preserved but spatial correlations are important, particularly between the degree of the node and the wealth. We present a detailed study of the correlations, as well as the changes in the Gini coefficient, that measures the inequality, as a function of the type and average degree of the considered networks.

  1. 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

  2. 75 FR 44995 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-07-30

    ...] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Foreign Currency Options Orders Fee Discount for Market Makers and Non-ISE Market Makers July 26, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act...

  3. Frequency analysis of tick quotes on foreign currency markets and the double-threshold agent model

    NASA Astrophysics Data System (ADS)

    Sato, Aki-Hiro

    2006-09-01

    Power spectrum densities for the number of tick quotes per minute (market activity) on three currency markets (USD/JPY, EUR/USD, and JPY/EUR) are analyzed for periods from January 2000 to December 2000. We find some peaks on the power spectrum densities at a few minutes. We develop the double-threshold agent model and confirm that the corresponding periodicity can be observed for the activity of this model even though market participants perceive common weaker periodic information than threshold for decision-making of them. This model is numerically performed and theoretically investigated by utilizing the mean-field approximation. We propose a hypothesis that the periodicities found on the power spectrum densities can be observed due to nonlinearity and diversity of market participants.

  4. Product technology and market assessment for silicon carbide whisker reinforced alumina heat-exchanger tubes. Final report

    SciTech Connect

    Loutfy, R.O.; Withers, J.C.; Chakravarti, D.

    1993-10-01

    This report describes a study designed to develop an assessment of key performance features, desirable technical specifications and market potential for silicon carbide whisker-reinforced alumina (henceforth SCWRA) tubes for heat exchanger applications in a number of industries. The results of the first stage of a Delphi study conducted in the US market are presented. The second phase of the study is in progress. The first stage results suggest that there is a small market for SCWRA tubes in heat exchanger applications. The market is expected to grow steadily during the 1990`s. With appropriate performance specifications and competitive pricing, growth should come from (a) new applications that permit recovery in cases that were previously infeasible and (b) selective, partial substitution and replacement of current ceramics and metal/ceramic composites in existing applications. We identify key performance factors and detailed specifications needed in six designated industries (primary metals, fabricated metals, chemicals, glass, utility and incinerators). Reliability, durability and low maintenance costs emerge as critical performance factors across these industries. The data show that although ceramics are recognized as having better properties, enhancing reliability and durability and thus improving maintenance cost performance is a key priority. Such improvements, reflected in the objectives for SCWRA tubes, should facilitate adoption in both new and existing applications. At this time, we are unable to assess market size directly. However, expert judgment provided indices tracking the projected market for heat exchanger tubes from 1990 to 2005.

  5. 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. © 2011 Wiley Periodicals

  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. 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…

  8. 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…

  9. 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

    ... Development Cooperator Program Announcement Type: New. Catalog of Federal Domestic Assistance (CFDA) Number... markets for U.S. agricultural commodities and products through cost-share assistance. Financial assistance... which results can be measured at specific intervals using quantifiable product or country goals. The FAS...

  10. 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…

  11. 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…

  12. 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

  13. 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

    ... the mark-to-market value of the contract. If the mark-to-market value is positive, then the current exposure is the mark-to-market value. If the mark-to-market value is zero or negative, then the current exposure is zero. Mark-to-market values are measured in United States dollars, regardless of the...

  14. 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.

  15. 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.

  16. International Education, Foreign Exchange and Scholarships. Hearing before the Subcommittee on Postsecondary Education of the Committee on Education and Labor. House of Representatives, Ninety-Eighth Congress, First Session.

    ERIC Educational Resources Information Center

    Congress of the U.S., Washington, DC. House Committee on Education and Labor.

    Hearings on international student exchanges are presented. Information is presented on the countries of origin of foreign students in the United States and the fields they tend to study. It is noted that only 2.2 percent of foreign students studying in the United States are provided scholarships by the U.S. Government; the vast majority are…

  17. A Proposal for Establishing a Free Market Basis for Plant Genome Information Exchange

    SciTech Connect

    Slezak, T.

    2001-09-26

    The current situation of genomics information exchange is reminiscent of some Third World cities, where residents despair they will ever get official utility service and therefore tap into power, phone, and gas sources with makeshift connections. Thus, each genomics grant spawns yet another idiosyncratic Web site, with makeshift links to whatever random Web sites the PI is most familiar with. There are few standards for semantics of data, and fewer standards for automating the interchange or integration of these autonomous Web sites. The US Plant Genome Initiative (PGI) has been enthusiastic contributor to this proliferation of chaotic Web sites, but to its credit it appears to be the first major program to attempt to find a solution. Some of us from the earliest days of the Human Genome Program have been acutely aware of the problems of genomic data integration, since long before the Web appeared and made the problem exponentially harder to resolve. We have seen large scale attempts, and subsequent failures or inadequacies, of many potential solution approaches (i.e., database federation, classical data warehousing, centralized data, etc.) and believe we know at least some of the reasons they still remain inadequate. It is our opinion that the only solution that has a chance of succeeding is one that considers the overall economics of genomics data production, sharing, and integration. We believe that attempting to create a kind of Free Market for data created under the Plant Genome Initiative will represent the most practical, powerful, and cost-effective approach to dealing with the broad range of plant genome information that has been unleashed.

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

    NASA Astrophysics Data System (ADS)

    Wu, Binghui; Duan, Tingting

    2017-05-01

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

  19. 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.

  20. 31 CFR 1022.410 - Additional records to be made and retained by dealers in foreign exchange.

    Code of Federal Regulations, 2014 CFR

    2014-07-01

    ..., or (B) Naval, military or other attaches of foreign embassies, and legations, and for members of... a code name, a record of the actual owner of the account); (5) Each item, including checks, drafts...

  1. 31 CFR 1022.410 - Additional records to be made and retained by dealers in foreign exchange.

    Code of Federal Regulations, 2013 CFR

    2013-07-01

    ..., or (B) Naval, military or other attaches of foreign embassies, and legations, and for members of... a code name, a record of the actual owner of the account); (5) Each item, including checks, drafts...

  2. 31 CFR 1022.410 - Additional records to be made and retained by dealers in foreign exchange.

    Code of Federal Regulations, 2012 CFR

    2012-07-01

    ..., or (B) Naval, military or other attaches of foreign embassies, and legations, and for members of... a code name, a record of the actual owner of the account); (5) Each item, including checks, drafts...

  3. Advancing U.S. Foreign Policy Through Homeland Security: The Logic for International Training and Professional Exchanges

    DTIC Science & Technology

    2013-12-01

    in the future . Furthermore, the encouraging of international training and exchanges will assist in improving U.S. multilateral relationships in the...in the future . Furthermore, the encouraging of international training and exchanges will assist in improving U.S. multilateral relationships in the...1  B.  RESEARCH QUESTIONS AND METHODOLOGY .................................2  C.  ARGUMENT: CLAIMS AND FUTURE CHALLENGES

  4. 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.

  5. 26 CFR 1.367(b)-3 - Repatriation of foreign corporate assets in certain nonrecognition transactions.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

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

  6. 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.

  7. Cooperative Autonomy in Online Lingua Franca Exchanges: A Case Study on Foreign Language Education in Secondary Schools

    ERIC Educational Resources Information Center

    Hoffstaedter, Petra; Kohn, Kurt

    2016-01-01

    We report on a case study on pedagogical affordances of intercultural telecollaboration for authentic communication practice and competence development in the local foreign language. Focus is on spoken and written conversations involving pairs of secondary school pupils of different linguacultural backgrounds. Particular attention is given to…

  8. 26 CFR 1.1248-1 - Treatment of gain from certain sales or exchanges of stock in certain foreign corporations.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 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 § 1...

  9. 26 CFR 1.1248-1 - Treatment of gain from certain sales or exchanges of stock in certain foreign corporations.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 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 § 1...

  10. 26 CFR 1.1248-1 - Treatment of gain from certain sales or exchanges of stock in certain foreign corporations.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 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 § 1...

  11. 26 CFR 1.1248-1 - Treatment of gain from certain sales or exchanges of stock in certain foreign corporations.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... 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 § 1...

  12. 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 § 1...

  13. 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

  14. 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.

  15. 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,…

  16. 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 losses...

  17. 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 forex...

  18. 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 losses...

  19. 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 losses...

  20. 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 losses...

  1. 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 forex...

  2. 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 forex...

  3. 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 forex...

  4. 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,…

  5. Moving On Up: Is There a Market in the Primary Grades? An Exchange Trend Report.

    ERIC Educational Resources Information Center

    Neugebauer, Roger

    1999-01-01

    Discusses the opportunities to expand child care services into the primary grades. Presents information on the market for private schools, suggests reasons parents would consider primary grades in child care centers as a viable alternative to public schools, and identifies a rationale for expansion. Discusses initial activities, such as testing…

  6. Foreign Exchange Value-at-Risk with Multiple Currency Exposure: A Multivariate and Copula Generalized Autoregressive Conditional Heteroskedasticity Approach

    DTIC Science & Technology

    2014-11-01

    à un risque financier lié aux varia- tions du taux de change, et les responsables de la gestion interne se voient donc pressés de trouver des...Jondeau, E. and Rockinger, M. (2006), The Copula-GARCH model of conditional dependencies: An international stock market application, Journal of

  7. 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...

  8. 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...

  9. [The young people of foreign extraction in the Federal Republic of Germany and the labor market in 2000].

    PubMed

    Von Delhaes-guenther, D

    1988-03-01

    This study analyzes immigration trends and prospects with respect with to the Federal Republic's changing demography and economy. Low birth rates and an aging population will result in a decrease in the local population and an increase in the foreign population of the Federal Republic in the next decades. After 1990 the demand for foreign labor will diminish. There will, however, still be a need for highly specialized personnel for the new technological sectors. In this context the professional qualification of young people of foreign extraction acquires an even greater significance, since they also face difficulties at a cultural and linguistic level. The technological challenges demand scholastic and professional training programs which maximize migrant labor force potential and help to eliminate socioeconomic conflicts. By the year 2000 60% of the jobs in the Federal Republic will be in service-related industries and the "third industrial revolution" based on innovations in microelectronics will demand a trained labor force that can easily shift and adapt. Local and national institutions will have to form a trained and competent labor force. However, foreign young people educated in German public schools face difficulties in achieving professional certificates and gaining superior employment. The potential exists for ever greater problems as minimum skill jobs diminish and higher-skilled jobs increase in the changing German economy. Language barriers and lack of sufficient skills prevent the complete integration of foreign young people and can lead to frustration, mental depression, and even criminal behavior. The author proposes closer contacts between parents of foreign youths and local and Federal authorities and better bilingual education.

  10. Measuring Gains in Pupils' Foreign Language Competence as a Result of Participation in a School Exchange Visit: The Case of Y9 Pupils at Three Comprehensive Schools in the UK

    ERIC Educational Resources Information Center

    Evans, Michael; Fisher, Linda

    2005-01-01

    This article examines evidence provided by quantitative and qualitative measurement of second language (L2) proficiency by elementary-level learners of French, following participation in a school foreign exchange visit. Based on a study consisting of a controlled analysis of test results from 68 pupils studying French at three secondary schools in…

  11. Marketing.

    PubMed

    Chambers, David W

    2010-01-01

    There is not enough marketing of dentistry; but there certainly is too much selling of poor quality service that is being passed off as dentistry. The marketing concept makes the patient and the patients' needs the ultimate criteria of marketing efforts. Myths and good practices for effective marketing that will promote oral health are described under the traditional four "Ps" categories of "product" (best dental care), "place" (availability), "promotion" (advertising and other forms of making patients aware of available services and how to use them), and "price" (the total cost to patients of receiving care).

  12. Spatial Analysis of Market Economy Innovations in the Former Soviet Union: The Case of Commodity Exchanges

    DTIC Science & Technology

    1992-10-06

    iron and steel. The later economic shift from coal and steel to oil and natural gas has left the region’s steel mills totally environmentally ...thuc have performed best in adopting market economy initiativps- Moscow, the Baltics, oil-producing western Siberian cities, and oil and natural gas...these provinces are rich in natural resources that remain to be developed. The third quartile (Figure 3) provides two patterns of note. First, all of the

  13. 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.

  14. Dynamical Decomposition of Multifractal Time Series as Fractal Evolution and Long-Term Cycles: Applications to Foreign Currency Exchange Market

    NASA Astrophysics Data System (ADS)

    Turiel, A.; Perez-Vicente, C.

    The application of the multifractal formalism to the study of some time series with scale invariant evolution has given rise to a rich framework of models and processing tools for the analysis of these signals. The formalism has been successfully exploited in different ways and with different goals: to obtain the effective variables governing the evolution of the series, to predict its future evolution, to estimate in which regime the series are, etc. In this paper, we discuss on the capabilities of a new, powerful processing tool, namely the computation of dynamical sources. With the aid of the source field, we will separate the fast, chaotic dynamics defined by the multifractal structure from a new, so-far unknown slow dynamics which concerns long cycles in the series. We discuss the results on the perspective of detection of sharp dynamic changes and forecasting.

  15. 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…

  16. Marketing.

    ERIC Educational Resources Information Center

    Maust, Robert N.

    1985-01-01

    Although college administrators may be committed to the concept and need for institutional marketing, even a well-developed marketing plan may not work if it is not clearly organized to address special needs. This article reviews management fads, how to make jargon operational, organizational dynamics, and monitoring fads. (MSE)

  17. 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.

  18. The relationships between Shanghai stock market and CNY/USD exchange rate: New evidence based on cross-correlation analysis, structural cointegration and nonlinear causality test

    NASA Astrophysics Data System (ADS)

    Liu, Li; Wan, Jieqiu

    2012-12-01

    This paper explores the co-movement of Shanghai stock market and China Yuan (CNY) exchange rates. First, we find that stock price and exchange rate are significantly cross-correlated. Second, employing a cointegration test allowing for a structural break, we find that the Shanghai Composite Index (SCI) is not cointegrated with the exchange rate of CNY/USD. The so-called “cointegration” found in previous studies is just caused by the shock of the recent financial crisis. Third, using linear and nonlinear Granger causality tests, we find no causality between stock prices and exchange rates during the period before the recent financial crisis. After the financial crisis, a unidirectional causality behavior running from exchange rates to stock index is present.

  19. Characteristic time scales of tick quotes on foreign currency markets: an empirical study and agent-based model

    NASA Astrophysics Data System (ADS)

    Sato, A.-H.

    2006-03-01

    Power spectrum densities for the number of tick quotes per minute (market activity) on three currency markets (USD/JPY, EUR/USD, and JPY/EUR) for periods from January 1999 to December 2000 are analyzed. We find some peaks on the power spectrum densities at a few minutes. We develop the double-threshold agent model and confirm that stochastic resonance occurs for the market activity of this model. We propose a hypothesis that the periodicities found on the power spectrum densities can be observed due to stochastic resonance.

  20. 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.

  1. State, Foreign Operations, and Related Programs: FY2009 Appropriations

    DTIC Science & Technology

    2009-04-03

    11 Embassy Security, Construction and Maintenance (ESCM) ........................................... 11 Educational and Cultural Exchanges...Recipient Countries .................................................................... 18 Foreign Aid Reform...Abbreviations ....................................................................................................... 25 Appendix B. Foreign Aid Country

  2. 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.

  3. 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.

  4. Toward a Profile of Soviet Behavior in International Financial Markets,

    DTIC Science & Technology

    1987-08-01

    and currency trading operations. Thus, Moscow Narodny could account for something well less than $800 million in hidden lending to the Soviet Union...the foreign exchange markets seems far to exceed what would be required for the simple settlement of trade accounts. It appears that Soviet currency ...the breakdown (o’ fixed exchange rates in the West opened the way for large-scale currency trading. Early on, a currency trading team was establishe(d

  5. 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…

  6. Markets

    Treesearch

    David N. Wear; Jeffrey Prestemon; Robert Huggett; Douglas Carter

    2013-01-01

    Key FindingsAlthough timber production in the South more than doubled from the 1960s to the late 1990s, output levels have declined over the last 10 years, signaling structural changes in timber markets.For softwood products, production declines are most clearly related to demand issues. Demand for softwood solid wood products...

  7. Brazilian exchange rate complexity: Financial crisis effects

    NASA Astrophysics Data System (ADS)

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

    2012-04-01

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

  8. 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...

  9. 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...

  10. 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...

  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, 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...

  13. 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...

  14. 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...

  15. 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...

  16. 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...

  17. 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...

  18. 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...

  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 51.2123 - 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...

  1. 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...

  2. 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...

  3. 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...

  4. 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...

  5. A theory of exchange rate modeling

    SciTech Connect

    Alekseev, A.A.

    1995-09-01

    The article examines exchange rate modeling for two cases: (a) when the trading partners have mutual interests and (b) when the trading partners have antogonistic interests. Exchange rates in world markets are determined by supply and demand for the currency of each state, and states may control the exchange rate of their currency by changing the interest rate, the volume of credit, and product prices in both domestic and export markets. Abstracting from issues of production and technology in different countries and also ignoring various trade, institutional, and other barriers, we consider in this article only the effect of export and import prices on the exchange rate, we propose a new criterion of external trade activity: each trading partner earns a profit which is proportional to the volume of benefits enjoyed by the other partner. We consider a trading cycle that consists of four stages: (a) purchase of goods in the domestic market with the object of selling them abroad; (b) sale of the goods in foreign markets; (c) purchase of goods abroad with the object of selling them in the domestic market; (d) sale of the goods domestically.

  6. 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.

  7. 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) The...

  8. 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) The...

  9. 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) The...

  10. 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) The...

  11. 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) The...

  12. 75 FR 42812 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-07-22

    ... COMMISSION Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Market Maker Incentive Plan for Foreign...'') \\1\\ and Rule 19b-4 thereunder, \\2\\ notice is hereby given that on June 30, 2010, International...

  13. 75 FR 62900 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-10-13

    ... COMMISSION Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Market Maker Incentive Plan for Foreign... (``Act'') \\1\\ and Rule 19b-4 thereunder,\\2\\ notice is hereby given that on October 4, 2010, International...

  14. 75 FR 4891 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-01-29

    ... COMMISSION Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding Market Maker Trading Licenses for Foreign Currency...''),\\1\\ and Rule 19b-4 thereunder,\\2\\ notice is hereby given that on January 14, 2010, the International...

  15. Addressing health care market reform through an insurance exchange: essential policy components, the public plan option, and other issues to consider.

    PubMed

    Fronstin, Paul; Ross, Murray N

    2009-06-01

    HEALTH INSURANCE EXCHANGE: This Issue Brief examines issues related to managed competition and the use of a health insurance exchange for the purpose of addressing cost, quality, and access to health care services. It discusses issues that must be addressed when designing an exchange in order to reform the health insurance market and also examines state efforts at health reform that use an exchange. RISK VS. PRICE COMPETITION: The basic component of managed competition is the creation an organized marketplace that brings together health insurers and consumers (either as individuals or through their employers). The sponsor of the exchange would set "rules of engagement" for participating insurers and offer consumers a menu of choices among different plans. Ultimately, the goal of a health insurance exchange is to shift the market from competition based on risk to competition based on price and quality. ADVERSE SELECTION AND AFFORDABILITY: Among the issues that need to be addressed if an exchange that uses managed competition has a realistic chance of reducing costs, improving quality, and expanding coverage: Everyone needs to be in the risk pool, with individuals required to purchase insurance or face significant financial consequences; effective risk adjustment is essential to eliminate risk selection as an insurance business model--forcing competition on costs and quality; the insurance benefit must be specific and clear--without standards governing cost sharing, covered services, and network coverage there is no way to assess whether a requirement to purchase or issue coverage has been met; and subsidies would be necessary for low-income individuals to purchase insurance. THE PUBLIC PLAN OPTION: The public plan option is shaping up to be one of the most contentious issues in the health reform debate. Proponents also believe of a public plan is necessary to drive private insurers toward true competition. Opponents view it as a step toward government-run health

  16. Cryptographic Securities Exchanges

    NASA Astrophysics Data System (ADS)

    Thorpe, Christopher; Parkes, David C.

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

  17. Multifractal analysis of the Korean agricultural market

    NASA Astrophysics Data System (ADS)

    Kim, Hongseok; Oh, Gabjin; Kim, Seunghwan

    2011-11-01

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

  18. 12 CFR Appendix B to Part 3 - Risk-Based Capital Guidelines; Market Risk Adjustment

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... instruments. Also included are derivatives (including written and purchased options) for which the underlying... value of specific positions due to factors other than broad market movements and includes default and... trading account and over-the-counter derivatives positions). 7 7 Foreign exchange position outside...

  19. Gold, currencies and market efficiency

    NASA Astrophysics Data System (ADS)

    Kristoufek, Ladislav; Vosvrda, Miloslav

    2016-05-01

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

  20. 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…

  1. 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…

  2. Marketing and Market Research for Adult and Continuing Education.

    ERIC Educational Resources Information Center

    Buckmaster, Annette

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

  3. Marketing and Market Research for Adult and Continuing Education.

    ERIC Educational Resources Information Center

    Buckmaster, Annette

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

  4. Chinese Communism: Foreign Prospects

    ERIC Educational Resources Information Center

    Treadgold, Donald W.

    1977-01-01

    Discussed are Communist China's relationship to Russia, socialist innovations, treatment of minority groups, foreign relations, standard of living, life-style, and culture. The author concludes that western nations should normalize relations with China. Available from: American-Asian Educational Exchange, 88 Morningside Drive, New York, NY 10027.…

  5. 77 FR 41885 - Market Access Program

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-07-17

    ... Corporation 7 CFR Part 1485 Market Access Program AGENCY: Foreign Agricultural Service and Commodity Credit... following correcting amendment: PART 1485--GRANT AGREEMENTS FOR THE DEVELOPMENT OF FOREIGN MARKETS FOR U.S...

  6. Interagency Exchanges at Military Universities: Do Concerns About Finances, Career Progression and Assignments Affect Foreign Service Officers and Specialists’ Willingness to Participate?

    DTIC Science & Technology

    2015-06-12

    completion of probationary assignments, effective career development , advancement and retention of the ablest, and separation of those who do not meet...potential, assuming normal growth and career development , to serve effectively as a Foreign Service Officer over a normal career span, extending to and

  7. 12 CFR Appendix E to Part 208 - Capital Adequacy Guidelines for State Member Banks; Market Risk Measure

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... equity instruments. Also included are derivatives (including written and purchased options) for which the... positions due to factors other than broad market movements and includes event and default risk as well as... positions (except foreign-exchange positions outside the trading account and over-the-counter...

  8. 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...

  9. 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...

  10. 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...

  11. 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...

  12. 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,...

  13. 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,...

  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 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...

  16. 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,...

  17. 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...

  18. 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...

  19. 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,...

  20. 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...

  1. 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...

  2. 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,...

  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 29.2270 - 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...

  5. 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...

  6. 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,...

  7. 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...

  8. 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,...

  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 29.6015 - 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...

  11. 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,...

  12. 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...

  13. 7 CFR 29.3518 - Foreign matter.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

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

  14. 7 CFR 29.3518 - Foreign matter.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

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

  15. 7 CFR 29.3518 - Foreign matter.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

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

  16. Crafts Development and Marketing Manual. Appropriate Technologies for Development. Peace Corps Information Collection & Exchange Manual Series No. M-24.

    ERIC Educational Resources Information Center

    Ramsay, Caroline C.; And Others

    This manual was developed to help Peace Corps volunteers assist local craftspeople in developing nations in initiating and operating small businesses to produce and market their products. The manual is organized in eight chapters that cover the following topics: the crafts environment, common problems and solutions for a crafts business,…

  17. 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…

  18. An Identification and Analysis of Students' Expectations and Views regarding Foreign-Sourced Tertiary Education Programs Delivered in China: Investigating the Next Stage of Internationalisation and Market Entry for Foreign Universities

    ERIC Educational Resources Information Center

    Willis, Mike

    2005-01-01

    There has been a wealth of research into various forms of educational export such as distance education and study abroad, but this paper focuses on the delivery of foreign-supplied courses and programs "within" a host country-in this case, China. Key findings include a high level of demand amongst Chinese students for business and…

  19. The recent situation of technology exchange in Europe: On-the spot study on movement toward integration of EC market

    NASA Astrophysics Data System (ADS)

    Kawasaki, Jun'ichi; Hyoki, Yasuyoshi

    The political and economic environment of EC has been changing drastically aiming at the EC market integration in 1992. Economy in EC has been stagnant among free economy world covering U.S., Japan and Europe, which is due to lag in the structural adjustment as well as decline in international competitive ability. EC recognizes that development of science and technology of which core is highly advanced technology is driving force for activating economy within the Community. This is the first motivation for EC to take one step forward toward the market integration. Such EC's determination is reflected in pushing forward conception of European technological community represented by EUREKA Project. Products Exhibitions, Science and Technology Trade Fairs and so on, which are held in EC countries, emphasize "Europe characterized by Technology" being conscious of the market integration three and a half years ahead. EC is also eager to construct database networks both inside and outside the Community to catch up with the progress in technology.

  20. 75 FR 34186 - Self-Regulatory Organizations; BATS Exchange, Inc.; EDGA Exchange, Inc.; EDGX Exchange, Inc...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-06-16

    ...; New York Stock Exchange LLC; NYSE Amex LLC; NYSE Arca, Inc.; The NASDAQ Stock Market LLC; Chicago Stock Exchange, Inc.; National Stock Exchange, Inc.; Chicago Board Options Exchange, Incorporated; Order... (``ISE''),\\1\\ New York Stock Exchange LLC (``NYSE''), NYSE Amex LLC (``NYSEAmex''), NYSE Arca,...

  1. 12 CFR 614.4700 - Financing foreign trade receivables.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... the draft. (4) The degree of ease with which necessary foreign exchange conversion can be made, or the extent to which foreign currency exposure may be hedged by forward or future contracts. (5)...

  2. 12 CFR 614.4700 - Financing foreign trade receivables.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... the draft. (4) The degree of ease with which necessary foreign exchange conversion can be made, or the extent to which foreign currency exposure may be hedged by forward or future contracts. (5)...

  3. 12 CFR 614.4700 - Financing foreign trade receivables.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... the draft. (4) The degree of ease with which necessary foreign exchange conversion can be made, or the extent to which foreign currency exposure may be hedged by forward or future contracts. (5)...

  4. 76 FR 82011 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing of Proposed Rule Change To...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-12-29

    ... competitive and aggressive quoting by market makers registered with the Exchange (``Market Makers'') in... for financial incentives, the Exchange is rewarding aggressive liquidity providers in the market. The...

  5. 22 CFR 40.202 - Certain former exchange visitors.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

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

  6. [Foreigners, 1989].

    PubMed

    Fleischer, H

    1990-08-01

    The first part of this article contains data on the foreign population in West Germany in 1989, along with some comparative statistics for earlier years. Information is included on population size, births and deaths, international migration, refugees, regional distribution, nationality, and age structure. The second part provides summary statistics on foreigners in East Germany.

  7. 7 CFR 1212.14 - Market or marketing.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... 7 Agriculture 10 2010-01-01 2010-01-01 false Market or marketing. 1212.14 Section 1212.14..., Promotion, Consumer Education, and Industry Information Order Definitions § 1212.14 Market or marketing. (a...) “Market” means to sell or otherwise dispose of honey or honey products in interstate, foreign, or...

  8. 7 CFR 1212.14 - Market or marketing.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... 7 Agriculture 10 2011-01-01 2011-01-01 false Market or marketing. 1212.14 Section 1212.14..., Promotion, Consumer Education, and Industry Information Order Definitions § 1212.14 Market or marketing. (a...) “Market” means to sell or otherwise dispose of honey or honey products in interstate, foreign, or...

  9. 7 CFR 1212.14 - Market or marketing.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... 7 Agriculture 10 2012-01-01 2012-01-01 false Market or marketing. 1212.14 Section 1212.14..., Promotion, Consumer Education, and Industry Information Order Definitions § 1212.14 Market or marketing. (a...) “Market” means to sell or otherwise dispose of honey or honey products in interstate, foreign,...

  10. Can Foreign Diplomas Be Exchanged for "Chinese Opportunities"?: The "Returnees from Abroad" Halo Gradually Fades and the "Unemployed from Abroad" Get Cold Receptions in Employment Markets

    ERIC Educational Resources Information Center

    Hua, Sun; Jie, Gui; Gang, Chen

    2005-01-01

    Ever since reform and opening up to the outside, more than 700,000 persons in China have gone abroad to study, and 170,000 of these have completed their studies and come back. In 2003 alone, more than 20,000 study-abroad personnel returned to China. With the increases in returned study-abroad persons, the issue of employment for these returnees…

  11. 75 FR 28667 - Market Structure Roundtable

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-05-21

    ... COMMISSION Market Structure Roundtable AGENCY: Securities and Exchange Commission. ACTION: Notice of... securities market structure. The roundtable will focus on market structure performance, including the events of May 6, metrics for evaluating market structure performance, high frequency trading, and...

  12. Microstructure and Execution Strategies in the Global Spot FX Market

    NASA Astrophysics Data System (ADS)

    Schmidt, Anatoly B.

    Modern global inter-bank spot foreign exchange is essentially a limit-order market. Execution strategies in such a market may differ from those in markets that permit market orders. Here we describe microstructure and dynamics of the EBS market (EBS being an ICAP company is the leading institutional spot FX electronic brokerage). In order to illustrate specifics of the limit-order market, we discuss two problems. First, we describe our simulations of maker loss in case when the EUR/USD maker order is pegged to the market best price. We show that the expected maker loss is lower than the typical bid/offer spread. Second, we discuss the problem of optimal slicing of large orders for minimizing execution costs. We start with analysis of the expected execution times for the EUR/USD orders submitted at varying market depth. Then we introduce a loss function that accounts for the market volatility risk and the order's P/L in respect to the market best price. This loss function can be optimized for given risk aversion. Finally, we apply this approach to slicing large limit orders.

  13. Option price and market instability

    NASA Astrophysics Data System (ADS)

    Baaquie, Belal E.; Yu, Miao

    2017-04-01

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

  14. Exchange of Newcastle disease viruses in Korea: the relatedness of isolates between wild birds, live bird markets, poultry farms and neighboring countries.

    PubMed

    Kim, Byoung-Yoon; Lee, Dong-Hun; Kim, Myeong-Seob; Jang, Jun-Hyuk; Lee, Yu-Na; Park, Jae-Keun; Yuk, Seong-Su; Lee, Joong-Bok; Park, Seung-Yong; Choi, In-Soo; Song, Chang-Seon

    2012-03-01

    Newcastle disease virus (NDV) has a worldwide distribution and is often carried by wild ducks, which may represent one of the natural reservoirs. However, the epidemiological relatedness of NDV between wild ducks and domestic poultry is unclear. A total of 14 isolates were obtained from 8439 samples from live bird markets (LBMs) and wild bird populations in Korea during from 2007 to 2010. These isolates were characterized genetically and phylogenetic analysis was conducted to investigate the relatedness between isolates from wild birds, LBM and poultry farms. In phylogenetic analysis, all 14 isolates belonged to genotype I virus within class II. Of these, nine isolates from wild birds were most closely related to the Aomori-like cluster. The five LBM isolates were most closely related to the V4-like cluster. All isolates in this study were closely related to isolates from domestic duck farms in Korea and Chinese LBM isolates. The results indicate that NDV exchange occurs between wild birds, poultry farms, LBMs and neighboring countries. Enhanced NDV surveillance is required to monitor the introduction of variant NDV in consequence of evolution in LBMs and to investigate NDV epidemiology in various species of putative hosts. Copyright © 2011 Elsevier B.V. All rights reserved.

  15. Subscribing to Foreign Journals in Bangladesh.

    ERIC Educational Resources Information Center

    Siddique, Abu Bakr

    The lack of foreign exchange caused serious problems in the acquisition of foreign journals by libraries in Bangladesh during the first years of independence. Although the governments of the United Kingdom and the United States of America (under ODA and AID schemes) have provided financial and other assistance, few institutes have received the…

  16. Immigration and Status Exchange in Australia and the United States

    PubMed Central

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

    2012-01-01

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

  17. Immigration and Status Exchange in Australia and the United States.

    PubMed

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

    2012-03-01

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

  18. Theoretical Analysis of the Professional Competence's Formation and Development in the Light of Ukrainian and Foreign Scientists (In Terms of the Marketers' Professional Skills and Abilities)

    ERIC Educational Resources Information Center

    Levkovych, Uliana

    2014-01-01

    This paper defines formation of the concept of "competence", attaches importance to the invariant of professional qualification, and explains core competencies of the marketer. The general and extensive use of the term "competence" in professional education and training has been indicated. It has been noted that recently the…

  19. Theoretical Analysis of the Professional Competence's Formation and Development in the Light of Ukrainian and Foreign Scientists (In Terms of the Marketers' Professional Skills and Abilities)

    ERIC Educational Resources Information Center

    Levkovych, Uliana

    2014-01-01

    This paper defines formation of the concept of "competence", attaches importance to the invariant of professional qualification, and explains core competencies of the marketer. The general and extensive use of the term "competence" in professional education and training has been indicated. It has been noted that recently the…

  20. Survey of Foreign Language Majors.

    ERIC Educational Resources Information Center

    Allawala, Aslam U.; And Others

    This marketing research project was undertaken to provide the International Institute of the University of Dallas with information regarding the career perception of foreign language majors for its use in recruitment for the International Management Program. Students from Arkansas, Louisiana, Oklahoma, and Texas were included in the study. Primary…

  1. 75 FR 51138 - Self-Regulatory Organizations; BATS Exchange, Inc.; Chicago Board Options Exchange, Incorporated...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-08-18

    ...; BATS Exchange, Inc.; Chicago Board Options Exchange, Incorporated; Chicago Stock Exchange, Inc.; EDGA... Securities Exchange LLC; NASDAQ OMX BX, Inc.; The NASDAQ Stock Market LLC; National Stock Exchange, Inc.; New York Stock Exchange LLC; NYSE Amex LLC; NYSE Arca, Inc.; Notice of Designation of Longer Period...

  2. 75 FR 53366 - Self-Regulatory Organizations; BATS Exchange, Inc.; Chicago Board Options Exchange, Incorporated...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-08-31

    ...; BATS Exchange, Inc.; Chicago Board Options Exchange, Incorporated; Chicago Stock Exchange, Inc.; EDGA... Securities Exchange LLC; NASDAQ OMX BX, Inc.; The NASDAQ Stock Market LLC; National Stock Exchange, Inc.; New York Stock Exchange LLC; NYSE Amex LLC; NYSE Arca, Inc.; Notice of Designation of Longer Period...

  3. 17 CFR 242.503 - Certain foreign research reports.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

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

  4. 17 CFR 242.503 - Certain foreign research reports.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

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

  5. Joint Ventures in Cuba: Opportunities for Direct Foreign Investment.

    ERIC Educational Resources Information Center

    Tancer, Robert S.

    1995-01-01

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

  6. Joint Ventures in Cuba: Opportunities for Direct Foreign Investment.

    ERIC Educational Resources Information Center

    Tancer, Robert S.

    1995-01-01

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

  7. 17 CFR 242.503 - Certain foreign research reports.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

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

  8. Cuba's oil crisis spells trouble for Castro; Opportunity for foreign petroleum investment

    SciTech Connect

    Not Available

    1992-07-06

    This paper reports on Cuba's oil crisis which presents long term woes for the government of Fidel Castro but new opportunities for foreign petroleum investment. That's the main thesis of a study by East-West Center (EWC), Honolulu. Since the cutoff of subsidized oil supplies from the former Soviet Union at the first of the year, Cuba has endured a crippling loss of export revenues and draconian energy rationing measures at home. The Soviets had reduced oil supplies to Cuba since 1989 after decades of providing the Castro government with subsidized oil supplies. Former Soviet President Mikhail Gorbachev exempted Cuba from paying market prices for Soviet oil in 1991 while requiring that of Soviet trading partners in eastern Europe. With the collapse of Communism in the former U.S.S.R., however, oil supplies from that region are available to Cuba only at market prices and for hard currency. That has triggered a crisis in the Western Hemisphere's sole Communist regime as Cuba's gross special product - equivalent to GNP - fell by 5% in 1990 and a further 20% in 1991. The foreign exchange loss of $1.6 billion stemming from the loss of Soviet subsidized oil supplies exceeds that of total foreign exchange earnings from all other sources. If Cuba imports oil in 1989 volumes at current prices, its oil import tab alone will be $1.3 billion, EWC projects.

  9. Issues and Innovations in Foreign Language Education. Fastback 222.

    ERIC Educational Resources Information Center

    Benevento, Jacqueline

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

  10. 17 CFR 38.651 - Protection of markets and market participants.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 17 Commodity and Securities Exchanges 1 2014-04-01 2014-04-01 false Protection of markets and market participants. 38.651 Section 38.651 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION DESIGNATED CONTRACT MARKETS Protection of Markets and Market Participants § 38.651 Protection...

  11. 17 CFR 38.651 - Protection of markets and market participants.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 17 Commodity and Securities Exchanges 1 2013-04-01 2013-04-01 false Protection of markets and market participants. 38.651 Section 38.651 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION DESIGNATED CONTRACT MARKETS Protection of Markets and Market Participants § 38.651 Protection...

  12. 22 CFR 23.4 - Representative value in exchange.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

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

  13. Evolution of FX Markets via Globalization of Capital

    NASA Astrophysics Data System (ADS)

    McCauley, Joseph L.

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

  14. A Unified Approach to Dynamic Matching and Barter Exchange

    DTIC Science & Technology

    2016-09-01

    barter exchange, market design, dynamic matching markets , kidney exchange, combinatorial optimization To my parents, for their unwavering support in...addresses the design, analysis, and real-world fielding of dynamic matching markets and barter exchanges. We present new mathematical models for static... markets , and develop provably optimal market clearing algo- rithms for models of these markets that can be deployed in practice. We show that taking a

  15. 7 CFR 1214.11 - Marketing.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... AND ORDERS; MISCELLANEOUS COMMODITIES), DEPARTMENT OF AGRICULTURE CHRISTMAS TREE PROMOTION, RESEARCH, AND INFORMATION ORDER Christmas Tree Promotion, Research, and Information Order Definitions § 1214.11 Marketing. Marketing means to sell or otherwise dispose of Christmas trees in interstate, foreign...

  16. 7 CFR 1214.11 - Marketing.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... AND ORDERS; MISCELLANEOUS COMMODITIES), DEPARTMENT OF AGRICULTURE CHRISTMAS TREE PROMOTION, RESEARCH, AND INFORMATION ORDER Christmas Tree Promotion, Research, and Information Order Definitions § 1214.11 Marketing. Marketing means to sell or otherwise dispose of Christmas trees in interstate, foreign...

  17. 7 CFR 1214.11 - Marketing.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... AND ORDERS; MISCELLANEOUS COMMODITIES), DEPARTMENT OF AGRICULTURE CHRISTMAS TREE PROMOTION, RESEARCH, AND INFORMATION ORDER Christmas Tree Promotion, Research, and Information Order Definitions § 1214.11 Marketing. Marketing means to sell or otherwise dispose of Christmas trees in interstate, foreign...

  18. Research on Development Mode of Foreign Competitive Basketball

    NASA Astrophysics Data System (ADS)

    Xianjiang, Zhou; Bin, Zong; Xianwu, Wu

    Adopting literature material method, survey and comparative method, the paper studies foreign competitive basketball, foreign competitive basketball on behalf of the State management system model, competitive basketball reserve personnel training and development mode system. Rely on different powers of the foreign competitive basketball from amateur to professional development; different modes of foreign competitive basketball management system; foreign competitive basketball back-up personnel training mode, the model on school training in America and other countries, mainly the club training mode in European countries; foreign model of development of competitive basketball, different from social guidance, in the combination operation mode of market regulation and government administrative intervention.

  19. Basic Concepts and Principles of Marketing.

    ERIC Educational Resources Information Center

    Beder, Hal

    1986-01-01

    Presents an overview of marketing concepts and principles. These include (1) organizational objectives, (2) exchange, (3) value, (4) market segmentation, (5) market position, (6) consumer analysis, (7) product, (8) promotion, (9) place, and (10) price. (CH)

  20. Basic Concepts and Principles of Marketing.

    ERIC Educational Resources Information Center

    Beder, Hal

    1986-01-01

    Presents an overview of marketing concepts and principles. These include (1) organizational objectives, (2) exchange, (3) value, (4) market segmentation, (5) market position, (6) consumer analysis, (7) product, (8) promotion, (9) place, and (10) price. (CH)

  1. Foreign grants

    NASA Astrophysics Data System (ADS)

    The Smithsonian Foreign Currency Program offers opportunities for support of research in Burma, Guinea, India, and Pakistan in astrophysics and earth sciences. Opportunities also are available in the following disciplines: anthropology, archeology and related topics, systematic and environmental biology, and museum programs.Grants in the local currencies of the countries listed above are awarded to American institutions for research by senior scientists. Collaborative programs involving host country institutions are welcome. Awards are determined on the basis of competitive scholarly review. The deadline for submission of applications is November 1 each year. For further information, contact the Foreign Currency Program, Office of Fellowships and Grants, Smithsonian Institution, Washington, D.C. 20560 (telephone: 202-287-3321).

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

    NASA Astrophysics Data System (ADS)

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

    2005-07-01

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

  3. Foreign grants

    NASA Astrophysics Data System (ADS)

    The Smithsonian Foreign Currency Program, a national research grants program, offers opportunities for support of research in Burma, Guinea, India, and Pakistan in astrophysics and earth sciences; anthropology, archeology, and related disciplines; systematic and environmental biology; and museum programs.Grants in the local currencies of the countries are awarded to U.S. institutions for research by senior scientists; collaborative programs involving host country institutions are welcome. Awards are determined on the basis of competitive scholarly review.

  4. 7 CFR 30.43 - Class 8; Foreign-grown cigar-leaf types.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... 7 Agriculture 2 2010-01-01 2010-01-01 false Class 8; Foreign-grown cigar-leaf types. 30.43 Section 30.43 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE.... Foreign-grown cigar wrapper. (b) Type 82. Foreign-grown cigar filler. (c) Type 83. Foreign-grown cigar...

  5. 26 CFR 1.905-4T - Notification of foreign tax redetermination (temporary).

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... through a branch in Country N, the currency of which is the n. X uses the average exchange rate to... foreign source general category income. The average exchange rate for 2008 was $1:1m. Also in 2008, X.... The average exchange rate for 2008 was $1:1n. X claimed a foreign tax credit of $150 ($100 (100m at...

  6. 26 CFR 1.905-4T - Notification of foreign tax redetermination (temporary).

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... through a branch in Country N, the currency of which is the n. X uses the average exchange rate to... foreign source general category income. The average exchange rate for 2008 was $1:1m. Also in 2008, X.... The average exchange rate for 2008 was $1:1n. X claimed a foreign tax credit of $150 ($100 (100m at...

  7. 26 CFR 1.905-4T - Notification of foreign tax redetermination (temporary).

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... through a branch in Country N, the currency of which is the n. X uses the average exchange rate to... foreign source general category income. The average exchange rate for 2008 was $1:1m. Also in 2008, X.... The average exchange rate for 2008 was $1:1n. X claimed a foreign tax credit of $150 ($100 (100m at...

  8. 26 CFR 1.905-4T - Notification of foreign tax redetermination (temporary).

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... through a branch in Country N, the currency of which is the n. X uses the average exchange rate to... foreign source general category income. The average exchange rate for 2008 was $1:1m. Also in 2008, X.... The average exchange rate for 2008 was $1:1n. X claimed a foreign tax credit of $150 ($100 (100m at...

  9. 26 CFR 1.905-4T - Notification of foreign tax redetermination (temporary).

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... through a branch in Country N, the currency of which is the n. X uses the average exchange rate to... foreign source general category income. The average exchange rate for 2008 was $1:1m. Also in 2008, X.... The average exchange rate for 2008 was $1:1n. X claimed a foreign tax credit of $150 ($100 (100m at...

  10. 76 FR 22633 - Retail Foreign Exchange Transactions

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-04-22

    ... future delivery (or an option on such a contract) or an option (other than an option executed or traded... futures and options and all agreements, contracts, or transactions that are functionally or economically similar to such futures and options similarly.\\8\\ \\1\\ Public Law 111-203, 124 Stat. 1376. \\2\\...

  11. 12 CFR 614.4900 - Foreign exchange.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ..., where such transactions or positions normally reduce risks in the conduct and management of...) Credit approval procedures safeguarding against delivery or settlement risk. (5) Total value of... management properly of trading activities and to facilitate detection of lack of compliance with policy...

  12. Foreign Cultural Exchange Jurisdictional Immunity Clarification Act

    THOMAS, 113th Congress

    Rep. Chabot, Steve [R-OH-1

    2014-03-25

    05/07/2014 Received in the Senate and Read twice and referred to the Committee on the Judiciary. (All Actions) Tracker: This bill has the status Passed HouseHere are the steps for Status of Legislation:

  13. 76 FR 56094 - Retail Foreign Exchange Transactions

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-09-12

    ... requirements enumerated in the OCC's retail forex rule. The rule implements the provision of the Dodd-Frank... forex rule). A transaction described in section 2(c)(2)(B)(i)(I) includes ``an agreement, contract, or... institutions. See 12 U.S.C. 1813(c)(1). \\3\\ For purposes of the retail forex rules, ``Federal regulatory...

  14. 76 FR 41676 - Retail Foreign Exchange Transactions

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-07-15

    ... Gouging Spreads, The Wall Street Journal (Feb. 10, 2011) at A1 (describing allegations of overcharging of... & Lingling Wei, Suspicion of Forex Gouging Spreads, The Wall Street Journal (Feb. 10, 2011) at A1...

  15. 12 CFR 614.4900 - Foreign exchange.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... of the eligible borrowers or on its own behalf, in bona fide hedging transactions and positions..., types of services offered, trading limits, reporting requirements, and internal accounting controls....

  16. 12 CFR 614.4900 - Foreign exchange.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... of the eligible borrowers or on its own behalf, in bona fide hedging transactions and positions..., types of services offered, trading limits, reporting requirements, and internal accounting controls....

  17. 12 CFR 614.4900 - Foreign exchange.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... of the eligible borrowers or on its own behalf, in bona fide hedging transactions and positions..., types of services offered, trading limits, reporting requirements, and internal accounting controls....

  18. 12 CFR 614.4900 - Foreign exchange.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... of the eligible borrowers or on its own behalf, in bona fide hedging transactions and positions..., types of services offered, trading limits, reporting requirements, and internal accounting controls....

  19. Foreign Cultural Exchange Jurisdictional Immunity Clarification Act

    THOMAS, 113th Congress

    Rep. Chabot, Steve [R-OH-1

    2014-03-25

    05/07/2014 Received in the Senate and Read twice and referred to the Committee on the Judiciary. (All Actions) Tracker: This bill has the status Passed HouseHere are the steps for Status of Legislation:

  20. Foreign Cultural Exchange Jurisdictional Immunity Clarification Act

    THOMAS, 112th Congress

    Sen. Feinstein, Dianne [D-CA

    2012-03-20

    03/20/2012 Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S1849) (All Actions) Tracker: This bill has the status IntroducedHere are the steps for Status of Legislation:

  1. Foreign Cultural Exchange Jurisdictional Immunity Clarification Act

    THOMAS, 112th Congress

    Rep. Chabot, Steve [R-OH-1

    2012-02-24

    03/20/2012 Received in the Senate and Read twice and referred to the Committee on the Judiciary. (All Actions) Tracker: This bill has the status Passed HouseHere are the steps for Status of Legislation:

  2. Foreign Cultural Exchange Jurisdictional Immunity Clarification Act

    THOMAS, 112th Congress

    Rep. Chabot, Steve [R-OH-1

    2012-02-24

    03/20/2012 Received in the Senate and Read twice and referred to the Committee on the Judiciary. (All Actions) Tracker: This bill has the status Passed HouseHere are the steps for Status of Legislation:

  3. Foreign Cultural Exchange Jurisdictional Immunity Clarification Act

    THOMAS, 112th Congress

    Rep. Chabot, Steve [R-OH-1

    2012-02-24

    Senate - 03/20/2012 Received in the Senate and Read twice and referred to the Committee on the Judiciary. (All Actions) Tracker: This bill has the status Passed HouseHere are the steps for Status of Legislation:

  4. Foreign Cultural Exchange Jurisdictional Immunity Clarification Act

    THOMAS, 113th Congress

    Rep. Chabot, Steve [R-OH-1

    2014-03-25

    Senate - 05/07/2014 Received in the Senate and Read twice and referred to the Committee on the Judiciary. (All Actions) Tracker: This bill has the status Passed HouseHere are the steps for Status of Legislation:

  5. 77 FR 62177 - Retail Foreign Exchange Transactions

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-10-12

    ... participant.\\23\\ The definition took effect on July 23, 2012, except for certain provisions related to commodity pools, which take effect on December 31, 2012. The rule adopted a prohibition on a commodity pool... claims from general creditors of the insurance company; and they divorce legal title to the assets...

  6. The futility of utility: how market dynamics marginalize Adam Smith

    NASA Astrophysics Data System (ADS)

    McCauley, Joseph L.

    2000-10-01

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

  7. 76 FR 11327 - Technical Amendments to Rule 17a-8: Financial Recordkeeping and Reporting of Currency and Foreign...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-03-02

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE... Currency and Foreign Transactions AGENCY: Securities and Exchange Commission. ACTION: Final rule; technical amendments. SUMMARY: The Securities and Exchange Commission (``Commission'') is adopting technical...

  8. 22 CFR Appendix C to Part 62 - Update of Information on Exchange-Visitor Program Sponsor

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Update of Information on Exchange-Visitor Program Sponsor C Appendix C to Part 62 Foreign Relations DEPARTMENT OF STATE PUBLIC DIPLOMACY AND EXCHANGES EXCHANGE VISITOR PROGRAM Pt. 62, App. C Appendix C to Part 62—Update of Information on Exchange...

  9. World helicopter market study

    NASA Technical Reports Server (NTRS)

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

    1978-01-01

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

  10. Dynamical model of financial markets: fluctuating ‘temperature’ causes intermittent behavior of price changes

    NASA Astrophysics Data System (ADS)

    Kozuki, Naoki; Fuchikami, Nobuko

    2003-11-01

    We present a model of financial markets originally proposed for a turbulent flow, as a dynamic basis of its intermittent behavior. Time evolution of the price change is assumed to be described by Brownian motion in a power-law potential, where the ‘temperature’ fluctuates slowly. The model generally yields a fat-tailed distribution of the price change. Specifically a Tsallis distribution is obtained if the inverse temperature is χ2-distributed, which qualitatively agrees with intraday data of foreign exchange market. The so-called ‘volatility’, a quantity indicating the risk or activity in financial markets, corresponds to the temperature of markets and its fluctuation leads to intermittency.

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

    NASA Astrophysics Data System (ADS)

    Sato, Aki-Hiro

    2008-06-01

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

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

    NASA Astrophysics Data System (ADS)

    Li, Daye; Kou, Zhun; Sun, Qiankun

    2015-09-01

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

  13. 12 CFR 214.5 - Accounts with foreign banks.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... understandings with such foreign bank as may be authorized or directed by the Federal Open Market Committee in order to effectuate the conduct of open market transactions of the Federal Reserve Banks incident to the..., the Federal Open Market Committee. (c) Any Federal Reserve Bank may, when authorized or directed so...

  14. Domestic utility attitudes toward foreign uranium supply

    SciTech Connect

    Not Available

    1981-06-01

    The current embargo on the enrichment of foreign-origin uranium for use in domestic utilization facilities is scheduled to be removed in 1984. The pending removal of this embargo, complicated by a depressed worldwide market for uranium, has prompted consideration of a new or extended embargo within the US Government. As part of its on-going data collection activities, Nuclear Resources International (NRI) has surveyed 50 domestic utility/utility holding companies (representing 60 lead operator-utilities) on their foreign uranium purchase strategies and intentions. The most recent survey was conducted in early May 1981. A number of qualitative observations were made during the course of the survey. The major observations are: domestic utility views toward foreign uranium purchase are dynamic; all but three utilities had some considered foreign purchase strategy; some utilities have problems with buying foreign uranium from particular countries; an inducement is often required by some utilities to buy foreign uranium; opinions varied among utilities concerning the viability of the domestic uranium industry; and many utilities could have foreign uranium fed through their domestic uranium contracts (indirect purchases). The above observations are expanded in the final section of the report. However, it should be noted that two of the observations are particularly important and should be seriously considered in formulation of foreign uranium import restrictions. These important observations are the dynamic nature of the subject matter and the potentially large and imbalanced effect the indirect purchases could have on utility foreign uranium procurement.

  15. [Healthcare marketing elements].

    PubMed

    Ameri, Cinzia; Fiorini, Fulvio

    2014-01-01

    Marketing puts its foundation on a few key concepts: need-demand, product-service, satisfaction, exchange, market, or business structure manufacturing / supply. The combination of these elements allows you to build an effective marketing strategy. Crucial in this respect is to remember the Porter matrix, which shows that for a correct analysis of the relevant market is necessary to refer to the "five forces at play", ie: customers, competitors, new entrants and substitutes threat. Another key lever for proper marketing oriented approach is the continuous and constant monitoring of the application, anticipating their dissatisfactions.

  16. Market review - Market values summary/October market review/current market data

    SciTech Connect

    1995-11-01

    This article is the October 1995 uranium market summary. In this reporting period, there were four transactions in the natural uranium market, no activity in the spot UF6 market, no activity in the spot conversion market, and only a single activity in the enrichment services market. Spot uranium volume dropped sharply, and active uranium supply rose. The rise in demand, however, more than offset this increase. Unrestricted exchange prices rose slightly, as did the unrestricted UF6 value. All other prices remained steady.

  17. Stennis Farmer's Market

    NASA Image and Video Library

    2012-04-24

    The Stennis Space Center Farmer's Market marked its move to a new onsite location and its six-month anniversary with a spring celebration event April 24, 2012. Activities included entertainment by local musicians and dance groups, such as the Coastal County Pickers and Diamondhead Line Dancers. The NASA Exchange sponsors the twice-monthly market.

  18. 17 CFR 240.11a1-5 - Transactions by registered competitive market makers and registered equity market makers.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... registered equity market makers. Any transaction by a New York Stock Exchange registered competitive market maker or an American Stock Exchange registered equity market maker effected in compliance with their... competitive market makers and registered equity market makers. 240.11a1-5 Section 240.11a1-5 Commodity and...

  19. 17 CFR 240.11a1-5 - Transactions by registered competitive market makers and registered equity market makers.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... registered equity market makers. Any transaction by a New York Stock Exchange registered competitive market maker or an American Stock Exchange registered equity market maker effected in compliance with their... competitive market makers and registered equity market makers. 240.11a1-5 Section 240.11a1-5 Commodity and...

  20. 17 CFR 240.11a1-5 - Transactions by registered competitive market makers and registered equity market makers.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... registered equity market makers. Any transaction by a New York Stock Exchange registered competitive market maker or an American Stock Exchange registered equity market maker effected in compliance with their... competitive market makers and registered equity market makers. 240.11a1-5 Section 240.11a1-5 Commodity and...

  1. The Marketing of Public Library Services.

    ERIC Educational Resources Information Center

    Dragon, Andrea C.

    1983-01-01

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

  2. The Marketing of Public Library Services.

    ERIC Educational Resources Information Center

    Dragon, Andrea C.

    1983-01-01

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

  3. Social welfare with a foreign competitor

    NASA Astrophysics Data System (ADS)

    Ferreira, Fernanda A.

    2009-11-01

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

  4. America's top model. As the health information exchange market heats up--with vendors jockeying for position and funds being allocated--one state is paving the way.

    PubMed

    Gamble, Kate Huvane

    2010-07-01

    As states move forward in establishing health information exchanges (HIEs), many are looking to New York State for guidance. New York, which got an early start in building a data exchange program, has been successful in securing private investments to supplement its public funds. It has also established a credible infrastructure, governance and policy framework for a statewide HIE network. However, significant hurdles to successful HIE implementation remain. One industry report cautions that policy, security, patient consent, lack of data standards and physician acceptance still need to be addressed.

  5. Historical market data

    SciTech Connect

    1996-08-01

    Historical financial data is provided for the uranium market in graphic and tabular form. Market data includes restricted and unrestricted uranium price ranges; exchange, transaction, uranium hexafluoride, conversion, and separative work values; and annual world uranium production and requirements. Selected historical economic indicators are listed for Australia, Canada, South Africa, and the United States. Natural uranium deliveries to the European Union and U.S. uranium marketing data are provided.

  6. The internalist perspective on inevitable arbitrage in financial markets

    NASA Astrophysics Data System (ADS)

    Matsuno, Koichiro

    2003-06-01

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

  7. Governmental Objectives in Exchanges of Persons Programs.

    ERIC Educational Resources Information Center

    Harkness, Albert, Jr.

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

  8. 22 CFR 22.4 - Requests for services, Foreign Service.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... definition of representative value in exchange, see § 23.4 of this chapter. No fees named in this schedule... conspicuous place in each Foreign Service consular office, subject to the examination by all...

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

    PubMed

    Furuya, K

    1992-01-01

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

  10. 17 CFR 232.306 - Foreign language documents and symbols.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

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

  11. 17 CFR 232.306 - Foreign language documents and symbols.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

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

  12. 17 CFR 232.306 - Foreign language documents and symbols.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 17 Commodity and Securities Exchanges 2 2010-04-01 2010-04-01 false Foreign language documents and... § 232.306 Foreign language documents and symbols. (a) All electronic filings and submissions must be in the English language, except as otherwise provided by paragraph (d) of this section. If a filing or...

  13. 76 FR 13251 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-03-10

    ... mechanism of a free and open market and a national market system, and, in general, to protect investors and... Change Amending Exchange Rule 103B To Modify the Application of the Exchange's Designated Market Maker... Exchange Rule 103B to modify the application of the Exchange's Designated Market Maker (``DMM'') allocation...

  14. 78 FR 24593 - Notice of Finding That Kassem Rmeiti & Co. For Exchange Is a Financial Institution of Primary...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-04-25

    ...). Specifically, it offers services that would be defined as money transmission and dealing in foreign exchange..., Hassan Ayash Exchange, and New Line Exchange Trust Co., under the Foreign Narcotics Kingpin Designation... Enforcement Network Notice of Finding That Kassem Rmeiti & Co. For Exchange Is a Financial Institution of...

  15. Foreign Language: A Guide to Curriculum Development.

    ERIC Educational Resources Information Center

    Delaware State Dept. of Public Instruction, Dover.

    Designed for teachers and administrators, this curriculum guide outlines the aims, techniques, contents, and scope of language instruction at the various levels. Topics detailed include the language laboratory, summer institutes and camps, team teaching, teacher qualifications, materials selection, foreign study, exchange programs, tests, and…

  16. 77 FR 65028 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-10-24

    ... trading market outside the United States, provided such market is a regulated stock exchange. The Exchange... Market or Primary Trading Market Outside the United States, Provided Such Market is a Regulated Stock..., Mexico or the United States (``North America''), the Exchange will include all North American holders and...

  17. Making Virtual Exchange/Telecollaboration Mainstream--Large Scale Exchanges

    ERIC Educational Resources Information Center

    Hagley, Eric

    2016-01-01

    Language educators' goals include promoting cultural understanding and improving the language skills of their students. Virtual Exchange (VE) is a powerful means to do this. Students in English as a Foreign Language (EFL) classrooms often have few opportunities to communicate with other users of English. VE gives them virtual mobility, enabling…

  18. Profiles of foreign direct investment in US energy, 1992

    SciTech Connect

    Not Available

    1994-05-16

    The report reviews the patterns of foreign ownership interest in US energy enterprises, exclusive of portfolio investment (<10% ownership of a US enterprise). It profiles the involvement of foreign-affiliated US companies in the following areas: domestic petroleum production (including natural gas), reserve holdings, refining and marketing activities, coal production, and uranium exploration and development.

  19. Homecare marketing and product management.

    PubMed

    Wells, J B

    1985-09-01

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

  20. 22 CFR 120.37 - Foreign ownership and foreign control.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 22 Foreign Relations 1 2014-04-01 2014-04-01 false Foreign ownership and foreign control. 120.37 Section 120.37 Foreign Relations DEPARTMENT OF STATE INTERNATIONAL TRAFFIC IN ARMS REGULATIONS PURPOSE AND DEFINITIONS § 120.37 Foreign ownership and foreign control. Foreign ownership means more than 50 percent...

  1. 22 CFR 120.37 - Foreign ownership and foreign control.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... 22 Foreign Relations 1 2012-04-01 2012-04-01 false Foreign ownership and foreign control. 120.37 Section 120.37 Foreign Relations DEPARTMENT OF STATE INTERNATIONAL TRAFFIC IN ARMS REGULATIONS PURPOSE AND DEFINITIONS § 120.37 Foreign ownership and foreign control. Foreign ownership means more than 50 percent...

  2. 22 CFR 120.37 - Foreign ownership and foreign control.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 22 Foreign Relations 1 2013-04-01 2013-04-01 false Foreign ownership and foreign control. 120.37 Section 120.37 Foreign Relations DEPARTMENT OF STATE INTERNATIONAL TRAFFIC IN ARMS REGULATIONS PURPOSE AND DEFINITIONS § 120.37 Foreign ownership and foreign control. Foreign ownership means more than 50 percent...

  3. Legal Exchange: Necessity and Opportunity

    ERIC Educational Resources Information Center

    Norberg, Charles R.

    1975-01-01

    The International Legal Exchange Program (ILEP) arranges for lawyers from the U.S. or foreign countries to have several months of training in countries different from their own. The program offers an opportunity to strengthen world order under law through better understanding. (Author/PG)

  4. 77 FR 29473 - Market Access Program

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-05-17

    ... May 17, 2012 Part II Department of Agriculture Commodity Credit Corporation 7 CFR Part 1485 Market... Market Access Program AGENCY: Foreign Agricultural Service and Commodity Credit Corporation, USDA. ACTION: Final rule. SUMMARY: This final rule revises and amends the regulation used to administer the Market...

  5. 17 CFR 240.13k-1 - Foreign bank exemption from the insider lending prohibition under section 13(k).

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 17 Commodity and Securities Exchanges 3 2013-04-01 2013-04-01 false Foreign bank exemption from... Securities Exchanges SECURITIES AND EXCHANGE COMMISSION (CONTINUED) GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 Rules and Regulations Under the Securities Exchange Act of 1934 Regulation 13d-G § 240...

  6. 17 CFR 240.13k-1 - Foreign bank exemption from the insider lending prohibition under section 13(k).

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 17 Commodity and Securities Exchanges 4 2014-04-01 2014-04-01 false Foreign bank exemption from... Securities Exchanges SECURITIES AND EXCHANGE COMMISSION (CONTINUED) GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 Rules and Regulations Under the Securities Exchange Act of 1934 Regulation 13d-G § 240...

  7. 17 CFR 240.11a1-5 - Transactions by registered competitive market makers and registered equity market makers.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... registered equity market makers. Any transaction by a New York Stock Exchange registered competitive market maker or an American Stock Exchange registered equity market maker effected in compliance with their... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Transactions by registered...

  8. The Migration of Foreign Students to Russia

    ERIC Educational Resources Information Center

    Pis'mennaia, E. E.

    2010-01-01

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

  9. The Migration of Foreign Students to Russia

    ERIC Educational Resources Information Center

    Pis'mennaia, E. E.

    2010-01-01

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

  10. Essays on Economic Policy and Foreign Policy,

    DTIC Science & Technology

    1985-03-01

    Vietnam, Cambodia, Laos, Benin, Madagascar, Congo-Brazzaville, Nicaragua , Syria and Libya, while maintaining Soviet dominion in Eastern Europe, Cuba, and...includes Cuba, Vietnam, Angola, South Ysmen, Ethiopia, Mozambique, Libya, Syria, Nicaragua and North Korea. Clearly, this definition covers a wide...selective import of foreign technology, and have avoided hyperinflation . Orientation toward the market, while typical of these relatively successful

  11. 22 CFR 63.4 - Grants to foreign participants to lecture, teach, and engage in research.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

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

  12. 22 CFR 63.4 - Grants to foreign participants to lecture, teach, and engage in research.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

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

  13. 22 CFR Appendix C to Part 62 - Update of Information on Exchange-Visitor Program Sponsor

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... 22 Foreign Relations 1 2011-04-01 2011-04-01 false Update of Information on Exchange-Visitor Program Sponsor C Appendix C to Part 62 Foreign Relations DEPARTMENT OF STATE PUBLIC DIPLOMACY AND EXCHANGES EXCHANGE VISITOR PROGRAM Pt. 62, App. C Appendix C to Part 62—Update of Information on...

  14. Secondary School Student Exchanges. Discussion Paper

    ERIC Educational Resources Information Center

    US Department of State, 2007

    2007-01-01

    Educational and cultural exchanges are the cornerstone of U.S. public diplomacy and an integral component of foreign policy. To further this policy objective, the Department of State designates U.S. government, academic, and private sector entities to conduct educational and cultural exchange programs pursuant to a broad grant of authority from…

  15. Patient Protection and Affordable Care Act; program integrity: exchange, premium stabilization programs, and market standards; amendments to the HHS notice of benefit and payment parameters for 2014. Final rule.

    PubMed

    2013-10-30

    This final rule implements provisions of 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, this final rule outlines financial integrity and oversight standards with respect to Affordable Insurance Exchanges, qualified health plan (QHP) issuers in Federally-facilitated Exchanges (FFEs), and States with regard to the operation of risk adjustment and reinsurance programs. It also establishes additional standards for special enrollment periods, survey vendors that may conduct enrollee satisfaction surveys on behalf of QHP issuers, and issuer participation in an FFE, and makes certain amendments to definitions and standards related to the market reform rules. These standards, which include financial integrity provisions and protections against fraud and abuse, are consistent with Title I of the Affordable Care Act. This final rule also amends and adopts as final interim provisions set forth in the Amendments to the HHS Notice of Benefit and Payment Parameters for 2014 interim final rule, published in the Federal Register on March 11, 2013, related to risk corridors and cost-sharing reduction reconciliation.

  16. 78 FR 15800 - 30-Day Notice of Proposed Information Collection: Exchange Student Survey

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-03-12

    ... Notice of Proposed Information Collection: Exchange Student Survey ACTION: Notice of request for public... INFORMATION: Title of Information Collection: ECA Exchange Student Surveys. OMB Control Number: none. Type of...: SV2012-0007 (Foreign Exchange students) and SV2012-0010 (U.S. Exchange students). Respondents: Exchange...

  17. 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 transmittal. 30.12 Section 30.12 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION... trading advisor subject to regulation under the Act, including any investment adviser registered as...

  18. 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 transmittal. 30.12 Section 30.12 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION... trading advisor subject to regulation under the Act, including any investment adviser registered as...

  19. 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 transmittal. 30.12 Section 30.12 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION... trading advisor subject to regulation under the Act, including any investment adviser registered as...

  20. State, Foreign Operations Appropriations: A Guide to Component Accounts

    DTIC Science & Technology

    2009-03-30

    policy. These non-governmental organizations provide educational programs, exchanges, and grants to organizations in foreign countries promoting...number. 1. REPORT DATE 30 MAR 2009 2. REPORT TYPE 3. DATES COVERED 00-00-2009 to 00-00-2009 4. TITLE AND SUBTITLE State, Foriegn Operations... Educational and Cultural Exchange Programs.................................................................... 4 Representation Allowances