Sample records for market processing trade

  1. Who wins? Study of long-run trader survival in an artificial stock market

    NASA Astrophysics Data System (ADS)

    Cincotti, Silvano; M. Focardi, Sergio; Marchesi, Michele; Raberto, Marco

    2003-06-01

    We introduce a multi-asset artificial financial market with finite amount of cash and number of stocks. The background trading is characterized by a random trading strategy constrained by the finiteness of resources and by market volatility. Stock price processes exhibit volatility clustering, fat-tailed distribution of returns and reversion to the mean. Three active trading strategies have been introduced and studied in two different market conditions: steady market and growing market with asset inflation. We show that the profitability of each strategy depends both on the periodicity of portfolio reallocation and on the market condition. The best performing strategy is the one that exploits the mean reversion characteristic of asset price processes.

  2. Poisson-process generalization for the trading waiting-time distribution in a double-auction mechanism

    NASA Astrophysics Data System (ADS)

    Cincotti, Silvano; Ponta, Linda; Raberto, Marco; Scalas, Enrico

    2005-05-01

    In this paper, empirical analyses and computational experiments are presented on high-frequency data for a double-auction (book) market. Main objective of the paper is to generalize the order waiting time process in order to properly model such empirical evidences. The empirical study is performed on the best bid and best ask data of 7 U.S. financial markets, for 30-stock time series. In particular, statistical properties of trading waiting times have been analyzed and quality of fits is evaluated by suitable statistical tests, i.e., comparing empirical distributions with theoretical models. Starting from the statistical studies on real data, attention has been focused on the reproducibility of such results in an artificial market. The computational experiments have been performed within the Genoa Artificial Stock Market. In the market model, heterogeneous agents trade one risky asset in exchange for cash. Agents have zero intelligence and issue random limit or market orders depending on their budget constraints. The price is cleared by means of a limit order book. The order generation is modelled with a renewal process. Based on empirical trading estimation, the distribution of waiting times between two consecutive orders is modelled by a mixture of exponential processes. Results show that the empirical waiting-time distribution can be considered as a generalization of a Poisson process. Moreover, the renewal process can approximate real data and implementation on the artificial stocks market can reproduce the trading activity in a realistic way.

  3. Commodity durability, trader specialization, and market performance

    PubMed Central

    Dickhaut, John; Lin, Shengle; Porter, David; Smith, Vernon

    2012-01-01

    The original double auction studies of supply and demand markets established their strong efficiency and equilibrium convergence behavior using economically unsophisticated and untrained subjects. The results were unexpected because all individual costs and values were private and dependent entirely on the market trading process to aggregate the dispersed information into socially desirable outcomes. The exchange environment, however, corresponded to that of perishable, and not re-traded goods in which participants were specialized as buyers or sellers. We report experiments in repeated single-period markets where tradability, and buyer-seller role specialization, is varied by imposing or relaxing a restriction on re-trade within each period. In re-trade markets scope is given to speculative motives unavailable where goods perish on purchase. We observe greatly increased trade volume and decreased efficiency but subject experience increases efficiency. Observed speculation slows convergence by impeding the process whereby individuals learn from the market whether their private circumstances lead them to specialize as buyers or sellers. PMID:22307595

  4. The Working of Circuit Breakers Within Percolation Models for Financial Markets

    NASA Astrophysics Data System (ADS)

    Ehrenstein, Gudrun; Westerhoff, Frank

    We use a modified Cont-Bouchaud model to explore the effectiveness of trading breaks. The modifications include that the trading activity of the market participants depends positively on historical volatility and that the orders of the agents are conditioned on the observed mispricing. Trading breaks, also called circuit breakers, interrupt the trading process when prices are about to exceed a pre-specified limit. We find that trading breaks are a useful instrument to stabilize financial markets. In particular, trading breaks may reduce price volatility and deviations from fundamentals.

  5. 17 CFR 37.203 - Rule enforcement program.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... shall establish and enforce trading, trade processing, and participation rules that will deter abuses... practices prohibited. A swap execution facility shall prohibit abusive trading practices on its markets by members and market participants. Swap execution facilities that permit intermediation shall prohibit...

  6. Smart Markets for Water Resources

    NASA Astrophysics Data System (ADS)

    Raffensperger, John

    2017-04-01

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

  7. Modeling financial markets by the multiplicative sequence of trades

    NASA Astrophysics Data System (ADS)

    Gontis, V.; Kaulakys, B.

    2004-12-01

    We introduce the stochastic multiplicative point process modeling trading activity of financial markets. Such a model system exhibits power-law spectral density S(f)∝1/fβ, scaled as power of frequency for various values of β between 0.5 and 2. Furthermore, we analyze the relation between the power-law autocorrelations and the origin of the power-law probability distribution of the trading activity. The model reproduces the spectral properties of trading activity and explains the mechanism of power-law distribution in real markets.

  8. Wealth dynamics in a sentiment-driven market

    NASA Astrophysics Data System (ADS)

    Goykhman, Mikhail

    2017-12-01

    We study dynamics of a simulated world with stock and money, driven by the externally given processes which we refer to as sentiments. The considered sentiments influence the buy/sell stock trading attitude, the perceived price uncertainty, and the trading intensity of all or a part of the market participants. We study how the wealth of market participants evolves in time in such an environment. We discuss the opposite perspective in which the parameters of the sentiment processes can be inferred a posteriori from the observed market behavior.

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

    PubMed

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

    2005-01-01

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

  10. Making Education Markets through Global Trade Agreements

    ERIC Educational Resources Information Center

    Robertson, Susan L.

    2017-01-01

    This paper uses the global trade negotiations and agreements, which include education sectors as potentially tradable services, to show the complex processes at work in making global education markets. Drawing on the work of Jens Beckert and others, I focus on the micro-processes of making capitalist orders and the challenges at hand in bringing…

  11. 77 FR 19044 - Self-Regulatory Organizations; the NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-03-29

    ... that the quality of its process for commencing IPO trading would be enhanced by allowing market... orders being entered prior to commencement of trading, resulting in a higher level of order interaction... commencement of trading of IPO securities, resulting in a higher level of order interaction at the open. Thus...

  12. Quantitative model of price diffusion and market friction based on trading as a mechanistic random process.

    PubMed

    Daniels, Marcus G; Farmer, J Doyne; Gillemot, László; Iori, Giulia; Smith, Eric

    2003-03-14

    We model trading and price formation in a market under the assumption that order arrival and cancellations are Poisson random processes. This model makes testable predictions for the most basic properties of markets, such as the diffusion rate of prices (which is the standard measure of financial risk) and the spread and price impact functions (which are the main determinants of transaction cost). Guided by dimensional analysis, simulation, and mean-field theory, we find scaling relations in terms of order flow rates. We show that even under completely random order flow the need to store supply and demand to facilitate trading induces anomalous diffusion and temporal structure in prices.

  13. Quantitative Model of Price Diffusion and Market Friction Based on Trading as a Mechanistic Random Process

    NASA Astrophysics Data System (ADS)

    Daniels, Marcus G.; Farmer, J. Doyne; Gillemot, László; Iori, Giulia; Smith, Eric

    2003-03-01

    We model trading and price formation in a market under the assumption that order arrival and cancellations are Poisson random processes. This model makes testable predictions for the most basic properties of markets, such as the diffusion rate of prices (which is the standard measure of financial risk) and the spread and price impact functions (which are the main determinants of transaction cost). Guided by dimensional analysis, simulation, and mean-field theory, we find scaling relations in terms of order flow rates. We show that even under completely random order flow the need to store supply and demand to facilitate trading induces anomalous diffusion and temporal structure in prices.

  14. Characterising Wildlife Trade Market Supply-Demand Dynamics

    PubMed Central

    Rowcliffe, M.; Cowlishaw, G.; Alexander, J. S.; Ntiamoa-Baidu, Y.; Brenya, A.; Milner-Gulland, E. J.

    2016-01-01

    The trade in wildlife products can represent an important source of income for poor people, but also threaten wildlife locally, regionally and internationally. Bushmeat provides livelihoods for hunters, traders and sellers, protein to rural and urban consumers, and has depleted the populations of many tropical forest species. Management interventions can be targeted towards the consumers or suppliers of wildlife products. There has been a general assumption in the bushmeat literature that the urban trade is driven by consumer demand with hunters simply fulfilling this demand. Using the urban bushmeat trade in the city of Kumasi, Ghana, as a case study, we use a range of datasets to explore the processes driving the urban bushmeat trade. We characterise the nature of supply and demand by explicitly considering three market attributes: resource condition, hunter behaviour, and consumer behaviour. Our results suggest that bushmeat resources around Kumasi are becoming increasingly depleted and are unable to meet demand, that hunters move in and out of the trade independently of price signals generated by the market, and that, for the Kumasi bushmeat system, consumption levels are driven not by consumer choice but by shortfalls in supply and consequent price responses. Together, these results indicate that supply-side processes dominate the urban bushmeat trade in Kumasi. This suggests that future management interventions should focus on changing hunter behaviour, although complementary interventions targeting consumer demand are also likely to be necessary in the long term. Our approach represents a structured and repeatable method to assessing market dynamics in information-poor systems. The findings serve as a caution against assuming that wildlife markets are demand driven, and highlight the value of characterising market dynamics to inform appropriate management. PMID:27632169

  15. Characterising Wildlife Trade Market Supply-Demand Dynamics.

    PubMed

    McNamara, J; Rowcliffe, M; Cowlishaw, G; Alexander, J S; Ntiamoa-Baidu, Y; Brenya, A; Milner-Gulland, E J

    2016-01-01

    The trade in wildlife products can represent an important source of income for poor people, but also threaten wildlife locally, regionally and internationally. Bushmeat provides livelihoods for hunters, traders and sellers, protein to rural and urban consumers, and has depleted the populations of many tropical forest species. Management interventions can be targeted towards the consumers or suppliers of wildlife products. There has been a general assumption in the bushmeat literature that the urban trade is driven by consumer demand with hunters simply fulfilling this demand. Using the urban bushmeat trade in the city of Kumasi, Ghana, as a case study, we use a range of datasets to explore the processes driving the urban bushmeat trade. We characterise the nature of supply and demand by explicitly considering three market attributes: resource condition, hunter behaviour, and consumer behaviour. Our results suggest that bushmeat resources around Kumasi are becoming increasingly depleted and are unable to meet demand, that hunters move in and out of the trade independently of price signals generated by the market, and that, for the Kumasi bushmeat system, consumption levels are driven not by consumer choice but by shortfalls in supply and consequent price responses. Together, these results indicate that supply-side processes dominate the urban bushmeat trade in Kumasi. This suggests that future management interventions should focus on changing hunter behaviour, although complementary interventions targeting consumer demand are also likely to be necessary in the long term. Our approach represents a structured and repeatable method to assessing market dynamics in information-poor systems. The findings serve as a caution against assuming that wildlife markets are demand driven, and highlight the value of characterising market dynamics to inform appropriate management.

  16. A Sequence Mining Method to Predict the Bidding Strategy of Trading Agents

    NASA Astrophysics Data System (ADS)

    Nikolaidou, Vivia; Mitkas, Pericles A.

    In this work, we describe the process used in order to predict the bidding strategy of trading agents. This was done in the context of the Reverse TAC, or CAT, game of the Trading Agent Competition. In this game, a set of trading agents, buyers or sellers, are provided by the server and they trade their goods in one of the markets operated by the competing agents. Better knowledge of the strategy of the trading agents will allow a market maker to adapt its incentives and attract more agents to its own market. Our prediction was based on the time series of the traders’ past bids, taking into account the variation of each bid compared to its history. The results proved to be of satisfactory accuracy, both in the game’s context and when compared to other existing approaches.

  17. 76 FR 58186 - Swap Transaction Compliance and Implementation Schedule: Clearing and Trade Execution...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-09-20

    ...(h) of the CEA, by any of the following methods: Agency Web site, via its Comments Online process at... promote market integrity within the financial system by, among other things: (1) Providing for the... existing and potential market infrastructures, including clearinghouses, trading platforms, and swap data...

  18. Trading leads to scale-free self-organization

    NASA Astrophysics Data System (ADS)

    Ebert, M.; Paul, W.

    2012-12-01

    Financial markets display scale-free behavior in many different aspects. The power-law behavior of part of the distribution of individual wealth has been recognized by Pareto as early as the nineteenth century. Heavy-tailed and scale-free behavior of the distribution of returns of different financial assets have been confirmed in a series of works. The existence of a Pareto-like distribution of the wealth of market participants has been connected with the scale-free distribution of trading volumes and price-returns. The origin of the Pareto-like wealth distribution, however, remained obscure. Here we show that in a market where the imbalance of supply and demand determines the direction of prize changes, it is the process of trading itself that spontaneously leads to a self-organization of the market with a Pareto-like wealth distribution for the market participants and at the same time to a scale-free behavior of return fluctuations and trading volume distributions.

  19. Typical calculation and analysis of carbon emissions in thermal power plants

    NASA Astrophysics Data System (ADS)

    Gai, Zhi-jie; Zhao, Jian-gang; Zhang, Gang

    2018-03-01

    On December 19, 2017, the national development and reform commission issued the national carbon emissions trading market construction plan (power generation industry), which officially launched the construction process of the carbon emissions trading market. The plan promotes a phased advance in carbon market construction, taking the power industry with a large carbon footprint as a breakthrough, so it is extremely urgent for power generation plants to master their carbon emissions. Taking a coal power plant as an example, the paper introduces the calculation process of carbon emissions, and comes to the fuel activity level, fuel emissions factor and carbon emissions data of the power plant. Power plants can master their carbon emissions according to this paper, increase knowledge in the field of carbon reserves, and make the plant be familiar with calculation method based on the power industry carbon emissions data, which can help power plants positioning accurately in the upcoming carbon emissions trading market.

  20. Federal Trade Commission's authority to regulate marketing to children: deceptive vs. unfair rulemaking.

    PubMed

    Pomeranz, Jennifer L

    2011-01-01

    Food and beverage marketing directed at children is of increasing concern to the public health and legal communities. The new administration at the Federal Trade Commission and abundant science on the topic make it a particularly opportune time for the government to reconsider regulating marketing directed at youth. This Article analyzes the Commission's authority to regulate food and beverage marketing directed at children under its jurisdiction over unfair and deceptive acts and practices to determine which avenue is most viable. The author finds that the Federal Trade Commission has the authority to regulate deceptive marketing practices directed at vulnerable populations. Although the Commission can issue individual orders, its remedial power to initiate rules would better address the pervasiveness of modern marketing practices. The Commission does not currently have the power to regulate unfair marketing to children; however, even if Congress reinstated this authority, the Commission's authority over deceptive marketing may be preferable to regulate these practices. Deceptive communications are not protected by the First Amendment and the deceptive standard matches the science associated with marketing to children. The Federal Trade Commission has the authority to initiate rulemaking in the realm of food and beverage marketing to children as deceptive communications in interstate commerce, in violation of the Federal Trade Commission Act. However, to effectuate this process, Congress would need to grant the Commission the authority to do so under the Administrative Procedures Act.

  1. Are Price Limits Effective? An Examination of an Artificial Stock Market.

    PubMed

    Zhang, Xiaotao; Ping, Jing; Zhu, Tao; Li, Yuelei; Xiong, Xiong

    2016-01-01

    We investigated the inter-day effects of price limits policies that are employed in agent-based simulations. To isolate the impact of price limits from the impact of other factors, we built an artificial stock market with higher frequency price limits hitting. The trading mechanisms in this market are the same as the trading mechanisms in China's stock market. Then, we designed a series of simulations with and without price limits policy. The results of these simulations demonstrate that both upper and lower price limits can cause a volatility spillover effect and a trading interference effect. The process of price discovery will be delayed if upper price limits are imposed on a stock market; however, this phenomenon does not occur when lower price limits are imposed.

  2. Are Price Limits Effective? An Examination of an Artificial Stock Market

    PubMed Central

    Zhu, Tao; Li, Yuelei; Xiong, Xiong

    2016-01-01

    We investigated the inter-day effects of price limits policies that are employed in agent-based simulations. To isolate the impact of price limits from the impact of other factors, we built an artificial stock market with higher frequency price limits hitting. The trading mechanisms in this market are the same as the trading mechanisms in China’s stock market. Then, we designed a series of simulations with and without price limits policy. The results of these simulations demonstrate that both upper and lower price limits can cause a volatility spillover effect and a trading interference effect. The process of price discovery will be delayed if upper price limits are imposed on a stock market; however, this phenomenon does not occur when lower price limits are imposed. PMID:27513330

  3. Incomplete coexistence systems and international food trade impacts.

    PubMed

    Smyth, Stuart J; Phillips, Peter W B

    2015-12-01

    Trade disruptions have been both common and costly for the few GM crops that are produced and marketed. We use a range of adoption studies (compiled by Smyth et al. in Handbook on Agriculture, Biotechnology and Development, Edward Elgar Publishing Ltd, Cheltenham, 2014a), regulatory data and production and trade data to quantify the scale for low level presence incidents. To gain a full perspective on the potential scale of this problem in coming years, we use a combination of recent GM trait commercialization studies and corporate pipeline analysis to identify which traits are planned for which products and the countries in which the technology is likely to be commercialized. Their potential impact will be a result of the intended markets, the regulatory process (especially asynchronous decisions) and the scale and scope of trade in those products. Finally, the article examines the potential for some existing trade and industry institutions to manage the inherent risks of uncertain markets and market impacts.

  4. Information-driven trade and price-volume relationship in artificial stock markets

    NASA Astrophysics Data System (ADS)

    Liu, Xinghua; Liu, Xin; Liang, Xiaobei

    2015-07-01

    The positive relation between stock price changes and trading volume (price-volume relationship) as a stylized fact has attracted significant interest among finance researchers and investment practitioners. However, until now, consensus has not been reached regarding the causes of the relationship based on real market data because extracting valuable variables (such as information-driven trade volume) from real data is difficult. This lack of general consensus motivates us to develop a simple agent-based computational artificial stock market where extracting the necessary variables is easy. Based on this model and its artificial data, our tests have found that the aggressive trading style of informed agents can produce a price-volume relationship. Therefore, the information spreading process is not a necessary condition for producing price-volume relationship.

  5. An Integrated Model for a Water Leasing System on the Middle Rio Grand, New Mexico

    NASA Astrophysics Data System (ADS)

    Brookshire, D. S.; Coursey, D. L.; Tidwell, V. C.; Broadbent, C. D.

    2006-12-01

    Since 1950 demand for water has more than doubled in the United States. Virtually all water supplies are allocated, leading to the question, where will water come from? The concept of water leasing has gained considerable attention as a volunteer, market-mediated system for transferring water between competing uses. For a water leasing system to be truly effective, detailed knowledge of the available water supply and the factors that affect water demand is critical. Improving understating of the factors that determine residential, industrial, and agricultural demand for water using experimental economics and then integrating with a hydrological model will allow for better understanding of market-based mechanisms potential to allocate water resources effectively. Currently we have three case studies underway, a generalized water leasing system on the Middle Rio Grande, a sophisticated farmer decision process and a study in the Mimbres basin in southern New Mexico. The developed market model utilizes an open market trading system known as a double auction, where buyers and sellers declare their bids and offers to the market. The developed hydrological model utilizes the Upper Rio Grande Water Operations Model (URGWOM) system structure and data for the generalized water leasing system and the farmer decision process, with a different hydrological model being developed for the Mimbres basin. A key coupling between the hydrologic and market models involves tracking the difference in river losses for trades that move water up or down the river. In the experiments the hydrological model runs before the market-trading period to establish water rights, the trading period occurs and the hydrological model then runs a second time to report flows to each reach of the river. Participants in the experiment represent the interests of specific users, including farmers, Native American interests, urban interests and environmental interests. Participants in the experiments are motivated by a utility function specific to each water users needs. Currently twelve experiments have been run in four different climatic scenarios (decreasing, increasing, normal and dry water scenarios) for the generalized water leasing system, and the sophisticated farmer decision process. The results have shown the market to be robust, with multiple trades occurring in each trading year. The trading process is efficient with positive gains being realized from participation in the marketplace. This material is based upon work supported in part by SAHRA (Sustainability of semi-Arid Hydrology and Riparian Areas) under the STC Program of the National Science Foundation, Agreement No. EAR-9876800 and through Sandia National Laboratory Research and Development Program. Special thanks go to Kyle Carpenter, Ramon Vasquez, Ann Demint, for programming of various software components and to Jake Grandy and Frannie Miller for help in running the experiments.

  6. Economic, social and resource management factors influencing groundwater trade: Evidence from Victoria, Australia

    NASA Astrophysics Data System (ADS)

    Gill, Bruce; Webb, John; Stott, Kerry; Cheng, Xiang; Wilkinson, Roger; Cossens, Brendan

    2017-07-01

    In Victoria, Australia, most groundwater resources are now fully allocated and opportunities for new groundwater development can only occur through trading of license entitlements. Groundwater usage has rarely exceeded 50% of the available licensed volume, even in the 2008/9 drought year, and 50 to 70% of individual license holders use less than 5% of their allocation each year. However, little groundwater trading is occurring at present. Interviews were conducted with groundwater license holders and water brokers to investigate why the Victorian groundwater trade market is underdeveloped. Responses show there is a complex mix of social, economic, institutional and technical reasons. Barriers to trade are influenced by the circumstances of each groundwater user, administrative process and resource management rules. Water brokers deal with few trades at low margins and noted unrealistic selling prices and administrative difficulties. Irrigators who have successfully traded identify that there are few participants in trading, technical appraisals are expensive and administrative requirements and fees are burdensome, especially when compared to surface water trading. Opportunities to facilitate trade include groundwater management plan refinement and improved information provision. Simplifying transaction processes and costs, demonstrating good resource stewardship and preventing third party impacts from trade could address some concerns raised by market participants. There are, however, numerous individual circumstances that inhibit groundwater trading, so it is unlikely that policy and process changes alone could increase usage rates without greater demand for groundwater or more favourable farming economic circumstances.

  7. Can demand-side policies stop the tobacco industry's damage? Lessons from Turkey.

    PubMed

    Gultekin-Karakas, Derya

    2015-01-01

    Trade and investment liberalisation in the post-1980 period allowed the penetration of transnational tobacco companies into the Turkish market. State control over the market was gradually removed and tobacco farming, manufacturing, trade and consumption were reshaped in line with the needs of transnational tobacco companies. The resultant increase in product proliferation and aggressive marketing strategies led to a dramatic rise in cigarette consumption in the 1990s, making Turkey a market with one of the sharpest consumption increases in the world. While Turkey implemented demand-side tobacco control policies to reduce consumption after 1996, it continued to stimulate manufacturing and trade in a conflicting way. The Turkish case verifies that the liberalisation process facilitated by the state under the auspices of international institutions conflicts with tobacco control. Liberalisation paves the way for market expansions of transnational tobacco companies that resist tobacco control in their drive for profit. Current global tobacco control policies, with no interest in controlling manufacturing, have limited effect on consumption. The Turkish case indicates the necessity of establishing public control over tobacco manufacturing and trade from a public health perspective.

  8. Nation-States in Continental Markets: The Political Geography of Free Trade.

    ERIC Educational Resources Information Center

    Merrett, Christopher D.

    1997-01-01

    Argues that neoclassical conceptions of political geography separate economic from political processes and therefore ignore the consequences of economic policies. Uses discourse theory to show how the pretensions of objectivity embedded in neoclassical trade theory obscure these consequences. Briefly reviews trade theory from Adam Smith to the…

  9. Impact and recovery process of mini flash crashes: An empirical study.

    PubMed

    Braun, Tobias; Fiegen, Jonas A; Wagner, Daniel C; Krause, Sebastian M; Guhr, Thomas

    2018-01-01

    In an Ultrafast Extreme Event (or Mini Flash Crash), the price of a traded stock increases or decreases strongly within milliseconds. We present a detailed study of Ultrafast Extreme Events in stock market data. In contrast to popular belief, our analysis suggests that most of the Ultrafast Extreme Events are not necessarily due to feedbacks in High Frequency Trading: In at least 60 percent of the observed Ultrafast Extreme Events, the largest fraction of the price change is due to a single market order. In times of financial crisis, large market orders are more likely which leads to a significant increase of Ultrafast Extreme Events occurrences. Furthermore, we analyze the 100 trades following each Ultrafast Extreme Events. While we observe a tendency of the prices to partially recover, less than 40 percent recover completely. On the other hand we find 25 percent of the Ultrafast Extreme Events to be almost recovered after only one trade which differs from the usually found price impact of market orders.

  10. Impact and recovery process of mini flash crashes: An empirical study

    PubMed Central

    Wagner, Daniel C.; Krause, Sebastian M.; Guhr, Thomas

    2018-01-01

    In an Ultrafast Extreme Event (or Mini Flash Crash), the price of a traded stock increases or decreases strongly within milliseconds. We present a detailed study of Ultrafast Extreme Events in stock market data. In contrast to popular belief, our analysis suggests that most of the Ultrafast Extreme Events are not necessarily due to feedbacks in High Frequency Trading: In at least 60 percent of the observed Ultrafast Extreme Events, the largest fraction of the price change is due to a single market order. In times of financial crisis, large market orders are more likely which leads to a significant increase of Ultrafast Extreme Events occurrences. Furthermore, we analyze the 100 trades following each Ultrafast Extreme Events. While we observe a tendency of the prices to partially recover, less than 40 percent recover completely. On the other hand we find 25 percent of the Ultrafast Extreme Events to be almost recovered after only one trade which differs from the usually found price impact of market orders. PMID:29782503

  11. Simulation of economic agents interaction in a trade chain

    NASA Astrophysics Data System (ADS)

    Gimanova, I. A.; Dulesov, A. S.; Litvin, N. V.

    2017-01-01

    The mathematical model of economic agents interaction is offered in the work. It allowsconsidering the change of price and sales volumesin dynamics according to the process of purchase and sale in the single-product market of the trade and intermediary network. The description of data-flow processes is based on the use of the continuous dynamic market model. The application of ordinary differential equations during the simulation allows one to define areas of coefficients - characteristics of agents - and to investigate their interaction in a chain on stability.

  12. 7 CFR 989.53 - Research and development.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... foreign markets by collecting data thereon, consulting with members of the trade, and making the... in domestic and foreign markets. These projects may include, but need not be limited to those... research the preparation for market, sanitation, quality, condition, storability, processing, or packaging...

  13. 7 CFR 989.53 - Research and development.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... foreign markets by collecting data thereon, consulting with members of the trade, and making the... in domestic and foreign markets. These projects may include, but need not be limited to those... research the preparation for market, sanitation, quality, condition, storability, processing, or packaging...

  14. 7 CFR 989.53 - Research and development.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... foreign markets by collecting data thereon, consulting with members of the trade, and making the... in domestic and foreign markets. These projects may include, but need not be limited to those... research the preparation for market, sanitation, quality, condition, storability, processing, or packaging...

  15. 7 CFR 989.53 - Research and development.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... foreign markets by collecting data thereon, consulting with members of the trade, and making the... in domestic and foreign markets. These projects may include, but need not be limited to those... research the preparation for market, sanitation, quality, condition, storability, processing, or packaging...

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

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

    Coffee, Brian

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

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

    ScienceCinema

    Coffee, Brian

    2018-05-14

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

  18. 17 CFR 38.850 - Core Principle 16.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... MARKETS Conflicts of Interest § 38.850 Core Principle 16. The board of trade shall establish and enforce rules: (a) To minimize conflicts of interest in the decision-making process of the contract market; and...

  19. 17 CFR 38.850 - Core Principle 16.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... MARKETS Conflicts of Interest § 38.850 Core Principle 16. The board of trade shall establish and enforce rules: (a) To minimize conflicts of interest in the decision-making process of the contract market; and...

  20. Market development directory for solar industrial process heat systems

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

    None

    The purpose of this directory is to provide a basis for market development activities through a location listing of key trade associations, trade periodicals, and key firms for three target groups. Potential industrial users and potential IPH system designers were identified as the prime targets for market development activities. The bulk of the directory is a listing of these two groups. The third group, solar IPH equipment manufacturers, was included to provide an information source for potential industrial users and potential IPH system designers. Trade associates and their publications are listed for selected four-digit Standard Industrial Code (SIC) industries. Sincemore » industries requiring relatively lower temperature process heat probably will comprise most of the near-term market for solar IPH systems, the 80 SIC's included in this chapter have process temperature requirements less than 350/sup 0/F. Some key statistics and a location list of the largest plants (according to number of employees) in each state are included for 15 of the 80 SIC's. Architectural/engineering and consulting firms are listed which are known to have solar experience. Professional associated and periodicals to which information on solar IPH sytstems may be directed also are included. Solar equipment manufacturers and their associations are listed. The listing is based on the SERI Solar Energy Information Data Base (SEIDB).« less

  1. 75 FR 69494 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change To List...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-11-12

    ... Gold Bullion Market According to the Registration Statement, the global trade in gold consists of Over... accounts for most global gold trading. Market makers, as well as others in the OTC market, trade with each... (trading gold since 2010). Market Regulation The global gold markets are overseen and regulated by both...

  2. 75 FR 29514 - Export Trade Certificate of Review

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-05-26

    ... Operation described below in the following Export Trade and Export Markets: Export Trade Export Product ALCC... being headed and gutted. Export Markets The Export Markets include all parts of the world except the... engage in Export Trade in the Export Markets, ALCC and its Members may undertake the following activities...

  3. Heterogeneous information-based artificial stock market

    NASA Astrophysics Data System (ADS)

    Pastore, S.; Ponta, L.; Cincotti, S.

    2010-05-01

    In this paper, an information-based artificial stock market is considered. The market is populated by heterogeneous agents that are seen as nodes of a sparsely connected graph. Agents trade a risky asset in exchange for cash. Besides the amount of cash and assets owned, each agent is characterized by a sentiment. Moreover, agents share their sentiments by means of interactions that are identified by the graph. Interactions are unidirectional and are supplied with heterogeneous weights. The agent's trading decision is based on sentiment and, consequently, the stock price process depends on the propagation of information among the interacting agents, on budget constraints and on market feedback. A central market maker (clearing house mechanism) determines the price process at the intersection of the demand and supply curves. Both closed- and open-market conditions are considered. The results point out the validity of the proposed model of information exchange among agents and are helpful for understanding the role of information in real markets. Under closed market conditions, the interaction among agents' sentiments yields a price process that reproduces the main stylized facts of real markets, e.g. the fat tails of the returns distributions and the clustering of volatility. Within open-market conditions, i.e. with an external cash inflow that results in asset price inflation, also the unitary root stylized fact is reproduced by the artificial stock market. Finally, the effects of model parameters on the properties of the artificial stock market are also addressed.

  4. Generation co-ordination and energy trading systems in an open market

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

    Eichler, R.

    1998-07-01

    The power industry in many parts of the world is currently undergoing dramatic changes: deregulation, privatization, competition and 3rd party access are the keywords. The major trends are summarized at the beginning of the paper to provide the basis for the evolving consequences for the power generation industry. In the restructured environment of the Open Market power generation companies frequently are organizationally separated from transmission, distribution, and supply and now have to sell their product directly to customers. This necessitates the introduction of energy trading support functions for both bilateral trading and power exchange trading. On the other hand, theremore » is a close relationship between energy trading and the technical process of energy production. The paper discusses design principles for software systems supporting maximum economic benefits. First practical application experience is also presented. The energy trading process requires the break up of proprietary databases and proprietary data structures as this process has a major need to communicate with external partners who normally use different systems. This directly leads to 3rd party products for the database, standardized data structures and standardized communication protocols. The Open Market environment calls for new and modified planning functions: in some cases measured value information necessary for updating load forecasts cannot be directly achieved. This leads to the need for an estimator of the actual load situation, a completely new function. Power scheduling has to take care of the generation company's balance but it need not always be forced to 0. Regulating services from the grid companies can be used instead. This gives the scheduling functions additional freedom for determining more economic overall solutions considering both purchase and services and sales of energy.« less

  5. 76 FR 1101 - Property Traded on an Established Market

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-01-07

    ... Property Traded on an Established Market AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice... regulations relating to determining when property is traded on an established market (that is, publicly traded... regulations to clarify the circumstances that cause property to be publicly traded. The regulations provide...

  6. 76 FR 51108 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-08-17

    ...., International Securities Exchange LLC, The NASDAQ Stock Market LLC, New York Stock Exchange LLC, NYSE Amex LLC... Amend the Clearly Erroneous Rule in Light of Changes to the Single Stock Trading Pause Process August 11... continue to operate in the same manner after changes to the single stock trading pause process are...

  7. 17 CFR 16.01 - Trading volume, open contracts, prices, and critical dates.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... TRADING COMMISSION REPORTS BY REPORTING MARKETS § 16.01 Trading volume, open contracts, prices, and critical dates. (a) Trading volume and open contracts. Each reporting market shall record for each business... total volume of trading. (b) Prices. Each reporting market shall record the following information...

  8. Rewriting the regulations: how the World Trade Organisation could accelerate privatisation in health-care systems.

    PubMed

    Pollock, A M; Price, D

    2000-12-09

    The World Trade Organisation (WTO) is drawing up regulatory proposals which could force governments to open up their public services to foreign Investors and markets. As part of the General Agreement on Trade in Services (GATS) negotiations, the WTO working party on reform of domestic regulation is developing a regulatory reform agenda which could mark a new era of compulsion in international trade law. Article VI.4 of the GATS is being strengthened with the aim of requiring member states to show that they are employing least trade-restrictive policies. The legal tests under consideration would outlaw the use of non-market mechanisms such as cross-subsidisation, universal risk pooling, solidarity, and public accountability in the design, funding, and delivery of public services as being anti-competitive and restrictive to trade. The domestic policies of national governments will be subject to WTO rules, and if declared illegal, could lead to trade sanctions under the WTO disputes panel process. The USA and European Union, with the backing of their own multinational corporations, believe that these new powers will advantage their own economies. Health-care professionals and public-health activists must ensure that this secretive regulatory reform process is opened up for public debate.

  9. 17 CFR Appendix B to Part 36 - Guidance on, and Acceptable Practices in, Compliance With Core Principles

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... COMMODITY FUTURES TRADING COMMISSION EXEMPT MARKETS Pt. 36, App. B Appendix B to Part 36—Guidance on, and... contracts to prevent market manipulation, price distortion, and disruptions of the delivery of cash-settlement process through market surveillance, compliance and disciplinary practices and procedures...

  10. 17 CFR Appendix B to Part 36 - Guidance on, and Acceptable Practices in, Compliance With Core Principles

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... COMMODITY FUTURES TRADING COMMISSION EXEMPT MARKETS Pt. 36, App. B Appendix B to Part 36—Guidance on, and... contracts to prevent market manipulation, price distortion, and disruptions of the delivery of cash-settlement process through market surveillance, compliance and disciplinary practices and procedures...

  11. Mapping hotspots of threatened species traded in bushmeat markets in the Cross-Sanaga rivers region.

    PubMed

    Fa, John E; Farfán, Miguel Angel; Marquez, Ana Luz; Duarte, Jesús; Nackoney, Janet; Hall, Amy; Dupain, Jef; Seymour, Sarah; Johnson, Paul J; MacDonald, David W; Vargas, J Mario

    2014-02-01

    Bushmeat markets exist in many countries in West and Central Africa, and data on species sold can be used to detect patterns of wildlife trade in a region. We surveyed 89 markets within the Cross-Sanaga rivers region, West Africa. In each market, we counted the number of carcasses of each taxon sold. During a 6-month period (7594 market days), 44 mammal species were traded. Thirteen species were on the International Union for Conservation of Nature (IUCN) Red List or protected under national legislation, and at least 1 threatened species was traded in 88 of the 89 markets. We used these data to identify market groups that traded similar species assemblages. Using cluster analyses, we detected 8 market groups that were also geographically distinct. Market groups differed in the diversity of species, evenness of species, and dominant, prevalent, and characteristic species traded. We mapped the distribution of number of threatened species traded across the study region. Most threatened species were sold in markets nearest 2 national parks, Korup National Park in Cameroon and Cross River in Nigeria. To assess whether the threatened-species trade hotspots coincided with the known ranges of these species, we mapped the overlap of all threatened species traded. Markets selling more threatened species overlapped with those regions that had higher numbers of these. Our study can provide wildlife managers in the region with better tools to discern zones within which to focus policing efforts and reduce threats to species that are threatened by the bushmeat trade. © 2013 Society for Conservation Biology.

  12. 75 FR 5782 - Noble Energy Marketing and Trade Corporation; Supplemental Notice That Initial Market-Based Rate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-02-04

    ... Marketing and Trade Corporation; Supplemental Notice That Initial Market-Based Rate Filing Includes Request...-referenced proceeding of Noble Energy Marketing and Trade Corporation's application for market- based rate... electronic submission of protests and interventions in lieu of paper, using the FERC Online links at http...

  13. 17 CFR 200.19a - Director of the Division of Trading and Markets.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... Trading and Markets. 200.19a Section 200.19a Commodity and Securities Exchanges SECURITIES AND EXCHANGE... General Organization § 200.19a Director of the Division of Trading and Markets. The Director of the Division of Trading and Markets is responsible to the Commission for the administration and execution of...

  14. 17 CFR 200.19a - Director of the Division of Trading and Markets.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... Trading and Markets. 200.19a Section 200.19a Commodity and Securities Exchanges SECURITIES AND EXCHANGE... General Organization § 200.19a Director of the Division of Trading and Markets. The Director of the Division of Trading and Markets is responsible to the Commission for the administration and execution of...

  15. 17 CFR 200.19a - Director of the Division of Trading and Markets.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... Trading and Markets. 200.19a Section 200.19a Commodity and Securities Exchanges SECURITIES AND EXCHANGE... General Organization § 200.19a Director of the Division of Trading and Markets. The Director of the Division of Trading and Markets is responsible to the Commission for the administration and execution of...

  16. 17 CFR 33.4 - Designation as a contract market for the trading of commodity options.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... market for the trading of commodity options. 33.4 Section 33.4 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION REGULATION OF DOMESTIC EXCHANGE-TRADED COMMODITY OPTION TRANSACTIONS § 33.4 Designation as a contract market for the trading of commodity options. The Commission may...

  17. 17 CFR 33.4 - Designation as a contract market for the trading of commodity options.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... market for the trading of commodity options. 33.4 Section 33.4 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION REGULATION OF DOMESTIC EXCHANGE-TRADED COMMODITY OPTION TRANSACTIONS § 33.4 Designation as a contract market for the trading of commodity options. The Commission may...

  18. Application of the Cluster Expansion to a Mathematical Model of the Long Memory Phenomenon in a Financial Market

    NASA Astrophysics Data System (ADS)

    Kuroda, Koji; Maskawa, Jun-ichi; Murai, Joshin

    2013-08-01

    Empirical studies of the high frequency data in stock markets show that the time series of trade signs or signed volumes has a long memory property. In this paper, we present a discrete time stochastic process for polymer model which describes trader's trading strategy, and show that a scale limit of the process converges to superposition of fractional Brownian motions with Hurst exponents and Brownian motion, provided that the index γ of the time scale about the trader's investment strategy coincides with the index δ of the interaction range in the discrete time process. The main tool for the investigation is the method of cluster expansion developed in the mathematical study of statistical mechanics.

  19. 17 CFR 38.256 - Trade reconstruction.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 17 Commodity and Securities Exchanges 1 2014-04-01 2014-04-01 false Trade reconstruction. 38.256 Section 38.256 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION DESIGNATED CONTRACT MARKETS Prevention of Market Disruption § 38.256 Trade reconstruction. The designated contract market must...

  20. 17 CFR 38.256 - Trade reconstruction.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 17 Commodity and Securities Exchanges 1 2013-04-01 2013-04-01 false Trade reconstruction. 38.256 Section 38.256 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION DESIGNATED CONTRACT MARKETS Prevention of Market Disruption § 38.256 Trade reconstruction. The designated contract market must...

  1. Trade policy, health, and corporate influence: British American tobacco and China's accession to the World Trade Organization.

    PubMed

    Holden, Chris; Lee, Kelley; Gilmore, Anna; Fooks, Gary; Wander, Nathaniel

    2010-01-01

    Tobacco market liberalization can have a profound impact on health. This article analyzes internal documents of British American Tobacco (BAT), released as a result of litigation in the United States, in order to examine the company's attempts to influence negotiations over China's accession to the World Trade Organization. The documents demonstrate that BAT attempted to influence these negotiations through a range of mechanisms, including personal access of BAT employees and lobbyists to policymakers; employment of former civil servants from key U.K. government departments; use of organized business groups such as the Multinational Chairmen's Group and the European Round Table; and participation and leadership in forums organized by Chatham House. These processes contributed to significant concessions on the liberalization of the tobacco market in China, although the failure to break the Chinese state monopoly over the manufacture and distribution of cigarettes has ensured that foreign tobacco companies' share of the Chinese market has remained small. World Trade Organization accession has nevertheless led to a profound restructuring of the Chinese tobacco industry in anticipation of foreign competition, which may result in more market-based and internationally oriented Chinese tobacco firms.

  2. 17 CFR 33.5 - Application for designation as a contract market for the trading of commodity options.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... a contract market for the trading of commodity options. 33.5 Section 33.5 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION REGULATION OF DOMESTIC EXCHANGE-TRADED COMMODITY OPTION TRANSACTIONS § 33.5 Application for designation as a contract market for the trading of commodity options. (a...

  3. 17 CFR 33.6 - Suspension or revocation of designation as a contract market for the trading of commodity options.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... designation as a contract market for the trading of commodity options. 33.6 Section 33.6 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION REGULATION OF DOMESTIC EXCHANGE-TRADED COMMODITY OPTION TRANSACTIONS § 33.6 Suspension or revocation of designation as a contract market for the trading...

  4. 77 FR 18875 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change To Amend...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-03-28

    ... floor trades executed by Floor Market Makers [sic] a designated Trading Zone, not just those to which... Makers are not appointed to a designated Trading Zone, they are subject to certain Market Maker... effected on the Trading Floor to count toward the Market Maker's appointment trading requirement and to...

  5. 17 CFR 33.5 - Application for designation as a contract market for the trading of commodity options.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... a contract market for the trading of commodity options. 33.5 Section 33.5 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION REGULATION OF COMMODITY OPTION TRANSACTIONS THAT ARE OPTIONS... contract market for the trading of commodity options. (a) Any board of trade desiring to be designated as a...

  6. 17 CFR 33.6 - Suspension or revocation of designation as a contract market for the trading of commodity options.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... designation as a contract market for the trading of commodity options. 33.6 Section 33.6 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION REGULATION OF DOMESTIC EXCHANGE-TRADED COMMODITY OPTION TRANSACTIONS § 33.6 Suspension or revocation of designation as a contract market for the trading...

  7. 17 CFR 33.5 - Application for designation as a contract market for the trading of commodity options.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... a contract market for the trading of commodity options. 33.5 Section 33.5 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION REGULATION OF DOMESTIC EXCHANGE-TRADED COMMODITY OPTION TRANSACTIONS § 33.5 Application for designation as a contract market for the trading of commodity options. (a...

  8. 17 CFR 33.5 - Application for designation as a contract market for the trading of commodity options.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... a contract market for the trading of commodity options. 33.5 Section 33.5 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION REGULATION OF DOMESTIC EXCHANGE-TRADED COMMODITY OPTION TRANSACTIONS § 33.5 Application for designation as a contract market for the trading of commodity options. (a...

  9. Proposal of Classification Method of Time Series Data in International Emissions Trading Market Using Agent-based Simulation

    NASA Astrophysics Data System (ADS)

    Nakada, Tomohiro; Takadama, Keiki; Watanabe, Shigeyoshi

    This paper proposes the classification method using Bayesian analytical method to classify the time series data in the international emissions trading market depend on the agent-based simulation and compares the case with Discrete Fourier transform analytical method. The purpose demonstrates the analytical methods mapping time series data such as market price. These analytical methods have revealed the following results: (1) the classification methods indicate the distance of mapping from the time series data, it is easier the understanding and inference than time series data; (2) these methods can analyze the uncertain time series data using the distance via agent-based simulation including stationary process and non-stationary process; and (3) Bayesian analytical method can show the 1% difference description of the emission reduction targets of agent.

  10. The market effectiveness of electricity reform: A case of carbon emissions trading market of Shenzhen city

    NASA Astrophysics Data System (ADS)

    Wang, Yongli; Wang, Gang; Zuo, Yi; Fan, Lisha; Xiao, Yao

    2017-03-01

    In the 13th Five-Year Plan, the Chinese government proposed to achieve the national carbon emission trading market established by 2017. The establishment of carbon emission trading market is the most important one in power reform, which helps to promote the power reform and achieve the goal of energy saving and emission reduction. As the bond of connecting environment energy issues and the economic development, carbon emissions trading market has become a hot research topic in the related fields, by market means, it incentive the lower cost subject emissions to undertake more reductions and therefore to benefit, the body of the high cost finished the task by buying quota reduction, to achieve the effect of having the least social total cost. Shenzhen has become the first city in China to start carbon trading pilot formally on June 16, 2013, online trading on June 18. The paper analyzes the market effectiveness of electricity reform in China, which takes carbon emissions trading market of Shenzhen city for example, and gives some suggestions for future development.

  11. Policy design and performance of emissions trading markets: an adaptive agent-based analysis.

    PubMed

    Bing, Zhang; Qinqin, Yu; Jun, Bi

    2010-08-01

    Emissions trading is considered to be a cost-effective environmental economic instrument for pollution control. However, the pilot emissions trading programs in China have failed to bring remarkable success in the campaign for pollution control. The policy design of an emissions trading program is found to have a decisive impact on its performance. In this study, an artificial market for sulfur dioxide (SO2) emissions trading applying the agent-based model was constructed. The performance of the Jiangsu SO2 emissions trading market under different policy design scenario was also examined. Results show that the market efficiency of emissions trading is significantly affected by policy design and existing policies. China's coal-electricity price system is the principal factor influencing the performance of the SO2 emissions trading market. Transaction costs would also reduce market efficiency. In addition, current-level emissions discharge fee/tax and banking mechanisms do not distinctly affect policy performance. Thus, applying emissions trading in emission control in China should consider policy design and interaction with other existing policies.

  12. 77 FR 56533 - Property Traded on an Established Market

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-09-13

    ... Property Traded on an Established Market AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Final regulations. SUMMARY: This document contains final regulations that apply to determine when property is traded on an established market (that is, publicly traded) for purposes of determining the issue price of a...

  13. 17 CFR 200.30-3 - Delegation of authority to Director of Division of Trading and Markets.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... Director of Division of Trading and Markets. 200.30-3 Section 200.30-3 Commodity and Securities Exchanges... Division of Trading and Markets. Pursuant to the provisions of Pub. L. 87-592, 76 Stat. 394, 15 U.S.C. 78d... otherwise, the following functions to the Director of the Division of Trading and Markets to be performed by...

  14. The influence of trading volume on market efficiency: The DCCA approach

    NASA Astrophysics Data System (ADS)

    Sukpitak, Jessada; Hengpunya, Varagorn

    2016-09-01

    For a single market, the cross-correlation between market efficiency and trading volume, which is an indicator of market liquidity, is attentively analysed. The study begins with creating time series of market efficiency by applying time-varying Hurst exponent with one year sliding window to daily closing prices. The time series of trading volume corresponding to the same time period used for the market efficiency is derived from one year moving average of daily trading volume. Subsequently, the detrended cross-correlation coefficient is employed to quantify the degree of cross-correlation between the two time series. It was found that values of cross-correlation coefficient of all considered stock markets are close to 0 and are clearly out of range in which correlation being considered significant in almost every time scale. Obtained results show that the market liquidity in term of trading volume hardly has effect on the market efficiency.

  15. Policy interactions and underperforming emission trading markets in China.

    PubMed

    Zhang, Bing; Zhang, Hui; Liu, Beibei; Bi, Jun

    2013-07-02

    Emission trading is considered to be cost-effective environmental economic instrument for pollution control. However, the ex post analysis of emission trading program found that cost savings have been smaller and the trades fewer than might have been expected at the outset of the program. Besides policy design issues, pre-existing environmental regulations were considered to have a significant impact on the performance of the emission trading market in China. Taking the Jiangsu sulfur dioxide (SO2) market as a case study, this research examined the impact of policy interactions on the performance of the emission trading market. The results showed that cost savings associated with the Jiangsu SO2 emission trading market in the absence of any policy interactions were CNY 549 million or 12.5% of total pollution control costs. However, policy interactions generally had significant impacts on the emission trading system; the lone exception was current pollution levy system. When the model accounted for all four kinds of policy interactions, the total pollution control cost savings from the emission trading market fell to CNY 39.7 million or 1.36% of total pollution control costs. The impact of policy interactions would reduce 92.8% of cost savings brought by emission trading program.

  16. Biological trade and markets.

    PubMed

    Hammerstein, Peter; Noë, Ronald

    2016-02-05

    Cooperation between organisms can often be understood, like trade between merchants, as a mutually beneficial exchange of services, resources or other 'commodities'. Mutual benefits alone, however, are not sufficient to explain the evolution of trade-based cooperation. First, organisms may reject a particular trade if another partner offers a better deal. Second, while human trade often entails binding contracts, non-human trade requires unwritten 'terms of contract' that 'self-stabilize' trade and prevent cheating even if all traders strive to maximize fitness. Whenever trading partners can be chosen, market-like situations arise in nature that biologists studying cooperation need to account for. The mere possibility of exerting partner choice stabilizes many forms of otherwise cheatable trade, induces competition, facilitates the evolution of specialization and often leads to intricate forms of cooperation. We discuss selected examples to illustrate these general points and review basic conceptual approaches that are important in the theory of biological trade and markets. Comparing these approaches with theory in economics, it turns out that conventional models-often called 'Walrasian' markets-are of limited relevance to biology. In contrast, early approaches to trade and markets, as found in the works of Ricardo and Cournot, contain elements of thought that have inspired useful models in biology. For example, the concept of comparative advantage has biological applications in trade, signalling and ecological competition. We also see convergence between post-Walrasian economics and biological markets. For example, both economists and biologists are studying 'principal-agent' problems with principals offering jobs to agents without being sure that the agents will do a proper job. Finally, we show that mating markets have many peculiarities not shared with conventional economic markets. Ideas from economics are useful for biologists studying cooperation but need to be taken with caution. © 2016 The Authors.

  17. Developing a water market readiness assessment framework

    NASA Astrophysics Data System (ADS)

    Wheeler, Sarah Ann; Loch, Adam; Crase, Lin; Young, Mike; Grafton, R. Quentin

    2017-09-01

    Water markets are increasingly proposed as a demand-management strategy to deal with water scarcity. Water trading arrangements, on their own, are not about setting bio-physical limits to water-use. Nevertheless, water trading that mitigates scarcity constraints can assist regulators of water resources to keep water-use within limits at the lowest possible cost, and may reduce the cost of restoring water system health. While theoretically attractive, many practitioners have, at best, only a limited understanding of the practical usefulness of markets and how they might be most appropriately deployed. Using lessons learned from jurisdictions around the world where water markets have been implemented, this study attempts to fill the existing water market development gap and provide an initial framework (the water market readiness assessment (WMRA)) to describe the policy and administrative conditions/reforms necessary to enable governments/jurisdictions to develop water trading arrangements that are efficient, equitable and within sustainable limits. Our proposed framework consists of three key steps: 1) an assessment of hydrological and institutional needs; 2) a market evaluation, including assessment of development and implementation issues; and 3) the monitoring, continuous/review and assessment of future needs; with a variety of questions needing assessment at each stage. We apply the framework to three examples: regions in Australia, the United States and Spain. These applications indicate that WMRA can provide key information for water planners to consider on the usefulness of water trading processes to better manage water scarcity; but further practical applications and tests of the framework are required to fully evaluate its effectiveness.

  18. Research on the Development of Green Finance in Shenzhen to Boost the Carbon Trading Market

    NASA Astrophysics Data System (ADS)

    Zhou, Jiping; Xiong, Siqin; Zhou, Yucheng; Zou, Zijian; Ma, Xiaoming

    2017-08-01

    This paper analyses the current development situations of Shenzhen carbon trading market and China’s green finance, and makes the policy recommendations for promoting the carbon trading market by developing green finance in Shenzhen. Shenzhen should take the lead in driving the localized application of green principle, and formulate Shenzhen green bond guidelines ASAP, to promote carbon trading associated enterprises to finance by using green bonds; it shall work to lower the threshold for financial institutions to participate in carbon trading market, and explore development of carbon derivatives.

  19. 78 FR 61416 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-10-03

    ... zero or the lowest Minimum Trading Increment or (ii) the Expanded Quote Range has been calculated as zero. The proposal codifies existing functionality during the Exchange's Opening Process. Specifically... either zero or the lowest Minimum Trading Increment and market order sell interest has a quantity greater...

  20. Effects of trade openness and market scale on different regions

    NASA Astrophysics Data System (ADS)

    Tian, Renqu; Yang, Zisheng

    2017-04-01

    This paper revisits the relationship between growth, trade openness and market scale. Empirical studies have provided that area develops lopsided problem in China is increasingly serious, while large trade openness and market scale bring about more economic growth. We use a number of data set from province-level’s gross domestic product and socio-economic, as well as statistical methods panel ordinary least squares and instrumental variables estimation techniques to explore the effects of trade openness and regional market scale on the three major economic regions. The results indicate: Firstly, the impact of market scale and trade openness on economic growth is found to be positive. Secondly, the overall regional disparity is owing to the trade openness, market scale and macroeconomic policies. Thirdly, midland and western region should take advantage of regional geographical location and resource to expand exports and narrow the regional difference.

  1. An agent-based model for an air emissions cap and trade program: A case study in Taiwan.

    PubMed

    Huang, Hsing-Fu; Ma, Hwong-Wen

    2016-12-01

    To determine the actual status of individuals in a system and the trading interaction between polluters, this study uses an agent-based model to set up a virtual world that represents the Kaohsiung and Pingtung regions in Taiwan, which are under the country's air emissions cap and trade program. The model can simulate each controlled industry's dynamic behavioral condition with the bottom-up method and can investigate the impact of the program and determine the industry's emissions reduction and trading condition. This model can be used elastically to predict the impact of the trading market through adjusting different settings of the program rules or combining the settings with other measures. The simulation results show that the emissions trading market has an oversupply, but we find that the market trading amounts are low. Additionally, we find that increasing the air pollution fee and offset rate restrains the agents' trading decision, according to the simulation results of each scenario. In particular, NO x and SO x trading amounts are easily impacted by the pollution fee, reduction rate, and offset rate. Also, the more transparent the market, the more it can help polluters trade. Therefore, if authorities want to intervene in the emissions trading market, they must be careful in adjusting the air pollution fee and program rules; otherwise, the trading market system cannot work effectively. We also suggest setting up a trading platform to help the dealers negotiate successfully. Copyright © 2016 Elsevier Ltd. All rights reserved.

  2. Species protection, the changing informal economy, and the politics of access to the bushmeat trade in the Democratic Republic of Congo.

    PubMed

    De Merode, Emmanuel; Cowlishaw, Guy

    2006-08-01

    Our understanding of the linkages between the bushmeat trade and the wider informal economy is limited. This lack of knowledge is particularly problematic for conservation under conditions of political instability, when the informal economy can be highly dynamic and impacts on wildlife populations can be severe. To explore these interlinked processes, we conducted a study of the bushmeat trade in Garamba National Park, Democratic Republic of Congo, through a combination of market surveys, semistructured interviews, and direct observation. We focused on the sale of protected and unprotected species in urban and rural markets, and the bushmeat commodity chains that supplied these markets, under conditions of political stability and armed conflict. During peacetime, protected species from the park (predominantly elephant and buffalo) rarely appeared in the rural markets, but they comprised more than half of all bushmeat sales in the urban markets. This pattern reflected differences in the rural and urban commodity chains. Automatic weapons were urban trade. The use of such weapons was discouraged by the traditional chiefs, who administered the village markets. During wartime, the sales of protected species in the urban markets increased fivefold because the military officers fled, leaving behind an open-access system that led to a massive increase in the exploitation of protected species. In contrast, the rural markets remained relatively stable because of the continued authority of the village chiefs. Our results indicate that sociopolitical factors can be an important determinant of species offtake and, therefore, that knowledge of the bushmeat commodity chain can be vital to controlling theprocesses that drive species extraction. In addition, our findings suggest that traditional authorities can be potentially valuable partners for bushmeat management.

  3. Critical reflexivity in financial markets: a Hawkes process analysis

    NASA Astrophysics Data System (ADS)

    Hardiman, Stephen J.; Bercot, Nicolas; Bouchaud, Jean-Philippe

    2013-10-01

    We model the arrival of mid-price changes in the E-mini S&P futures contract as a self-exciting Hawkes process. Using several estimation methods, we find that the Hawkes kernel is power-law with a decay exponent close to -1.15 at short times, less than ≈ 103 s, and crosses over to a second power-law regime with a larger decay exponent ≈-1.45 for longer times scales in the range [ 103,106 ] seconds. More importantly, we find that the Hawkes kernel integrates to unity independently of the analysed period, from 1998 to 2011. This suggests that markets are and have always been close to criticality, challenging a recent study which indicates that reflexivity (endogeneity) has increased in recent years as a result of increased automation of trading. However, we note that the scale over which market events are correlated has decreased steadily over time with the emergence of higher frequency trading.

  4. Modeling of long-range memory processes with inverse cubic distributions by the nonlinear stochastic differential equations

    NASA Astrophysics Data System (ADS)

    Kaulakys, B.; Alaburda, M.; Ruseckas, J.

    2016-05-01

    A well-known fact in the financial markets is the so-called ‘inverse cubic law’ of the cumulative distributions of the long-range memory fluctuations of market indicators such as a number of events of trades, trading volume and the logarithmic price change. We propose the nonlinear stochastic differential equation (SDE) giving both the power-law behavior of the power spectral density and the long-range dependent inverse cubic law of the cumulative distribution. This is achieved using the suggestion that when the market evolves from calm to violent behavior there is a decrease of the delay time of multiplicative feedback of the system in comparison to the driving noise correlation time. This results in a transition from the Itô to the Stratonovich sense of the SDE and yields a long-range memory process.

  5. Performance of technical trading rules: evidence from Southeast Asian stock markets.

    PubMed

    Tharavanij, Piyapas; Siraprapasiri, Vasan; Rajchamaha, Kittichai

    2015-01-01

    This paper examines the profitability of technical trading rules in the five Southeast Asian stock markets. The data cover a period of 14 years from January 2000 to December 2013. The instruments investigated are five Southeast Asian stock market indices: SET index (Thailand), FTSE Bursa Malaysia KLC index (Malaysia), FTSE Straits Times index (Singapore), JSX Composite index (Indonesia), and PSE composite index (the Philippines). Trading strategies investigated include Relative Strength Index, Stochastic oscillator, Moving Average Convergence-Divergence, Directional Movement Indicator and On Balance Volume. Performances are compared to a simple Buy-and-Hold. Statistical tests are also performed. Our empirical results show a strong performance of technical trading rules in an emerging stock market of Thailand but not in a more mature stock market of Singapore. The technical trading rules also generate statistical significant returns in the Malaysian, Indonesian and the Philippine markets. However, after taking transaction costs into account, most technical trading rules do not generate net returns. This fact suggests different levels of market efficiency among Southeast Asian stock markets. This paper finds three new insights. Firstly, technical indicators does not help much in terms of market timing. Basically, traders cannot expect to buy at a relative low price and sell at a relative high price by just using technical trading rules. Secondly, technical trading rules can be beneficial to individual investors as they help them to counter the behavioral bias called disposition effects which is the tendency to sell winning stocks too soon and holding on to losing stocks too long. Thirdly, even profitable strategies could not reliably predict subsequent market directions. They make money from having a higher average profit from profitable trades than an average loss from unprofitable ones.

  6. Global trade, public health, and health services: stakeholders' constructions of the key issues.

    PubMed

    Waitzkin, Howard; Jasso-Aguilar, Rebeca; Landwehr, Angela; Mountain, Carolyn

    2005-09-01

    Focusing mainly on the United States and Latin America, we aimed to identify the constructions of social reality held by the major stakeholders participating in policy debates about global trade, public health, and health services. In a multi-method, qualitative design, we used three sources of data: research and archival literature, 1980-2004; interviews with key informants who represented major organizations participating in these debates, 2002-2004; and organizational reports, 1980-2004. We targeted several types of organizations: government agencies, international financial institutions (IFIs) and trade organizations, international health organizations, multinational corporations, and advocacy groups. Many governments in Latin America define health as a right and health services as a public good. Thus, the government bears responsibility for that right. In contrast, the US government's philosophy of free trade and promoting a market economy assumes that by expanding the private sector, improved economic conditions will improve overall health with a minimum government provision of health care. US government agencies also view promotion of global health as a means to serve US interests. IFIs have emphasized reforms that include reduction and privatization of public sector services. International health organizations have tended to adopt the policy perspectives of IFIs and trade organizations. Advocacy groups have emphasized the deleterious effects of international trade agreements on public health and health services. Organizational stakeholders hold widely divergent constructions of reality regarding trade, public health, and health services. Social constructions concerning trade and health reflect broad ideologies concerning the impacts of market processes. Such constructions manifest features of "creed," regarding the role of the market in advancing human purposes and meeting human needs. Differences in constructions of trade and health constrain policies to address the profound changes generated by global trade.

  7. 17 CFR 140.91 - Delegation of authority to the Director of the Division of Trading and Markets.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... Director of the Division of Trading and Markets. 140.91 Section 140.91 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION ORGANIZATION, FUNCTIONS, AND PROCEDURES OF THE COMMISSION Functions § 140.91 Delegation of authority to the Director of the Division of Trading and Markets. (a) The...

  8. Trade Liberalization and Women's Integration into National Labor Markets: A Cross-Country Analysis

    ERIC Educational Resources Information Center

    Meyer, Lisa B.

    2006-01-01

    This paper examines the effects of trade liberalization and the risks associated with participation in the global trading system on women's integration into national labor markets. Using data from 1970 to 1995, I identify two global determinants of the female share of national labor markets: trade openness and transnational corporate penetration.…

  9. 17 CFR 33.6 - Suspension or revocation of designation as a contract market for the trading of commodity options.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... designation as a contract market for the trading of commodity options. 33.6 Section 33.6 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION REGULATION OF COMMODITY OPTION TRANSACTIONS THAT... designation as a contract market for the trading of commodity options. The Commission may, after notice and...

  10. 17 CFR 140.91 - Delegation of authority to the Director of the Division of Trading and Markets.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... Director of the Division of Trading and Markets. 140.91 Section 140.91 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION ORGANIZATION, FUNCTIONS, AND PROCEDURES OF THE COMMISSION Functions § 140.91 Delegation of authority to the Director of the Division of Trading and Markets. (a) The...

  11. 17 CFR 33.4 - Designation as a contract market for the trading of commodity options.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... market for the trading of commodity options. 33.4 Section 33.4 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION REGULATION OF COMMODITY OPTION TRANSACTIONS THAT ARE OPTIONS ON CONTRACTS OF SALE OF A COMMODITY FOR FUTURE DELIVERY § 33.4 Designation as a contract market for the trading...

  12. 17 CFR 140.91 - Delegation of authority to the Director of the Division of Trading and Markets.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... Director of the Division of Trading and Markets. 140.91 Section 140.91 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION ORGANIZATION, FUNCTIONS, AND PROCEDURES OF THE COMMISSION Functions § 140.91 Delegation of authority to the Director of the Division of Trading and Markets. (a) The...

  13. Watershed Controls on the Proper Scale of Economic Markets for Pollution Reduction

    NASA Astrophysics Data System (ADS)

    Rigby, J.; Doyle, M. W.; Yates, A.

    2010-12-01

    Markets for tradable discharge permits (TDPs) are an increasingly popular policy instrument for obtaining cost-effective nutrient reduction targets across watersheds. Such markets are also an emerging, dynamic coupling between economic institutions and stream hydrology/biogeochemistry as trading markets become explicit determinants for the spatial distribution of stream nutrient loads. A central problem in any environmental market program is setting the size of the market, as there are distinct trade-offs for large versus small markets. While the overall cost-effectiveness of permit trading increases with the size of the market, the potential for localized and highly damaging nutrient concentrations, or “hotspots”, also increases. Smaller market size reduces the potential for hot spots by dispersing the location of trades, but this may increase the net costs of water quality compliance significantly through both the restriction of possible trading partners and price manipulation by market participants. This project couples a microeconomic model for TDPs (based on possible configurations of mutually exclusive trading zones within the basin) with a semi-distributed water quality model to examine watershed controls on the configuration and scale of such markets. Our results show a wide variation in total annual cost of pollution abatement based on choice of market design -- often with large differences in cost between very similar configurations. This framework is also applied to a 10-member trading program among wastewater treatment plants in the Neuse River, NC, in order to assess (1) the optimum market design for the Upper Neuse basin and (2) how these costs compare with expected costs under alternative market structures (e.g., trading ratio system) and (3) the cost improvements over traditional command-and-control regulatory frameworks. We find that the optimal zone configuration is almost always a lower cost option when compared to a trading ratio scheme and that the optimal design depends largely on the range of plant sizes and their geographic distribution within the stream network. Leveraging this model, we can develop a heuristic understanding of how the shape or topography of watersheds, and/or the spatial distribution of polluters may constrain the utility of market mechanisms in water quality regulation.

  14. Trade and investment liberalization and Asia's noncommunicable disease epidemic: a synthesis of data and existing literature.

    PubMed

    Baker, Phillip; Kay, Adrian; Walls, Helen

    2014-09-12

    Trade and investment liberalization (trade liberalization) can promote or harm health. Undoubtedly it has contributed, although unevenly, to Asia's social and economic development over recent decades with resultant gains in life expectancy and living standards. In the absence of public health protections, however, it is also a significant upstream driver of non-communicable diseases (NCDs) including cardiovascular disease, cancer and diabetes through facilitating increased consumption of the 'risk commodities' tobacco, alcohol and ultra-processed foods, and by constraining access to NCD medicines. In this paper we describe the NCD burden in Asian countries, trends in risk commodity consumption and the processes by which trade liberalization has occurred in the region and contributed to these trends. We further establish pressing questions for future research on strengthening regulatory capacity to address trade liberalization impacts on risk commodity consumption and health. A semi-structured search of scholarly databases, institutional websites and internet sources for academic and grey literature. Data for descriptive statistics were sourced from Euromonitor International, the World Bank, the World Health Organization, and the World Trade Organization. Consumption of tobacco, alcohol and ultra-processed foods was prevalent in the region and increasing in many countries. We find that trade liberalization can facilitate increased trade in goods, services and investments in ways that can promote risk commodity consumption, as well as constrain the available resources and capacities of governments to enact policies and programmes to mitigate such consumption. Intellectual property provisions of trade agreements may also constrain access to NCD medicines. Successive layers of the evolving global and regional trade regimes including structural adjustment, multilateral trade agreements, and preferential trade agreements have enabled transnational corporations that manufacture, market and distribute risk commodities to increasingly penetrate and promote consumption in Asian markets. Trade liberalization is a significant driver of the NCD epidemic in Asia. Increased participation in trade agreements requires countries to strengthen regulatory capacity to ensure adequate protections for public health. How best to achieve this through multilateral, regional and unilateral actions is a pressing question for ongoing research.

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

    PubMed Central

    Hinterleitner, Gernot; Leopold-Wildburger, Ulrike

    2015-01-01

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

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

    PubMed

    Hinterleitner, Gernot; Leopold-Wildburger, Ulrike; Mestel, Roland; Palan, Stefan

    2015-01-01

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

  17. Biological trade and markets

    PubMed Central

    2016-01-01

    Cooperation between organisms can often be understood, like trade between merchants, as a mutually beneficial exchange of services, resources or other ‘commodities’. Mutual benefits alone, however, are not sufficient to explain the evolution of trade-based cooperation. First, organisms may reject a particular trade if another partner offers a better deal. Second, while human trade often entails binding contracts, non-human trade requires unwritten ‘terms of contract’ that ‘self-stabilize’ trade and prevent cheating even if all traders strive to maximize fitness. Whenever trading partners can be chosen, market-like situations arise in nature that biologists studying cooperation need to account for. The mere possibility of exerting partner choice stabilizes many forms of otherwise cheatable trade, induces competition, facilitates the evolution of specialization and often leads to intricate forms of cooperation. We discuss selected examples to illustrate these general points and review basic conceptual approaches that are important in the theory of biological trade and markets. Comparing these approaches with theory in economics, it turns out that conventional models—often called ‘Walrasian’ markets—are of limited relevance to biology. In contrast, early approaches to trade and markets, as found in the works of Ricardo and Cournot, contain elements of thought that have inspired useful models in biology. For example, the concept of comparative advantage has biological applications in trade, signalling and ecological competition. We also see convergence between post-Walrasian economics and biological markets. For example, both economists and biologists are studying ‘principal–agent’ problems with principals offering jobs to agents without being sure that the agents will do a proper job. Finally, we show that mating markets have many peculiarities not shared with conventional economic markets. Ideas from economics are useful for biologists studying cooperation but need to be taken with caution. PMID:26729940

  18. 26 CFR 1.1275-2 - Special rules relating to debt instruments.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... debt instrument that is traded on an established market is its fair market value. The issue price of a distributed debt instrument that is not traded on an established market is determined under section 1274 or... an issue a substantial portion of which is traded on an established market within the meaning of § 1...

  19. Theory of agent-based market models with controlled levels of greed and anxiety

    NASA Astrophysics Data System (ADS)

    Papadopoulos, P.; Coolen, A. C. C.

    2010-01-01

    We use generating functional analysis to study minority-game-type market models with generalized strategy valuation updates that control the psychology of agents' actions. The agents' choice between trend-following and contrarian trading, and their vigor in each, depends on the overall state of the market. Even in 'fake history' models, the theory now involves an effective overall bid process (coupled to the effective agent process) which can exhibit profound remanence effects and new phase transitions. For some models the bid process can be solved directly, others require Maxwell-construction-type approximations.

  20. Quantifying immediate price impact of trades based on the k-shell decomposition of stock trading networks

    NASA Astrophysics Data System (ADS)

    Xie, Wen-Jie; Li, Ming-Xia; Xu, Hai-Chuan; Chen, Wei; Zhou, Wei-Xing; Stanley, H. Eugene

    2016-10-01

    Traders in a stock market exchange stock shares and form a stock trading network. Trades at different positions of the stock trading network may contain different information. We construct stock trading networks based on the limit order book data and classify traders into k classes using the k-shell decomposition method. We investigate the influences of trading behaviors on the price impact by comparing a closed national market (A-shares) with an international market (B-shares), individuals and institutions, partially filled and filled trades, buyer-initiated and seller-initiated trades, and trades at different positions of a trading network. Institutional traders professionally use some trading strategies to reduce the price impact and individuals at the same positions in the trading network have a higher price impact than institutions. We also find that trades in the core have higher price impacts than those in the peripheral shell.

  1. Trade law and alcohol regulation: what role for a global Alcohol Marketing Code?

    PubMed

    Mitchell, Andrew D; Casben, Jessica

    2017-01-01

    Following calls for restrictions and bans on alcohol advertising, and in light of the tobacco industry's challenge to Australia's tobacco plain packaging measure, a tobacco control measure finding support in the World Health Organization (WHO) Framework Convention on Tobacco Control, this paper considers what role, if any, an international alcohol marketing code might have in preventing or reducing the risk of challenges to domestic alcohol marketing restrictions under trade rules. Narrative review of international trade and health instruments and international trade court judgements regarding alcohol products and marketing restrictions. The experience of European trade courts in the litigation of similar measures suggests that World Trade Organization rules have sufficient flexibility to support the implementation of alcohol marketing restrictions. However, the experience also highlights the possibility that public health measures have disproportionate and unjustifiable trade effects and that the ability of a public health measure to withstand a challenge under trade rules will turn on its particular design and implementation. Measures implemented pursuant to international public health instruments are not immune to trade law challenges. Close collaboration between health policymakers, trade officials and lawyers, from as early as the research stage in the development of a measure to ensure a robust evidence base, will ensure the best chance of regulatory survival for an international marketing code. © 2016 Society for the Study of Addiction.

  2. Use of market data to assess bushmeat hunting sustainability in Equatorial Guinea.

    PubMed

    Allebone-Webb, S M; Kümpel, N F; Rist, J; Cowlishaw, G; Rowcliffe, J M; Milner-Gulland, E J

    2011-06-01

    Finding an adequate measure of hunting sustainability for tropical forests has proved difficult. Many researchers have used urban bushmeat market surveys as indicators of hunting volumes and composition, but no analysis has been done of the reliability of market data in reflecting village offtake. We used data from urban markets and the villages that supply these markets to examine changes in the volume and composition of traded bushmeat between the village and the market (trade filters) in Equatorial Guinea. We collected data with market surveys and hunter offtake diaries. The trade filters varied depending on village remoteness and the monopoly power of traders. In a village with limited market access, species that maximized trader profits were most likely to be traded. In a village with greater market access, species for which hunters gained the greatest income per carcass were more likely to be traded. The probability of particular species being sold to market also depended on the capture method and season. Larger, more vulnerable species were more likely to be supplied from less-accessible catchments, whereas there was no effect of forest cover or human population density on probability of being sold. This suggests that the composition of bushmeat offtake in an area may be driven more by urban demand than the geographic characteristics of that area. In one market, traders may have reached the limit of their geographical exploitation range, and hunting pressure within that range may be increasing. Our results demonstrate that it is possible to model the trade filters that bias market data, which opens the way to developing more robust market-based sustainability indices for the bushmeat trade. ©2011 Society for Conservation Biology.

  3. The influencing factors of China carbon price: a study based on carbon trading market in hubei province

    NASA Astrophysics Data System (ADS)

    Li, Hao; Lei, Ming

    2018-02-01

    For the carbon market, good trading mechanism is the basis for the healthy development of the carbon trading market. In order to explore the core problem of carbon price formation, our research explores the influencing factors of the price of carbon trading market. After the preliminary statistical analysis, our study found that Hubei Province is in the leading position among seven pilots in the carbon trading volume and the transaction, so our study of carbon price takes Hubei Province as sample of the empirical research. Multi-time series model and ARCH model analysis method are used in the research, we use the data of Hubei carbon trading pilot from June 2014 to December 2016 to carry out empirical research, the results found that industrial income, energy price, government intervention and the number of participating corporation have significant effect on the carbon price, which provides a meaningful reference for the other pilots in-depth study, as well as the construction of a national carbon trading market.

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

    NASA Astrophysics Data System (ADS)

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

    2013-09-01

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

  5. Optimizing the scale of markets for water quality trading

    NASA Astrophysics Data System (ADS)

    Doyle, Martin W.; Patterson, Lauren A.; Chen, Yanyou; Schnier, Kurt E.; Yates, Andrew J.

    2014-09-01

    Applying market approaches to environmental regulations requires establishing a spatial scale for trading. Spatially large markets usually increase opportunities for abatement cost savings but increase the potential for pollution damages (hot spots), vice versa for spatially small markets. We develop a coupled hydrologic-economic modeling approach for application to point source emissions trading by a large number of sources and apply this approach to the wastewater treatment plants (WWTPs) within the watershed of the second largest estuary in the U.S. We consider two different administrative structures that govern the trade of emission permits: one-for-one trading (the number of permits required for each unit of emission is the same for every WWTP) and trading ratios (the number of permits required for each unit of emissions varies across WWTP). Results show that water quality regulators should allow trading to occur at the river basin scale as an appropriate first-step policy, as is being done in a limited number of cases via compliance associations. Larger spatial scales may be needed under conditions of increased abatement costs. The optimal scale of the market is generally the same regardless of whether one-for-one trading or trading ratios are employed.

  6. Changes in the primate trade in indonesian wildlife markets over a 25-year period: Fewer apes and langurs, more macaques, and slow lorises.

    PubMed

    Nijman, Vincent; Spaan, Denise; Rode-Margono, Eva Johanna; Wirdateti; Nekaris, K A I

    2017-11-01

    Indonesia has amongst the highest primate species richness, and many species are included on the country's protected species list, partially to prevent over-exploitation. Nevertheless traders continue to sell primates in open wildlife markets especially on the islands of Java and Bali. We surveyed 13 wildlife markets in 2012-2014 and combined our results with previous surveys from 1990-2009 into a 122-survey dataset with 2,424 records of 17 species. These data showed that the diversity of species in trade decreased over time, shifting from rare rainforest-dwelling primates traded alongside more widespread species that are not confined to forest to the latter type only. In the 1990s and early 2000s orangutans, gibbons and langurs were commonly traded alongside macaques and slow lorises but in the last decade macaques and slow lorises comprised the bulk of the trade. In 2012-2014 we monitored six wildlife markets in Jakarta, Bandung and Garut (all on Java), and Denpasar (Bali). During 51 surveys we recorded 1,272 primates of eight species. Traders offered long-tailed macaque (total 1,007 individuals) and three species of slow loris (228 individuals) in five of the six markets, whereas they traded ebony langurs (18 individuals), and pig-tailed macaques (14 individuals) mostly in Jakarta. Pramuka and Jatinegara markets, both in Jakarta, stood out as important hubs for the primate trade, with a clear shift in importance over time from the former to the latter. Slow lorises, orangutans, gibbons and some langurs are protected under Indonesian law, which prohibits all trade in them; of these protected species, only the slow lorises remained common in trade throughout the 25-year period. Trade in non-protected macaques and langurs is subject to strict regulations-which market traders did not follow-making all the market trade in primates that we observed illegal. Trade poses a substantial threat to Indonesian primates, and without enforcement, the sheer volume of trade may mean that species of Least Concern or Near Threatened may rapidly decline. Am. J. Primatol. 79:e22517, 2017. © 2015 Wiley Periodicals, Inc. © 2015 Wiley Periodicals, Inc.

  7. 17 CFR 36.2 - Exempt boards of trade.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... Section 36.2 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION EXEMPT MARKETS § 36.2... supply that is sufficiently large, and a cash market sufficiently liquid, to render any contract traded... market. (2) The commodities that meet the criteria of paragraph (a)(1) of this section are: (i) The...

  8. 17 CFR 36.2 - Exempt boards of trade.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... Section 36.2 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION EXEMPT MARKETS § 36.2... supply that is sufficiently large, and a cash market sufficiently liquid, to render any contract traded... market. (2) The commodities that meet the criteria of paragraph (a)(1) of this section are: (i) The...

  9. 76 FR 25329 - Torofino Physical Trading LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-05-04

    ... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER11-3432-000] Torofino Physical Trading LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for... Torofino Physical Trading LLC's application for market-based rate authority, with an accompanying rate...

  10. A smart market for nutrient credit trading to incentivize wetland construction

    NASA Astrophysics Data System (ADS)

    Raffensperger, John F.; Prabodanie, R. A. Ranga; Kostel, Jill A.

    2017-03-01

    Nutrient trading and constructed wetlands are widely discussed solutions to reduce nutrient pollution. Nutrient markets usually include agricultural nonpoint sources and municipal and industrial point sources, but these markets rarely include investors who construct wetlands to sell nutrient reduction credits. We propose a new market design for trading nutrient credits, with both point source and non-point source traders, explicitly incorporating the option of landowners to build nutrient removal wetlands. The proposed trading program is designed as a smart market with centralized clearing, done with an optimization. The market design addresses the varying impacts of runoff over space and time, and the lumpiness of wetland investments. We simulated the market for the Big Bureau Creek watershed in north-central Illinois. We found that the proposed smart market would incentivize wetland construction by assuring reasonable payments for the ecosystem services provided. The proposed market mechanism selects wetland locations strategically taking into account both the cost and nutrient removal efficiencies. The centralized market produces locational prices that would incentivize farmers to reduce nutrients, which is voluntary. As we illustrate, wetland builders' participation in nutrient trading would enable the point sources and environmental organizations to buy low cost nutrient credits.

  11. 17 CFR 38.157 - Real-time market monitoring.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 17 Commodity and Securities Exchanges 1 2014-04-01 2014-04-01 false Real-time market monitoring... DESIGNATED CONTRACT MARKETS Compliance With Rules § 38.157 Real-time market monitoring. A designated contract market must conduct real-time market monitoring of all trading activity on its electronic trading...

  12. 17 CFR 38.157 - Real-time market monitoring.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... DESIGNATED CONTRACT MARKETS Compliance With Rules § 38.157 Real-time market monitoring. A designated contract market must conduct real-time market monitoring of all trading activity on its electronic trading... 17 Commodity and Securities Exchanges 1 2013-04-01 2013-04-01 false Real-time market monitoring...

  13. 17 CFR 38.651 - Protection of markets and market participants.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

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

  14. 17 CFR 38.651 - Protection of markets and market participants.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

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

  15. 17 CFR 16.01 - Trading volume, open contracts, prices, and critical dates.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Trading volume, open contracts... TRADING COMMISSION REPORTS BY REPORTING MARKETS § 16.01 Trading volume, open contracts, prices, and critical dates. (a) Trading volume and open contracts. Each reporting market shall record for each business...

  16. 17 CFR 16.01 - Trading volume, open contracts, prices, and critical dates.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... 17 Commodity and Securities Exchanges 1 2011-04-01 2011-04-01 false Trading volume, open contracts... TRADING COMMISSION REPORTS BY REPORTING MARKETS § 16.01 Trading volume, open contracts, prices, and critical dates. (a) Trading volume and open contracts. Each reporting market shall record for each business...

  17. 7 CFR 987.11 - Trade demand.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

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

  18. 7 CFR 987.11 - Trade demand.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... 7 Agriculture 8 2013-01-01 2013-01-01 false Trade demand. 987.11 Section 987.11 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (MARKETING AGREEMENTS... RIVERSIDE COUNTY, CALIFORNIA Order Regulating Handling Definitions § 987.11 Trade demand. Trade demand means...

  19. 7 CFR 987.11 - Trade demand.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... 7 Agriculture 8 2011-01-01 2011-01-01 false Trade demand. 987.11 Section 987.11 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements... RIVERSIDE COUNTY, CALIFORNIA Order Regulating Handling Definitions § 987.11 Trade demand. Trade demand means...

  20. 7 CFR 987.11 - Trade demand.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... 7 Agriculture 8 2014-01-01 2014-01-01 false Trade demand. 987.11 Section 987.11 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (MARKETING AGREEMENTS... RIVERSIDE COUNTY, CALIFORNIA Order Regulating Handling Definitions § 987.11 Trade demand. Trade demand means...

  1. State of the art in benefit-risk analysis: economics and marketing-finance.

    PubMed

    Kalogeras, N; Odekerken-Schröder, G; Pennings, J M E; Gunnlaugsdóttir, H; Holm, F; Leino, O; Luteijn, J M; Magnússon, S H; Pohjola, M V; Tijhuis, M J; Tuomisto, J T; Ueland, Ø; White, B C; Verhagen, H

    2012-01-01

    All market participants (e.g., investors, producers, consumers) accept a certain level of risk as necessary to achieve certain benefits. There are many types of risk including price, production, financial, institutional, and individual human risks. All these risks should be effectively managed in order to derive the utmost of benefits and avoid disruption and/or catastrophic economic consequences for the food industry. The identification, analysis, determination, and understanding of the benefit-risk trade-offs of market participants in the food markets may help policy makers, financial analysts and marketers to make well-informed and effective corporate investment strategies in order to deal with highly uncertain and risky situations. In this paper, we discuss the role that benefits and risks play in the formation of the decision-making process of market-participants, who are engaged in the upstream and downstream stages of the food supply chain. In addition, we review the most common approaches (expected utility model and psychometrics) for measuring benefit-risk trade-offs in the economics and marketing-finance literature, and different factors that may affect the economic behaviour in the light of benefit-risk analyses. Building on the findings of our review, we introduce a conceptual framework to study the benefit-risk behaviour of market participants. Specifically, we suggest the decoupling of benefits and risks into the separate components of utilitarian benefits, hedonic benefits, and risk attitude and risk perception, respectively. Predicting and explaining how market participants in the food industry form their overall attitude in light of benefit-risk trade-offs may be critical for policy-makers and managers who need to understand the drivers of the economic behaviour of market participants with respect to production, marketing and consumption of food products. Copyright © 2011 Elsevier Ltd. All rights reserved.

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

    PubMed

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

    2018-04-01

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

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

    NASA Astrophysics Data System (ADS)

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

    2015-05-01

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

  4. International Trade of Wood Pellets (Brochure)

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

    Not Available

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

  5. The Benefits and Risks of Virtual Bidding in Multi-Settlement Markets

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

    Isemonger, Alan G.

    2006-11-15

    While it is possible that multi-settlement markets can exist without virtual trading, it is equally clear that virtual trading can provide many market benefits. The main one: In the absence of explicit virtual bidding (EVB), the price arbitrage trades that are benign in other commodity markets affect the reliability of the underlying electricity markets, resulting in a situation where EVB is most useful when it neutralizes the deleterious reliability effects of implicit virtual bidding and physical arbitrage. (author)

  6. 26 CFR 1.897-9T - Treatment of certain interest in publicly traded corporations, definition of foreign person, and...

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... fair market value greater than the fair market value on that date of 5 percent of the regularly traded class of the corporation's stock with the lowest fair market value. However, if a non-regularly traded... if on the date it was acquired by its present holder it had a fair market value greater than the fair...

  7. 76 FR 61432 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing of a Proposed Rule Change To...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-10-04

    ... for Halting Trading in All Stocks Due to Extraordinary Market Volatility September 28, 2011. Pursuant... 11.18, entitled ``Trading Halts Due to Extraordinary Market Volatility,'' to revise the current methodology for determining when to halt trading in all stocks due to extraordinary market volatility. The...

  8. 75 FR 28841 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-05-24

    ... Change To Amend FINRA Rule 6121 (Trading Halts Due to Extraordinary Market Volatility) May 19, 2010... Halts Due to Extraordinary Market Volatility) to permit FINRA to halt trading by FINRA members otherwise... October 2008, FINRA adopted FINRA Rule 6121 (Trading Halts Due to Extraordinary Market Volatility) to...

  9. 76 FR 61466 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing of a Proposed Rule Change To...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-10-04

    ... for Halting Trading in All Stocks Due to Extraordinary Market Volatility September 28, 2011. Pursuant... 11.18, entitled ``Trading Halts Due to Extraordinary Market Volatility,'' to revise the current methodology for determining when to halt trading in all stocks due to extraordinary market volatility. The...

  10. 77 FR 30338 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-05-22

    ... conduct proprietary trading, market- making and/or that effect transactions on behalf of broker dealers... organizations that conduct proprietary trading, market-making and/or that effect transactions on behalf of... organizations that conduct proprietary trading, market-making and/or that effect transactions on behalf of...

  11. 76 FR 43684 - Verde Energy USA Trading, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-07-21

    ... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER11-4041-000] Verde Energy USA Trading, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for... Verde Energy USA Trading, LLC's application for market-based rate authority, with an accompanying rate...

  12. 75 FR 10244 - TC Energy Trading, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-03-05

    ... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER10-792-000] TC Energy Trading, LLC; Supplemental Notice That Initial Market- Based Rate Filing Includes Request for Blanket... proceeding of TC Energy Trading, LLC's application for market-based rate authority, with an accompanying rate...

  13. Market impact and trading profile of hidden orders in stock markets.

    PubMed

    Moro, Esteban; Vicente, Javier; Moyano, Luis G; Gerig, Austin; Farmer, J Doyne; Vaglica, Gabriella; Lillo, Fabrizio; Mantegna, Rosario N

    2009-12-01

    We empirically study the market impact of trading orders. We are specifically interested in large trading orders that are executed incrementally, which we call hidden orders. These are statistically reconstructed based on information about market member codes using data from the Spanish Stock Market and the London Stock Exchange. We find that market impact is strongly concave, approximately increasing as the square root of order size. Furthermore, as a given order is executed, the impact grows in time according to a power law; after the order is finished, it reverts to a level of about 0.5-0.7 of its value at its peak. We observe that hidden orders are executed at a rate that more or less matches trading in the overall market, except for small deviations at the beginning and end of the order.

  14. Market impact and trading profile of hidden orders in stock markets

    NASA Astrophysics Data System (ADS)

    Moro, Esteban; Vicente, Javier; Moyano, Luis G.; Gerig, Austin; Farmer, J. Doyne; Vaglica, Gabriella; Lillo, Fabrizio; Mantegna, Rosario N.

    2009-12-01

    We empirically study the market impact of trading orders. We are specifically interested in large trading orders that are executed incrementally, which we call hidden orders. These are statistically reconstructed based on information about market member codes using data from the Spanish Stock Market and the London Stock Exchange. We find that market impact is strongly concave, approximately increasing as the square root of order size. Furthermore, as a given order is executed, the impact grows in time according to a power law; after the order is finished, it reverts to a level of about 0.5-0.7 of its value at its peak. We observe that hidden orders are executed at a rate that more or less matches trading in the overall market, except for small deviations at the beginning and end of the order.

  15. 17 CFR 16.02 - Daily trade and supporting data reports.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... 17 Commodity and Securities Exchanges 1 2011-04-01 2011-04-01 false Daily trade and supporting data reports. 16.02 Section 16.02 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION REPORTS BY REPORTING MARKETS § 16.02 Daily trade and supporting data reports. Reporting markets shall provide trade and supporting data reports to...

  16. Smart Markets for Transferable Pumping Rights

    NASA Astrophysics Data System (ADS)

    Brozovic, N.; Young, R.

    2016-12-01

    While no national policy on groundwater use exists in the United States, local groundwater management is emerging across the country in response to concerns and conflicts over declining well yields, land subsidence, and the depletion of hydrologically connected surface waters. Management strategies include well drilling moratoria, pumping restrictions, and restrictions on the expansion of irrigated land. To provide flexibility to groundwater users, local regulatory authorities increasingly have begun to allow the transfer of groundwater rights as a cost-effective management tool. Markets can be a versatile risk management tool, helping communities to cope with scarcity, to meet goals for sustainability, and to grow resilient local economies. For example, active groundwater rights transfers exist in the High Plains region of the United States. Yet, several barriers to trade exist: high search costs for interested parties, complicated requirements for regulatory compliance, and reluctance to share sensitive financial information. Additionally, groundwater pumping leads to several kinds of spatial and intertemporal externalities such as stream depletion. Indeed, groundwater management schemes that reallocate water between alternate pumping locations are often explicitly designed to change the distribution and magnitude of pumping externalities. Reallocation may be designed to minimize unwanted impacts on third parties or to encourage trades that reduce the magnitude of externalities. We discuss how smart markets can deal with complex biophysical constraints while also encouraging active trading, therefore ensuring local goals for aquifer sustainability while growing local economies. Smart markets address these issues by providing a centralized hub for trading, automating the process of regulatory compliance by only matching buyers and sellers eligible to trade as specified in the regulations, and maintaining anonymous, confidential bidding.

  17. Wildlife Trade and Human Health in Lao PDR: An Assessment of the Zoonotic Disease Risk in Markets.

    PubMed

    Greatorex, Zoe F; Olson, Sarah H; Singhalath, Sinpakone; Silithammavong, Soubanh; Khammavong, Kongsy; Fine, Amanda E; Weisman, Wendy; Douangngeun, Bounlom; Theppangna, Watthana; Keatts, Lucy; Gilbert, Martin; Karesh, William B; Hansel, Troy; Zimicki, Susan; O'Rourke, Kathleen; Joly, Damien O; Mazet, Jonna A K

    2016-01-01

    Although the majority of emerging infectious diseases can be linked to wildlife sources, most pathogen spillover events to people could likely be avoided if transmission was better understood and practices adjusted to mitigate risk. Wildlife trade can facilitate zoonotic disease transmission and represents a threat to human health and economies in Asia, highlighted by the 2003 SARS coronavirus outbreak, where a Chinese wildlife market facilitated pathogen transmission. Additionally, wildlife trade poses a serious threat to biodiversity. Therefore, the combined impacts of Asian wildlife trade, sometimes termed bush meat trade, on public health and biodiversity need assessing. From 2010 to 2013, observational data were collected in Lao PDR from markets selling wildlife, including information on volume, form, species and price of wildlife; market biosafety and visitor origin. The potential for traded wildlife to host zoonotic diseases that pose a serious threat to human health was then evaluated at seven markets identified as having high volumes of trade. At the seven markets, during 21 observational surveys, 1,937 alive or fresh dead mammals (approximately 1,009 kg) were observed for sale, including mammals from 12 taxonomic families previously documented to be capable of hosting 36 zoonotic pathogens. In these seven markets, the combination of high wildlife volumes, high risk taxa for zoonoses and poor biosafety increases the potential for pathogen presence and transmission. To examine the potential conservation impact of trade in markets, we assessed the status of 33,752 animals observed during 375 visits to 93 markets, under the Lao PDR Wildlife and Aquatic Law. We observed 6,452 animals listed by Lao PDR as near extinct or threatened with extinction. The combined risks of wildlife trade in Lao PDR to human health and biodiversity highlight the need for a multi-sector approach to effectively protect public health, economic interests and biodiversity.

  18. Wildlife Trade and Human Health in Lao PDR: An Assessment of the Zoonotic Disease Risk in Markets

    PubMed Central

    Singhalath, Sinpakone; Silithammavong, Soubanh; Khammavong, Kongsy; Fine, Amanda E.; Weisman, Wendy; Douangngeun, Bounlom; Theppangna, Watthana; Keatts, Lucy; Gilbert, Martin; Karesh, William B.; Hansel, Troy; Zimicki, Susan; O’Rourke, Kathleen; Joly, Damien O.; Mazet, Jonna A. K.

    2016-01-01

    Although the majority of emerging infectious diseases can be linked to wildlife sources, most pathogen spillover events to people could likely be avoided if transmission was better understood and practices adjusted to mitigate risk. Wildlife trade can facilitate zoonotic disease transmission and represents a threat to human health and economies in Asia, highlighted by the 2003 SARS coronavirus outbreak, where a Chinese wildlife market facilitated pathogen transmission. Additionally, wildlife trade poses a serious threat to biodiversity. Therefore, the combined impacts of Asian wildlife trade, sometimes termed bush meat trade, on public health and biodiversity need assessing. From 2010 to 2013, observational data were collected in Lao PDR from markets selling wildlife, including information on volume, form, species and price of wildlife; market biosafety and visitor origin. The potential for traded wildlife to host zoonotic diseases that pose a serious threat to human health was then evaluated at seven markets identified as having high volumes of trade. At the seven markets, during 21 observational surveys, 1,937 alive or fresh dead mammals (approximately 1,009 kg) were observed for sale, including mammals from 12 taxonomic families previously documented to be capable of hosting 36 zoonotic pathogens. In these seven markets, the combination of high wildlife volumes, high risk taxa for zoonoses and poor biosafety increases the potential for pathogen presence and transmission. To examine the potential conservation impact of trade in markets, we assessed the status of 33,752 animals observed during 375 visits to 93 markets, under the Lao PDR Wildlife and Aquatic Law. We observed 6,452 animals listed by Lao PDR as near extinct or threatened with extinction. The combined risks of wildlife trade in Lao PDR to human health and biodiversity highlight the need for a multi-sector approach to effectively protect public health, economic interests and biodiversity. PMID:27008628

  19. Variety and volatility in financial markets

    NASA Astrophysics Data System (ADS)

    Lillo, Fabrizio; Mantegna, Rosario N.

    2000-11-01

    We study the price dynamics of stocks traded in a financial market by considering the statistical properties of both a single time series and an ensemble of stocks traded simultaneously. We use the n stocks traded on the New York Stock Exchange to form a statistical ensemble of daily stock returns. For each trading day of our database, we study the ensemble return distribution. We find that a typical ensemble return distribution exists in most of the trading days with the exception of crash and rally days and of the days following these extreme events. We analyze each ensemble return distribution by extracting its first two central moments. We observe that these moments fluctuate in time and are stochastic processes, themselves. We characterize the statistical properties of ensemble return distribution central moments by investigating their probability density functions and temporal correlation properties. In general, time-averaged and portfolio-averaged price returns have different statistical properties. We infer from these differences information about the relative strength of correlation between stocks and between different trading days. Last, we compare our empirical results with those predicted by the single-index model and we conclude that this simple model cannot explain the statistical properties of the second moment of the ensemble return distribution.

  20. 17 CFR 38.255 - Risk controls for trading.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 17 Commodity and Securities Exchanges 1 2013-04-01 2013-04-01 false Risk controls for trading. 38.255 Section 38.255 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION DESIGNATED CONTRACT MARKETS Prevention of Market Disruption § 38.255 Risk controls for trading. The designated...

  1. 17 CFR 38.255 - Risk controls for trading.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 17 Commodity and Securities Exchanges 1 2014-04-01 2014-04-01 false Risk controls for trading. 38.255 Section 38.255 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION DESIGNATED CONTRACT MARKETS Prevention of Market Disruption § 38.255 Risk controls for trading. The designated...

  2. 76 FR 20313 - Purified Carboxymethylcellulose From Mexico: Notice of Preliminary Results of Antidumping Duty...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-04-12

    ... examine stages in the marketing process and selling functions along the chain of distribution between the... the home market, Amtex identified two channels of distribution: End users (channel 1) and distributors (channel 2). See Amtex's Section A Response at A14. Amtex claimed a single level of trade in the home...

  3. Epidemics in markets with trade friction and imperfect transactions.

    PubMed

    Moslonka-Lefebvre, Mathieu; Monod, Hervé; Gilligan, Christopher A; Vergu, Elisabeta; Filipe, João A N

    2015-06-07

    Market trade-routes can support infectious-disease transmission, impacting biological populations and even disrupting trade that conduces the disease. Epidemiological models increasingly account for reductions in infectious contact, such as risk-aversion behaviour in response to pathogen outbreaks. However, responses in market dynamics clearly differ from simple risk aversion, as are driven by other motivation and conditioned by "friction" constraints (a term we borrow from labour economics). Consequently, the propagation of epidemics in markets of, for example livestock, is frictional due to time and cost limitations in the production and exchange of potentially infectious goods. Here we develop a coupled economic-epidemiological model where transient and long-term market dynamics are determined by trade friction and agent adaptation, and can influence disease transmission. The market model is parameterised from datasets on French cattle and pig exchange networks. We show that, when trade is the dominant route of transmission, market friction can be a significantly stronger determinant of epidemics than risk-aversion behaviour. In particular, there is a critical level of friction above which epidemics do not occur, which suggests some epidemics may not be sustained in highly frictional markets. In addition, friction may allow for greater delay in removal of infected agents that still mitigates the epidemic and its impacts. We suggest that policy for minimising contagion in markets could be adjusted to the level of market friction, by adjusting the urgency of intervention or by increasing friction through incentivisation of larger-volume less-frequent transactions that would have limited effect on overall trade flow. Our results are robust to model specificities and can hold in the presence of non-trade disease-transmission routes. Copyright © 2015 The Authors. Published by Elsevier Ltd.. All rights reserved.

  4. 17 CFR 229.1002 - (Item 1002) Subject company information.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... person has more current information. (c) Trading market and price. Identify the principal market in which... in the principal market (or, if there is no principal market, the range of high and low bid... established trading market for the securities (except for limited or sporadic quotations), so state. (d...

  5. 17 CFR 229.1002 - (Item 1002) Subject company information.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... person has more current information. (c) Trading market and price. Identify the principal market in which... in the principal market (or, if there is no principal market, the range of high and low bid... established trading market for the securities (except for limited or sporadic quotations), so state. (d...

  6. 17 CFR 229.1002 - (Item 1002) Subject company information.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... person has more current information. (c) Trading market and price. Identify the principal market in which... in the principal market (or, if there is no principal market, the range of high and low bid... established trading market for the securities (except for limited or sporadic quotations), so state. (d...

  7. 17 CFR 229.1002 - (Item 1002) Subject company information.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... person has more current information. (c) Trading market and price. Identify the principal market in which... in the principal market (or, if there is no principal market, the range of high and low bid... established trading market for the securities (except for limited or sporadic quotations), so state. (d...

  8. 17 CFR 229.1002 - (Item 1002) Subject company information.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... person has more current information. (c) Trading market and price. Identify the principal market in which... in the principal market (or, if there is no principal market, the range of high and low bid... established trading market for the securities (except for limited or sporadic quotations), so state. (d...

  9. Emergence of trend trading and its effects in minority game

    NASA Astrophysics Data System (ADS)

    Liu, Xing-Hua; Liang, Xiao-Bei; Wang, Nai-Jing

    2006-09-01

    In this paper, we extended Minority Game (MG) by equipping agents with both value and trend strategies. In the new model, agents (we call them strong-adaptation agents) can autonomically select to act as trend trader or value trader when they game and learn in system. So the new model not only can reproduce stylized factors but also has the potential to investigate into the process of some problems of securities market. We investigated the dynamics of trend trading and its impacts on securities market based on the new model. Our research found that trend trading is inevitable when strong-adaptation agents make decisions by inductive reasoning. Trend trading (of strong-adaptation agents) is not irrational behavior but shows agent's strong-adaptation intelligence, because strong-adaptation agents can take advantage of the pure value agents when they game together in hybrid system. We also found that strong-adaptation agents do better in real environment. The results of our research are different with those of behavior finance researches.

  10. 75 FR 47323 - Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting Approval of Proposed Rule Change...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-08-05

    ... Amendment No. 1 Thereto, Regarding Listing and Trading of the WisdomTree Emerging Markets Local Debt Fund... and trade shares of the WisdomTree Emerging Markets Local Debt Fund under NYSE Arca Equities Rule 8... trade shares (``Shares'') of the WisdomTree Emerging Markets Local Debt Fund (``Fund'') of the Wisdom...

  11. 77 FR 61037 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-10-05

    ... Rule Change To Adopt Reduced Fees for Historical ISE Open/Close Trade Profile Intraday Market Data... historical ISE Open/Close Trade Profile Intraday market data offering. The text of the proposed rule change... Change 1. Purpose ISE currently sells the ISE Open/Close Trade Profile Intraday, a market data offering...

  12. 75 FR 76759 - Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-12-09

    ... To Eliminate Market and Stop Orders in Nasdaq-Listed Securities Traded on the Exchange December 2...--NYSE Amex Equities to eliminate Market and Stop Orders in Nasdaq-listed securities traded on the... eliminate Market and Stop Orders in Nasdaq-listed securities traded on the Exchange. Background Rules 500...

  13. 17 CFR 155.2 - Trading standards for floor brokers.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... TRADING STANDARDS § 155.2 Trading standards for floor brokers. Each contract market shall adopt and submit..., a set of rules which shall, at a minimum, with respect to each member of the contract market acting... the market price or at the price at which such purchase or sale can be made for the member's own...

  14. 17 CFR 155.2 - Trading standards for floor brokers.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... TRADING STANDARDS § 155.2 Trading standards for floor brokers. Each contract market shall adopt rules which shall, at a minimum, with respect to each member of the contract market acting as a floor broker... option, or (3) sale of any put option, in the same commodity which is executable at the market price or...

  15. 77 FR 21603 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing of Proposed Rule Change...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-04-10

    ... monitoring of proprietary trading, market-making or brokerage activities and/or that is engaged in the supervision or training of those engaged in proprietary trading, market-making or brokerage activities will be... behalf of a broker-dealer account, supervises or monitors proprietary trading, market-making or brokerage...

  16. 17 CFR 155.2 - Trading standards for floor brokers.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... (CONTINUED) TRADING STANDARDS § 155.2 Trading standards for floor brokers. Each contract market shall adopt rules which shall, at a minimum, with respect to each member of the contract market acting as a floor... option, or (3) sale of any put option, in the same commodity which is executable at the market price or...

  17. 17 CFR 155.2 - Trading standards for floor brokers.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... TRADING STANDARDS § 155.2 Trading standards for floor brokers. Each contract market shall adopt and submit..., a set of rules which shall, at a minimum, with respect to each member of the contract market acting... the market price or at the price at which such purchase or sale can be made for the member's own...

  18. 17 CFR 155.2 - Trading standards for floor brokers.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... TRADING STANDARDS § 155.2 Trading standards for floor brokers. Each contract market shall adopt and submit..., a set of rules which shall, at a minimum, with respect to each member of the contract market acting... the market price or at the price at which such purchase or sale can be made for the member's own...

  19. 78 FR 44994 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-07-25

    ... its proprietary and/or market-making desk to trade at prices that would satisfy customer orders held.../or market-making desk at prices that would satisfy the customer order. If a Trading Permit Holder... proprietary and/or market- making desk to trade at prices that would satisfy customer orders held as a...

  20. 76 FR 81965 - Remanufactured Goods: An Overview of the U.S. and Global Industries, Markets, and Trade...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-12-29

    ... INTERNATIONAL TRADE COMMISSION [Investigation No. 332-525] Remanufactured Goods: An Overview of the U.S. and Global Industries, Markets, and Trade; Submission of Questionnaire for OMB Review AGENCY: United States International Trade Commission. ACTION: In accordance with the provisions of the Paperwork...

  1. Tips for Organizing an Educational Agricultural Commodity Trading Club

    ERIC Educational Resources Information Center

    Yost, John

    2011-01-01

    Educational commodity marketing clubs have been an effective tool for producers to develop their grain and livestock marketing skills. These groups are further enhanced when the participants engage in "actual trading" versus "paper trading" techniques. When a club chooses to try actual trading, it becomes more complicated than pooling monies…

  2. 75 FR 56997 - Global Markets Advisory Committee

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-09-17

    ... COMMODITY FUTURES TRADING COMMISSION Global Markets Advisory Committee AGENCY: Commodity Futures Trading Commission (``CFTC''). ACTION: Notice of meeting of Global Markets Advisory Committee. SUMMARY: The Global Markets Advisory Committee will hold a public meeting on October 5, 2010, from 1 p.m. to 5...

  3. An overview of a free-market approach to climate change and conservation.

    PubMed

    Sandor, Richard L; Bettelheim, Eric C; Swingland, Ian R

    2002-08-15

    This paper describes the convergence of environmental and financial markets, reviews the evolution of market-based environmental programmes as an example of the seven-stage evolutionary process witnessed in a variety of markets and summarizes the emergence of greenhouse-gas-mitigation markets and their potential role in advancing land stewardship, biodiversity and other environmental services. Emissions trading has been developed to meet the demand to reduce pollution while avoiding economic disruption. Consistent with the seven-stage pattern of market evolution, the US programme to reduce the damage from acid rain established a standardized environmental commodity, developed 'evidence of ownership' necessary for financial instruments and provided the infrastructure to efficiently transfer title. The success of the system in reducing pollution at low cost has provided a model for other market-based environmental protection initiatives. The demand for cost-effective action to reduce the threat of climate change has initiated the same evolutionary process for markets to reduce greenhouse-gas emissions. Many of the land- and forest-management practices that can capture and store atmospheric CO(2) can also provide other environmental benefits, such as biodiversity preservation and enhanced water quality. The presence of a carbon-trading market will introduce a clear financial value for capture and mitigation of CO(2) emissions, thus introducing a new source of funding for land stewardship and forest rehabilitation. The market is now emerging through a variety of 'bottom-up' developments being undertaken through governmental, multilateral, private-sector and non-governmental-organization initiatives. The extension of markets to other emerging environmental issues is now underway, and the linkages between environmental sustainability and capital markets are being more deeply understood. The early evidence indicates that environmental sustainability can be compatible with maximization of shareholder value.

  4. Management of unregulated agricultural nonpoint sources through water quality trading market.

    PubMed

    Mahjoobi, Emad; Sarang, Amin; Ardestani, Mojtaba

    2016-11-01

    Water quality trading (WQT) could be an innovative policy to incentivize farmers to implement best management practices (BMPs) for their activities. This study focused on assessment of involving unregulated agricultural nonpoint sources (NPS) into the WQT market in Gharesoo watershed in the west of Iran. It also proposes a methodology to determine location-based trading ratios as well as environmental penalty cost to achieve a more well-designed market structure. Trading activities in different scenarios were described by trading volume (TV), participation rate (PR), total exchanged value (TEV), and other market parameters in order to achieve a better comparison of market performance. Results showed that, by applying NPS to the Gharesoo watershed, total phosphorous (TP) trading market could increase TV, PR, and TEV up to 11, 1.7 and 7.5 times, respectively, depending on which level of BMPs are implemented by them. Additionally, it could save 29% of the total cost of implementing a TP total maximum daily load in this watershed compared to the 'command and control' approach. Furthermore, the agricultural sector could profit by $5.49 million (or $75/ha) by choosing solutions such as terrace systems and filter strips to register into the market. This profit can be allocated to the development of new agricultural technologies.

  5. 75 FR 26188 - Notice of Funds Availability: Inviting Applications for the Emerging Markets Program

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-05-11

    ..., restaurant advertising, labeling, etc.); advertising, administrative, and operational expenses for trade... CFR part 1486 for additional evaluation criteria. 2. Review and Selection Process: All applications...

  6. 26 CFR 1.1296-2 - Definition of marketable stock.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

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

  7. 26 CFR 1.1296-2 - Definition of marketable stock.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

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

  8. 26 CFR 1.1296-2 - Definition of marketable stock.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

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

  9. 76 FR 67165 - Combined Notice of Filings #1

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-10-31

    ... Thursday, November 10, 2011. Docket Numbers: ER12-141-000. Applicants: NAP Trading and Marketing, Inc. Description: NAP Trading and Marketing, Inc submits Notice of Cancellation of Market-Based Rate Tariff to be...

  10. Volatility Spillover in Chinese Steel Markets

    NASA Astrophysics Data System (ADS)

    Fang, Wen

    2018-03-01

    This paper examines volatility spillover in Chinese steel markets by comparing spillover effects before and after steel futures market established and finds some interesting change. Volatility spillover method based on multi-GARCH model are proposed. The results show that there is significant proof for spillover effects from B2B electronic market to spot market, and two-way effects between futures and spot market. Market policy planners and practitioners could make decisions according to the master of spillovers. We also find that B2B e-market and futures market can both provide efficient protection against steel price volatility risk, B2B e-market offer a broad-based platform for trading steel commodities over time and space since e-market role in information flow process is dominant.

  11. 75 FR 63551 - Guides for the Use of Environmental Marketing Claims

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-10-15

    ... general principles that apply to all environmental marketing claims and provide specific guidance... Part II Federal Trade Commission 16 CFR Part 260 Guides for the Use of Environmental Marketing... Marketing Claims AGENCY: Federal Trade Commission. ACTION: Proposed revisions to guidelines. SUMMARY: The...

  12. Influence of individual rationality on continuous double auction markets with networked traders

    NASA Astrophysics Data System (ADS)

    Zhang, Junhuan

    2018-04-01

    This paper investigates the influence of individual rationality of buyers and sellers on continuous double auction market outcomes in terms of the proportion of boundedly-rational buyers and sellers. The individual rationality is discussed in a social network artificial stock market model by embedding network formation and information set. Traders automatically select the most profitable trading strategy based on individual and social learning of the profits and trading strategies of themselves and their neighbors, and submit orders to markets. The results show that (i) a higher proportion of boundedly-rational sellers induces a higher market price, higher sellers' profits and a higher market efficiency; (ii) a higher proportion of boundedly-rational sellers induces a lower number of trades and lower buyers' profits; (iii) a higher proportion of boundedly-rational buyers induces a lower market price, a lower number of trades, and lower sellers' profits; (iv) a higher proportion of boundedly-rational buyers induces higher buyers' profits and a higher market efficiency.

  13. Market Efficiency and the Risks and Returns of Dynamic Trading Strategies with Commodity Futures

    NASA Astrophysics Data System (ADS)

    Switzer, Lorne N.; Jiang, Hui

    This paper investigates relationships between profits from dynamic trading strategies, risk premium, convenience yields, and net hedging pressures for commodity futures. As a market efficiency study, it crosses a number of disciplines, including traditional finance, behavioral finance, and behavioral psychology. The term structure of oil, gold, copper and soybeans futures markets contains predictive power for the corresponding term premium. However, only oil futures and soybean futures lead their spot premium. Significant momentum profits are identified in both outright futures and spread trading strategies when the spot premium and the term premium are used to form winner and loser portfolios. Profits from active strategies based on winner and loser portfolios are conditioned on market structure and net hedging pressure effects. Dynamic trading strategies based on contracts with extreme backwardation, extreme contango, and extreme hedging pressures are also tested. On average, spread trading outperforms outright futures trading in capturing the term structure risk and hedging pressure risk. For such strategies, long-short the long-term spread offers the greatest and most significant return and it offers the only exploitable trading profits built on the past hedging pressure. The existence of profits from active trading strategies based on winners is consistent with behavioral finance and behavioral psychology models in which market participants irrationally overreact to information and trends.

  14. 17 CFR 16.02 - Daily trade and supporting data reports.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Daily trade and supporting... COMMISSION REPORTS BY REPORTING MARKETS § 16.02 Daily trade and supporting data reports. Reporting markets shall provide trade and supporting data reports to the Commission on a daily basis. Such reports shall...

  15. Statistical properties and pre-hit dynamics of price limit hits in the Chinese stock markets.

    PubMed

    Wan, Yu-Lei; Xie, Wen-Jie; Gu, Gao-Feng; Jiang, Zhi-Qiang; Chen, Wei; Xiong, Xiong; Zhang, Wei; Zhou, Wei-Xing

    2015-01-01

    Price limit trading rules are adopted in some stock markets (especially emerging markets) trying to cool off traders' short-term trading mania on individual stocks and increase market efficiency. Under such a microstructure, stocks may hit their up-limits and down-limits from time to time. However, the behaviors of price limit hits are not well studied partially due to the fact that main stock markets such as the US markets and most European markets do not set price limits. Here, we perform detailed analyses of the high-frequency data of all A-share common stocks traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2000 to 2011 to investigate the statistical properties of price limit hits and the dynamical evolution of several important financial variables before stock price hits its limits. We compare the properties of up-limit hits and down-limit hits. We also divide the whole period into three bullish periods and three bearish periods to unveil possible differences during bullish and bearish market states. To uncover the impacts of stock capitalization on price limit hits, we partition all stocks into six portfolios according to their capitalizations on different trading days. We find that the price limit trading rule has a cooling-off effect (object to the magnet effect), indicating that the rule takes effect in the Chinese stock markets. We find that price continuation is much more likely to occur than price reversal on the next trading day after a limit-hitting day, especially for down-limit hits, which has potential practical values for market practitioners.

  16. 76 FR 51447 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-08-18

    ... trading pause process during periods of extraordinary market volatility as a pilot in S&P 500 Index stocks... Exchange LLC, The NASDAQ Stock Market LLC, New York Stock Exchange LLC, NYSE Amex LLC, NYSE Arca, Inc... Organizations; Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Rule Change To Amend Article 20, Rule...

  17. 77 FR 35732 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-06-14

    ... important Exchange function to provide an opportunity to all market participants to trade against Customer... traded under the symbol MNX (``MNX'') as follows: Non-NOM market NOM market Customer Professional Firm... order resting on the NOM book. [[Page 35733

  18. 75 FR 12737 - Applications To Export Electric Energy; Noble Energy Marketing and Trade Corp.

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-03-17

    ...; Noble Energy Marketing and Trade Corp. AGENCY: Office of Electricity Delivery and Energy Reliability, DOE. ACTION: Notice of application. SUMMARY: Under two separate applications, Noble Energy Marketing... power marketing agencies, and other entities within the United States. NEMT has requested electricity...

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

    Alekseev, A.A.

    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 exportmore » 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.« less

  20. The Asian Correction Can Be Quantitatively Forecasted Using a Statistical Model of Fusion-Fission Processes.

    PubMed

    Teh, Boon Kin; Cheong, Siew Ann

    2016-01-01

    The Global Financial Crisis of 2007-2008 wiped out US$37 trillions across global financial markets, this value is equivalent to the combined GDPs of the United States and the European Union in 2014. The defining moment of this crisis was the failure of Lehman Brothers, which precipitated the October 2008 crash and the Asian Correction (March 2009). Had the Federal Reserve seen these crashes coming, they might have bailed out Lehman Brothers, and prevented the crashes altogether. In this paper, we show that some of these market crashes (like the Asian Correction) can be predicted, if we assume that a large number of adaptive traders employing competing trading strategies. As the number of adherents for some strategies grow, others decline in the constantly changing strategy space. When a strategy group grows into a giant component, trader actions become increasingly correlated and this is reflected in the stock price. The fragmentation of this giant component will leads to a market crash. In this paper, we also derived the mean-field market crash forecast equation based on a model of fusions and fissions in the trading strategy space. By fitting the continuous returns of 20 stocks traded in Singapore Exchange to the market crash forecast equation, we obtain crash predictions ranging from end October 2008 to mid-February 2009, with early warning four to six months prior to the crashes.

  1. The Asian Correction Can Be Quantitatively Forecasted Using a Statistical Model of Fusion-Fission Processes

    PubMed Central

    Teh, Boon Kin; Cheong, Siew Ann

    2016-01-01

    The Global Financial Crisis of 2007-2008 wiped out US$37 trillions across global financial markets, this value is equivalent to the combined GDPs of the United States and the European Union in 2014. The defining moment of this crisis was the failure of Lehman Brothers, which precipitated the October 2008 crash and the Asian Correction (March 2009). Had the Federal Reserve seen these crashes coming, they might have bailed out Lehman Brothers, and prevented the crashes altogether. In this paper, we show that some of these market crashes (like the Asian Correction) can be predicted, if we assume that a large number of adaptive traders employing competing trading strategies. As the number of adherents for some strategies grow, others decline in the constantly changing strategy space. When a strategy group grows into a giant component, trader actions become increasingly correlated and this is reflected in the stock price. The fragmentation of this giant component will leads to a market crash. In this paper, we also derived the mean-field market crash forecast equation based on a model of fusions and fissions in the trading strategy space. By fitting the continuous returns of 20 stocks traded in Singapore Exchange to the market crash forecast equation, we obtain crash predictions ranging from end October 2008 to mid-February 2009, with early warning four to six months prior to the crashes. PMID:27706198

  2. Machine learning in sentiment reconstruction of the simulated stock market

    NASA Astrophysics Data System (ADS)

    Goykhman, Mikhail; Teimouri, Ali

    2018-02-01

    In this paper we continue the study of the simulated stock market framework defined by the driving sentiment processes. We focus on the market environment driven by the buy/sell trading sentiment process of the Markov chain type. We apply the methodology of the Hidden Markov Models and the Recurrent Neural Networks to reconstruct the transition probabilities matrix of the Markov sentiment process and recover the underlying sentiment states from the observed stock price behavior. We demonstrate that the Hidden Markov Model can successfully recover the transition probabilities matrix for the hidden sentiment process of the Markov Chain type. We also demonstrate that the Recurrent Neural Network can successfully recover the hidden sentiment states from the observed simulated stock price time series.

  3. Research on power market technical analysis index system employing high-low matching mechanism

    NASA Astrophysics Data System (ADS)

    Li, Tao; Wang, Shengyu

    2018-06-01

    The power market trading technical analysis refers to a method that takes the bidding behavior of members in the power market as the research object, sums up some typical market rules and price trends by applying mathematical and logical methods, and finally can effectively assist members in the power market to make more reasonable trading decisions. In this paper, the following four indicators have been proposed: bidding price difference scale, extreme bidding price rate, dispersion of bidding price and monthly transaction satisfaction of electricity trading, which are the core of the index system.

  4. Cultivating Foundation Support for Education.

    ERIC Educational Resources Information Center

    Murphy, Mary Kay, Ed.

    The process of acquiring financial support from private foundations is discussed in 26 essays, divided into five categories (Targeting the Foundation Market; Getting Started: Tools of the Trade; The Process of Foundation Fund Raising; The Grant Maker's Perspective; and Focused Programs and Foundation Support). A prologue, "Ethics and Foundation…

  5. SO{sub 2} and NOx trading markets: providing flexibility and results

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

    Sam Napolitano; Melanie LaCount; Daniel Chartier

    2007-06-15

    Experience with the Acid Rain and NOx Budget Trading Programs demonstrates that cap-and-trade programs are an effective means of achieving broad improvements in air quality. Results demonstrate that the combination of mandatory emissions caps, a viable allowance trading market, rigorous emissions monitoring and reporting protocols, and automatic enforcement provide accountability and ensure results in a cost-effective manner. The market developments discussed in this article demonstrate a successful environmental partnership. With a government focused on results and a private sector motivated to innovate, cap-and trade systems deliver environmental results as efficiently and effectively as possible. 3 refs., 4 figs,

  6. 78 FR 59663 - Combined Notice of Filings

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-09-27

    ... Paso Marketing Company, L.L.C., Gazprom Marketing & Trading USA, Inc. Description: Joint Petition for... Provisions of El Paso Marketing Company, L.L.C. and Gazprom Marketing & Trading USA, Inc. Filed Date: 9/17/13...: Discovery Gas Transmission LLC. Description: 2013 Tariff Revisions--Kinetica Interconnect to be effective 10...

  7. Interactions between domestic and export markets for softwood lumber and plywood: tests of six hypotheses.

    Treesearch

    David R. Darr

    1981-01-01

    Price formation in export markets and available data on export and domestic markets are discussed. The results of tests of several hypotheses about interactions between domestic and export markets are presented and interpreted from the standpoints of trade promotion and trade policy.

  8. 75 FR 28667 - Market Structure Roundtable

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-05-21

    ... views of investors, issuers, exchanges, alternative trading systems, financial services firms, high... roundtable will focus on market structure performance, including the events of May 6, metrics for evaluating market structure performance, high frequency trading, and undisplayed liquidity. The roundtable...

  9. 16 CFR 424.2 - Defenses.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ..., common sense tells us that in the highly competitive grocery store business, where consumers return week... Practices FEDERAL TRADE COMMISSION TRADE REGULATION RULES RETAIL FOOD STORE ADVERTISING AND MARKETING... decision today to amend the Retail Food Store Advertising and Marketing Practices Trade Regulation Rule...

  10. 16 CFR 424.2 - Defenses.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ..., common sense tells us that in the highly competitive grocery store business, where consumers return week... Practices FEDERAL TRADE COMMISSION TRADE REGULATION RULES RETAIL FOOD STORE ADVERTISING AND MARKETING... decision today to amend the Retail Food Store Advertising and Marketing Practices Trade Regulation Rule...

  11. 16 CFR 424.2 - Defenses.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ..., common sense tells us that in the highly competitive grocery store business, where consumers return week... Practices FEDERAL TRADE COMMISSION TRADE REGULATION RULES RETAIL FOOD STORE ADVERTISING AND MARKETING... decision today to amend the Retail Food Store Advertising and Marketing Practices Trade Regulation Rule...

  12. 16 CFR 424.2 - Defenses.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ..., common sense tells us that in the highly competitive grocery store business, where consumers return week... Practices FEDERAL TRADE COMMISSION TRADE REGULATION RULES RETAIL FOOD STORE ADVERTISING AND MARKETING... decision today to amend the Retail Food Store Advertising and Marketing Practices Trade Regulation Rule...

  13. 16 CFR 424.2 - Defenses.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... Practices FEDERAL TRADE COMMISSION TRADE REGULATION RULES RETAIL FOOD STORE ADVERTISING AND MARKETING... decision today to amend the Retail Food Store Advertising and Marketing Practices Trade Regulation Rule... after week to the same store, any supermarket that frustrates its customers through unavailability of...

  14. Managing dynamic epidemiological risks through trade

    PubMed Central

    Horan, Richard D.; Fenichel, Eli P.; Finnoff, David; Wolf, Christopher A.

    2015-01-01

    There is growing concern that trade, by connecting geographically isolated regions, unintentionally facilitates the spread of invasive pathogens and pests – forms of biological pollution that pose significant risks to ecosystem and human health. We use a bioeconomic framework to examine whether trade always increases private risks, focusing specifically on pathogen risks from live animal trade. When the pathogens have already established and traders bear some private risk, we find two results that run counter to the conventional wisdom on trade. First, uncertainty about the disease status of individual animals held in inventory may increase the incentives to trade relative to the disease-free case. Second, trade may facilitate reduced long-run disease prevalence among buyers. These results arise because disease risks are endogenous due to dynamic feedback processes involving valuable inventories, and markets facilitate the management of private risks that producers face with or without trade. PMID:25914431

  15. A preliminary survey of whale shark Rhincodon typus catch and trade in China: an emerging crisis.

    PubMed

    Li, W; Wang, Y; Norman, B

    2012-04-01

    This study gives an account of spatial and temporal distribution of whale shark Rhincodon typus catch events in China on the basis of historical records and information obtained from interviews with fishing industry stakeholders. A total of 186 R. typus were recorded with key harvest areas identified as in Hainan and Zhejiang, and the peak catching seasons were May to June and September to October. Aspects of the R. typus trade are discussed, including products, markets and the process. The results suggest that R. typus is increasingly becoming a targeted resource in China as a consequence of fierce competition for large shark fins and an emerging local market for consumption of all body parts. Current obstacles and potential measures for sustainable exploitation and trade of R. typus are discussed. © 2012 The Authors. Journal of Fish Biology © 2012 The Fisheries Society of the British Isles.

  16. Clean air, clear market. Making emissions trading work: The role of a computer-assisted auction

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

    Bartels, C.W.; Marron, D.B.; Lipsky, M.I.

    1993-06-15

    Creating a new commodity presents the chance to develop new markets in which to trade it. In many cases, existing markets can be adapted easily; in other cases it proves worthwhile to develop new forms that reflect special characteristics of the commodity and those who trade it. In the case of the sulfur dioxide (SO[sub 2]) emission allowances created by the Clean Air Act Amendments of 1990, a number of standard market forms already have been adopted. While these will prove useful for handling some transactions, a new Market Clearing Auction (MCA) offers buyers and sellers a centralized marketplace formore » trading SO[sub 2] emission allowances. The MCA, which was developed by the brokerage firm Cantor Fitzgerald, is a computer-assisted [open quotes]smart[close quotes] auction designed to replicate the outcome of an efficient market in emission allowances, and accepts bids and offers for any possible combination of allowances. Orders can be submitted for streams of allowances. Orders can be submitted for streams of allowances covering more than one year. The auction then determines the combination of bids and offers that maximizes the gains from trades in the market, and establishes uniform market clearing prices for each allowance issue (1995, 1996, and so on). Once executed, trades are settled on a cash-forward basis; that is, allowances are delivered and payments are made at future dates.« less

  17. On the gap between an empirical distribution and an exponential distribution of waiting times for price changes in a financial market

    NASA Astrophysics Data System (ADS)

    Sazuka, Naoya

    2007-03-01

    We analyze waiting times for price changes in a foreign currency exchange rate. Recent empirical studies of high-frequency financial data support that trades in financial markets do not follow a Poisson process and the waiting times between trades are not exponentially distributed. Here we show that our data is well approximated by a Weibull distribution rather than an exponential distribution in the non-asymptotic regime. Moreover, we quantitatively evaluate how much an empirical data is far from an exponential distribution using a Weibull fit. Finally, we discuss a transition between a Weibull-law and a power-law in the long time asymptotic regime.

  18. Anchoring effect on first passage process in Taiwan financial market

    NASA Astrophysics Data System (ADS)

    Liu, Hsing; Liao, Chi-Yo; Ko, Jing-Yuan; Lih, Jiann-Shing

    2017-07-01

    Empirical analysis of the price fluctuations of financial markets has received extensive attention because a substantial amount of financial market data has been collected and because of advances in data-mining techniques. Price fluctuation trends can help investors to make informed trading decisions, but such decisions may also be affected by a psychological factors-the anchoring effect. This study explores the intraday price time series of Taiwan futures, and applies diffusion model and quantitative methods to analyze the relationship between the anchoring effect and price fluctuations during first passage process. Our results indicate that power-law scaling and anomalous diffusion for stock price fluctuations are related to the anchoring effect. Moreover, microscopic price fluctuations before switching point in first passage process correspond with long-term price fluctuations of Taiwan's stock market. We find that microscopic trends could provide useful information for understanding macroscopic trends in stock markets.

  19. Statistical Properties and Pre-Hit Dynamics of Price Limit Hits in the Chinese Stock Markets

    PubMed Central

    Wan, Yu-Lei; Xie, Wen-Jie; Gu, Gao-Feng; Jiang, Zhi-Qiang; Chen, Wei; Xiong, Xiong; Zhang, Wei; Zhou, Wei-Xing

    2015-01-01

    Price limit trading rules are adopted in some stock markets (especially emerging markets) trying to cool off traders’ short-term trading mania on individual stocks and increase market efficiency. Under such a microstructure, stocks may hit their up-limits and down-limits from time to time. However, the behaviors of price limit hits are not well studied partially due to the fact that main stock markets such as the US markets and most European markets do not set price limits. Here, we perform detailed analyses of the high-frequency data of all A-share common stocks traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2000 to 2011 to investigate the statistical properties of price limit hits and the dynamical evolution of several important financial variables before stock price hits its limits. We compare the properties of up-limit hits and down-limit hits. We also divide the whole period into three bullish periods and three bearish periods to unveil possible differences during bullish and bearish market states. To uncover the impacts of stock capitalization on price limit hits, we partition all stocks into six portfolios according to their capitalizations on different trading days. We find that the price limit trading rule has a cooling-off effect (object to the magnet effect), indicating that the rule takes effect in the Chinese stock markets. We find that price continuation is much more likely to occur than price reversal on the next trading day after a limit-hitting day, especially for down-limit hits, which has potential practical values for market practitioners. PMID:25874716

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

    NASA Astrophysics Data System (ADS)

    Thielscher, Michael; Zhang, Dongmo

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

  1. Russian Political, Economic, and Security Issues and U.S. Interests

    DTIC Science & Technology

    2010-07-15

    accession process.39 Russia’s treatment of imports of U.S. meats — poultry , pork and beef—is one of the most sensitive issues in U.S.-Russian trade...diet. U.S. producers, especially of poultry , became major sources of meat to the Russian market, and Russia became an important market for U.S...exports of meat . For example, in 2009, Russia was the largest market for U.S. poultry meat exports, accounting for 20% of total U.S. exports of poultry

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

    PubMed

    Lopez-Gonzalez, Hibai; Griffiths, Mark D

    2018-01-01

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

  3. Cap-and-Trade Modeling and Analysis: Congested Electricity Market Equilibrium

    NASA Astrophysics Data System (ADS)

    Limpaitoon, Tanachai

    This dissertation presents an equilibrium framework for analyzing the impact of cap-and-trade regulation on transmission-constrained electricity market. The cap-and-trade regulation of greenhouse gas emissions has gained momentum in the past decade. The impact of the regulation and its efficacy in the electric power industry depend on interactions of demand elasticity, transmission network, market structure, and strategic behavior of firms. I develop an equilibrium model of an oligopoly electricity market in conjunction with a market for tradable emissions permits to study the implications of such interactions. My goal is to identify inefficiencies that may arise from policy design elements and to avoid any unintended adverse consequences on the electric power sector. I demonstrate this modeling framework with three case studies examining the impact of carbon cap-and-trade regulation. In the first case study, I study equilibrium results under various scenarios of resource ownership and emission targets using a 24-bus IEEE electric transmission system. The second and third case studies apply the equilibrium model to a realistic electricity market, Western Electricity Coordinating Council (WECC) 225-bus system with a detailed representation of the California market. In the first and second case studies, I examine oligopoly in electricity with perfect competition in the permit market. I find that under a stringent emission cap and a high degree of concentration of non-polluting firms, the electricity market is subject to potential abuses of market power. Also, market power can occur in the procurement of non-polluting energy through the permit market when non-polluting resources are geographically concentrated in a transmission-constrained market. In the third case study, I relax the competitive market structure assumption of the permit market by allowing oligopolistic competition in the market through a conjectural variation approach. A short-term equilibrium analysis of the joint markets in the presence of market power reveals that strategic permit trading can play a vital role in determining economic outcomes in the electricity market. In particular, I find that a firm with more efficient technologies can employ strategic withholding of permits, which allows for its increase in output share in the electricity market at the expense of other less efficient firms. In addition, strategic permit trading can influence patterns of transmission congestion. These results illustrate that market structure and transmission congestion can have a significant impact on the market performance and environmental outcome of the regulation while the interactions of such factors can lead to unintended consequences. The proposed approach is proven useful as a tool for market monitoring purposes in the short run from the perspective of a system operator, whose responsibility has become indirectly intertwined with emission trading regulation.

  4. 75 FR 34183 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Order Granting...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-06-16

    ... listing market has resolved any imbalances. See, e.g., BlackRock Letter, Credit Suisse Letter, Knight... to Proposed Rule Change To Amend FINRA Rule 6121 (Trading Halts Due to Extraordinary Market... Listing Market Has Issued a Trading Pause Due to Extraordinary Market Conditions June 10, 2010. I...

  5. Stroke: a Hidden Danger of Margin Trading in Stock Markets.

    PubMed

    Lin, Shu-Hui; Wang, Chien-Ho; Liu, Tsai-Ching; Chen, Chin-Shyan

    2015-10-01

    Using 10-year population data from 2000 through 2009 in Taiwan, this is the first paper to analyze the relationship between margin trading in stock markets and stroke hospitalizations. The results show that 3 and 6 days after an increase of margin trading in the Taiwan stock markets are associated with greater stoke hospitalizations. In general, a 1 % increase in total margin trading positions is associated with an increment of 2.5 in the total number of stroke hospitalizations, where the mean number of hospital admissions is 233 cases a day. We further examine the effects of margin trading by gender and age groups and find that the effects of margin trading are significant for males and those who are 45-74 years old only. In summary, buying stocks with money you do not have is quite risky, especially if the prices of those stocks fall past a certain level or if there is a sudden and severe drop in the stock market. There is also a hidden danger to one's health from margin trading. A person should be cautious before conducting margin trading, because while it can be quite profitable, danger always lurks just around the corner.

  6. Fair Trade: Social Regulation in Global Food Markets

    ERIC Educational Resources Information Center

    Raynolds, Laura T.

    2012-01-01

    This article analyzes the theoretical and empirical parameters of social regulation in contemporary global food markets, focusing on the rapidly expanding Fair Trade initiative. Fair Trade seeks to transform North/South relations by fostering ethical consumption, producer empowerment, and certified commodity sales. This initiative joins an array…

  7. 78 FR 20898 - Agency Information Collection Activities; Notice of Intent to Renew Collection: Market Surveys

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-04-08

    ... COMMODITY FUTURES TRADING COMMISSION Agency Information Collection Activities; Notice of Intent to Renew Collection: Market Surveys AGENCY: Commodity Futures Trading Commission. ACTION: Notice. SUMMARY: The Commodity Futures Trading Commission (CFTC) is announcing an opportunity for public comment on the...

  8. Price-volume multifractal analysis and its application in Chinese stock markets

    NASA Astrophysics Data System (ADS)

    Yuan, Ying; Zhuang, Xin-tian; Liu, Zhi-ying

    2012-06-01

    An empirical research on Chinese stock markets is conducted using statistical tools. First, the multifractality of stock price return series, ri(ri=ln(Pt+1)-ln(Pt)) and trading volume variation series, vi(vi=ln(Vt+1)-ln(Vt)) is confirmed using multifractal detrended fluctuation analysis. Furthermore, a multifractal detrended cross-correlation analysis between stock price return and trading volume variation in Chinese stock markets is also conducted. It is shown that the cross relationship between them is also found to be multifractal. Second, the cross-correlation between stock price Pi and trading volume Vi is empirically studied using cross-correlation function and detrended cross-correlation analysis. It is found that both Shanghai stock market and Shenzhen stock market show pronounced long-range cross-correlations between stock price and trading volume. Third, a composite index R based on price and trading volume is introduced. Compared with stock price return series ri and trading volume variation series vi, R variation series not only remain the characteristics of original series but also demonstrate the relative correlation between stock price and trading volume. Finally, we analyze the multifractal characteristics of R variation series before and after three financial events in China (namely, Price Limits, Reform of Non-tradable Shares and financial crisis in 2008) in the whole period of sample to study the changes of stock market fluctuation and financial risk. It is found that the empirical results verified the validity of R.

  9. Economic Culture and Trading Behaviors in Information Markets

    ERIC Educational Resources Information Center

    Alhayyan, Khalid N.

    2012-01-01

    There are four main components for influencing traders' behaviors in an information market context: trader characteristics, organizational characteristics, market design, and external information. This dissertation focuses on investigating the impact of individual trader characteristics on trading behaviors. Two newly-developed constructs,…

  10. Free Trade Agreements: Impact on U.S. Trade and Implications for U.S. Trade Policy

    DTIC Science & Technology

    2010-02-23

    markets in which member countries go beyond a customs union by eliminating barriers to labor and capital flows across national borders within the... market ; and • economic unions where members merge their economies even further by establishing a common currency, and therefore a unified monetary... market over the lowest tariff wall. Most FTAs also include procedures on the settlement of disputes arising among members and rules on the

  11. Buying on margin, selling short in an agent-based market model

    NASA Astrophysics Data System (ADS)

    Zhang, Ting; Li, Honggang

    2013-09-01

    Credit trading, or leverage trading, which includes buying on margin and selling short, plays an important role in financial markets, where agents tend to increase their leverages for increased profits. This paper presents an agent-based asset market model to study the effect of the permissive leverage level on traders’ wealth and overall market indicators. In this model, heterogeneous agents can assume fundamental value-converging expectations or trend-persistence expectations, and their effective demands of assets depend both on demand willingness and wealth constraints, where leverage can relieve the wealth constraints to some extent. The asset market price is determined by a market maker, who watches the market excess demand, and is influenced by noise factors. By simulations, we examine market results for different leverage ratios. At the individual level, we focus on how the leverage ratio influences agents’ wealth accumulation. At the market level, we focus on how the leverage ratio influences changes in the asset price, volatility, and trading volume. Qualitatively, our model provides some meaningful results supported by empirical facts. More importantly, we find a continuous phase transition as we increase the leverage threshold, which may provide a further prospective of credit trading.

  12. Asset price and trade volume relation in artificial market impacted by value investors

    NASA Astrophysics Data System (ADS)

    Tangmongkollert, K.; Suwanna, S.

    2016-05-01

    The relationship between return and trade volume has been of great interests in a financial market. The appearance of asymmetry in the price-volume relation in the bull and bear market is still unsettled. We present a model of the value investor traders (VIs) in the double auction system, in which agents make trading decision based on the pseudo fundamental price modelled by sawtooth oscillations. We investigate the system by two different time series for the asset fundamental price: one corresponds to the fundamental price in a growing phase; and the other corresponds to that in a declining phase. The simulation results show that the trade volume is proportional to the difference between the market price and the fundamental price, and that there is asymmetry between the buying and selling phases. Furthermore, the selling phase has more significant impact of price on the trade volume than the buying phase.

  13. 76 FR 65765 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-10-24

    ... Proposed Rule Change Relating to the Establishment of a Direct Market Data Product, NASDAQ Options Trade... establish a direct market data product, NASDAQ Options Trade Outline (``NOTO''). The text of the proposed.... Purpose The purpose of the proposed rule change is to establish the NOTO market data product. NOTO is a...

  14. 17 CFR 242.104 - Stabilizing and other activities in connection with an offering.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... the principal market if the security has traded in the principal market on the day stabilizing is... security has traded in that market on the day stabilizing is initiated or on the last preceding business... expressed in a currency other than the currency of the principal market for the security, such bid may be...

  15. 76 FR 61416 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-10-04

    ... Methodology for Determining When to Halt Trading Due to Extraordinary Market Volatility September 28, 2011... determining when to halt trading in all stocks due to extraordinary market volatility. The proposal is made in... market volatility. The Exchange is proposing this rule change in consultation with other equity, options...

  16. 76 FR 52032 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-08-19

    ... purpose of making markets in options contracts traded on the Exchange and that is vested with the rights... Exchange currently offers an order-based market making interface for the BATS Options trading platform... to introduce a bulk-quoting interface for market makers in order to offer an additional market making...

  17. Random-Walk Type Model with Fat Tails for Financial Markets

    NASA Astrophysics Data System (ADS)

    Matuttis, Hans-Geors

    Starting from the random-walk model, practices of financial markets are included into the random-walk so that fat tail distributions like those in the high frequency data of the SP500 index are reproduced, though the individual mechanisms are modeled by normally distributed data. The incorporation of local correlation narrows the distribution for "frequent" events, whereas global correlations due to technical analysis leads to fat tails. Delay of market transactions in the trading process shifts the fat tail probabilities downwards. Such an inclusion of reactions to market fluctuations leads to mini-trends which are distributed with unit variance.

  18. 17 CFR 48.7 - Requirements for registration.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... to detect trading and market abuses and to reconstruct all transactions within a reasonable period of... contract market; (ii) Contracts must be cleared; (iii) Contracts must not be prohibited from being traded... regulation of the foreign board of trade, the clearing organization, and the type of contracts to be made...

  19. 17 CFR 48.7 - Requirements for registration.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... to detect trading and market abuses and to reconstruct all transactions within a reasonable period of... contract market; (ii) Contracts must be cleared; (iii) Contracts must not be prohibited from being traded... regulation of the foreign board of trade, the clearing organization, and the type of contracts to be made...

  20. 17 CFR 48.7 - Requirements for registration.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... to detect trading and market abuses and to reconstruct all transactions within a reasonable period of... contract market; (ii) Contracts must be cleared; (iii) Contracts must not be prohibited from being traded... regulation of the foreign board of trade, the clearing organization, and the type of contracts to be made...

  1. 75 FR 4891 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-01-29

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

  2. 7 CFR 981.21 - Trade demand.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... 7 Agriculture 8 2012-01-01 2012-01-01 false Trade demand. 981.21 Section 981.21 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements and Orders; Fruits, Vegetables, Nuts), DEPARTMENT OF AGRICULTURE ALMONDS GROWN IN CALIFORNIA Order Regulating Handling Definitions § 981.21 Trade...

  3. 7 CFR 984.22 - Trade demand.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... 7 Agriculture 8 2012-01-01 2012-01-01 false Trade demand. 984.22 Section 984.22 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements and Orders; Fruits, Vegetables, Nuts), DEPARTMENT OF AGRICULTURE WALNUTS GROWN IN CALIFORNIA Order Regulating Handling Definitions § 984.22 Trade...

  4. Variety of Behavior of Equity Returns in Financial Markets

    NASA Astrophysics Data System (ADS)

    Bonanno, Giovanni; Lillo, Fabrizio; Mantegna, Rosario N.

    2001-03-01

    The price dynamics of a set of equities traded in an efficient market is pretty complex. It consists of almost not redundant time series which have (i) long-range correlated volatility and (ii) cross-correlation between each pair of equities. We perform a study of the statistical properties of an ensemble of equities returns which is fruitful to elucidate the nature and role of time and ensemble correlation. Specifically, we investigate a statistical ensemble of daily returns of n equities traded in United States financial markets. For each trading day of our database, we study the ensemble return distribution. We find that a typical ensemble return distribution exists in most of the trading days [1] with the exception of crash and rally days and of the days following to these extreme events [2]. We analyze each ensemble return distribution by extracting its first two central moments. We call the second moment of the ensemble return distribution the variety of the market. We choose this term because high variety implies a variated behavior of the equities returns in the considered day. We observe that the mean return and the variety are fluctuating in time and are stochastic processes themselves. The variety is a long-range correlated stochastic process. Customary time-averaged statistical properties of time series of stock returns are also considered. In general, time-averaged and portfolio-averaged returns have different statistical properties [1]. We infer from these differences information about the relative strength of correlation between equities and between different trading days. We also compare our empirical results with those predicted by the single-index model and we conclude that this simple model is unable to explain the statistical properties of the second moment of the ensemble return distribution. Correlation between pairs of equities are continuously present in the dynamics of a stock portfolio. Hence, it is relevant to investigate pair correlation in a efficient and original way. We propose to investigate these correlations at a daily and intra daily time horizon with a method based on concepts of random frustrated systems. Specifically, a hierarchical organization of the investigated equities is obtained by determining a metric distance between stocks and by investigating the properties of the subdominant ultrametric associated with it [3]. The high-frequency cross-correlation existing between pairs of equities are investigated in a set of 100 stocks traded in US equity markets. The decrease of the cross-correlation between the equity returns observed for diminishing time horizons progressively changes the nature of the hierarchical structure associated to each different time horizon [4]. The nature of the correlation present between pairs of time series of equity returns collected in a portfolio has a strong influence on the variety of the market. We finally discuss the relation between pair correlation and variety of an ensemble return distribution. References [1] Fabrizio Lillo and Rosario N. Mantegna, Variety and volatility in financial markets, Phys. Rev. E 62, 6126-6134 (2000). [2] Fabrizio Lillo and Rosario N. Mantegna, Symmetry alteration of ensemble return distribution in crash and rally days of financial market, Eur. Phys. J. B 15, 603-606 (2000). [3] Rosario N. Mantegna, Hierarchical structure in financial markets, Eur. Phys. J. B 11, 193-197 (1999). [4] Giovanni Bonanno, Fabrizio Lillo, and Rosario N. Mantegna, High-frequency cross-correlation in a set of stocks, Quantitative Finance (in press).

  5. 26 CFR 1.897-9T - Treatment of certain interest in publicly traded corporations, definition of foreign person, and...

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... dealers making a market in such interests. A broker or dealer makes a market in a class of interests only... had a fair market value greater than the fair market value on that date of 5 percent of the regularly traded class of the corporation's stock with the lowest fair market value. However, if a non-regularly...

  6. 26 CFR 1.897-9T - Treatment of certain interest in publicly traded corporations, definition of foreign person, and...

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... dealers making a market in such interests. A broker or dealer makes a market in a class of interests only... had a fair market value greater than the fair market value on that date of 5 percent of the regularly traded class of the corporation's stock with the lowest fair market value. However, if a non-regularly...

  7. 26 CFR 1.897-9T - Treatment of certain interest in publicly traded corporations, definition of foreign person, and...

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... dealers making a market in such interests. A broker or dealer makes a market in a class of interests only... had a fair market value greater than the fair market value on that date of 5 percent of the regularly traded class of the corporation's stock with the lowest fair market value. However, if a non-regularly...

  8. Brazil’s Market for Trading Forest Certificates

    PubMed Central

    Soares-Filho, Britaldo; Rajão, Raoni; Merry, Frank; Rodrigues, Hermann; Davis, Juliana; Lima, Letícia; Macedo, Marcia; Coe, Michael; Carneiro, Arnaldo; Santiago, Leonardo

    2016-01-01

    Brazil faces an enormous challenge to implement its revised Forest Code. Despite big losses for the environment, the law introduces new mechanisms to facilitate compliance and foster payment for ecosystem services (PES). The most promising of these is a market for trading forest certificates (CRAs) that allows landowners to offset their restoration obligations by paying for maintaining native vegetation elsewhere. We analyzed the economic potential for the emerging CRA market in Brazil and its implications for PES programs. Results indicate a potential market for trading 4.2 Mha of CRAs with a gross value of US$ 9.2±2.4 billion, with main regional markets forming in the states of Mato Grosso and São Paulo. This would be the largest market for trading forests in the world. Overall, the potential supply of CRAs in Brazilian states exceeds demand, creating an opportunity for additional PES programs to use the CRA market. This expanded market could provide not only monetary incentives to conserve native vegetation, but also environmental co-benefits by fostering PES programs focused on biodiversity, water conservation, and climate regulation. Effective implementation of the Forest Code will be vital to the success of this market and this hurdle brings uncertainty into the market. Long-term commitment, both within Brazil and abroad, will be essential to overcome the many challenges ahead. PMID:27050309

  9. Brazil's Market for Trading Forest Certificates.

    PubMed

    Soares-Filho, Britaldo; Rajão, Raoni; Merry, Frank; Rodrigues, Hermann; Davis, Juliana; Lima, Letícia; Macedo, Marcia; Coe, Michael; Carneiro, Arnaldo; Santiago, Leonardo

    2016-01-01

    Brazil faces an enormous challenge to implement its revised Forest Code. Despite big losses for the environment, the law introduces new mechanisms to facilitate compliance and foster payment for ecosystem services (PES). The most promising of these is a market for trading forest certificates (CRAs) that allows landowners to offset their restoration obligations by paying for maintaining native vegetation elsewhere. We analyzed the economic potential for the emerging CRA market in Brazil and its implications for PES programs. Results indicate a potential market for trading 4.2 Mha of CRAs with a gross value of US$ 9.2±2.4 billion, with main regional markets forming in the states of Mato Grosso and São Paulo. This would be the largest market for trading forests in the world. Overall, the potential supply of CRAs in Brazilian states exceeds demand, creating an opportunity for additional PES programs to use the CRA market. This expanded market could provide not only monetary incentives to conserve native vegetation, but also environmental co-benefits by fostering PES programs focused on biodiversity, water conservation, and climate regulation. Effective implementation of the Forest Code will be vital to the success of this market and this hurdle brings uncertainty into the market. Long-term commitment, both within Brazil and abroad, will be essential to overcome the many challenges ahead.

  10. Do no harm: a defense of markets in healthcare.

    PubMed

    Kline, William

    2010-09-01

    This paper argues that the rules that constitute a market protect autonomy and increase welfare in healthcare. Markets do the former through protecting rights to self-ownership and a cluster of rights that protect its exercise. Markets protect welfare by organizing and protecting trades. In contrast, prohibition destroys legitimate markets, giving rise to so-called black markets that harm both the autonomy and well-being of agents. For example, a fee-for-service medical system is a highly developed and specialized market. It is individuals working together, through the division of labor, to provide mutual insurance. This coordination, and the benefits it makes possible, is not possible without injunctions against harm. Prohibitions on harm are not mere ethical niceties, they are practice rules for both healthcare and markets. Placing the doctor within a healthcare market actually reinforces the doctor's moral obligation, and the legal enforcement of that obligation, not to harm. Similarly, markets reinforce patient rights to self-determination through legal and institutional enforcement of the harm principle in the form of the protection of certain basic welfare rights to life, bodily integrity, property, trade, and contract. Since the establishment of markets protects agent autonomy and welfare, and prohibition directly harms the same, there are strong reasons for establishing markets to protect trade in precisely those areas where autonomy and well-being are most vulnerable to exploitation, for example, the trade in human kidneys.

  11. Modeling the dynamics of backyard chicken flows in traditional trade networks in Thailand: implications for surveillance and control of avian influenza.

    PubMed

    Wiratsudakul, Anuwat; Paul, Mathilde Cécile; Bicout, Dominique Joseph; Tiensin, Thanawat; Triampo, Wannapong; Chalvet-Monfray, Karine

    2014-06-01

    In Southeast Asia, traditional poultry marketing chains have been threatened by epidemics caused by the highly pathogenic avian influenza H5N1 (HPAI H5N1) virus. In Thailand, the trade of live backyard chickens is based on the activities of traders buying chickens from villages and supplying urban markets with chicken meat. This study aims to quantify the flows of chickens traded during a 1-year period in a province of Thailand. A compartmental stochastic dynamic model was constructed to illustrate trade flows of live chickens from villages to slaughterhouses. Live poultry movements present important temporal variations with increased activities during the 15 days preceding the Chinese New Year and, to a lesser extent, other festivals (Qingming Festival, Thai New Year, Hungry Ghost Festival, and International New Year). The average distance of poultry movements ranges from 4 to 25 km, defining a spatial scale for the risk of avian influenza that spread through traditional poultry marketing chains. Some characteristics of traditional poultry networks in Thailand, such as overlapping chicken supply zones, may facilitate disease diffusion over longer distances through combined expansion and relocation processes. This information may be of use in tailoring avian influenza and other emerging infectious poultry disease surveillance and control programs provided that the cost-effectiveness of such scenarios is also evaluated in further studies.

  12. A material political economy: Automated Trading Desk and price prediction in high-frequency trading.

    PubMed

    MacKenzie, Donald

    2017-04-01

    This article contains the first detailed historical study of one of the new high-frequency trading (HFT) firms that have transformed many of the world's financial markets. The study, of Automated Trading Desk (ATD), one of the earliest and most important such firms, focuses on how ATD's algorithms predicted share price changes. The article argues that political-economic struggles are integral to the existence of some of the 'pockets' of predictable structure in the otherwise random movements of prices, to the availability of the data that allow algorithms to identify these pockets, and to the capacity of algorithms to use these predictions to trade profitably. The article also examines the role of HFT algorithms such as ATD's in the epochal, fiercely contested shift in US share trading from 'fixed-role' markets towards 'all-to-all' markets.

  13. China’s Trade with the United States and the World

    DTIC Science & Technology

    2007-01-04

    Defense, and Trade Division Dick K. Nanto Specialist in Industry and Trade Foreign Affairs, Defense, and Trade Division Report Documentation Page...U.S. industries and manufacturing employment, Congress has begun to focus on not only access to the Chinese market and intellectual property rights...the United States are taking market share from other Pacific Rim countries, particularly the East Asian newly industrialized countries (NICS), which

  14. Economic Time Series Modeling to Determine the Feasibility of Incorporating Drinking Water Treatment in Water Quality Trading

    EPA Science Inventory

    The critical steps required to evaluating the feasiblity of establishing a water quality trading market in a testbed watershed is described. Focus is given toward describing the problem of thin markets as a specifi barrier to successful trading. Economic theory for considering an...

  15. 7 CFR 989.62 - Authorization for prohibition of trade practices.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... MARKETING SERVICE (Marketing Agreements and Orders; Fruits, Vegetables, Nuts), DEPARTMENT OF AGRICULTURE... committee or other information, that continuance of certain practices in trade channels would tend to...

  16. 17 CFR 40.6 - Self-certification of rules.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... or fee changes, other than fees or fee changes associated with market making or trading incentive...) Fees. Fees or fee changes, other than fees or fee changes associated with market making or trading... amendment of a designated contract market that materially changes a term or condition of a contract for...

  17. 17 CFR 40.6 - Self-certification of rules.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... or fee changes, other than fees or fee changes associated with market making or trading incentive...) Fees. Fees or fee changes, other than fees or fee changes associated with market making or trading... amendment of a designated contract market that materially changes a term or condition of a contract for...

  18. 17 CFR 36.2 - Exempt boards of trade.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... Section 36.2 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION EXEMPT MARKETS § 36.2... deliverable supply; (ii) A deliverable supply that is sufficiently large, and a cash market sufficiently... manipulation; or (iii)No cash market. (2) The commodities that meet the criteria of paragraph (a)(1) of this...

  19. 17 CFR 36.2 - Exempt boards of trade.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... Section 36.2 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION EXEMPT MARKETS § 36.2... deliverable supply; (ii) A deliverable supply that is sufficiently large, and a cash market sufficiently... manipulation; or (iii)No cash market. (2) The commodities that meet the criteria of paragraph (a)(1) of this...

  20. 17 CFR 36.2 - Exempt boards of trade.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... Section 36.2 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION EXEMPT MARKETS § 36.2... deliverable supply; (ii) A deliverable supply that is sufficiently large, and a cash market sufficiently... manipulation; or (iii)No cash market. (2) The commodities that meet the criteria of paragraph (a)(1) of this...

  1. 17 CFR 40.6 - Self-certification of rules.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... or fee changes, other than fees or fee changes associated with market making or trading incentive...) Fees. Fees or fee changes, other than fees or fee changes associated with market making or trading... amendment of a designated contract market that materially changes a term or condition of a contract for...

  2. By any other name: ambiguity in marketing proprietary anti-infective agents.

    PubMed

    Berger, Stephen A

    2007-01-01

    In 55 instances, a single proprietary (trade) name has been used to market > or = 2 distinct generic anti-infective agents. In some cases, one trade name represents 2 different drugs in the same country--or even marketed by the same manufacturer. Some unrelated drugs and poisonous substances are also manufactured under trade names assigned to anti-infectives. The use of proprietary names in the prescribing of anti-infective drugs could result in considerable confusion or harm to patients.

  3. Profitability of simple stationary technical trading rules with high-frequency data of Chinese Index Futures

    NASA Astrophysics Data System (ADS)

    Chen, Jing-Chao; Zhou, Yu; Wang, Xi

    2018-02-01

    Technical trading rules have been widely used by practitioners in financial markets for a long time. The profitability remains controversial and few consider the stationarity of technical indicators used in trading rules. We convert MA, KDJ and Bollinger bands into stationary processes and investigate the profitability of these trading rules by using 3 high-frequency data(15s,30s and 60s) of CSI300 Stock Index Futures from January 4th 2012 to December 31st 2016. Several performance and risk measures are adopted to assess the practical value of all trading rules directly while ADF-test is used to verify the stationarity and SPA test to check whether trading rules perform well due to intrinsic superiority or pure luck. The results show that there are several significant combinations of parameters for each indicator when transaction costs are not taken into consideration. Once transaction costs are included, trading profits will be eliminated completely. We also propose a method to reduce the risk of technical trading rules.

  4. The effect of tick size on trading volume share in three competing stock markets

    NASA Astrophysics Data System (ADS)

    Nagumo, Shota; Shimada, Takashi; Ito, Nobuyasu

    2016-09-01

    The relationship between tick sizes and trading volume share in two and three competing markets is studied theoretically. By introducing a simple model which is equipped with multiple markets and non-strategic traders, we analytically calculate the share. It is shown that share is shifted from a market with a larger tick size to a market with a smaller tick size, and the size of share-shift is determined by difference between tick sizes not by ratio between tick sizes in both cases of two markets and three markets.

  5. Stock Market Index Data and indicators for Day Trading as a Binary Classification problem.

    PubMed

    Bruni, Renato

    2017-02-01

    Classification is the attribution of labels to records according to a criterion automatically learned from a training set of labeled records. This task is needed in a huge number of practical applications, and consequently it has been studied intensively and several classification algorithms are available today. In finance, a stock market index is a measurement of value of a section of the stock market. It is often used to describe the aggregate trend of a market. One basic financial issue would be forecasting this trend. Clearly, such a stochastic value is very difficult to predict. However, technical analysis is a security analysis methodology developed to forecast the direction of prices through the study of past market data. Day trading consists in buying and selling financial instruments within the same trading day. In this case, one interesting problem is the automatic individuation of favorable days for trading. We model this problem as a binary classification problem, and we provide datasets containing daily index values, the corresponding values of a selection of technical indicators, and the class label, which is 1 if the subsequent time period is favorable for day trading and 0 otherwise. These datasets can be used to test the behavior of different approaches in solving the day trading problem.

  6. Market structure and advertising in the U.S. pharmaceutical industry: some implications for public policy.

    PubMed

    Hornbrook, M C

    1978-02-01

    Distortions in market processes for pharmaceuticals raise the important policy problem of devising measures to improve industry performance. This paper first reviews the basic issues involved in formulating economic policy regarding the pharmaceutical industry. Methods for reducing structural market power and undesirable promotional expenditures are examined, and the impacts of four oft-suggested policy "reforms"--removal of trade names, removal of patents, relaxation of requirements for certification of new drug products, and increased enforcement of antitrust laws--are then analyzed. Finally, problems requiring additional research are identified.

  7. The psychophysiology of real-time financial risk processing.

    PubMed

    Lo, Andrew W; Repin, Dmitry V

    2002-04-01

    A longstanding controversy in economics and finance is whether financial markets are governed by rational forces or by emotional responses. We study the importance of emotion in the decision-making process of professional securities traders by measuring their physiological characteristics (e.g., skin conductance, blood volume pulse, etc.) during live trading sessions while simultaneously capturing real-time prices from which market events can be detected. In a sample of 10 traders, we find statistically significant differences in mean electrodermal responses during transient market events relative to no-event control periods, and statistically significant mean changes in cardiovascular variables during periods of heightened market volatility relative to normal-volatility control periods. We also observe significant differences in these physiological responses across the 10 traders that may be systematically related to the traders' levels of experience.

  8. Unveiling correlations between financial variables and topological metrics of trading networks: Evidence from a stock and its warrant

    NASA Astrophysics Data System (ADS)

    Li, Ming-Xia; Jiang, Zhi-Qiang; Xie, Wen-Jie; Xiong, Xiong; Zhang, Wei; Zhou, Wei-Xing

    2015-02-01

    Traders develop and adopt different trading strategies attempting to maximize their profits in financial markets. These trading strategies not only result in specific topological structures in trading networks, which connect the traders with the pairwise buy-sell relationships, but also have potential impacts on market dynamics. Here, we present a detailed analysis on how the market behaviors are correlated with the structures of traders in trading networks based on audit trail data for the Baosteel stock and its warrant at the transaction level from 22 August 2005 to 23 August 2006. In our investigation, we divide each trade day into 48 rolling time windows with a length of 5 min, construct a trading network within each window, and obtain a time series of over 11,600 trading networks. We find that there are strongly simultaneous correlations between the topological metrics (including network centralization, assortative index, and average path length) of trading networks that characterize the patterns of order execution and the financial variables (including return, volatility, intertrade duration, and trading volume) for the stock and its warrant. Our analysis may shed new lights on how the microscopic interactions between elements within complex system affect the system's performance.

  9. From market games to real-world markets

    NASA Astrophysics Data System (ADS)

    Jefferies, P.; Hart, M. L.; Hui, P. M.; Johnson, N. F.

    2001-04-01

    This paper uses the development of multi-agent market models to present a unified approach to the joint questions of how financial market movements may be simulated, predicted, and hedged against. We first present the results of agent-based market simulations in which traders equipped with simple buy/sell strategies and limited information compete in speculatory trading. We examine the effect of different market clearing mechanisms and show that implementation of a simple Walrasian auction leads to unstable market dynamics. We then show that a more realistic out-of-equilibrium clearing process leads to dynamics that closely resemble real financial movements, with fat-tailed price increments, clustered volatility and high volume autocorrelation. We then show that replacing the `synthetic' price history used by these simulations with data taken from real financial time-series leads to the remarkable result that the agents can collectively learn to identify moments in the market where profit is attainable. Hence on real financial data, the system as a whole can perform better than random. We then employ the formalism of Bouchaud in conjunction with agent based models to show that in general risk cannot be eliminated from trading with these models. We also show that, in the presence of transaction costs, the risk of option writing is greatly increased. This risk, and the costs, can however be reduced through the use of a delta-hedging strategy with modified, time-dependent volatility structure.

  10. [Competition and prices in the Mexican pharmaceutical market].

    PubMed

    Molina-Salazar, Raúl E; González-Marín, Eloy; Carbajal-de Nova, Carolina

    2008-01-01

    The forms of market competition define prices. The pharmaceutical market contains submarkets with different levels of competition; on the one hand are the innovating products with patents, and on the other, generic products with or without trade names. Innovating medicines generally have monopolistic prices, but when the patents expire prices drop because of competition from therapeutic alternatives. The trade name makes it easier to maintain monopolistic prices. In Mexico, medicine prices in the private market are high--according to aggregated estimates and prices for specific medicines--which reflect the limitations of pharmaceutical market competition and the power of the trade name. The public segment enjoys competitive prices using the WHO strategy for essential medicines on the basis of the Essential List.

  11. SO{sub 2} trading program as a metaphor for a competitive electric industry

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

    O`Connor, P.R.

    1996-12-31

    This very brief presentation focuses on the competitive market impacts of sulfur dioxide SO{sub 2} emissions trading. Key points of the presentation are highlighted in four tables. The main principles and results of the emissions trading program are outlined, and the implications of SO{sub 2} trading for the electric industry are listed. Parallels between SO{sub 2} trading and electric utility restructing identified include no market distortion by avoiding serious disadvantages to competitors, and avoidance of stranded costs through compliance flexibility. 4 tabs.

  12. Multivariate multiscale entropy of financial markets

    NASA Astrophysics Data System (ADS)

    Lu, Yunfan; Wang, Jun

    2017-11-01

    In current process of quantifying the dynamical properties of the complex phenomena in financial market system, the multivariate financial time series are widely concerned. In this work, considering the shortcomings and limitations of univariate multiscale entropy in analyzing the multivariate time series, the multivariate multiscale sample entropy (MMSE), which can evaluate the complexity in multiple data channels over different timescales, is applied to quantify the complexity of financial markets. Its effectiveness and advantages have been detected with numerical simulations with two well-known synthetic noise signals. For the first time, the complexity of four generated trivariate return series for each stock trading hour in China stock markets is quantified thanks to the interdisciplinary application of this method. We find that the complexity of trivariate return series in each hour show a significant decreasing trend with the stock trading time progressing. Further, the shuffled multivariate return series and the absolute multivariate return series are also analyzed. As another new attempt, quantifying the complexity of global stock markets (Asia, Europe and America) is carried out by analyzing the multivariate returns from them. Finally we utilize the multivariate multiscale entropy to assess the relative complexity of normalized multivariate return volatility series with different degrees.

  13. 75 FR 60854 - 2010 Special 301 Out of Cycle Review of Notorious Markets: Request for Public Comment

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-10-01

    ... OFFICE OF THE UNITED STATES TRADE REPRESENTATIVE 2010 Special 301 Out of Cycle Review of Notorious Markets: Request for Public Comment AGENCY: Office of the United States Trade Representative. ACTION: Request for written submissions from the public. SUMMARY: Pursuant to Section 182 of the Trade Act of 1974...

  14. 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.

  15. 78 FR 9968 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-02-12

    ... FINRA is proposing to amend FINRA Rule 6121 (Trading Halts Due to Extraordinary Market Volatility) to... Market Volatility or February 4, 2014. The text of the proposed rule change is available on FINRA's Web... for trading pauses in individual securities due to extraordinary market volatility, to extend the...

  16. 76 FR 61450 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing of Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-10-04

    ... Methodology for Determining When To Halt Trading in All Stocks Due to Extraordinary Market Volatility... all stocks due to extraordinary market volatility. II. Self-Regulatory Organization's Statement of the... determining when to halt trading in all stocks due to extraordinary market volatility. The Exchange is...

  17. 76 FR 27735 - Self-Regulatory Organizations; Chicago Stock Exchange, Incorporated; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-05-12

    ... price. The ``no-knowledge'' exception would also apply to a Participant firm's market-making unit. \\8... to permit its proprietary and/or market-making desk to trade at prices that would satisfy customer... Participant and the circumstances under which the Participant may trade proprietarily at its market- making...

  18. 17 CFR Appendix B to Part 36 - Guidance on, and Acceptable Practices in, Compliance With Core Principles

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... have clear procedures and guidelines for decision-making regarding emergency intervention in the market... COMMODITY FUTURES TRADING COMMISSION EXEMPT MARKETS Pt. 36, App. B Appendix B to Part 36—Guidance on, and... trading in significant price discovery contracts to prevent market manipulation, price distortion, and...

  19. 78 FR 9955 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-02-12

    ... Change To Extend the Pilot Program Related to Trading Pauses Due to Extraordinary Market Volatility... Rule 11.18, entitled ``Trading Halts Due to Extraordinary Market Volatility.'' The text of the proposed... stocks become, on a rolling basis, subject to the Plan to Address Extraordinary Market Volatility...

  20. 76 FR 27684 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing of a Proposed Rule Change To...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-05-12

    ... Program Related to Trading Pauses Due to Extraordinary Market Volatility May 6, 2011. Pursuant to Section... Extraordinary Market Volatility,'' to include additional securities in the pilot by which such rule operates... Rule 11.18, entitled ``Trading Halts Due to Extraordinary Market Volatility,'' to include additional...

  1. 47 CFR 2.924 - Marketing of electrically identical equipment having multiple trade names and models or type...

    Code of Federal Regulations, 2011 CFR

    2011-10-01

    ... 47 Telecommunication 1 2011-10-01 2011-10-01 false Marketing of electrically identical equipment... Telecommunication FEDERAL COMMUNICATIONS COMMISSION GENERAL FREQUENCY ALLOCATIONS AND RADIO TREATY MATTERS; GENERAL... Authorizations § 2.924 Marketing of electrically identical equipment having multiple trade names and models or...

  2. 47 CFR 2.924 - Marketing of electrically identical equipment having multiple trade names and models or type...

    Code of Federal Regulations, 2010 CFR

    2010-10-01

    ... 47 Telecommunication 1 2010-10-01 2010-10-01 false Marketing of electrically identical equipment... Telecommunication FEDERAL COMMUNICATIONS COMMISSION GENERAL FREQUENCY ALLOCATIONS AND RADIO TREATY MATTERS; GENERAL... Authorizations § 2.924 Marketing of electrically identical equipment having multiple trade names and models or...

  3. U.S. Forest Products Annual Market Review and Prospects, 2011-2015

    Treesearch

    James L. Howard; David B. McKeever

    2015-01-01

    This paper describes the current state of the United States economy and provides general and statistical information on forest products markets in terms of production, trade, consumption, and prices. Market developments are described for sawn softwood, sawn hardwood, softwood log trade, wood-based panels, paper and paperboard, fuelwood, forest product prices, and...

  4. 78 FR 33605 - Process for a Designated Contract Market or Swap Execution Facility To Make a Swap Available to...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-06-04

    ... 37.10(c) and 38.12(c)--Applicability D. Sections 37.10(d) and 38.12(d)--Removal E. Annual Review F... 17 CFR 40.5(e), 40.6(c)(3). Upon the Commission approving a SEF's or DCM's available-to-trade... adequate pricing data'' of a subject swap. \\18\\ WMBAA Comment Letter at 2; MarketAxess Comment Letter at 9...

  5. Market dynamics immediately before and after financial shocks: Quantifying the Omori, productivity, and Bath laws

    NASA Astrophysics Data System (ADS)

    Petersen, Alexander M.; Wang, Fengzhong; Havlin, Shlomo; Stanley, H. Eugene

    2010-09-01

    We study the cascading dynamics immediately before and immediately after 219 market shocks. We define the time of a market shock Tc to be the time for which the market volatility V(Tc) has a peak that exceeds a predetermined threshold. The cascade of high volatility “aftershocks” triggered by the “main shock” is quantitatively similar to earthquakes and solar flares, which have been described by three empirical laws—the Omori law, the productivity law, and the Bath law. We analyze the most traded 531 stocks in U.S. markets during the 2 yr period of 2001-2002 at the 1 min time resolution. We find quantitative relations between the main shock magnitude M≡log10V(Tc) and the parameters quantifying the decay of volatility aftershocks as well as the volatility preshocks. We also find that stocks with larger trading activity react more strongly and more quickly to market shocks than stocks with smaller trading activity. Our findings characterize the typical volatility response conditional on M , both at the market and the individual stock scale. We argue that there is potential utility in these three statistical quantitative relations with applications in option pricing and volatility trading.

  6. Short-memory traders and their impact on group learning in financial markets

    PubMed Central

    LeBaron, Blake

    2002-01-01

    This article highlights several issues from simulating agent-based financial markets. These all center around the issue of learning in a multiagent setting, and specifically the question of whether the trading behavior of short-memory agents could interfere with the learning process of the market as whole. It is shown in a simple example that short-memory traders persist in generating excess volatility and other features common to actual markets. Problems related to short-memory trader behavior can be eliminated by using several different methods. These are discussed along with their relevance to agent-based models in general. PMID:11997443

  7. Quantum finance

    NASA Astrophysics Data System (ADS)

    Schaden, Martin

    2002-12-01

    Quantum theory is used to model secondary financial markets. Contrary to stochastic descriptions, the formalism emphasizes the importance of trading in determining the value of a security. All possible realizations of investors holding securities and cash is taken as the basis of the Hilbert space of market states. The temporal evolution of an isolated market is unitary in this space. Linear operators representing basic financial transactions such as cash transfer and the buying or selling of securities are constructed and simple model Hamiltonians that generate the temporal evolution due to cash flows and the trading of securities are proposed. The Hamiltonian describing financial transactions becomes local when the profit/loss from trading is small compared to the turnover. This approximation may describe a highly liquid and efficient stock market. The lognormal probability distribution for the price of a stock with a variance that is proportional to the elapsed time is reproduced for an equilibrium market. The asymptotic volatility of a stock in this case is related to the long-term probability that it is traded.

  8. Teaching Critical Thinking in the Business Mathematics Course.

    ERIC Educational Resources Information Center

    Rosenbaum, Roberta

    1986-01-01

    Appropriate strategies for teaching students to interpret and understand quantitative data in marketing, management, accounting, and data processing are described. Accompanying figures illustrate samples of percentage markups, trade discounts, gross earning, gross commissions, accounting entries, balance sheet entries, and percentage problems. (CT)

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

    PubMed Central

    MacKenzie, Ross; Collin, Jeff

    2013-01-01

    The enforced opening of Thailand’s cigarette market to imports in 1990 has become a cause celebre in debates about the social and health impacts of trade agreements. At the instigation of leading US-based cigarette manufacturers, the US Trade Representative (USTR) threatened trade sanctions against Thailand to compel the government to liberalize its domestic cigarette market. Thailand’s challenge to the USTR led to referral to General Agreement on Tariffs and Trade (GATT) arbitration. While GATT ruled in favour of the USTR on market access, it also found that Thailand could subsequently enact non-discriminatory tobacco control regulation without contravening the GATT agreement. This paper contributes to existing literature via its analysis of tobacco industry documents that highlight not only USTR responsiveness to lobbying from tobacco corporations, raising concerns about the drivers of globalization and the limited protection afforded to public health concerns in trade agreements. Significantly, the documents also indicate that USTR support of the tobacco industry was not unconditional, being subject to wider pressures of global trade negotiations. Such qualification notwithstanding, however,,ongoing governmental willingness to advance the international interests of tobacco corporations remains a concern from a public health perspective, particularly given the failure of the US to ratify the World Health Organization’s Framework Convention on Tobacco Control. PMID:25705122

  10. 76 FR 78181 - Prohibition Against Conflicts of Interest in Certain Securitizations

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-12-16

    ... bona fide market-making. The ABS Conflicts Proposal was published in the Federal Register on September... Barry O'Connell, Attorney Advisor, Office of Trading Practices, Division of Trading and Markets, at (202...

  11. Market Confidence Predicts Stock Price: Beyond Supply and Demand.

    PubMed

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

    2016-01-01

    Stock price prediction is an important and challenging problem in stock market analysis. Existing prediction methods either exploit autocorrelation of stock price and its correlation with the supply and demand of stock, or explore predictive indictors exogenous to stock market. In this paper, using transaction record of stocks with identifier of traders, we introduce an index to characterize market confidence, i.e., the ratio of the number of traders who is active in two successive trading days to the number of active traders in a certain trading day. Strong Granger causality is found between the index of market confidence and stock price. We further predict stock price by incorporating the index of market confidence into a neural network based on time series of stock price. Experimental results on 50 stocks in two Chinese Stock Exchanges demonstrate that the accuracy of stock price prediction is significantly improved by the inclusion of the market confidence index. This study sheds light on using cross-day trading behavior to characterize market confidence and to predict stock price.

  12. Agent-based simulation of a financial market

    NASA Astrophysics Data System (ADS)

    Raberto, Marco; Cincotti, Silvano; Focardi, Sergio M.; Marchesi, Michele

    2001-10-01

    This paper introduces an agent-based artificial financial market in which heterogeneous agents trade one single asset through a realistic trading mechanism for price formation. Agents are initially endowed with a finite amount of cash and a given finite portfolio of assets. There is no money-creation process; the total available cash is conserved in time. In each period, agents make random buy and sell decisions that are constrained by available resources, subject to clustering, and dependent on the volatility of previous periods. The model proposed herein is able to reproduce the leptokurtic shape of the probability density of log price returns and the clustering of volatility. Implemented using extreme programming and object-oriented technology, the simulator is a flexible computational experimental facility that can find applications in both academic and industrial research projects.

  13. The public health implications of world trade negotiations on the general agreement on trade in services and public services.

    PubMed

    Pollock, Allyson M; Price, David

    2003-09-27

    Trade ministries from the World Trade Organization's (WTO's) 144 member states are presently deciding which public services to open to foreign competition under the complex liberalisation rules of the general agreement on trade in services (GATS). A frequent criticism of the WTO system is that it reduces national autonomy over public policy. However, respect for national sovereignty is asserted in the GATS treaty. Here, we examine claims made by the WTO and others that GATS exempts public services and does not require their privatisation. We discuss trade treaty processes that can subject public services to commercial rules, the treaty's flexibility with respect to national autonomy, and the effect of GATS in situations in which national autonomy is not protected. We conclude that national autonomy over health policy is not preserved under GATS, and that accordingly, there is a role for international standards that protect public services from the adverse effect of trade and market forces.

  14. The allowance exchange - ALEX

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

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

    1997-12-31

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

  15. An analysis of the financial crisis in the KOSPI market using Hurst exponents

    NASA Astrophysics Data System (ADS)

    Yim, Kyubin; Oh, Gabjin; Kim, Seunghwan

    2014-09-01

    Recently, the study of the financial crisis has progressed to include the concept of the complex system, thereby improving the understanding of this extreme event from a neoclassical economic perspective. To determine which variables are related to the financial event caused by the 2008 US subprime crisis using temporal correlations, we investigate the diverse variables that may explain the financial system. These variables include return, volatility, trading volume and inter-trade duration data sets within the TAQ data for 27 highly capitalized individual companies listed on the KOSPI stock market. During 2008 and 2009, the Hurst exponent for the return time series over the whole period was less than 0.5, and the Hurst exponents for other variables, such as the volatility, trading volume and inter-trade duration, were greater than 0.5. Additionally, we analyze the relationships between the variation of temporal correlation and market instability based on these Hurst exponents and the degree of multifractality. We find that for the data related to trading volume, the Hurst exponents do not allow us to detect changes in market status, such as changes from normal to abnormal status, whereas other variables, including the return, volatility and weekly inter-trade duration, indicate a significant change in market status after the Lehman Brothers' bankruptcy. In addition, the multifractality and the measurement defined by subtracting the Hurst exponent of the return time series from that of the volatility time series decrease sharply after the US subprime event and recover approximately 50 days after the Lehman Brothers' collapse. Our findings suggest that the temporal features of financial quantities in the TAQ data set and the market complexity perform very well at diagnosing financial market stability.

  16. 77 FR 7623 - Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting Approval of a Proposed Rule Change...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-02-13

    ... Amendment No. 3 Thereto, Relating to the Listing and Trading of Shares of the WisdomTree Emerging Markets...\\ and Rule 19b-4 thereunder,\\2\\ a proposed rule change to list and trade shares of the WisdomTree... proposes to list and trade shares (``Shares'') of the WisdomTree Emerging Markets Inflation Protection Bond...

  17. The effects of NAFTA expansion on US forest products exports.

    Treesearch

    Jeffrey P. Prestemon

    1997-01-01

    When Mexico began liberalizing its domestic market and foreign trade a decade ago, the U.S. Government hoped U.S. exporters would gain easier access to the Nation's third most important foreign market, after Japan and Canada. Having just completed a free trade accord with Canada, U.S. trade officials sought to solidify changes in Mexico and encourage further...

  18. Trading with the Future and Futures Trading. Series on Public Issues No. 14.

    ERIC Educational Resources Information Center

    Auernheimer, Leonardo

    In this booklet, one of a series intended to apply economic principles to major social and political issues of the day, it is proposed that speculation is often misunderstood, particularly in the operation of the futures markets. These are markets in which obligations to consummate sales and purchases at some time in the future are traded at a…

  19. 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…

  20. 76 FR 44606 - Remanufactured Goods: An Overview of the U.S. and Global Industries, Markets, and Trade...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-07-26

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

  1. 76 FR 61435 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing of Proposed Rule Change To...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-10-04

    ... Determining When to Halt Trading Due to Extraordinary Market Volatility September 28, 2011. Pursuant to... trading in all stocks due to extraordinary market volatility. The proposal is made in conjunction with all... to extraordinary market volatility. The Exchange is proposing this rule change in consultation with...

  2. 17 CFR Appendix B to Part 255 - Enhanced Minimum Standards for Compliance Programs

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... documentation for market making-related activities conducted in reliance on § 255.4(b) and for hedging activity... activities; iii. The mission (i.e., the type of trading activity, such as market-making, trading in sovereign... arrangements for traders engaged in underwriting or market making-related activities under § 255.4 or risk...

  3. 76 FR 27680 - Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of Filing of a Proposed Rule Change...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-05-12

    ... Program Related to Trading Pauses Due to Extraordinary Market Volatility May 6, 2011. Pursuant to Section... Market Volatility,'' to include additional securities in the pilot by which such rule operates. The... Commission related to Rule 11.18, entitled ``Trading Halts Due to Extraordinary Market Volatility,'' to...

  4. 78 FR 8670 - Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-02-06

    ... Extraordinary Market Volatility February 1, 2013. Pursuant to Section 19(b)(1) of the Securities Exchange Act of... for determining when to halt trading in all stocks due to extraordinary market volatility, from the... determining when to halt trading in all stocks due to extraordinary market volatility from February 4, 2013...

  5. Educational Systems and the Trade-Off between Labor Market Allocation and Equality of Educational Opportunity

    ERIC Educational Resources Information Center

    Bol, Thijs; van de Werfhorst, Herman G.

    2013-01-01

    Educational systems with a high level of tracking and vocational orientation have been shown to improve the allocation of school-leavers in the labor market. However, tracked educational systems are also known to increase inequality of educational opportunity. This presumed trade-off between equality and labor market preparation is clearly rooted…

  6. U.S. forest products annual market review and prospects, 2002–2006

    Treesearch

    James L. Howard

    2006-01-01

    This report provides general and statistical information on forests products markets in terms of production, trade, consumption, and prices. The current state of the U.S. economy is described. Market developments are described for sawn softwood, sawn hardwood, softwood log trade, wood- based panels, paper and paperboard, fuelwood, and forest product prices. Policy...

  7. U S Forest Products Annual Market Review and Prospects, 2008–2012

    Treesearch

    James L. Howard; David B. McKeever

    2012-01-01

    This paper describes the current state of the U.S. economy and provides general and statistical information on forest products markets in terms of production, trade, consumption, and prices. Market developments are described for sawn softwood, sawn hardwood, softwood log trade, wood-based panels, paper and paperboard, fuelwood, forest product prices, and housing starts...

  8. U.S forest products annual market review and prospects, 2012-2016

    Treesearch

    James L. Howard; David B. McKeever

    2016-01-01

    This report describes the current state and near-term perspective of the U.S. economy supported by general and statistical information on forest products markets in terms of production, trade, consumption, and prices. Market developments are described for sawn softwood, sawn hardwood, softwood log trade, wood-base panels, paper and paperboard, fuelwood, forest products...

  9. U.S. forest products annual market review and prospects, 2006-2010.

    Treesearch

    James L. Howard; David B. McKeever

    2010-01-01

    This paper describes the current state of the U.S. economy and provides general and statistical information on forest products markets in terms of production, trade, consumption, and prices. Market developments are described for sawn softwood, sawn hardwood, softwood log trade, wood-based panels, paper and paperboard, fuelwood, forest product prices, and housing starts...

  10. U.S. Forest Products Annual Market Review and Prospects 2010-2014

    Treesearch

    James L. Howard; David B. McKeever

    2014-01-01

    This paper describes the current state of the U.S. economy and provides general and statistical information on forest products markets in terms of production, trade, consumption, and prices. Market developments are described for sawn softwood, sawn hardwood, softwood log trade, wood-based panels, paper and paperboard, fuelwood, forest product prices, and housing starts...

  11. U.S. forest products annual market review and prospects, 2013–2017

    Treesearch

    James L. Howard; David B. McKeever; Shaobo Liang

    2017-01-01

    This report describes the current state and near-term prospective of the U.S. economy supported by general and statistical information on forest products markets in terms of production, trade, consumption and prices. Market developments are described for sawn softwood, sawn hardwood, softwood log trade, wood-based panels, paper and paperboard, fuelwood, forest product...

  12. U.S. forest products annual market review and prospects, 2001–2005.

    Treesearch

    James L. Howard

    2005-01-01

    This report provides general and statistical information on forest products markets in terms of production, trade, consumption, and prices. The current state of the United States economy is described. Market developments are described for sawn softwood, sawn hardwood, softwood log trade, wood-based panels, paper and paperboard, fuelwood, and forest products prices....

  13. U.S. forest products annual market review and prospects, 2004–2008

    Treesearch

    James L. Howard; Rebecca Westby

    2007-01-01

    This report provides general and statistical information on forest products markets in terms of production, trade, consumption, and prices. The current state of the U.S. economy is described. Market developments are described for sawn softwood, sawn hardwood, softwood log trade, wood-based panels, paper and paperboard, fuelwood, and forest product prices. Policy...

  14. U.S. forest products annual market review and prospects, 2007-2011.

    Treesearch

    David B. McKeever; James L. Howard

    2011-01-01

    This paper describes the current state of the U.S. economy and provides general and statistical information on forest products markets in terms of production, trade, consumption, and prices. Market developments are described for sawn softwood, sawn hardwood, softwood log trade, wood-based panels, paper and paperboard, fuelwood, forest product prices, and housing starts...

  15. U.S. Forest products annual market review and prospects, 1999–2002

    Treesearch

    James L. Howard

    2001-01-01

    This report provides general and statistical information on forests products markets in terms of production, trade, consumption, and prices. The current state of the United States economy is described. Market developments are described for sawn softwood, sawn hardwood, softwood log trade, wood-based panels, paper and paperboard, fuelwood, and forest product prices....

  16. U.S. Forest products annual market review and prospects, 2000-2003

    Treesearch

    James L. Howard

    2002-01-01

    This report provides general and statistical information on forests products markets in terms of production, trade, con-sumption, and prices. The current state of the United States economy is described. Market developments are described for sawn softwood, sawn hardwood, softwood log trade, wood-based panels, paper and paperboard, fuelwood, and forest product prices....

  17. 78 FR 19037 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-03-28

    ... and Immediate Effectiveness of the Second Amendment to the National Market System Plan to Address... 6, 2012) (File No. 4-631) (Order Approving, on a Pilot Basis, the National Market System Plan To... with Trading Pauses to accommodate more fundamental price moves (as opposed to erroneous trades or...

  18. 77 FR 24 - Prohibition Against Conflicts of Interest in Certain Securitizations

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-01-03

    ... market-making. The ABS Conflicts Proposal was published in the Federal Register on September 28, 2011. \\1... Advisor, Office of Trading Practices, Division of Trading and Markets, at (202) 551-5720, and David...

  19. Simulating water markets with transaction costs

    PubMed Central

    Erfani, Tohid; Binions, Olga; Harou, Julien J

    2014-01-01

    This paper presents an optimization model to simulate short-term pair-wise spot-market trading of surface water abstraction licenses (water rights). The approach uses a node-arc multicommodity formulation that tracks individual supplier-receiver transactions in a water resource network. This enables accounting for transaction costs between individual buyer-seller pairs and abstractor-specific rules and behaviors using constraints. Trades are driven by economic demand curves that represent each abstractor's time-varying water demand. The purpose of the proposed model is to assess potential hydrologic and economic outcomes of water markets and aid policy makers in designing water market regulations. The model is applied to the Great Ouse River basin in Eastern England. The model assesses the potential weekly water trades and abstractions that could occur in a normal and a dry year. Four sectors (public water supply, energy, agriculture, and industrial) are included in the 94 active licensed water diversions. Each license's unique environmental restrictions are represented and weekly economic water demand curves are estimated. Rules encoded as constraints represent current water management realities and plausible stakeholder-informed water market behaviors. Results show buyers favor sellers who can supply large volumes to minimize transactions. The energy plant cooling and agricultural licenses, often restricted from obtaining water at times when it generates benefits, benefit most from trades. Assumptions and model limitations are discussed. Key Points Transaction tracking hydro-economic optimization models simulate water markets Proposed model formulation incorporates transaction costs and trading behavior Water markets benefit users with the most restricted water access PMID:25598558

  20. Simulating water markets with transaction costs.

    PubMed

    Erfani, Tohid; Binions, Olga; Harou, Julien J

    2014-06-01

    This paper presents an optimization model to simulate short-term pair-wise spot-market trading of surface water abstraction licenses (water rights). The approach uses a node-arc multicommodity formulation that tracks individual supplier-receiver transactions in a water resource network. This enables accounting for transaction costs between individual buyer-seller pairs and abstractor-specific rules and behaviors using constraints. Trades are driven by economic demand curves that represent each abstractor's time-varying water demand. The purpose of the proposed model is to assess potential hydrologic and economic outcomes of water markets and aid policy makers in designing water market regulations. The model is applied to the Great Ouse River basin in Eastern England. The model assesses the potential weekly water trades and abstractions that could occur in a normal and a dry year. Four sectors (public water supply, energy, agriculture, and industrial) are included in the 94 active licensed water diversions. Each license's unique environmental restrictions are represented and weekly economic water demand curves are estimated. Rules encoded as constraints represent current water management realities and plausible stakeholder-informed water market behaviors. Results show buyers favor sellers who can supply large volumes to minimize transactions. The energy plant cooling and agricultural licenses, often restricted from obtaining water at times when it generates benefits, benefit most from trades. Assumptions and model limitations are discussed. Transaction tracking hydro-economic optimization models simulate water marketsProposed model formulation incorporates transaction costs and trading behaviorWater markets benefit users with the most restricted water access.

  1. Quantifying reflexivity in financial markets: Toward a prediction of flash crashes

    NASA Astrophysics Data System (ADS)

    Filimonov, Vladimir; Sornette, Didier

    2012-05-01

    We introduce a measure of activity of financial markets that provides a direct access to their level of endogeneity. This measure quantifies how much of price changes is due to endogenous feedback processes, as opposed to exogenous news. For this, we calibrate the self-excited conditional Poisson Hawkes model, which combines in a natural and parsimonious way exogenous influences with self-excited dynamics, to the E-mini S&P 500 futures contracts traded in the Chicago Mercantile Exchange from 1998 to 2010. We find that the level of endogeneity has increased significantly from 1998 to 2010, with only 70% in 1998 to less than 30% since 2007 of the price changes resulting from some revealed exogenous information. Analogous to nuclear plant safety measures concerned with avoiding “criticality,” our measure provides a direct quantification of the distance of the financial market from a critical state defined precisely as the limit of diverging trading activity in the absence of any external driving.

  2. Non-arbitrage in financial markets: A Bayesian approach for verification

    NASA Astrophysics Data System (ADS)

    Cerezetti, F. V.; Stern, Julio Michael

    2012-10-01

    The concept of non-arbitrage plays an essential role in finance theory. Under certain regularity conditions, the Fundamental Theorem of Asset Pricing states that, in non-arbitrage markets, prices of financial instruments are martingale processes. In this theoretical framework, the analysis of the statistical distributions of financial assets can assist in understanding how participants behave in the markets, and may or may not engender arbitrage conditions. Assuming an underlying Variance Gamma statistical model, this study aims to test, using the FBST - Full Bayesian Significance Test, if there is a relevant price difference between essentially the same financial asset traded at two distinct locations. Specifically, we investigate and compare the behavior of call options on the BOVESPA Index traded at (a) the Equities Segment and (b) the Derivatives Segment of BM&FBovespa. Our results seem to point out significant statistical differences. To what extent this evidence is actually the expression of perennial arbitrage opportunities is still an open question.

  3. Time series regression-based pairs trading in the Korean equities market

    NASA Astrophysics Data System (ADS)

    Kim, Saejoon; Heo, Jun

    2017-07-01

    Pairs trading is an instance of statistical arbitrage that relies on heavy quantitative data analysis to profit by capitalising low-risk trading opportunities provided by anomalies of related assets. A key element in pairs trading is the rule by which open and close trading triggers are defined. This paper investigates the use of time series regression to define the rule which has previously been identified with fixed threshold-based approaches. Empirical results indicate that our approach may yield significantly increased excess returns compared to ones obtained by previous approaches on large capitalisation stocks in the Korean equities market.

  4. Optimal strategies for electric energy contract decision making

    NASA Astrophysics Data System (ADS)

    Song, Haili

    2000-10-01

    The power industry restructuring in various countries in recent years has created an environment where trading of electric energy is conducted in a market environment. In such an environment, electric power companies compete for the market share through spot and bilateral markets. Being profit driven, electric power companies need to make decisions on spot market bidding, contract evaluation, and risk management. New methods and software tools are required to meet these upcoming needs. In this research, bidding strategy and contract pricing are studied from a market participant's viewpoint; new methods are developed to guide a market participant in spot and bilateral market operation. A supplier's spot market bidding decision is studied. Stochastic optimization is formulated to calculate a supplier's optimal bids in a single time period. This decision making problem is also formulated as a Markov Decision Process. All the competitors are represented by their bidding parameters with corresponding probabilities. A systematic method is developed to calculate transition probabilities and rewards. The optimal strategy is calculated to maximize the expected reward over a planning horizon. Besides the spot market, a power producer can also trade in the bilateral markets. Bidding strategies in a bilateral market are studied with game theory techniques. Necessary and sufficient conditions of Nash Equilibrium (NE) bidding strategy are derived based on the generators' cost and the loads' willingness to pay. The study shows that in any NE, market efficiency is achieved. Furthermore, all Nash equilibria are revenue equivalent for the generators. The pricing of "Flexible" contracts, which allow delivery flexibility over a period of time with a fixed total amount of electricity to be delivered, is analyzed based on the no-arbitrage pricing principle. The proposed algorithm calculates the price based on the optimality condition of the stochastic optimization formulation. Simulation examples illustrate the tradeoffs between prices and scheduling flexibility. Spot bidding and contract pricing are not independent decision processes. The interaction between spot bidding and contract evaluation is demonstrated with game theory equilibrium model and market simulation results. It leads to the conclusion that a market participant's contract decision making needs to be further investigated as an integrated optimization formulation.

  5. Competing power-generating technologies for the 21st century

    NASA Astrophysics Data System (ADS)

    Troost, G. K.

    1994-04-01

    Several new and advanced power-generating systems are presently being developed, e.g., fuel cells, advanced heat pumps, high-performance gas turbines. An analysis of these systems is presented and is based on projections of comparative studies and relevant trends. For advanced systems, a trade-off between efficiency gain and projected development cost is crucial. Projections for market conditions in the 21st century and, in particular, environmental issues are made in order to assess market-entry opportunities. Results from various case studies indicate challenging opportunities in process and metallurgical industries; several process-integrated configurations are being studied.

  6. An Evolutionary Method for Financial Forecasting in Microscopic High-Speed Trading Environment.

    PubMed

    Huang, Chien-Feng; Li, Hsu-Chih

    2017-01-01

    The advancement of information technology in financial applications nowadays have led to fast market-driven events that prompt flash decision-making and actions issued by computer algorithms. As a result, today's markets experience intense activity in the highly dynamic environment where trading systems respond to others at a much faster pace than before. This new breed of technology involves the implementation of high-speed trading strategies which generate significant portion of activity in the financial markets and present researchers with a wealth of information not available in traditional low-speed trading environments. In this study, we aim at developing feasible computational intelligence methodologies, particularly genetic algorithms (GA), to shed light on high-speed trading research using price data of stocks on the microscopic level. Our empirical results show that the proposed GA-based system is able to improve the accuracy of the prediction significantly for price movement, and we expect this GA-based methodology to advance the current state of research for high-speed trading and other relevant financial applications.

  7. Optimal trading from minimizing the period of bankruptcy risk

    NASA Astrophysics Data System (ADS)

    Liehr, S.; Pawelzik, K.

    2001-04-01

    Assuming that financial markets behave similar to random walk processes we derive a trading strategy with variable investment which is based on the equivalence of the period of bankruptcy risk and the risk to profit ratio. We define a state dependent predictability measure which can be attributed to the deterministic and stochastic components of the price dynamics. The influence of predictability variations and especially of short term inefficiency structures on the optimal amount of investment is analyzed in the given context and a method for adaptation of a trading system to the proposed objective function is presented. Finally we show the performance of our trading strategy on the DAX and S&P 500 as examples for real world data using different types of prediction models in comparison.

  8. Dynamics of a durable commodity market involving trade at disequilibrium

    NASA Astrophysics Data System (ADS)

    Panchuk, A.; Puu, T.

    2018-05-01

    The present work considers a simple model of a durable commodity market involving two agents who trade stocks of two different types. Stock commodities, in contrast to flow commodities, remain on the market from period to period and, consequently, there is neither unique demand function nor unique supply function exists. We also set up exact conditions for trade at disequilibrium, the issue being usually neglected, though a fact of reality. The induced iterative system has infinite number of fixed points and path dependent dynamics. We show that a typical orbit is either attracted to one of the fixed points or eventually sticks at a no-trade point. For the latter the stock distribution always remains the same while the price displays periodic or chaotic oscillations.

  9. Understanding the poultry trade network in Kenya: Implications for regional disease prevention and control.

    PubMed

    McCarron, Margaret; Munyua, Peninah; Cheng, Po-Yung; Manga, Thomas; Wanjohi, Cathryn; Moen, Ann; Mounts, Anthony; Katz, Mark A

    2015-07-01

    Infectious diseases in poultry can spread quickly and lead to huge economic losses. In the past decade, on multiple continents, the accelerated spread of highly pathogenic avian Influenza A (H5N1) virus, often through informal trade networks, has led to the death and culling of hundreds of millions of poultry. Endemic poultry diseases like Newcastle disease and fowl typhoid can also be devastating in many parts of the world. Understanding trade networks in unregulated systems can inform policy decisions concerning disease prevention and containment. From June to December 2008 we conducted a cross-sectional survey of backyard farmers, market traders, and middlemen in 5/8 provinces in Kenya. We administered a standardized questionnaire to each type of actor using convenience, random, snowball, and systematic sampling. Questionnaires addressed frequency, volume, and geography of trade, as well as biosecurity practices. We created a network diagram identifying the most important locations for trade. Of 380 respondents, 51% were backyard farmers, 24% were middlemen and 25% were market traders. Half (50%) of backyard farmers said they raised poultry both for household consumption and for sale. Compared to market traders, middlemen bought their poultry from a greater number of villages (median 4.2 villages for middlemen vs. 1.9 for market traders). Traders were most likely to purchase poultry from backyard farmers. Of the backyard farmers who sold poultry, 51% [CI 40-63] reported selling poultry to market traders, and 54% [CI 44-63] sold to middlemen. Middlemen moved the largest volume of poultry on a weekly basis (median purchases: 187 birds/week [IQR 206]; median sales: 188 birds/week [IQR 412.5]). The highest numbers of birds were traded in Nairobi - Kenya's capital city. Nairobi was the most prominent trading node in the network (61 degrees of centrality). Many smaller sub-networks existed as a result of clustered local trade. Market traders were also integral to the network. The informal poultry trade in Kenya is dependent on the sale of backyard poultry to middlemen and market traders. These two actors play a critical role in poultry movement in Kenya; during any type of disease outbreak middlemen should be targeted for control- and containment-related interventions. Published by Elsevier B.V.

  10. [Service quality in health care: the application of the results of marketing research].

    PubMed

    Verheggen, F W; Harteloh, P P

    1993-01-01

    This paper deals with quality assurance in health care and its relation to quality assurance in trade and industry. We present the service quality model--a model of quality from marketing research--and discuss how it can be applied to health care. Traditional quality assurance appears to have serious flaws. It lacks a general theory of the sources of hazards in the complex process of patient care and tends to stagnate, for no real improvement takes place. Departing from this criticism, modern quality assurance in health care is marked by: defining quality in a preferential sense as "fitness for use"; the use of theories and models of trade and industry (process-control); an emphasis on analyzing the process, instead of merely inspecting it; use of the Deming problem solving technique (plan, do, check, act); improvement of the process of care by altering perceptions of parties involved. We present an experience of application and utilization of this method in the University Hospital Maastricht, The Netherlands. The successful application of this model requires a favorable corporate culture and motivation of the health care workers. This model provides a useful framework to uplift the traditional approach to quality assurance in health care.

  11. 77 FR 13379 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Granting Approval of Proposed...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-03-06

    ... Relating to the Listing and Trading of Shares of the Emerging Markets Corporate Bond Fund of the WisdomTree... change to list and trade the shares (``Shares'') of the WisdomTree Emerging Markets Corporate Bond Fund (``Fund'') of the WisdomTree Trust (``Trust'') under Nasdaq Rule 5735. The proposed rule change was...

  12. 77 FR 14579 - Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-03-12

    ... Reserve Floor Market Maker Amex Trading Permits (``Reserve ATPs''). The text of the proposed rule change... Reserve ATPs. Under the current Fee Schedule, an ATP Holder \\3\\ acting as a Market Maker must pay $5,000 per month per Amex Trading Permit (``ATP'').\\4\\ In order to act as a Floor Market Maker, an individual...

  13. 17 CFR Appendix B to Part 75 - Enhanced Minimum Standards for Compliance Programs

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... documentation for market making-related activities conducted in reliance on § 75.4(b) and for hedging activity... activities; iii. The mission (i.e., the type of trading activity, such as market-making, trading in sovereign... market making-related activities under § 75.4 or risk-mitigating hedging activities under § 75.5 so that...

  14. 76 FR 55996 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing of Proposed Rule Change...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-09-09

    ... to execute 300 transactions per quarter is more likely to result in regular market-making activity... transactions executed in the trading crowd where the contra-side is an ROT in order to focus market making... better focus their market making, similar to the new trading requirement. Secondly, the current in person...

  15. 77 FR 77141 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of a Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-12-31

    ... housing the Exchange Traded Fund or, if the Exchange Traded Fund is not a series of a trust or company... investor confidence and market integrity, the Exchange designed the MQP Program to be highly transparent... voluntary program designed to promote market quality in MQP Securities.\\9\\ An MQP Company may list an...

  16. 75 FR 11221 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-03-10

    ... traded either on the OTC Bulletin Board or the Pink OTC Markets. The Exchange represents that: (1) Except... Change Relating to Listing of Wilshire 5000 Total Market ETF and the Wilshire 4500 Completion ETF March 3... proposes to list and trade the shares of the Wilshire 5000 Total Market ETF and the Wilshire 4500...

  17. Carbon dioxide removal and the futures market

    NASA Astrophysics Data System (ADS)

    Coffman, D.'Maris; Lockley, Andrew

    2017-01-01

    Futures contracts are exchange-traded financial instruments that enable parties to fix a price in advance, for later performance on a contract. Forward contracts also entail future settlement, but they are traded directly between two parties. Futures and forwards are used in commodities trading, as producers seek financial security when planning production. We discuss the potential use of futures contracts in Carbon Dioxide Removal (CDR) markets; concluding that they have one principal advantage (near-term price security to current polluters), and one principal disadvantage (a combination of high price volatility and high trade volume means contracts issued by the private sector may cause systemic economic risk). Accordingly, we note the potential for the development of futures markets in CDR, but urge caution about the prospects for market failure. In particular, we consider the use of regulated markets: to ensure contracts are more reliable, and that moral hazard is minimised. While regulation offers increased assurances, we identify major insufficiencies with this approach—finding it generally inadequate. In conclusion, we suggest that only governments can realistically support long-term CDR futures markets. We note existing long-term CDR plans by governments, and suggest the use of state-backed futures for supporting these assurances.

  18. 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.

  19. Using Business Process Specification and Agent to Integrate a Scenario Driven Supply Chain

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

    Cho, Hyunbo; Kulvatunyou, Boonserm; Jeong, Hanil

    2004-07-01

    In today's increasingly competitive global market, most enterprises place high priority on reducing order-fulfillment costs, minimizing time-to-market, and maximizing product quality. The desire of businesses to achieve these goals has seen a shift from a make-to-stock paradigm to a make-to-order paradigm. The success of this new paradigm requires robust and efficient supply chain integration and the ability to operate in the business-to-business (B2B) environment. Recent internet-based approaches have enabled instantaneous and secure information sharing among trading partners (i.e., customers, manufacturers, and suppliers). In this paper, we present a framework that enables both integration and B2B operations. This framework uses pre-definedmore » business process specifications (BPS) and agent technologies. The BPS, which specifies a message choreography among the trading partners, is modeled using a modified Unified Modeling Language (UML). The behavior of the enterprise applications within each trading partner -- how they respond to external events specified in the BPS -- is modeled using Petri-nets and implemented as a collection of agents. The concepts and models proposed in this paper should provide the starting point for the formulation of a structured approach to B2B supply chain integration and implementation.« less

  20. A quadranomial real options model for evaluation of emissions trading and technology

    NASA Astrophysics Data System (ADS)

    Sarkis, Joseph; Tamarkin, Maurry

    2005-11-01

    Green house gas (GHG) emissions have been tied to global climate change. One popular policy instrument that seems to have gained credibility with explicit mention of its application in the Kyoto Protocol is the use of permit trading and cap-and-trade mechanisms. Organizations functioning within this environment will need to manage their resources appropriately to remain competitive. Organizations will either have the opportunity to purchase emissions credits (offsets) from a market trading scheme or seek to reduce their emissions through different measures. Some measures may include investment in new technologies that will reduce their reliance on GHG emitting practices. In many countries, large organizations and institutions generate their own power to operate their facilities. Much of this power is generated (or bought) from GHG producing technology. Specific renewable energy sources such as wind and solar photovoltaic technology may become more feasible alternatives available to a large percentage of these organizations if they are able to take advantage and incorporate the market for GHG emissions trading in their analyses. To help organizations evaluate investment in these renewable energy technologies we introduce a real options based model that will take into consideration uncertainties associated with the technology and those associated with the GHG trading market. The real options analysis will consider both the stochastic (uncertainty) nature of the exercise price of the technology and the stochastic nature of the market trading price of the GHG emissions.

  1. Understanding Financial Innovation: An Introduction to Derivative Financial Products.

    ERIC Educational Resources Information Center

    Robinson, J. N.

    1992-01-01

    Explains the use of forwards, futures, swaps, and options in international currency trading. Argues that pricing options are based on the same basic principles as pricing other financial instruments. Concludes that, although financial markets have developed several new products, hedging and speculation involve similar processes. (CFR)

  2. The Bologna Process and Integration Theory: Convergence and Autonomy

    ERIC Educational Resources Information Center

    Barkholt, Kasper

    2005-01-01

    This paper focuses on two theoretical frameworks of integration (neo-functionalism and liberal inter-governmentalism), exploring their implications for current trends of integration in European higher education: the marketization of and trade in educational services, the involvement of supranational institutions, and the focus on quality…

  3. Commodities Trading: An Essential Economic Tool.

    ERIC Educational Resources Information Center

    Welch, Mary A., Ed.

    1989-01-01

    This issue focuses on commodities trading as an essential economic tool. Activities include critical thinking about marketing decisions and discussion on how futures markets and options are used as important economic tools. Discussion questions and a special student project are included. (EH)

  4. 76 FR 62877 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-10-11

    .... This lower rate will be calculated on a daily basis. Market participants who share a trading acronym or... require that a market participant appropriately indicate his trading acronym and/or MPID in the...

  5. 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.

  6. How much do immigration and trade affect labor market outcomes?

    PubMed

    Borjas, G J; Freeman, R B; Katz, L F

    1997-01-01

    "This paper provides new estimates of the impact of immigration and trade on the U.S. labor market.... We examine the relation between economic outcomes for native workers and immigrant flows to regional labor markets.... We...use the factor proportions approach to examine the contributions of immigration and trade to recent changes in U.S. educational wage differentials and attempt to provide a broader assessment of the impact of immigration on the incomes of U.S. natives." Comments and discussion by John DiNardo, John M. Abowd, and others are included (pp. 68-85). excerpt

  7. Carbon Dioxide Removal and the futures market

    NASA Astrophysics Data System (ADS)

    Lockley, A.; Coffman, D.

    2016-12-01

    Futures contracts are exchange-traded financial instruments that enable parties to fix a price in advance, for performance on a contract at some later date. Forward contracts also entail future settlement, but they are traded over-the-counter between two independent parties. Both futures and forward contracts are commonly used in commodities trading, as producers seek financial security when planning production. We discuss the use of potential use of exchange-traded futures contracts in Carbon Dioxide Removal (CDR) markets. We conclude that they have one principal advantage (in that they give near-term price security to current polluters), and one principal disadvantage (in that a combination of high price volatility and high trade volume means contracts issued by the private sector may cause systemic economic risk). Accordingly, we note the potential for the development of futures markets in CDR, but urge great caution in the use of this approach. In particular, we consider the use of regulated markets: to ensure contracts are more reliable, and that moral hazard is minimised. Whilst regulation offers generally increased assurances, we identify major insufficiencies with this approach - finding it generally inadequate. In conclusion, we suggest that only governments can realistically support long-term CDR futures markets. We note existing long-term CDR plans by governments, and suggest the use of state-backed futures for supporting these assurances.

  8. Multiplicative point process as a model of trading activity

    NASA Astrophysics Data System (ADS)

    Gontis, V.; Kaulakys, B.

    2004-11-01

    Signals consisting of a sequence of pulses show that inherent origin of the 1/ f noise is a Brownian fluctuation of the average interevent time between subsequent pulses of the pulse sequence. In this paper, we generalize the model of interevent time to reproduce a variety of self-affine time series exhibiting power spectral density S( f) scaling as a power of the frequency f. Furthermore, we analyze the relation between the power-law correlations and the origin of the power-law probability distribution of the signal intensity. We introduce a stochastic multiplicative model for the time intervals between point events and analyze the statistical properties of the signal analytically and numerically. Such model system exhibits power-law spectral density S( f)∼1/ fβ for various values of β, including β= {1}/{2}, 1 and {3}/{2}. Explicit expressions for the power spectra in the low-frequency limit and for the distribution density of the interevent time are obtained. The counting statistics of the events is analyzed analytically and numerically, as well. The specific interest of our analysis is related with the financial markets, where long-range correlations of price fluctuations largely depend on the number of transactions. We analyze the spectral density and counting statistics of the number of transactions. The model reproduces spectral properties of the real markets and explains the mechanism of power-law distribution of trading activity. The study provides evidence that the statistical properties of the financial markets are enclosed in the statistics of the time interval between trades. A multiplicative point process serves as a consistent model generating this statistics.

  9. Impact of information cost and switching of trading strategies in an artificial stock market

    NASA Astrophysics Data System (ADS)

    Liu, Yi-Fang; Zhang, Wei; Xu, Chao; Vitting Andersen, Jørgen; Xu, Hai-Chuan

    2014-08-01

    This paper studies the switching of trading strategies and its effect on the market volatility in a continuous double auction market. We describe the behavior when some uninformed agents, who we call switchers, decide whether or not to pay for information before they trade. By paying for the information they behave as informed traders. First we verify that our model is able to reproduce some of the stylized facts in real financial markets. Next we consider the relationship between switching and the market volatility under different structures of investors. We find that there exists a positive relationship between the market volatility and the percentage of switchers. We therefore conclude that the switchers are a destabilizing factor in the market. However, for a given fixed percentage of switchers, the proportion of switchers that decide to buy information at a given moment of time is negatively related to the current market volatility. In other words, if more agents pay for information to know the fundamental value at some time, the market volatility will be lower. This is because the market price is closer to the fundamental value due to information diffusion between switchers.

  10. A reaction-diffusion model for market fluctuations - A relation between price change and traded volumes

    NASA Astrophysics Data System (ADS)

    Yuvan, Steven; Bier, Martin

    2018-02-01

    Two decades ago Bak et al. (1997) [3] proposed a reaction-diffusion model to describe market fluctuations. In the model buyers and sellers diffuse from opposite ends of a 1D interval that represents a price range. Trades occur when buyers and sellers meet. We show analytically and numerically that the model well reproduces the square-root relation between traded volumes and price changes that is observed in real-life markets. The result is remarkable as this relation has commonly been explained in terms of more elaborate trader strategies. We furthermore explain why the square-root relation is robust under model modifications and we show how real-life bond market data exhibit the square-root relation.

  11. A Study on Market Efficiency of Selected Commodity Derivatives Traded on NCDEX During 2011

    NASA Astrophysics Data System (ADS)

    Sajipriya, N.

    2012-10-01

    The study aims at testing the weak form of Efficient Market Hypothesis in the context of an emerging commodity market - National Commodity Derivatives Exchange (NCDEX), which is considered as the prime commodity derivatives market in India. The study considered daily spot and futures prices of five selected commodities traded on NCDEX over 12 month period (the futures contracts originating and expiring during the period January 2011 to December 2011) The five commodities chosen are Pepper, Crude palm Oil, steel silver and Chana as they account for almost two-thirds of the value of agricultural commodity derivatives traded on NCDEX. The results of Run test indicate that both spot and futures prices are weak form efficient

  12. Implementation of Haccp in the Mexican Poultry Processing Industry

    NASA Astrophysics Data System (ADS)

    Maldonado-Siman, Ema; Martínez-Hernández, Pedro Arturo; Ruíz-Flores, Agustín; García-Muñiz, José G.; Cadena-Meneses, José A.

    Hazard Analysis and Critical Control Point (HACCP) is a safety and quality management tool used as major issue in international and domestic trade in food industry. However, detailed information on costs and benefits of HACCP implementation is needed to provide appropriate advice to food processing plants. This paper reports on the perceptions of costs and benefits by the Mexican poultry processing plants and sale destinations. The results suggest that the major costs of implementing and operating HACCP within poultry processing plants are record keeping and external technical advice. The main benefit indicated by the majority of processing plants is a reduction in microbial counts. Over 39% of poultry production is sent to nation-wide chains of supermarkets, and less than 13% is sent to international markets. It was concluded that the adoption of HACCP by the Mexican poultry processing sector is based on the concern to increase and keep the domestic market, rather than to compete in the international market.

  13. Market mechanisms protect the vulnerable brain.

    PubMed

    Ramchandran, Kanchna; Nayakankuppam, Dhananjay; Berg, Joyce; Tranel, Daniel; Denburg, Natalie L

    2011-07-01

    Markets are mechanisms of social exchange, intended to facilitate trading. However, the question remains as to whether markets would help or hurt individuals with decision-makings deficits, as is frequently encountered in the case of cognitive aging. Essential for predicting future gains and losses in monetary and social domains, the striatal nuclei in the brain undergo structural, neurochemical, and functional decline with age. We correlated the efficacy of market mechanisms with dorsal striatal decline in an aging population, by using market based trading in the context of the 2008 U.S. Presidential Elections (primary cycle). Impaired decision-makers displayed higher prediction error (difference between their prediction and actual outcome). Lower in vivo caudate volume was also associated with higher prediction error. Importantly, market-based trading protected older adults with lower caudate volume to a greater extent from their own poorly calibrated predictions. Counterintuitive to the traditional public perception of the market as a fickle, risky proposition where vulnerable traders are most surely to be burned, we suggest that market-based mechanisms protect individuals with brain-based decision-making vulnerabilities. Copyright © 2011 Elsevier Ltd. All rights reserved.

  14. Market mechanisms protect the vulnerable brain

    PubMed Central

    Ramchandran, Kanchna; Nayakankuppam, Dhananjay; Berg, Joyce; Tranel, Daniel

    2011-01-01

    Markets are mechanisms of social exchange, intended to facilitate trading. However, the question remains as to whether markets would help or hurt individuals with decision-makings deficits, as is frequently encountered in the case of cognitive aging. Essential for predicting future gains and losses in monetary and social domains, the striatal nuclei in the brain undergo structural, neurochemical, and functional decline with age. We correlated the efficacy of market mechanisms with dorsal striatal decline in an aging population, by using market based trading in the context of the 2008 U.S Presidential Elections (primary cycle). Impaired decision-makers displayed higher prediction error (difference between their prediction and actual outcome). Lower in vivo caudate volume was also associated with higher prediction error. Importantly, market-based trading protected older adults with lower caudate volume to a greater extent from their own poorly calibrated predictions. Counterintuitive to the traditional public perception of the market as a fickle, risky proposition where vulnerable traders are most surely to be burned, we suggest that market-based mechanisms protect individuals with brain-based decision-making vulnerabilities. PMID:21600226

  15. Market Confidence Predicts Stock Price: Beyond Supply and Demand

    PubMed Central

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

    2016-01-01

    Stock price prediction is an important and challenging problem in stock market analysis. Existing prediction methods either exploit autocorrelation of stock price and its correlation with the supply and demand of stock, or explore predictive indictors exogenous to stock market. In this paper, using transaction record of stocks with identifier of traders, we introduce an index to characterize market confidence, i.e., the ratio of the number of traders who is active in two successive trading days to the number of active traders in a certain trading day. Strong Granger causality is found between the index of market confidence and stock price. We further predict stock price by incorporating the index of market confidence into a neural network based on time series of stock price. Experimental results on 50 stocks in two Chinese Stock Exchanges demonstrate that the accuracy of stock price prediction is significantly improved by the inclusion of the market confidence index. This study sheds light on using cross-day trading behavior to characterize market confidence and to predict stock price. PMID:27391816

  16. Civil Charges in Corporate Scandals. CRS Report for Congress

    DTIC Science & Technology

    2004-04-08

    advisors (or Wall Street firms and their customers), and manipulation or ausive trading in energy markets . Small "garden variety" examples of...y federal regulatory agencies - principally the Securities and Exchange Commission (SEC), ut also a few actions y the Commodity Futures Trading ...financial advisors (or Wall Street firms and their customers), and manipulation or ausive trading in energy markets . Small "garden variety" examples

  17. The Effect of Tick Size on Trading Volume Share in Two Competing Stock Markets

    NASA Astrophysics Data System (ADS)

    Nagumo, Shota; Shimada, Takashi; Yoshioka, Naoki; Ito, Nobuyasu

    2017-01-01

    The relationship between tick sizes and trading volume shares in competing markets is studied theoretically. By introducing a simple model which is equipped with two markets and non-strategic traders, we analytically calculate the steady states. It is shown that a market with a larger tick size is generally deprived of its share by the competing market. However, if traders' preference for the present market because of its major share is strong enough, the market with a larger tick size has a chance to keep a major share in the steady state. These findings are consistent with the previous results obtained from a more complicated artificial market model and also provide a clear understanding of the basic mechanism of market competition.

  18. Detrended cross-correlations between returns, volatility, trading activity, and volume traded for the stock market companies

    NASA Astrophysics Data System (ADS)

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

    2015-11-01

    We consider a few quantities that characterize trading on a stock market in a fixed time interval: logarithmic returns, volatility, trading activity (i.e., the number of transactions), and volume traded. We search for the power-law cross-correlations among these quantities aggregated over different time units from 1 min to 10 min. Our study is based on empirical data from the American stock market consisting of tick-by-tick recordings of 31 stocks listed in Dow Jones Industrial Average during the years 2008-2011. Since all the considered quantities except the returns show strong daily patterns related to the variable trading activity in different parts of a day, which are the most evident in the autocorrelation function, we remove these patterns by detrending before we proceed further with our study. We apply the multifractal detrended cross-correlation analysis with sign preserving (MFCCA) and show that the strongest power-law cross-correlations exist between trading activity and volume traded, while the weakest ones exist (or even do not exist) between the returns and the remaining quantities. We also show that the strongest cross-correlations are carried by those parts of the signals that are characterized by large and medium variance. Our observation that the most convincing power-law cross-correlations occur between trading activity and volume traded reveals the existence of strong fractal-like coupling between these quantities.

  19. 17 CFR 41.23 - Listing of security futures products for trading.

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... products for trading. 41.23 Section 41.23 Commodity and Securities Exchanges COMMODITY FUTURES TRADING... Listing of security futures products for trading. (a) Initial listing of products for trading. To list new security futures products for trading, a designated contract market or registered derivatives transaction...

  20. 17 CFR 41.23 - Listing of security futures products for trading.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... products for trading. 41.23 Section 41.23 Commodity and Securities Exchanges COMMODITY FUTURES TRADING... Listing of security futures products for trading. (a) Initial listing of products for trading. To list new security futures products for trading, a designated contract market shall submit to the Commission at its...

  1. 17 CFR 41.23 - Listing of security futures products for trading.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... products for trading. 41.23 Section 41.23 Commodity and Securities Exchanges COMMODITY FUTURES TRADING... Listing of security futures products for trading. (a) Initial listing of products for trading. To list new security futures products for trading, a designated contract market or registered derivatives transaction...

  2. 17 CFR 41.23 - Listing of security futures products for trading.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... products for trading. 41.23 Section 41.23 Commodity and Securities Exchanges COMMODITY FUTURES TRADING... Products § 41.23 Listing of security futures products for trading. (a) Initial listing of products for trading. To list new security futures products for trading, a designated contract market shall submit to...

  3. 19 CFR 10.3013 - Definitions.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... ARTICLES CONDITIONALLY FREE, SUBJECT TO A REDUCED RATE, ETC. United States-Colombia Trade Promotion... natural resources not included in paragraphs (g)(1) through (g)(4) of this section that are extracted or... conferences, trade shows and conventions; banners; marketing displays; free samples; sales, marketing, and...

  4. Issues in water quality trading: Introduction to featured collection

    EPA Science Inventory

    Water quality trading is a type of market mechanism for water pollution control. Policy makers have discovered that market mechanisms can play important roles in protecting and improving environmental quality by changing the economic signals an individual or firm faces. Potenti...

  5. 7 CFR 993.165 - Disposition of reserve prunes.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing... regular commercial trade channels, (2) any foreign government or any agency thereof, except any which normally is serviced through regular commercial trade channels, (3) any foreign country with an average of...

  6. Uneven dietary development: linking the policies and processes of globalization with the nutrition transition, obesity and diet-related chronic diseases

    PubMed Central

    Hawkes, Corinna

    2006-01-01

    In a "nutrition transition", the consumption of foods high in fats and sweeteners is increasing throughout the developing world. The transition, implicated in the rapid rise of obesity and diet-related chronic diseases worldwide, is rooted in the processes of globalization. Globalization affects the nature of agri-food systems, thereby altering the quantity, type, cost and desirability of foods available for consumption. Understanding the links between globalization and the nutrition transition is therefore necessary to help policy makers develop policies, including food policies, for addressing the global burden of chronic disease. While the subject has been much discussed, tracing the specific pathways between globalization and dietary change remains a challenge. To help address this challenge, this paper explores how one of the central mechanisms of globalization, the integration of the global marketplace, is affecting the specific diet patterns. Focusing on middle-income countries, it highlights the importance of three major processes of market integration: (I) production and trade of agricultural goods; (II) foreign direct investment in food processing and retailing; and (III) global food advertising and promotion. The paper reveals how specific policies implemented to advance the globalization agenda account in part for some recent trends in the global diet. Agricultural production and trade policies have enabled more vegetable oil consumption; policies on foreign direct investment have facilitated higher consumption of highly-processed foods, as has global food marketing. These dietary outcomes also reflect the socioeconomic and cultural context in which these policies are operating. An important finding is that the dynamic, competitive forces unleashed as a result of global market integration facilitates not only convergence in consumption habits (as is commonly assumed in the "Coca-Colonization" hypothesis), but adaptation to products targeted at different niche markets. This convergence-divergence duality raises the policy concern that globalization will exacerbate uneven dietary development between rich and poor. As high-income groups in developing countries accrue the benefits of a more dynamic marketplace, lower-income groups may well experience convergence towards poor quality obseogenic diets, as observed in western countries. Global economic polices concerning agriculture, trade, investment and marketing affect what the world eats. They are therefore also global food and health policies. Health policy makers should pay greater attention to these policies in order to address some of the structural causes of obesity and diet-related chronic diseases worldwide, especially among the groups of low socioeconomic status. PMID:16569239

  7. 17 CFR 240.15c3-1b - Adjustments to net worth and aggregate indebtedness for certain commodities transactions...

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... contracts; and (B) The value attributed to any commodity option which is not traded on a contract market... for inventory and forward contracts in the inter-bank market in those foreign currencies which are... broker or dealer which is a purchaser of a commodity option which is traded on a contract market the...

  8. 78 FR 28654 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing of Proposed Rule Change, as...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-05-15

    ... response is received to sell the strategy at $0.55. If the market for option A becomes $1.05 bid, offered... of $0.60. The residual 24 strategy contracts will trade against the two market maker responses in a... trade against the two market maker responses with MM1 executing 10 strategy contracts and MM2 executing...

  9. Regulation of chemicals in children's products: How U.S. and EU regulation impacts small markets.

    PubMed

    Negev, Maya; Berman, Tamar; Reicher, Shay; Balan, Simona; Soehl, Anna; Goulden, Shula; Ardi, Ruti; Shammai, Yaniv; Hadar, Laura; Blum, Arlene; Diamond, Miriam L

    2018-03-01

    Toys and children's products may contain trace metals and organic compounds that are potentially harmful to the health and development of infants and young children. Intergovernmental organizations and individual countries regulate chemicals in consumer products, but a coordinated international approach is lacking. This paper examines the implications of chemical regulation in children's products in large markets for a smaller market, namely Israel. We compared chemical regulations in children's products in the U.S., EU and Israel, and conducted in-depth interviews with diverse stakeholders in the Israeli product standardization process. Israel adopted EU chemical standards for certain chemicals (e.g., trace metals, phthalates) but not others (e.g., bisphenol A, flame retardants, trace metals in children's jewelry). Israeli regulation of chemicals in consumer products relies on regulations in large markets such as the U.S. and EU, which therefore have impacts beyond their territories. However, Israel adopts only product-specific standards and has regulatory gaps due to the lack of an overarching regulatory approach that exists in the U.S. and the EU. Furthermore, Israeli policy is to adopt parallel standards from large markets in order to remove trade barriers, despite their different approaches to chemical regulation, an approach which prioritizes trade considerations over health considerations. We conclude with policy recommendations for Israel, which have relevance for other small markets. Copyright © 2017 Elsevier B.V. All rights reserved.

  10. The use of importance and performance analysis (IPA) to evaluate effectiveness of the forward auction market agro commodities: A case study

    NASA Astrophysics Data System (ADS)

    Wulansari, Dwi Ratna; Sutopo, Wahyudi; Hisjam, Muh.

    2018-02-01

    The empowering auction market for commodities in East Java Province is one of five auction market revitalization programs conducted by the Republic of Indonesia c.q. Ministry of Trading started in 2014. One of the districts in East Java Province, namely Magetan District utilizes the commodity auction market to improve the competitiveness of their agricultural industry by shortening the supply chain. The Magetan District needs to evaluate their support for farmers or farmer groups to participate in the forward auction market (FAM). Implementation of the FAM commodities is divided into three main processes, namely pre-auction, auction, and post-auction. The auction market is organized to shorten the trading chain. Implementation of the FAM requires good planning, among Seller (namely Farmer or Farmer Group), organizer of Auction (namely Commodity Auction Company), Buyer, and Local Government (namely the farmer facilitator). This article is aimed to develop the instrument of a Performance Measurement Model Using Important and Performance Analysis (IPA) for Improving the FAM Effectiveness of Agro Commodity from Magetan District with Supply Chain Management approach. IPA is implemented at pre-auction, auction, and post-auction. The IPA model results in the diagram to decide the strategies in improving the FAM effectiveness, and then it can encourage farmers to improve welfare and realize the competitiveness of the auctioneer.

  11. Potential effects of LNG trade shift on transfer of ballast water and biota by ships.

    PubMed

    Holzer, Kimberly K; Muirhead, Jim R; Minton, Mark S; Carney, Katharine J; Miller, A Whitman; Ruiz, Gregory M

    2017-02-15

    As the US natural gas surplus grows, so does the prospect of establishing new trade partnerships with buyers abroad, a process that has major consequences for global ship movement and ballast water delivery. Since US annual imports of liquefied natural gas (LNG) peaked in 2004-2007, the country is rapidly transitioning from net importer to net exporter of LNG. Combining multiple datasets, we estimated changes in the associated flux of ships' ballast water to the US during 2015-2040, using existing scenarios for projected exports of domestic LNG by ships. Our analysis of the current market (2015) scenario predicts an approximate 90-fold annual increase in LNG-related ballast water discharge to the US by 2040 (42millionm 3 ), with the potential to be even greater under high oil prices. We also described changes in geographic connectivity related to trade direction. These findings highlight how 21 st century global energy markets could dramatically alter opportunities for seaborne introductions and invasions by nonnative species. Copyright © 2016 Elsevier B.V. All rights reserved.

  12. Universal scaling and nonlinearity of aggregate price impact in financial markets.

    PubMed

    Patzelt, Felix; Bouchaud, Jean-Philippe

    2018-01-01

    How and why stock prices move is a centuries-old question still not answered conclusively. More recently, attention shifted to higher frequencies, where trades are processed piecewise across different time scales. Here we reveal that price impact has a universal nonlinear shape for trades aggregated on any intraday scale. Its shape varies little across instruments, but drastically different master curves are obtained for order-volume and -sign impact. The scaling is largely determined by the relevant Hurst exponents. We further show that extreme order-flow imbalance is not associated with large returns. To the contrary, it is observed when the price is pinned to a particular level. Prices move only when there is sufficient balance in the local order flow. In fact, the probability that a trade changes the midprice falls to zero with increasing (absolute) order-sign bias along an arc-shaped curve for all intraday scales. Our findings challenge the widespread assumption of linear aggregate impact. They imply that market dynamics on all intraday time scales are shaped by correlations and bilateral adaptation in the flows of liquidity provision and taking.

  13. Universal scaling and nonlinearity of aggregate price impact in financial markets

    NASA Astrophysics Data System (ADS)

    Patzelt, Felix; Bouchaud, Jean-Philippe

    2018-01-01

    How and why stock prices move is a centuries-old question still not answered conclusively. More recently, attention shifted to higher frequencies, where trades are processed piecewise across different time scales. Here we reveal that price impact has a universal nonlinear shape for trades aggregated on any intraday scale. Its shape varies little across instruments, but drastically different master curves are obtained for order-volume and -sign impact. The scaling is largely determined by the relevant Hurst exponents. We further show that extreme order-flow imbalance is not associated with large returns. To the contrary, it is observed when the price is pinned to a particular level. Prices move only when there is sufficient balance in the local order flow. In fact, the probability that a trade changes the midprice falls to zero with increasing (absolute) order-sign bias along an arc-shaped curve for all intraday scales. Our findings challenge the widespread assumption of linear aggregate impact. They imply that market dynamics on all intraday time scales are shaped by correlations and bilateral adaptation in the flows of liquidity provision and taking.

  14. Value, Market Preferences and Trade of Beche-De-Mer from Pacific Island Sea Cucumbers

    PubMed Central

    Purcell, Steven W.

    2014-01-01

    Market preferences of natural resources contribute to shape their exploitation and production. Beche-de-mer, the product after gutting, cooking, salting and drying sea cucumbers, is exported worldwide to Asian dried seafood markets. A better understanding of the trade, value and market preferences of Pacific island beche-de-mer could identify critical postharvest processing techniques and management strategies for fisheries and aquaculture. Data were collected on export prices and trade of beche-de-mer from Kiribati, Fiji, Tonga and New Caledonia, and the selling prices, respective sizes and organoleptic properties of the products in stores in China. Export prices varied considerably within and among the four countries and low-value species were the most exported by volume. Most of the beche-de-mer from the four Pacific islands is exported to Hong Kong, where quality products are sold and others are distributed to mainland China. Prices of the beche-de-mer in Chinese stores varied up to ten-fold and were mostly influenced by species, body size and, to a lesser extent, physical damage to the products. Market prices across species (averaging US$15–385 kg−1) appear to have mostly increased six- to twelve-fold over the past decade. The data allude that fisheries for Holothuria scabra, H. lessoni, H. fuscogilva, H. whitmaei and Thelenota ananas should be most carefully managed because they were the highest-value species and under greatest demand. The relationships between size of beche-de-mer and sale price were species specific and highly varied. This study also highlights the need for better regulations and/or enforcement of minimum size limits in sea cucumber fisheries, which can help to maximise economic benefits of wild stocks. PMID:24736374

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

    PubMed

    Purcell, Steven W

    2014-01-01

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

  16. Testing the performance of technical trading rules in the Chinese markets based on superior predictive test

    NASA Astrophysics Data System (ADS)

    Wang, Shan; Jiang, Zhi-Qiang; Li, Sai-Ping; Zhou, Wei-Xing

    2015-12-01

    Technical trading rules have a long history of being used by practitioners in financial markets. The profitable ability and efficiency of technical trading rules are yet controversial. In this paper, we test the performance of more than seven thousand traditional technical trading rules on the Shanghai Securities Composite Index (SSCI) from May 21, 1992 through June 30, 2013 and China Securities Index 300 (CSI 300) from April 8, 2005 through June 30, 2013 to check whether an effective trading strategy could be found by using the performance measurements based on the return and Sharpe ratio. To correct for the influence of the data-snooping effect, we adopt the Superior Predictive Ability test to evaluate if there exists a trading rule that can significantly outperform the benchmark. The result shows that for SSCI, technical trading rules offer significant profitability, while for CSI 300, this ability is lost. We further partition the SSCI into two sub-series and find that the efficiency of technical trading in sub-series, which have exactly the same spanning period as that of CSI 300, is severely weakened. By testing the trading rules on both indexes with a five-year moving window, we find that during the financial bubble from 2005 to 2007, the effectiveness of technical trading rules is greatly improved. This is consistent with the predictive ability of technical trading rules which appears when the market is less efficient.

  17. 7 CFR 989.15 - Handler.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements and... who blends raisins after they have been placed in trade channels by a packer with other such raisins in trade channels; or (3) a dehydrator who, in his capacity as a dehydrator, blends raisins entirely...

  18. 17 CFR 38.451 - Reporting of trade information.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 17 Commodity and Securities Exchanges 1 2013-04-01 2013-04-01 false Reporting of trade information. 38.451 Section 38.451 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION DESIGNATED CONTRACT MARKETS Daily Publication of Trading Information § 38.451 Reporting of trade information...

  19. 17 CFR 38.451 - Reporting of trade information.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 17 Commodity and Securities Exchanges 1 2014-04-01 2014-04-01 false Reporting of trade information. 38.451 Section 38.451 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION DESIGNATED CONTRACT MARKETS Daily Publication of Trading Information § 38.451 Reporting of trade information...

  20. Quantifying Trading Behavior in Financial Markets Using Google Trends

    NASA Astrophysics Data System (ADS)

    Preis, Tobias; Moat, Helen Susannah; Stanley, H. Eugene

    2013-04-01

    Crises in financial markets affect humans worldwide. Detailed market data on trading decisions reflect some of the complex human behavior that has led to these crises. We suggest that massive new data sources resulting from human interaction with the Internet may offer a new perspective on the behavior of market participants in periods of large market movements. By analyzing changes in Google query volumes for search terms related to finance, we find patterns that may be interpreted as ``early warning signs'' of stock market moves. Our results illustrate the potential that combining extensive behavioral data sets offers for a better understanding of collective human behavior.

  1. Quantifying Trading Behavior in Financial Markets Using Google Trends

    PubMed Central

    Preis, Tobias; Moat, Helen Susannah; Stanley, H. Eugene

    2013-01-01

    Crises in financial markets affect humans worldwide. Detailed market data on trading decisions reflect some of the complex human behavior that has led to these crises. We suggest that massive new data sources resulting from human interaction with the Internet may offer a new perspective on the behavior of market participants in periods of large market movements. By analyzing changes in Google query volumes for search terms related to finance, we find patterns that may be interpreted as “early warning signs” of stock market moves. Our results illustrate the potential that combining extensive behavioral data sets offers for a better understanding of collective human behavior. PMID:23619126

  2. Exporting an Inherently Harmful Product: The Marketing of Virginia Slims Cigarettes in the United States, Japan, and Korea.

    PubMed

    Dewhirst, Timothy; Lee, Wonkyong B; Fong, Geoffrey T; Ling, Pamela M

    2016-11-01

    Ethical issues surrounding the marketing and trade of controversial products such as tobacco require a better understanding. Virginia Slims, an exclusively women's cigarette brand first launched in 1968 in the USA, was introduced during the mid 1980s to major Asian markets, such as Japan and Korea, dominated by male smokers. By reviewing internal corporate documents, made public from litigation, we examine the marketing strategies used by Philip Morris as they entered new markets such as Japan and Korea and consider the extent that the company attempted to appeal to women in markets where comparatively few women were smokers. The case study of Virginia Slims reveals that the classification of "vulnerable" consumers is variable depending on culture, tobacco firms display responsive efforts and strategies when operating within a "mature" market, and cultural values played a role in informing Philip Morris' strategic decision to embrace an adaptive marketing approach, particularly when entering the Korean market. Finally, moral questions are raised with tobacco being identified as a priority product for export and international trade agreements being used by corporations, governments, or trade partners in efforts to undermine domestic public health policies.

  3. Exporting an Inherently Harmful Product: The Marketing of Virginia Slims Cigarettes in the United States, Japan, and Korea

    PubMed Central

    Lee, Wonkyong B.; Fong, Geoffrey T.; Ling, Pamela M.

    2015-01-01

    Ethical issues surrounding the marketing and trade of controversial products such as tobacco require a better understanding. Virginia Slims, an exclusively women’s cigarette brand first launched in 1968 in the USA, was introduced during the mid 1980s to major Asian markets, such as Japan and Korea, dominated by male smokers. By reviewing internal corporate documents, made public from litigation, we examine the marketing strategies used by Philip Morris as they entered new markets such as Japan and Korea and consider the extent that the company attempted to appeal to women in markets where comparatively few women were smokers. The case study of Virginia Slims reveals that the classification of “vulnerable” consumers is variable depending on culture, tobacco firms display responsive efforts and strategies when operating within a “mature” market, and cultural values played a role in informing Philip Morris’ strategic decision to embrace an adaptive marketing approach, particularly when entering the Korean market. Finally, moral questions are raised with tobacco being identified as a priority product for export and international trade agreements being used by corporations, governments, or trade partners in efforts to undermine domestic public health policies. PMID:28025588

  4. Emergence of Cooperative Long-Term Market Loyalty in Double Auction Markets.

    PubMed

    Alorić, Aleksandra; Sollich, Peter; McBurney, Peter; Galla, Tobias

    2016-01-01

    Loyal buyer-seller relationships can arise by design, e.g. when a seller tailors a product to a specific market niche to accomplish the best possible returns, and buyers respond to the dedicated efforts the seller makes to meet their needs. We ask whether it is possible, instead, for loyalty to arise spontaneously, and in particular as a consequence of repeated interaction and co-adaptation among the agents in a market. We devise a stylized model of double auction markets and adaptive traders that incorporates these features. Traders choose where to trade (which market) and how to trade (to buy or to sell) based on their previous experience. We find that when the typical scale of market returns (or, at fixed scale of returns, the intensity of choice) become higher than some threshold, the preferred state of the system is segregated: both buyers and sellers are segmented into subgroups that are persistently loyal to one market over another. We characterize the segregated state analytically in the limit of large markets: it is stabilized by some agents acting cooperatively to enable trade, and provides higher rewards than its unsegregated counterpart both for individual traders and the population as a whole.

  5. Emergence of Cooperative Long-Term Market Loyalty in Double Auction Markets

    PubMed Central

    Alorić, Aleksandra; Sollich, Peter; McBurney, Peter; Galla, Tobias

    2016-01-01

    Loyal buyer-seller relationships can arise by design, e.g. when a seller tailors a product to a specific market niche to accomplish the best possible returns, and buyers respond to the dedicated efforts the seller makes to meet their needs. We ask whether it is possible, instead, for loyalty to arise spontaneously, and in particular as a consequence of repeated interaction and co-adaptation among the agents in a market. We devise a stylized model of double auction markets and adaptive traders that incorporates these features. Traders choose where to trade (which market) and how to trade (to buy or to sell) based on their previous experience. We find that when the typical scale of market returns (or, at fixed scale of returns, the intensity of choice) become higher than some threshold, the preferred state of the system is segregated: both buyers and sellers are segmented into subgroups that are persistently loyal to one market over another. We characterize the segregated state analytically in the limit of large markets: it is stabilized by some agents acting cooperatively to enable trade, and provides higher rewards than its unsegregated counterpart both for individual traders and the population as a whole. PMID:27120473

  6. Market-based control mechanisms for patient safety

    PubMed Central

    Coiera, E; Braithwaite, J

    2009-01-01

    A new model is proposed for enhancing patient safety using market-based control (MBC), inspired by successful approaches to environmental governance. Emissions trading, enshrined in the Kyoto protocol, set a carbon price and created a carbon market—is it possible to set a patient safety price and let the marketplace find ways of reducing clinically adverse events? To “cap and trade,” a regulator would need to establish system-wide and organisation-specific targets, based on the cost of adverse events, create a safety market for trading safety credits and then police the market. Organisations are given a clear policy signal to reduce adverse event rates, are told by how much, but are free to find mechanisms best suited to their local needs. The market would inevitably generate novel ways of creating safety credits, and accountability becomes hard to evade when adverse events are explicitly measured and accounted for in an organisation’s bottom line. PMID:19342522

  7. Viability of Carbon Capture and Sequestration Retrofits for Existing Coal-Fired Power Plants under an Emission Trading Scheme.

    PubMed

    Talati, Shuchi; Zhai, Haibo; Morgan, M Granger

    2016-12-06

    Using data on the coal-fired electric generating units (EGUs) in Texas we assess the economic feasibility of retrofitting existing units with carbon capture and sequestration (CCS) in order to comply with the Clean Power Plan's rate-based emission standards under an emission trading scheme. CCS with 90% capture is shown to be more economically attractive for a range of existing units than purchasing emission rate credits (ERCs) from a trading market at an average credit price above $28 per MWh under the final state standard and $35 per MWh under the final national standard. The breakeven ERC trading prices would decrease significantly if the captured CO 2 were sold for use in enhanced oil recovery, making CCS retrofits viable at lower trading prices. The combination of ERC trading and CO 2 use can greatly reinforce economic incentives and market demands for CCS and hence accelerate large-scale deployment, even under scenarios with high retrofit costs. Comparing the levelized costs of electricity generation between CCS retrofits and new renewable plants under the ERC trading scheme, retrofitting coal-fired EGUs with CCS may be significantly cheaper than new solar plants under some market conditions.

  8. Do Earthquakes Shake Stock Markets?

    PubMed Central

    2015-01-01

    This paper examines how major earthquakes affected the returns and volatility of aggregate stock market indices in thirty-five financial markets over the last twenty years. Results show that global financial markets are resilient to shocks caused by earthquakes even if these are domestic. Our analysis reveals that, in a few instances, some macroeconomic variables and earthquake characteristics (gross domestic product per capita, trade openness, bilateral trade flows, earthquake magnitude, a tsunami indicator, distance to the epicenter, and number of fatalities) mediate the impact of earthquakes on stock market returns, resulting in a zero net effect. However, the influence of these variables is market-specific, indicating no systematic pattern across global capital markets. Results also demonstrate that stock market volatility is unaffected by earthquakes, except for Japan. PMID:26197482

  9. Do Earthquakes Shake Stock Markets?

    PubMed

    Ferreira, Susana; Karali, Berna

    2015-01-01

    This paper examines how major earthquakes affected the returns and volatility of aggregate stock market indices in thirty-five financial markets over the last twenty years. Results show that global financial markets are resilient to shocks caused by earthquakes even if these are domestic. Our analysis reveals that, in a few instances, some macroeconomic variables and earthquake characteristics (gross domestic product per capita, trade openness, bilateral trade flows, earthquake magnitude, a tsunami indicator, distance to the epicenter, and number of fatalities) mediate the impact of earthquakes on stock market returns, resulting in a zero net effect. However, the influence of these variables is market-specific, indicating no systematic pattern across global capital markets. Results also demonstrate that stock market volatility is unaffected by earthquakes, except for Japan.

  10. Changes in seafood consumer preference patterns and associated changes in risk exposure.

    PubMed

    Jensen, Helen H

    2006-01-01

    Consumers world-wide are driving changes in the agriculture and food sector. Rising consumer income, changing demographics and lifestyles, and shifting preferences due to new information about the links between diet and health all contribute to new demands for foods. At the same time, technological changes in production, processing and distribution, growth in large-scale retailing, and changes in product availability, as well as expansion of trade world wide, have contributed to a rapidly changing market for food products. Changes in seafood consumption reflect these changes. The changes in consumer consumption patterns, new technologies and trade in product offer both expanded markets as well as new challenges to consumer exposure to food-borne risks. The strict quality control requirements of retail brokers, growth of private labels, and development of value-protecting marketing channels have become increasingly important in food markets. This paper addresses major trends that affect seafood consumption and the market for seafood products and the implications of these changes for consumer risk exposure to food safety hazards. The current economic environment highlights similarities and differences between the developed and developing countries, as well as diversity worldwide in consumption of seafood. Within this context, four major trends affect consumer consumption of foods, including seafood and fish products today: rising income; changing demographics; changing markets for food; and an increasingly global market for food products. Changes in consumer risk exposure to food safety problems are addressed in the context of these trends.

  11. Enhancing the economic viability of pastoralism: the need to balance interventions.

    PubMed

    Rueff, H; Rahim, I

    2016-11-01

    Extensive mobile pastoral systems do not follow conventional marketing optimisation models, since they must deal with the factors of mobility, erratic environments, dependency on natural resources, seasonality, and distance to markets. While pastoralist systems contribute substantially to national economies, government investment to support pastoralism remains limited or non-existent. Pastoralists are becoming increasingly integrated into larger market systems and therefore need investment and specially adapted policies to supply a growing demand for livestock products and to support their livelihoods. In this paper, the authors show that investment and technology can support and empower pastoralist marketing strategies in supplying higher-value and more stable livestock products. Furthermore, the authors demonstrate that pastoralists also supply services, broadening the marketing landscape within which they operate to include more players and trading options. Pastoralists are undeniably the custodians of rangelands and provide a wide range of ecosystem services. These new market prospects nevertheless require structuring (e.g. regulation, infrastructure) and adjustments in the trading environment of stakeholders all along the value chain. There is, however, an inherent risk in intervening in pastoral marketing and production processes. Too many or ill-adapted interventions can have severe effects on these systems, resulting in over-intensification and reduced mobility. Finding the right level of intervention to support extensive pastoral systems is important when developing policy, since it is about the only form of land use that can keep a third of the world's land surface in food production without additional inputs.

  12. Quantitative market survey of non-woody plants sold at Kariakoo Market in Dar es Salaam, Tanzania.

    PubMed

    Posthouwer, Chantal; Veldman, Sarina; Abihudi, Siri; Otieno, Joseph N; van Andel, Tinde R; de Boer, Hugo J

    2018-04-30

    In Tanzania, traditional medicine plays a significant role in health care and local economies based on the harvesting, trade and sale of medicinal plant products. The majority of this plant material is said to originate from wild sources, and both traditional healers and vendors are concerned about the increasing scarcity of certain species. A market survey of non-powdered, non-woody medicinal plants was conducted at Kariakoo Market in Dar es Salaam, the major hub for medicinal plant trade in Tanzania, to assess sustainability of traded herbal medicine. For this study, fresh and dried herbs, seeds and fruits were collected and interviews were conducted to obtain information on vernacular names, preparation methods, monthly sales, uses and prices. Bundles of herbal medicine offered for sale were weighed and counted to calculate the value and volumes of daily stock at the market. A total of 71 medicinal plant products belonging to 62 to 67 different species from at least 41 different plant families were identified. We identified 45 plant products to species level, 20 products to genus level and four to family level. Plant species most encountered at the market were Suregada zanzibariensis, Myrothamnus flabellifolia and Sclerocarya birrea. The major use categories reported by the vendors were ritual purposes, digestive disorders and women's health. Annual sales are estimated to be in excess of 30 t and close to 200,000 USD, and trade in herbal medicine at Kariakoo Market provides subsistence income to many local vendors. A large diversity of wild-harvested plant species is traded as medicinal products in Tanzania, including species listed on CITES Appendices. Identifying and monitoring temporal changes in availability per season and from year to year will reveal which species are most affected by this trade, and help relevant authorities in Tanzania to find alternative sources of income for dependent stakeholders and initiate targeted efforts to protect threatened plant species. Copyright © 2018. Published by Elsevier B.V.

  13. To 'enable our legal product to compete effectively with the transit market': British American Tobacco's strategies in Thailand following the 1990 GATT dispute.

    PubMed

    MacKenzie, Ross; Lee, Kelley; LeGresley, Eric

    2015-08-21

    The opening of the Thai tobacco market, following action brought by the US Trade Representative under the General Agreement on Tariffs and Trade, is seen as a key case study of the tensions between trade and health policy. Interpretations of the dispute cast it, either as an example of how trade agreements undermine national policy-making, or how governments can adopt effective public health protections compliant with international trade rules. As a UK-based company, British American Tobacco has been regarded as peripheral to this dispute. This paper argues that its close monitoring of the illegal trade during this period, the role of smuggling in the company's global business strategy, and its management of the relative supply and pricing of legal and illegal products after market opening provide a fuller understanding of the interests and roles of transnational tobacco companies and the government in this dispute. The findings have important policy implications, notably the role of effective governance in countries facing pressure to open their tobacco sectors, need to better understand corporate-level activities within an increasingly globalised tobacco industry, and need to address the intertwined legal and illegal trade in implementing the WHO Framework Convention on Tobacco Control Protocol to Eliminate Illicit Trade in Tobacco Products.

  14. An Evolutionary Method for Financial Forecasting in Microscopic High-Speed Trading Environment

    PubMed Central

    Li, Hsu-Chih

    2017-01-01

    The advancement of information technology in financial applications nowadays have led to fast market-driven events that prompt flash decision-making and actions issued by computer algorithms. As a result, today's markets experience intense activity in the highly dynamic environment where trading systems respond to others at a much faster pace than before. This new breed of technology involves the implementation of high-speed trading strategies which generate significant portion of activity in the financial markets and present researchers with a wealth of information not available in traditional low-speed trading environments. In this study, we aim at developing feasible computational intelligence methodologies, particularly genetic algorithms (GA), to shed light on high-speed trading research using price data of stocks on the microscopic level. Our empirical results show that the proposed GA-based system is able to improve the accuracy of the prediction significantly for price movement, and we expect this GA-based methodology to advance the current state of research for high-speed trading and other relevant financial applications. PMID:28316618

  15. Energy futures: Trading opportunities for the 1980's

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

    Treat, J.E.; Cowie, S.; Davidson, F.E.

    1984-01-01

    This text gives a broad background in both theory and practice of energy futures trading. It details successful contract requirements. It analyzes fundamental and technical pricing and using both to manage risk and achieve trading objectives. Hedging strategy, financial aspects of trading, accounting procedures, internal control systems and tax implications are all expertly covered. The book concludes with the potential impact of futures trading on the structure of world markets. Contents: Energy futures: an overview; Exchanges and their contracts; Fundamental analysis and the theory of hedging; The principles of technical analysis; Putting it all together; Integrated trading strategies; Energy futures;more » Financing and exposure management in the oil industry; Accounting principles, taxation, and internal control; The potential impacts of trading in oil futures on the world oil market; Appendix; Glossary; Index.« less

  16. Flexible LNG supply, storage and price formation in a global natural gas market

    NASA Astrophysics Data System (ADS)

    Hayes, Mark Hanley

    The body of work included in this dissertation explores the interaction of the growing, flexible liquefied natural gas (LNG) trade with the fundamentals of pipeline gas supply, gas storage, and gas consumption. By nature of its uses---largely for residential heating and electric power generation---the consumption of natural gas is highly variable both seasonally and on less predictable daily and weekly timescales. Flexible LNG trade will interconnect previously isolated regional gas markets, each with non-correlated variability in gas demand, differing gas storage costs, and heterogeneous institutional structures. The dissertation employs a series of analytical models to address key issues that will affect the expansion of the LNG trade and the implications for gas prices, investment and energy policy. First, I employ an optimization model to evaluate the fundamentals of seasonal LNG swing between markets with non-correlated gas demand (the U.S. and Europe). The model provides insights about the interaction of LNG trade with gas storage and price formation in interconnected regional markets. I then explore how random (stochastic) variability in gas demand will drive spot cargo movements and covariation in regional gas prices. Finally, I analyze the different institutional structures of the gas markets in the U.S. and Europe and consider how managed gas markets in Europe---without a competitive wholesale gas market---may effectively "export" supply and price volatility to countries with more competitive gas markets, such as the U.S.

  17. Transition probability, dynamic regimes, and the critical point of financial crisis

    NASA Astrophysics Data System (ADS)

    Tang, Yinan; Chen, Ping

    2015-07-01

    An empirical and theoretical analysis of financial crises is conducted based on statistical mechanics in non-equilibrium physics. The transition probability provides a new tool for diagnosing a changing market. Both calm and turbulent markets can be described by the birth-death process for price movements driven by identical agents. The transition probability in a time window can be estimated from stock market indexes. Positive and negative feedback trading behaviors can be revealed by the upper and lower curves in transition probability. Three dynamic regimes are discovered from two time periods including linear, quasi-linear, and nonlinear patterns. There is a clear link between liberalization policy and market nonlinearity. Numerical estimation of a market turning point is close to the historical event of the US 2008 financial crisis.

  18. 26 CFR 1.897-9T - Treatment of certain interest in publicly traded corporations, definition of foreign person, and...

    Code of Federal Regulations, 2011 CFR

    2011-04-01

    ... regulation that, if and when adopted as a final regulation will be added as new paragraphs (c)(2)(iii)(B), (k... had a fair market value greater than the fair market value on that date of 5 percent of the regularly traded class of the corporation's stock with the lowest fair market value. However, if a non-regularly...

  19. On emissions trading, toxic debt and the Australian power market

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

    Simshauser, Paul

    2009-03-15

    Implementation of emissions trading will have profound effects on the financial stability of coal generators. While the impact on equity capital is well understood, the potential fallout in the market for project finance is not. During the current global financial crisis, the form and quantum of transitional assistance to coal generators will be crucial to ensure ongoing participation of domestic and foreign project banks in the power markets. (author)

  20. Trends in global shipping and the impact on Alaska’s forest products

    Treesearch

    Joseph A. Roos; Allen M. Brackley; Daisuke Sasatani

    2011-01-01

    Traditionally, there has been a strong forest products trade between Alaska and Asia. This trade relationship has developed owing to Alaska’s proximity to Asia and, in the past, an abundance of high-quality timber. Although forest products markets in North America remain soft, markets in Asia are growing. However, to benefit from Asia’s growing forest products market,...

  1. Market analyses of livestock trade networks to inform the prevention of joint economic and epidemiological risks.

    PubMed

    Moslonka-Lefebvre, Mathieu; Gilligan, Christopher A; Monod, Hervé; Belloc, Catherine; Ezanno, Pauline; Filipe, João A N; Vergu, Elisabeta

    2016-03-01

    Conventional epidemiological studies of infections spreading through trade networks, e.g., via livestock movements, generally show that central large-size holdings (hubs) should be preferentially surveyed and controlled in order to reduce epidemic spread. However, epidemiological strategies alone may not be economically optimal when costs of control are factored in together with risks of market disruption from targeting core holdings in a supply chain. Using extensive data on animal movements in supply chains for cattle and swine in France, we introduce a method to identify effective strategies for preventing outbreaks with limited budgets while minimizing the risk of market disruptions. Our method involves the categorization of holdings based on position along the supply chain and degree of market share. Our analyses suggest that trade has a higher risk of propagating epidemics through cattle networks, which are dominated by exchanges involving wholesalers, than for swine. We assess the effectiveness of contrasting interventions from the perspectives of regulators and the market, using percolation analysis. We show that preferentially targeting minor, non-central agents can outperform targeting of hubs when the costs to stakeholders and the risks of market disturbance are considered. Our study highlights the importance of assessing joint economic-epidemiological risks in networks underlying pathogen propagation and trade. © 2016 The Authors.

  2. Market analyses of livestock trade networks to inform the prevention of joint economic and epidemiological risks

    PubMed Central

    Gilligan, Christopher A.; Belloc, Catherine; Filipe, João A. N.; Vergu, Elisabeta

    2016-01-01

    Conventional epidemiological studies of infections spreading through trade networks, e.g. via livestock movements, generally show that central large-size holdings (hubs) should be preferentially surveyed and controlled in order to reduce epidemic spread. However, epidemiological strategies alone may not be economically optimal when costs of control are factored in together with risks of market disruption from targeting core holdings in a supply chain. Using extensive data on animal movements in supply chains for cattle and swine in France, we introduce a method to identify effective strategies for preventing outbreaks with limited budgets while minimizing the risk of market disruptions. Our method involves the categorization of holdings based on position along the supply chain and degree of market share. Our analyses suggest that trade has a higher risk of propagating epidemics through cattle networks, which are dominated by exchanges involving wholesalers, than for swine. We assess the effectiveness of contrasting interventions from the perspectives of regulators and the market, using percolation analysis. We show that preferentially targeting minor, non-central agents can outperform targeting of hubs when the costs to stakeholders and the risks of market disturbance are considered. Our study highlights the importance of assessing joint economic–epidemiological risks in networks underlying pathogen propagation and trade. PMID:26984191

  3. 7 CFR 982.16 - Inshell trade acquisitions.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... 7 Agriculture 8 2011-01-01 2011-01-01 false Inshell trade acquisitions. 982.16 Section 982.16... WASHINGTON Order Regulating Handling Definitions § 982.16 Inshell trade acquisitions. Inshell trade acquisitions means the quantity of inshell hazelnuts acquired by the trade from all handlers during a marketing...

  4. 7 CFR 982.16 - Inshell trade acquisitions.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... 7 Agriculture 8 2010-01-01 2010-01-01 false Inshell trade acquisitions. 982.16 Section 982.16... WASHINGTON Order Regulating Handling Definitions § 982.16 Inshell trade acquisitions. Inshell trade acquisitions means the quantity of inshell hazelnuts acquired by the trade from all handlers during a marketing...

  5. 7 CFR 982.16 - Inshell trade acquisitions.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... 7 Agriculture 8 2014-01-01 2014-01-01 false Inshell trade acquisitions. 982.16 Section 982.16... WASHINGTON Order Regulating Handling Definitions § 982.16 Inshell trade acquisitions. Inshell trade acquisitions means the quantity of inshell hazelnuts acquired by the trade from all handlers during a marketing...

  6. 7 CFR 982.16 - Inshell trade acquisitions.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... 7 Agriculture 8 2013-01-01 2013-01-01 false Inshell trade acquisitions. 982.16 Section 982.16... WASHINGTON Order Regulating Handling Definitions § 982.16 Inshell trade acquisitions. Inshell trade acquisitions means the quantity of inshell hazelnuts acquired by the trade from all handlers during a marketing...

  7. 7 CFR 987.11 - Trade demand.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... 7 Agriculture 8 2012-01-01 2012-01-01 false Trade demand. 987.11 Section 987.11 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements and Orders; Fruits, Vegetables, Nuts), DEPARTMENT OF AGRICULTURE DOMESTIC DATES PRODUCED OR PACKED IN RIVERSIDE COUNTY, CALIFORNIA Order...

  8. 7 CFR 982.16 - Inshell trade acquisitions.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... 7 Agriculture 8 2012-01-01 2012-01-01 false Inshell trade acquisitions. 982.16 Section 982.16 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements and Orders; Fruits, Vegetables, Nuts), DEPARTMENT OF AGRICULTURE HAZELNUTS GROWN IN OREGON AND WASHINGTON Order Regulating Handling...

  9. A fuzzy logic model to forecast stock market momentum in Indonesia's property and real estate sector

    NASA Astrophysics Data System (ADS)

    Penawar, H. K.; Rustam, Z.

    2017-07-01

    The Capital market has the important role in Indonesia's economy. The capital market does not only support the economy of Indonesia but also being an indicator Indonesia's economy improvement. Something that has been traded in the capital market is stock (stock market). Nowadays, the stock market is full of uncertainty. That uncertainty values make predicting stock market is all that we have to do before we make a decision in the stock market. One that can be predicted in the stock market is momentum. To forecast stock market momentum, it can use fuzzy logic model. In the process of modeling, it will be used 14 days historical data that consisting the value of open, high, low, and close, to predict the next 5 days momentum categories. There are three momentum categories namely Bullish, Neutral, and Bearish. To illustrate the fuzzy logic model, we will use stocks data from several companies that listed on Indonesia Stock Exchange (IDX) in property and real estate sector.

  10. Market survey on products from the Tema Oil Refinery carried out as part of the feasibility study on the Tema Oil Refinery expansion project. Export trade information

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

    Not Available

    1991-10-01

    The Tema Oil Refinery (TOR), which was commissioned in 1963, is a simple hydroskimming plant which processes crude oil into LPG, gasoline, kerosene, gasoil, and fuel oil. It is the only petroleum refinery in Ghana. Over the years some of the equipment in the refinery has deteriorated or become obsolete necessitating major rehabilitation. A feasibility study is investigating the modernization and expansion of the refinery to meet projected market demands until the year 2005. The report presents the results of a market survey done on products from TOR.

  11. Forensic drug intelligence and the rise of cryptomarkets. Part I: Studying the Australian virtual market.

    PubMed

    Broséus, Julian; Morelato, Marie; Tahtouh, Mark; Roux, Claude

    2017-10-01

    Analysing and understanding cryptomarkets is essential to become proactive in the fight against the illicit drug trade. Such a research seeks to combine a diversity of indicators related to the virtual (darknet markets) and physical (the traditional "offline" market) aspects of the illicit drug trade to provide information on the distribution and consumption as well as to assess similarities/differences between the virtual and physical markets. This study analysed data that had previously been collected on cryptomarkets from December 2013 to March 2015. In this article, the data was extracted from two marketplaces, Evolution and Silk Road 2, and analysed to evaluate the illicit drug trade of the Australian virtual market (e.g. information about the supply and demand, trafficking flows, prices of illicit drugs and market share) and highlight its specificities. The results revealed the domestic nature of the virtual Australian illicit drug trade (i.e. Australian sellers essentially ship their products to local customers). This may explain the coherence between supply and demand. Particularly, the virtual Australian illicit drug trade is dominated by amphetamine-type substances (ATS), mainly methamphetamine and 3,4-methylenedioxymethamphetamine (MDMA), and cannabis. Australia, as a shipping country, accounts for half of the methamphetamine offered and purchased on Silk Road 2. Moreover, it was observed that the online price fixed by Australian sellers for the considered illicit drugs is higher than for any other shipping countries, which is in line with previous studies. Understanding the virtual and physical drug market necessitates the integration and fusion of different perspectives to capture the dynamic nature of drug trafficking, monitor its evolution and finally improve our understanding of the phenomenon so policy makers can make informed decisions. Copyright © 2017 Elsevier B.V. All rights reserved.

  12. Ghana refinery expansion and modernization project. Export trade information

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

    Not Available

    1990-11-01

    The U.S. Trade and Development Program (TDP) is considering the provision of funds to the Ghanaian Ministry of Fuel and Power (MFP) to conduct a study of the scope and feasibility of expanding and modernizing its Tema Refinery to meet future demands for gasoline and to minimize heavy fuel oil production. All of the needed licensed process technology and process know-how could be provided by U.S. sources and this, coupled with U.S. equipment and catalyst supply, meets the TDP criteria for funding the feasibility study. Europe aggressively offers alternate licensable technology for some of the processes. U.S. manufacturers of specialtymore » equipment are marginally competitive in the international market, where competition is fierce. The Definitional Mission recommends that full feasibility study be undertaken.« less

  13. Emissions Trading Resources

    EPA Pesticide Factsheets

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

  14. 76 FR 11196 - Antidumping Methodologies in Proceedings Involving Non-Market Economies: Valuing the Factor of...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-03-01

    ... DEPARTMENT OF COMMERCE International Trade Administration Antidumping Methodologies in Proceedings Involving Non-Market Economies: Valuing the Factor of Production: Labor; Correction to Request for Comment AGENCY: Import Administration, International Trade Administration, Department of Commerce DATES: Effective Date: March 1, 2011. FOR FURTHER...

  15. 75 FR 71114 - Combined Notice of Filings #1

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-11-22

    ... Numbers: ER11-2060-000. Applicants: Edison Mission Marketing & Trading, Inc., Exelon Generation Company... Edison Mission Marketing & Trading, Inc., et. al. Filed Date: 11/09/2010. Accession Number: 20101109-5194....13(a)(2)(iii: Submission of Changes to Pricing Zone Rates--OMPA to be effective 7/26/2010. Filed Date...

  16. 78 FR 40815 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-07-08

    ... using the NASDAQ Information Exchange (``QIX'') protocol,\\7\\ (ii) Financial Information Exchange (``FIX'') trading ports,\\8\\ and (iii) ports using other trading telecommunications protocols.\\9\\ Beginning July 1... because market participants may readily adjust their order routing practices, NASDAQ believes that the...

  17. 77 FR 19077 - Adoption of Updated EDGAR Filer Manual

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-03-30

    ... update contact Walter Hamscher, at (202) 551-5397; in the Division of Trading and Markets for questions... Management and Division of Trading and Markets filer support fax numbers along with existing Division of... Archives and Records Administration (NARA). For information on the availability of this material at NARA...

  18. 7 CFR 989.62 - Authorization for prohibition of trade practices.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... 7 Agriculture 8 2012-01-01 2012-01-01 false Authorization for prohibition of trade practices. 989.62 Section 989.62 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements and Orders; Fruits, Vegetables, Nuts), DEPARTMENT OF AGRICULTURE RAISINS PRODUCED FROM GRAPES GROWN IN...

  19. 7 CFR 993.21b - Trade demand.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... 7 Agriculture 8 2012-01-01 2012-01-01 false Trade demand. 993.21b Section 993.21b Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements and Orders; Fruits, Vegetables, Nuts), DEPARTMENT OF AGRICULTURE DRIED PRUNES PRODUCED IN CALIFORNIA Order Regulating Handling Definitions § 99...

  20. 76 FR 14825 - Core Principles and Other Requirements for Designated Contact Markets

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-03-18

    ... COMMODITY FUTURES TRADING COMMISSION 17 CFR Parts 1, 16, and 38 RIN 3038-AD09 Core Principles and Other Requirements for Designated Contact Markets AGENCY: Commodity Futures Trading Commission. ACTION... FURTHER INFORMATION CONTACT: Nancy Markowitz, Assistant Deputy Director, 202-418-5453, [email protected

  1. Disembedded Ideologies, Embedded Alternatives: Agricultural Biotechnology, Legitimacy, and the WTO

    Treesearch

    Mark J. Philbrick

    2006-01-01

    Notions of market embeddedness highlight the dependency of markets upon social, cultural, and political infrastructures for their operation and legitimation. In contrast, narrow interpretations of the World Trade Organization (WTO) agreements attempt to enshrine the primacy of free trade, institutionalizing the theoretical abstractions of neoclassical economics in a...

  2. Dynamic Portfolio Strategy Using Clustering Approach

    PubMed Central

    Lu, Ya-Nan; Li, Sai-Ping; Jiang, Xiong-Fei; Zhong, Li-Xin; Qiu, Tian

    2017-01-01

    The problem of portfolio optimization is one of the most important issues in asset management. We here propose a new dynamic portfolio strategy based on the time-varying structures of MST networks in Chinese stock markets, where the market condition is further considered when using the optimal portfolios for investment. A portfolio strategy comprises two stages: First, select the portfolios by choosing central and peripheral stocks in the selection horizon using five topological parameters, namely degree, betweenness centrality, distance on degree criterion, distance on correlation criterion and distance on distance criterion. Second, use the portfolios for investment in the investment horizon. The optimal portfolio is chosen by comparing central and peripheral portfolios under different combinations of market conditions in the selection and investment horizons. Market conditions in our paper are identified by the ratios of the number of trading days with rising index to the total number of trading days, or the sum of the amplitudes of the trading days with rising index to the sum of the amplitudes of the total trading days. We find that central portfolios outperform peripheral portfolios when the market is under a drawup condition, or when the market is stable or drawup in the selection horizon and is under a stable condition in the investment horizon. We also find that peripheral portfolios gain more than central portfolios when the market is stable in the selection horizon and is drawdown in the investment horizon. Empirical tests are carried out based on the optimal portfolio strategy. Among all possible optimal portfolio strategies based on different parameters to select portfolios and different criteria to identify market conditions, 65% of our optimal portfolio strategies outperform the random strategy for the Shanghai A-Share market while the proportion is 70% for the Shenzhen A-Share market. PMID:28129333

  3. Dynamic Portfolio Strategy Using Clustering Approach.

    PubMed

    Ren, Fei; Lu, Ya-Nan; Li, Sai-Ping; Jiang, Xiong-Fei; Zhong, Li-Xin; Qiu, Tian

    2017-01-01

    The problem of portfolio optimization is one of the most important issues in asset management. We here propose a new dynamic portfolio strategy based on the time-varying structures of MST networks in Chinese stock markets, where the market condition is further considered when using the optimal portfolios for investment. A portfolio strategy comprises two stages: First, select the portfolios by choosing central and peripheral stocks in the selection horizon using five topological parameters, namely degree, betweenness centrality, distance on degree criterion, distance on correlation criterion and distance on distance criterion. Second, use the portfolios for investment in the investment horizon. The optimal portfolio is chosen by comparing central and peripheral portfolios under different combinations of market conditions in the selection and investment horizons. Market conditions in our paper are identified by the ratios of the number of trading days with rising index to the total number of trading days, or the sum of the amplitudes of the trading days with rising index to the sum of the amplitudes of the total trading days. We find that central portfolios outperform peripheral portfolios when the market is under a drawup condition, or when the market is stable or drawup in the selection horizon and is under a stable condition in the investment horizon. We also find that peripheral portfolios gain more than central portfolios when the market is stable in the selection horizon and is drawdown in the investment horizon. Empirical tests are carried out based on the optimal portfolio strategy. Among all possible optimal portfolio strategies based on different parameters to select portfolios and different criteria to identify market conditions, 65% of our optimal portfolio strategies outperform the random strategy for the Shanghai A-Share market while the proportion is 70% for the Shenzhen A-Share market.

  4. Reviewing the adoption and impact of water markets in the Murray-Darling Basin, Australia

    NASA Astrophysics Data System (ADS)

    Wheeler, S.; Loch, A.; Zuo, A.; Bjornlund, H.

    2014-10-01

    Water markets have increasingly been adopted as a reallocation tool around the world as water scarcity intensifies. Water markets were first introduced in Australia in the 1980s, and water entitlement and allocation trade have been increasingly adopted by both private individuals and governments. As well as providing an overview of water policy in Australia since the 1900s, this paper examines the adoption of water trading in the southern Murray-Darling Basin of Australia (the largest hydrologically connected water market in Australia), and investigates the associated social, economic and environmental impacts that have arisen from the implementation of water markets. This study found that up to 86% of irrigators in one state in the southern Murray-Darling Basin had undertaken at least one water market trade by 2010-2011, hence, water market strategies are now a common tool employed by irrigators to assist their farm management. A variety of institutional, policy and informational changes are identified to increase the benefits from water markets in the future. There is no doubt that managing the impact of climate change and water scarcity are intertwined, suggesting that policy, institutional and governance responses should be similarly structured and coordinated.

  5. Optimal trading strategies—a time series approach

    NASA Astrophysics Data System (ADS)

    Bebbington, Peter A.; Kühn, Reimer

    2016-05-01

    Motivated by recent advances in the spectral theory of auto-covariance matrices, we are led to revisit a reformulation of Markowitz’ mean-variance portfolio optimization approach in the time domain. In its simplest incarnation it applies to a single traded asset and allows an optimal trading strategy to be found which—for a given return—is minimally exposed to market price fluctuations. The model is initially investigated for a range of synthetic price processes, taken to be either second order stationary, or to exhibit second order stationary increments. Attention is paid to consequences of estimating auto-covariance matrices from small finite samples, and auto-covariance matrix cleaning strategies to mitigate against these are investigated. Finally we apply our framework to real world data.

  6. Exploring the WTI crude oil price bubble process using the Markov regime switching model

    NASA Astrophysics Data System (ADS)

    Zhang, Yue-Jun; Wang, Jing

    2015-03-01

    The sharp volatility of West Texas Intermediate (WTI) crude oil price in the past decade triggers us to investigate the price bubbles and their evolving process. Empirical results indicate that the fundamental price of WTI crude oil appears relatively more stable than that of the market-trading price, which verifies the existence of oil price bubbles during the sample period. Besides, by allowing the WTI crude oil price bubble process to switch between two states (regimes) according to a first-order Markov chain, we are able to statistically discriminate upheaval from stable states in the crude oil price bubble process; and in most of time, the stable state dominates the WTI crude oil price bubbles while the upheaval state usually proves short-lived and accompanies unexpected market events.

  7. Research on Mechanism and Model of Centralized Bidding for Pumped Storage Power in Shanghai

    NASA Astrophysics Data System (ADS)

    Hua, Zhong; Ying, Zhiwei; Lv, Zhengyu; Jianlin, Yang; Huang, Yupeng; Li, Dong

    2017-05-01

    China is now in the transition stage toward power market and in some specific area, market approach has already been adopted to improve the overall efficiency. In this paper, Bidding and trading modes of pumped storage energy in various regions of China are analysed. Based on the constraints of bidding price and electricity, as well as the system power flow, the trading model is established to collect the capacity cost of pumped storage energy in Shanghai. With the trading model proposed, that the generators who actively undertake the capacity cost of pumped storage energy and bid enough electricity with lower price can be rewarded, while those attempts to conspire and manipulate the market will be penalized. Finally, using seven generators in Shanghai as examples to simulate the market operation, the effectiveness of the proposed model is verified.

  8. 77 FR 52766 - Technology and Trading Roundtable

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-08-30

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

  9. Basic Knowledge for Market Principle: Approaches to the Price Coordination Mechanism by Using Optimization Theory and Algorithm

    NASA Astrophysics Data System (ADS)

    Aiyoshi, Eitaro; Masuda, Kazuaki

    On the basis of market fundamentalism, new types of social systems with the market mechanism such as electricity trading markets and carbon dioxide (CO2) emission trading markets have been developed. However, there are few textbooks in science and technology which present the explanation that Lagrange multipliers can be interpreted as market prices. This tutorial paper explains that (1) the steepest descent method for dual problems in optimization, and (2) Gauss-Seidel method for solving the stationary conditions of Lagrange problems with market principles, can formulate the mechanism of market pricing, which works even in the information-oriented modern society. The authors expect readers to acquire basic knowledge on optimization theory and algorithms related to economics and to utilize them for designing the mechanism of more complicated markets.

  10. Credit Trading and Wind Power: Issues and Opportunities

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

    Kevin Rackstraw, John Palmisano

    2001-01-15

    OAK-B135 This paper focuses on credits that are derived from wind energy technology, but the same concepts apply to other renewable energy technologies as well. Credit trading can be applied to a wide variety of policies, programs and private market activities and represents a means of tapping into revenue streams that heretofore have largely excluded wind and other renewables. In addition, credit trading can help to ''create'' new revenue streams for wind and other renewables by helping to grow new markets.

  11. 7 CFR 993.21b - Trade demand.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... domestic markets for human consumption as prunes and prune products. (b) Foreign trade demand. The quantity... 7 Agriculture 8 2010-01-01 2010-01-01 false Trade demand. 993.21b Section 993.21b Agriculture... Order Regulating Handling Definitions § 993.21b Trade demand. (a) Domestic trade demand. The quantity of...

  12. Biclustering Learning of Trading Rules.

    PubMed

    Huang, Qinghua; Wang, Ting; Tao, Dacheng; Li, Xuelong

    2015-10-01

    Technical analysis with numerous indicators and patterns has been regarded as important evidence for making trading decisions in financial markets. However, it is extremely difficult for investors to find useful trading rules based on numerous technical indicators. This paper innovatively proposes the use of biclustering mining to discover effective technical trading patterns that contain a combination of indicators from historical financial data series. This is the first attempt to use biclustering algorithm on trading data. The mined patterns are regarded as trading rules and can be classified as three trading actions (i.e., the buy, the sell, and no-action signals) with respect to the maximum support. A modified K nearest neighborhood ( K -NN) method is applied to classification of trading days in the testing period. The proposed method [called biclustering algorithm and the K nearest neighbor (BIC- K -NN)] was implemented on four historical datasets and the average performance was compared with the conventional buy-and-hold strategy and three previously reported intelligent trading systems. Experimental results demonstrate that the proposed trading system outperforms its counterparts and will be useful for investment in various financial markets.

  13. Predictability and Market Efficiency in Agricultural Futures Markets: a Perspective from Price-Volume Correlation Based on Wavelet Coherency Analysis

    NASA Astrophysics Data System (ADS)

    He, Ling-Yun; Wen, Xing-Chun

    2015-12-01

    In this paper, we use a time-frequency domain technique, namely, wavelet squared coherency, to examine the associations between the trading volumes of three agricultural futures and three different forms of these futures' daily closing prices, i.e. prices, returns and volatilities, over the past several years. These agricultural futures markets are selected from China as a typical case of the emerging countries, and from the US as a representative of the developed economies. We investigate correlations and lead-lag relationships between the trading volumes and the prices to detect the predictability and efficiency of these futures markets. The results suggest that the information contained in the trading volumes of the three agricultural futures markets in China can be applied to predict the prices or returns, while that in US has extremely weak predictive power for prices or returns. We also conduct the wavelet analysis on the relationships between the volumes and returns or volatilities to examine the existence of the two "stylized facts" proposed by Karpoff [J. M. Karpoff, The relation between price changes and trading volume: A survey, J. Financ. Quant. Anal.22(1) (1987) 109-126]. Different markets in the two countries perform differently in reproducing the two stylized facts. As the wavelet tools can decode nonlinear regularities and hidden patterns behind price-volume relationship in time-frequency space, different from the conventional econometric framework, this paper offers a new perspective into the market predictability and efficiency.

  14. Common Pool Water Markets and their Role in Facilitating Land Use Change in Drying Climates

    NASA Astrophysics Data System (ADS)

    Teasley, R. L.; Milke, M.; Raffensperger, J. F.; Zargar, M.

    2010-12-01

    Concern is growing worldwide that climate change will lead to drier climates in many regions and in turn diminish water resources. To protect these limited resources, users may need to shift water use to more economically productive areas. However, changing the land use associated with water permits can be quite difficult, because water is not easily traded. Water markets have been well researched as a method for trading water between users, but these markets can often be difficult and costly requiring one-to-one trades between buyers and sellers. In contrast to a one-to-one market, a common pool market can reduce the transaction costs associated with trading water. In this research, a common pool market is applied to an example groundwater system set up in GWM2000 with ten users and various environmental constraints. The users represent three types of the largest groundwater users in the Canterbury region of New Zealand: agricultural, dairy and livestock. The response matrix from GWM2000 is used to develop constraints in the market model along with user bids. Bids are calculated from economic and water use data for Canterbury, New Zealand. Varying spatial distributions of water users by type are evaluated for the effect on the market under drying conditions. These conditions are simulated from climate change scenarios produced by the National Institute of Water and Atmospheric Research in New Zealand. The results demonstrate potential land use changes falls under drying conditions. As water availability falls, the price for additional water increases, particularly near environmental constraints, driving the land and water towards more efficient uses.

  15. Strategic trade between two regions with partial local consumer protection - General setup and nash equilibria

    NASA Astrophysics Data System (ADS)

    Iordanov, Iordan V.; Vassilev, Andrey A.

    2017-12-01

    We construct a model of the trade relations between two regions for the case when the trading entities (consumers) compete for a scarce good and there is an element of strategic interdependence in the trading process. Additionally, local consumers enjoy partial protection in the form of guaranteed access to a part of the locally-supplied quantity of the good. The model is formulated for the general asymmetric case, where the two regions differ in terms of parameters such as income, size of the local market supply, degree of protection and transportation costs. For this general model we establish the existence of Nash equilibria and obtain their form as a function of the model parameters, producing a typology of the equilibria. This is a required step in order to rigorously study various types of price dynamics for the model.

  16. Intelligent agents for adaptive security market surveillance

    NASA Astrophysics Data System (ADS)

    Chen, Kun; Li, Xin; Xu, Baoxun; Yan, Jiaqi; Wang, Huaiqing

    2017-05-01

    Market surveillance systems have increasingly gained in usage for monitoring trading activities in stock markets to maintain market integrity. Existing systems primarily focus on the numerical analysis of market activity data and generally ignore textual information. To fulfil the requirements of information-based surveillance, a multi-agent-based architecture that uses agent intercommunication and incremental learning mechanisms is proposed to provide a flexible and adaptive inspection process. A prototype system is implemented using the techniques of text mining and rule-based reasoning, among others. Based on experiments in the scalping surveillance scenario, the system can identify target information evidence up to 87.50% of the time and automatically identify 70.59% of cases depending on the constraints on the available information sources. The results of this study indicate that the proposed information surveillance system is effective. This study thus contributes to the market surveillance literature and has significant practical implications.

  17. The trading rectangle strategy within book models

    NASA Astrophysics Data System (ADS)

    Matassini, Lorenzo

    2001-12-01

    We introduce a model of trading where traders interact through the insertion of orders in the book. This matching mechanism is a collection of the activity of agents: They can trade at the market price or place a limit order. The latter is valid until cancelled by the trader; to this end we introduce a threshold in time after which the probability of the order to be removed is strongly increased. There is essentially no source of randomness and all the traders share a common strategy, what we call trading rectangle. Since there are no fundamentalist rules, it is not so important to identify the right moment to enter in the market. Much more effort is required to decide when to sell. The model is able to reproduce many of the complex phenomena manifested in real stock markets, including the positive correlation between bid/ask spreads and volatility.

  18. 40 CFR 52.1605 - EPA-approved New Jersey regulations.

    Code of Federal Regulations, 2010 CFR

    2010-07-01

    ... of “large zone 3 coal conversions” must be provided to EPA (40 CFR 52.1601(b)). Subchapter 11... Subchapter 16 is approved into the SIP except for Open Market Emissions Trading (OMET) provisions at 16.1A(g... into the SIP except for the following provisions: (1) Open Market Emissions Trading (OMET) provisions...

  19. 75 FR 48686 - Tops Markets LLC; Analysis of Agreement Containing Consent Orders to Aid Public Comment

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-08-11

    ... FEDERAL TRADE COMMISSION [File No. 101 0074] Tops Markets LLC; Analysis of Agreement Containing... electronically or in paper form. Comments should refer to``Tops-Penn Traffic, File No. 101 0074'' to facilitate... identifiable health information. In addition, comments should not include any ``[t]rade secret or any...

  20. 17 CFR 200.30-3 - Delegation of authority to Director of Division of Trading and Markets.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... orders regarding, proposals for designation of a contract market for futures trading on an index or group... significant public interest that public comment should be obtained, in which case the Division will notify... on behalf of the Commission pursuant to the Uniting and Strengthening America by Providing...

  1. 77 FR 55251 - Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-09-07

    ... nature of any liquidity the originating routing strategy seeks. Purchasers of Edge Routed Liquidity... market participants to improve their trading and order routing strategies by being able to discern missed... market research and analysis as well as back-testing of new trading strategies to gauge effectiveness...

  2. 77 FR 10016 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-02-21

    ... attractive to members and their customers. The Exchange believes that adopting maker/taker fees and rebates... Exchange believes it remains an attractive venue for market participants to trade complex orders as its... proposed fee change, the Exchange believes it remains an attractive venue for market participants to trade...

  3. The Genie Is Out of the Bottle

    ERIC Educational Resources Information Center

    Katz, Richard N.

    2004-01-01

    Starting in the late 1960s, data networks were created to connect supercomputers and, later, other intelligent devices. A revolution in communications was in the making. By the late 1970s, computing and communications technologies were leading us from a world of local markets trading in capital goods to one of global markets trading in capital…

  4. Fractal patterns in Stock Intertrading Times

    NASA Astrophysics Data System (ADS)

    White, Ainslie; Lee, Youngki; Ivanov, Plamen Ch.

    2003-03-01

    We study intertrades times (ITT) of stock trades of a range of companies included in the New York Stock Exchange's Trades and Quotes (TAQ) database. The time between transactions is an indicator of the dynamics of the market, and in the field of econometrics, intertrade durations play a key role in the understanding of the market activity and microstructure. Previous work has mainly focused on the properties of price changes of individual company stocks as well as global financial indices (e.g. SP500, DJ etc.). We hypothesize that there is a relation between the dynamics of price change and the trading activity. To investigate this relation we first study the statistical features of ITT data. The TAQ database covers all transactions on the NSE, AMEX, NASDAQ and the US regional exchanges. We have performed a preliminary analysis of 100 company stocks from a range of industries of the US economy selecting predominantly those companies which have large market capitalisations (MC). We focus on companies with large MC, since the dynamics of the price change and trading activity of stocks of such companies has a considerable impact on the market behaviour.

  5. A novel mini-DNA barcoding assay to identify processed fins from internationally protected shark species.

    PubMed

    Fields, Andrew T; Abercrombie, Debra L; Eng, Rowena; Feldheim, Kevin; Chapman, Demian D

    2015-01-01

    There is a growing need to identify shark products in trade, in part due to the recent listing of five commercially important species on the Appendices of the Convention on International Trade in Endangered Species (CITES; porbeagle, Lamna nasus, oceanic whitetip, Carcharhinus longimanus scalloped hammerhead, Sphyrna lewini, smooth hammerhead, S. zygaena and great hammerhead S. mokarran) in addition to three species listed in the early part of this century (whale, Rhincodon typus, basking, Cetorhinus maximus, and white, Carcharodon carcharias). Shark fins are traded internationally to supply the Asian dried seafood market, in which they are used to make the luxury dish shark fin soup. Shark fins usually enter international trade with their skin still intact and can be identified using morphological characters or standard DNA-barcoding approaches. Once they reach Asia and are traded in this region the skin is removed and they are treated with chemicals that eliminate many key diagnostic characters and degrade their DNA ("processed fins"). Here, we present a validated mini-barcode assay based on partial sequences of the cytochrome oxidase I gene that can reliably identify the processed fins of seven of the eight CITES listed shark species. We also demonstrate that the assay can even frequently identify the species or genus of origin of shark fin soup (31 out of 50 samples).

  6. A Novel Mini-DNA Barcoding Assay to Identify Processed Fins from Internationally Protected Shark Species

    PubMed Central

    Fields, Andrew T.; Abercrombie, Debra L.; Eng, Rowena; Feldheim, Kevin; Chapman, Demian D.

    2015-01-01

    There is a growing need to identify shark products in trade, in part due to the recent listing of five commercially important species on the Appendices of the Convention on International Trade in Endangered Species (CITES; porbeagle, Lamna nasus, oceanic whitetip, Carcharhinus longimanus scalloped hammerhead, Sphyrna lewini, smooth hammerhead, S. zygaena and great hammerhead S. mokarran) in addition to three species listed in the early part of this century (whale, Rhincodon typus, basking, Cetorhinus maximus, and white, Carcharodon carcharias). Shark fins are traded internationally to supply the Asian dried seafood market, in which they are used to make the luxury dish shark fin soup. Shark fins usually enter international trade with their skin still intact and can be identified using morphological characters or standard DNA-barcoding approaches. Once they reach Asia and are traded in this region the skin is removed and they are treated with chemicals that eliminate many key diagnostic characters and degrade their DNA (“processed fins”). Here, we present a validated mini-barcode assay based on partial sequences of the cytochrome oxidase I gene that can reliably identify the processed fins of seven of the eight CITES listed shark species. We also demonstrate that the assay can even frequently identify the species or genus of origin of shark fin soup (31 out of 50 samples). PMID:25646789

  7. Ensuring economic, health, and social well-being for Papua New Guinea through trade.

    PubMed

    Fa'alili-Fidow, Jacinta

    2011-01-01

    The impacts of trade liberalization and open markets on global, regional, and local economies are a key consideration for those involved in government, business, and financial sectors. However, their impacts on health and social well-being of populations are not well-evidenced acknowledged within the health sector, let alone the impact on developing countries. As free trade becomes an inevitable outcome for many developing nations, the full implications of trade on economies, environments, and population health needs to be better articulated in order to ensure fully informed trade negotiations that support equitable outcomes. This article takes a broad look at the key issues for Papua New Guinea (PNG) in trade and how these translate to discrepancies in economic, health, and social benefits for its population. Despite its active trading and high GDP, only 10% of the population experience better economic and social outcomes. The bulk of PNG's population lives in poverty, challenged by geographical, cultural, and political barriers to better income, education, and health. Progress needs to be made to minimize these barriers and to allow more of PNG's population to experience the economic benefits generated through trade activities. A balance needs to be maintained between the desire of developed countries to broaden their markets, and the efforts of developing countries to promote and protect the health and well-being of their populations through increasing participation in global markets. PACER Plus presents an opportunity for pursuing alternative models of trade agreements that support and develop Pacific health.

  8. 17 CFR 38.152 - Abusive trading practices prohibited.

    Code of Federal Regulations, 2013 CFR

    2013-04-01

    ... 17 Commodity and Securities Exchanges 1 2013-04-01 2013-04-01 false Abusive trading practices prohibited. 38.152 Section 38.152 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION DESIGNATED CONTRACT MARKETS Compliance With Rules § 38.152 Abusive trading practices prohibited. A designated...

  9. 17 CFR 38.152 - Abusive trading practices prohibited.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 17 Commodity and Securities Exchanges 1 2014-04-01 2014-04-01 false Abusive trading practices prohibited. 38.152 Section 38.152 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION DESIGNATED CONTRACT MARKETS Compliance With Rules § 38.152 Abusive trading practices prohibited. A designated...

  10. 17 CFR 30.13 - Commission certification.

    Code of Federal Regulations, 2012 CFR

    2012-04-01

    ... securities are traded, which have an effect on the over-all trading of the contract, including circuit... conditions of, and through the electronic trading devices identified in, a Commission staff no-action letter.... access to its electronic trading system without seeking designation as a designated contract market...

  11. 17 CFR 30.13 - Commission certification.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... securities are traded, which have an effect on the over-all trading of the contract, including circuit... conditions of, and through the electronic trading devices identified in, a Commission staff no-action letter.... access to its electronic trading system without seeking designation as a designated contract market...

  12. U.S. International Trade: Trends and Forecasts

    DTIC Science & Technology

    2008-01-04

    competitive in world markets , these sales abroad are overshadowed by the huge demand by Americans for imported products. In 2006, U.S. exports of goods and...pressures for the government to do more to open foreign markets , to shield U.S. producers from foreign competition, or to assist U.S. industries to... markets . Compared to a Federal Reserve index of currencies weighted by importance to U.S. trade, the dollar has lost a third of its value since 2002. In

  13. Exposing the illegal trade in cycad species (Cycadophyta: Encephalartos) at two traditional medicine markets in South Africa using DNA barcoding.

    PubMed

    Williamson, J; Maurin, O; Shiba, S N S; van der Bank, H; Pfab, M; Pilusa, M; Kabongo, R M; van der Bank, M

    2016-09-01

    Species in the cycad genus Encephalartos are listed in CITES Appendix I and as Threatened or Protected Species in terms of South Africa's National Environmental Management: Biodiversity Act (NEM:BA) of 2004. Despite regulations, illegal plant harvesting for medicinal trade has continued in South Africa and resulted in declines in cycad populations and even complete loss of sub-populations. Encephalartos is traded at traditional medicine markets in South Africa in the form of bark strips and stem sections; thus, determining the species traded presents a major challenge due to a lack of characteristic plant parts. Here, a case study is presented on the use of DNA barcoding to identify cycads sold at the Faraday and Warwick traditional medicine markets in Johannesburg and Durban, respectively. Market samples were sequenced for the core DNA barcodes (rbcLa and matK) as well as two additional regions: nrITS and trnH-psbA. The barcoding database for cycads at the University of Johannesburg was utilized to assign query samples to known species. Three approaches were followed: tree-based, similarity-based, and character-based (BRONX) methods. Market samples identified were Encephalartos ferox (Near Threatened), Encephalartos lebomboensis (Endangered), Encephalartos natalensis (Near Threatened), Encephalartos senticosus (Vulnerable), and Encephalartos villosus (Least Concern). Results from this study are crucial for making appropriate assessments and decisions on how to manage these markets.

  14. Algorithmic Trading with Developmental and Linear Genetic Programming

    NASA Astrophysics Data System (ADS)

    Wilson, Garnett; Banzhaf, Wolfgang

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

  15. Gaining access to Vietnam's cigarette market: British American Tobacco's strategy to enter 'a huge market which will become enormous'.

    PubMed

    Lee, K; Kinh, H V; Mackenzie, R; Gilmore, A B; Minh, N T; Collin, J

    2008-01-01

    British American Tobacco (BAT) has made concerted efforts since the late 1980s to establish a major presence in Vietnam, among the world's 10 fastest growing tobacco markets. Until 2000, Vietnam's tight regulation of the industry has been largely driven by trade and investment policy, resulting in a stronger domestic industry but increased production and consumption of tobacco products. BAT gained market access, and achieved a dominant market share among TTCs, through leaf development, licensed manufacturing, and the contraband trade. With impending trade liberalization in Vietnam, the company is now well placed to further expand sales. The ambitious National Tobacco Control Policy, adopted in 2000, signals a shift in political priority towards the protection of public health. Effective implementation and enforcement of its comprehensive measures will depend on the public health community's ability to draw support from regional and global experience, notably the Framework Convention on Tobacco Control (FCTC).

  16. New frontier, new power: the retail environment in Australia's dark market.

    PubMed

    Carter, S M

    2003-12-01

    To investigate the role of the retail environment in cigarette marketing in Australia, one of the "darkest" markets in the world. Analysis of 172 tobacco industry documents; and articles and advertisements found by hand searching Australia's three leading retail trade journals. As Australian cigarette marketing was increasingly restricted, the retail environment became the primary communication vehicle for building cigarette brands. When retail marketing was restricted, the industry conceded only incrementally and under duress, and at times continues to break the law. The tobacco industry targets retailers via trade promotional expenditure, financial and practical assistance with point of sale marketing, alliance building, brand advertising, and distribution. Cigarette brand advertising in retail magazines are designed to build brand identities. Philip Morris and British American Tobacco are now competing to control distribution of all products to retailers, placing themselves at the heart of retail business. Cigarette companies prize retail marketing in Australia's dark market. Stringent point of sale marketing restrictions should be included in any comprehensive tobacco control measures. Relationships between retailers and the industry will be more difficult to regulate. Retail press advertising and trade promotional expenditure could be banned. In-store marketing assistance, retail-tobacco industry alliance building, and new electronic retail distribution systems may be less amenable to regulation. Alliances between the health and retail sectors and financial support for a move away from retail dependence on tobacco may be necessary to effect cultural change.

  17. 17 CFR 38.11 - Trade execution compliance schedule.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... 17 Commodity and Securities Exchanges 1 2014-04-01 2014-04-01 false Trade execution compliance... DESIGNATED CONTRACT MARKETS General Provisions § 38.11 Trade execution compliance schedule. (a) A swap... (2) Thirty days after the available-to-trade determination submission or certification for that swap...

  18. 75 FR 24969 - China's Agricultural Trade: Competitive Conditions and Effects on U.S. Exports

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-05-06

    ... support and government programs related to agricultural markets, foreign direct investment policies, and... INTERNATIONAL TRADE COMMISSION [Investigation No. 332-518] China's Agricultural Trade: Competitive... investigation No. 332-518, China's Agricultural Trade: Competitive Conditions and Effects on U.S. Exports. DATES...

  19. The Australian electricity market's pre-dispatch process: Some observations on its efficiency using ordered probit model

    NASA Astrophysics Data System (ADS)

    Zainudin, Wan Nur Rahini Aznie; Becker, Ralf; Clements, Adam

    2015-12-01

    Many market participants in Australia Electricity Market had cast doubts on whether the pre-dispatch process in the electricity market is able to give them good and timely quantity and price information. In a study by [11], they observed a significant bias (mainly indicating that the pre-dispatch process tends to underestimate spot price outcomes), a seasonality features of the bias across seasons and/or trading periods and changes in bias across the years in our sample period (1999 to 2007). In a formal setting of an ordered probit model we establish that there are some exogenous variables that are able to explain increased probabilities of over- or under-predictions of the spot price. It transpires that meteorological data, expected pre-dispatch prices and information on past over- and under-predictions contribute significantly to explaining variation in the probabilities for over- and under-predictions. The results allow us to conjecture that some of the bids and re-bids provided by electricity generators are not made in good faith.

  20. 75 FR 67417 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-11-02

    ... trading platform at a given time, not both. What trading platform an individual series trades on is... remove) series from the Hybrid Trading Platform we plan to revert back to the general approach of... quotes which represent the aggregate Market-Maker quoting interest in the series for the trading crowd...

  1. 7 CFR 989.54 - Marketing policy.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... 7 Agriculture 8 2013-01-01 2013-01-01 false Marketing policy. 989.54 Section 989.54 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (MARKETING AGREEMENTS... CALIFORNIA Order Regulating Handling Marketing Policy § 989.54 Marketing policy. (a) Trade demand. On or...

  2. 7 CFR 989.54 - Marketing policy.

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    ... 7 Agriculture 8 2012-01-01 2012-01-01 false Marketing policy. 989.54 Section 989.54 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements... CALIFORNIA Order Regulating Handling Marketing Policy § 989.54 Marketing policy. (a) Trade demand. On or...

  3. 7 CFR 989.54 - Marketing policy.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... 7 Agriculture 8 2010-01-01 2010-01-01 false Marketing policy. 989.54 Section 989.54 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements... CALIFORNIA Order Regulating Handling Marketing Policy § 989.54 Marketing policy. (a) Trade demand. On or...

  4. 7 CFR 989.54 - Marketing policy.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... 7 Agriculture 8 2014-01-01 2014-01-01 false Marketing policy. 989.54 Section 989.54 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (MARKETING AGREEMENTS... CALIFORNIA Order Regulating Handling Marketing Policy § 989.54 Marketing policy. (a) Trade demand. On or...

  5. 7 CFR 989.54 - Marketing policy.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... 7 Agriculture 8 2011-01-01 2011-01-01 false Marketing policy. 989.54 Section 989.54 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements... CALIFORNIA Order Regulating Handling Marketing Policy § 989.54 Marketing policy. (a) Trade demand. On or...

  6. Analysis and Design of International Emission Trading Markets Applying System Dynamics Techniques

    NASA Astrophysics Data System (ADS)

    Hu, Bo; Pickl, Stefan

    2010-11-01

    The design and analysis of international emission trading markets is an important actual challenge. Time-discrete models are needed to understand and optimize these procedures. We give an introduction into this scientific area and present actual modeling approaches. Furthermore, we develop a model which is embedded in a holistic problem solution. Measures for energy efficiency are characterized. The economic time-discrete "cap-and-trade" mechanism is influenced by various underlying anticipatory effects. With a systematic dynamic approach the effects can be examined. First numerical results show that fair international emissions trading can only be conducted with the use of protective export duties. Furthermore a comparatively high price which evokes emission reduction inevitably has an inhibiting effect on economic growth according to our model. As it always has been expected it is not without difficulty to find a balance between economic growth and emission reduction. It can be anticipated using our System Dynamics model simulation that substantial changes must be taken place before international emissions trading markets can contribute to global GHG emissions mitigation.

  7. Topology of correlation-based minimal spanning trees in real and model markets

    NASA Astrophysics Data System (ADS)

    Bonanno, Giovanni; Caldarelli, Guido; Lillo, Fabrizio; Mantegna, Rosario N.

    2003-10-01

    We compare the topological properties of the minimal spanning tree obtained from a large group of stocks traded at the New York Stock Exchange during a 12-year trading period with the one obtained from surrogated data simulated by using simple market models. We find that the empirical tree has features of a complex network that cannot be reproduced, even as a first approximation, by a random market model and by the widespread one-factor model.

  8. 77 FR 35944 - Renewal of the Global Markets Advisory Committee

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-06-15

    ... international standards for regulating futures, swaps, options, and derivatives markets, as well as..., competitive, and financially sound futures and options markets. Meetings of the Global Markets Advisory... COMMODITY FUTURES TRADING COMMISSION Renewal of the Global Markets Advisory Committee AGENCY...

  9. 76 FR 75932 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change Relating...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-12-05

    ... and Trading of Shares of the WisdomTree Emerging Markets Inflation Protection Bond Fund Under NYSE... Change The Exchange proposes to list and trade the shares of the following fund of the WisdomTree Trust (``Trust'') under NYSE Arca Equities Rule 8.600 (``Managed Fund Shares''): WisdomTree Emerging Markets...

  10. 77 FR 54640 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-09-05

    ... the Listing and Trading of Shares of the WisdomTree Global Corporate Bond Fund of the WisdomTree Trust... of the WisdomTree Global Corporate Bond Fund (``Fund'') of the WisdomTree Trust (``Trust'') under...) (SR-NASDAQ-2012-004) (order approving listing and trading of WisdomTree Emerging Markets Corporate...

  11. 75 FR 34499 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-06-17

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

  12. 77 FR 55254 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-09-07

    ... Options Fee Schedule (``Fee Schedule'') to change the number of Amex Trading Permits (``ATP'') required by... (``ATP'') required by NYSE Amex Market Makers based on the number of options in their electronic... in their trading appointment, subject to the following schedule: (1) Market Makers with one ATP may...

  13. 78 FR 55057 - Authority To Manufacture Carbon Fiber for the U.S. Market Not Approved; Foreign-Trade Subzone...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-09-09

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

  14. 76 FR 38243 - Self-Regulatory Organizations; BATS Exchange, Inc.; BATS Y-Exchange, Inc.; NASDAQ OMX BX, Inc...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-06-29

    ... Changes Relating To Expanding the Pilot Rule for Trading Pauses Due to Extraordinary Market Volatility to... levels. This severe price volatility led to a large number of trades being executed at temporarily... intended to address extraordinary market volatility in NMS stocks. See Securities Exchange Act Release No...

  15. 17 CFR 229.904 - (Item 904) Risk factors and other considerations.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... 1934 AND ENERGY POLICY AND CONSERVATION ACT OF 1975-REGULATION S-K Roll-Up Transactions § 229.904 (Item... successor received by investors in the roll-up transaction will trade in the securities markets at a price... assets of the successor, and the effects on investors of such a trading market discount. (b) Quantify...

  16. 75 FR 39078 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-07-07

    ... index? If there are trading pauses in an ETF but not in the stocks that underlie that ETF, what... price discovery for the ETF, the underlying stocks and other products? Are there other market-based... Change Related to Individual Stock Trading Pauses Due to Extraordinary Market Volatility June 30, 2010...

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

    ERIC Educational Resources Information Center

    California State Postsecondary Education Commission, Sacramento.

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

  18. 47 CFR 2.924 - Marketing of electrically identical equipment having multiple trade names and models or type...

    Code of Federal Regulations, 2012 CFR

    2012-10-01

    ... 47 Telecommunication 1 2012-10-01 2012-10-01 false Marketing of electrically identical equipment having multiple trade names and models or type numbers under the same FCC Identifier. 2.924 Section 2.924 Telecommunication FEDERAL COMMUNICATIONS COMMISSION GENERAL FREQUENCY ALLOCATIONS AND RADIO TREATY MATTERS; GENERAL RULES AND REGULATIONS...

  19. 47 CFR 2.924 - Marketing of electrically identical equipment having multiple trade names and models or type...

    Code of Federal Regulations, 2014 CFR

    2014-10-01

    ... 47 Telecommunication 1 2014-10-01 2014-10-01 false Marketing of electrically identical equipment having multiple trade names and models or type numbers under the same FCC Identifier. 2.924 Section 2.924 Telecommunication FEDERAL COMMUNICATIONS COMMISSION GENERAL FREQUENCY ALLOCATIONS AND RADIO TREATY MATTERS; GENERAL RULES AND REGULATIONS...

  20. 77 FR 37082 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-06-20

    ... Exchange for certain regular orders in 25 securities traded on the Exchange (``Special Non-Select Penny Pilot Symbols'').\\3\\ For trading in the Special Non-Select Penny Pilot Symbols, the Exchange currently... per contract for Non-ISE Market Maker \\5\\ orders. ISE Market Maker orders \\6\\ in these symbols are...

  1. 76 FR 74086 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-11-30

    ... Rule Change To Modify Exchange Rule 11.18 Relating to Trading Pauses Due to Extraordinary Market... proposal to amend Rule 11.18, entitled ``Trading Halts Due to Extraordinary Market Volatility.'' The text... Proposed Rule Change 1. Purpose The Exchange proposes to amend Rule 11.18 to exclude all rights and...

  2. 76 FR 74107 - Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-11-30

    ... Rule Change To Modify Exchange Rule 11.18 Relating to Trading Pauses Due to Extraordinary Market... proposal to amend Rule 11.18, entitled ``Trading Halts Due to Extraordinary Market Volatility.'' The text... Proposed Rule Change 1. Purpose The Exchange proposes to amend Rule 11.18 to exclude all rights and...

  3. 12 CFR Appendix E to Part 208 - Capital Adequacy Guidelines for State Member Banks; Market Risk Measure

    Code of Federal Regulations, 2012 CFR

    2012-01-01

    .... A bank subject to this appendix must have a risk management system that meets the following minimum... management and is independent from business trading units. (2) The bank's internal risk measurement model must be integrated into the daily management process. (3) The bank's policies and procedures must...

  4. 75 FR 34509 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-06-17

    ... Commission staff to provide for uniform market- wide trading pause standards for certain individual stocks..., consistent with its existing rotation processes, the Exchange would accept opening-only orders during the... reopening, a rotation shall be held in the options on CBOE in accordance with Rule 6.2B, Hybrid Opening...

  5. 76 FR 25300 - Foreign-Trade Zone 141-Rochester, NY; Application for Manufacturing Authority, Firth Rixson, Inc...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-05-04

    ... County (see Docket 29-2011). The facility is used to produce aircraft turbine engine components of forged... aircraft turbine engines for the U.S. market and export. The manufacturing process under FTZ procedures... procedures that applies to aircraft turbine engine components and forged rings of titanium (duty rates--free...

  6. 77 FR 65751 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-10-30

    ... Relating to the Complex Order Auction Process October 24, 2012. I. Introduction On August 30, 2012, the... Complex Order RFR Auction,'' to: (i) Include the side of the market in the request for response (``RFR'') message sent to Trading Permit Holders at the start of a Complex Order Auction (``COA''); and (ii) require...

  7. Doing Public Sociology in the Field--A Strong Sociological Intervention Project in China

    ERIC Educational Resources Information Center

    Hu, Lina

    2007-01-01

    Through the in-depth analysis of the features of Huabei rural industrialization, the unique factory regime in Baigou, Hebei, and the resulting special workers, this paper reveals two dilemmas the migrant workers in Baigou and larger Hubei area face: Because of the interpersonal network of labor market, personalized trade, familial labor process,…

  8. Soybean Trade: Balancing Environmental and Socio-Economic Impacts of an Intercontinental Market.

    PubMed

    Boerema, Annelies; Peeters, Alain; Swolfs, Sanne; Vandevenne, Floor; Jacobs, Sander; Staes, Jan; Meire, Patrick

    2016-01-01

    The trade in soybean, an important animal feed product, exemplifies the environmental and socio-economic impact of global markets and global agricultural policy. This paper analyses the impact of increasing production of soybean in the exporting countries (deforestation and grassland conversion) as well as in importing regions (decrease in permanent grassland by substitution of grass as feed). Ecosystem services monetary values were used to calculate the environmental and socio-economic impact of observed land use changes. This is balanced against the economic value of the global soybean trade. The results prove that consumption choices in one region have real effects on the supply of ecosystem services at a large spatial scale. Conclusively, solutions to make this global market more sustainable are discussed.

  9. 7 CFR 984.22 - Trade demand.

    Code of Federal Regulations, 2013 CFR

    2013-01-01

    ... 7 Agriculture 8 2013-01-01 2013-01-01 false Trade demand. 984.22 Section 984.22 Agriculture... Regulating Handling Definitions § 984.22 Trade demand. (a) Inshell. The quantity of merchantable inshell walnuts that the trade will acquire from all handlers during a marketing year for distribution in the...

  10. 7 CFR 984.22 - Trade demand.

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... 7 Agriculture 8 2011-01-01 2011-01-01 false Trade demand. 984.22 Section 984.22 Agriculture... Regulating Handling Definitions § 984.22 Trade demand. (a) Inshell. The quantity of merchantable inshell walnuts that the trade will acquire from all handlers during a marketing year for distribution in the...

  11. 7 CFR 984.22 - Trade demand.

    Code of Federal Regulations, 2010 CFR

    2010-01-01

    ... 7 Agriculture 8 2010-01-01 2010-01-01 false Trade demand. 984.22 Section 984.22 Agriculture... Regulating Handling Definitions § 984.22 Trade demand. (a) Inshell. The quantity of merchantable inshell walnuts that the trade will acquire from all handlers during a marketing year for distribution in the...

  12. 7 CFR 984.22 - Trade demand.

    Code of Federal Regulations, 2014 CFR

    2014-01-01

    ... 7 Agriculture 8 2014-01-01 2014-01-01 false Trade demand. 984.22 Section 984.22 Agriculture... Regulating Handling Definitions § 984.22 Trade demand. (a) Inshell. The quantity of merchantable inshell walnuts that the trade will acquire from all handlers during a marketing year for distribution in the...

  13. 77 FR 21748 - Oil and Gas Trade Mission to Israel

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-04-11

    ... DEPARTMENT OF COMMERCE International Trade Administration Oil and Gas Trade Mission to Israel... Foreign Commercial Service (CS), is organizing an Executive-led Oil and Gas Trade Mission to Israel.... The purpose of the mission is to introduce U.S. firms to Israel's rapidly expanding oil and gas market...

  14. 77 FR 19042 - Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-03-29

    ... investments, trading practices and display execution and trading systems. While the examination is primarily... concepts relating to customers.\\5\\ \\5\\ Proprietary trading firms don not have customers. The qualification... Trading Systems, 13 questions. Representatives from the applicable markets intend to meet on a periodic...

  15. 17 CFR 41.23 - Listing of security futures products for trading.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

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

  16. Point-nonpoint effluent trading in watersheds: A review and critique

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

    Jarvie, M.; Solomon, B.

    1998-03-01

    The 1990s have been characterized as the decade of market incentives in US environmental policy-making. Not only is their use expanding for air pollution control, but the US Environmental Protection Agency is now also encouraging the use of market instruments for control of effluents within watersheds. After reviewing general guidelines and principles for effluent trading, this study considers the special problems of point-nonpoint (p-n) sources, the most common focus of effluent trading to date. Four case studies of p-n trading are discussed, which illustrate the promise of the policy. Although only two of these four case study programs have involvedmore » actual effluent trades thus far, they all have resulted in more cost-effective reductions of water pollution. Overall use of effluent trading to date has been modest, and suggestions are made for improvement of this innovative policy.« less

  17. Long-term change in the organization of inventive activity

    PubMed Central

    Lamoreaux, Naomi R.; Sokoloff, Kenneth L.

    1996-01-01

    Relying on a quantitative analysis of the patenting and assignment behavior of inventors, we highlight the evolution of institutions that encouraged trade in technology and a growing division of labor between those who invented new technologies and those who exploited them commercially over the nineteenth and early-twentieth centuries. At the heart of this change in the organization of inventive activity was a set of familiar developments which had significant consequences for the supply and demand of inventions. On the supply side, the growing complexity and capital intensity of technology raised the amount of human and physical capital required for effective invention, making it increasingly desirable for individuals involved in this activity to specialize. On the demand side, the growing competitiveness of product markets induced firms to purchase or otherwise obtain the rights to technologies developed by others. These increasing incentives to differentiate the task of invention from that of commercializing new technologies depended for their realization upon the development of markets and other types of organizational supports for trade in technology. The evidence suggests that the necessary institutions evolved first in those regions of the country where early patenting activity had already been concentrated. A self-reinforcing process whereby high rates of inventive activity encouraged the evolution of a market for technology, which in turn encouraged greater specialization and productivity at invention as individuals found it increasingly feasible to sell and license their discoveries, appears to have been operating. This market trade in technological information was an important contributor to the achievement of a high level of specialization at invention well before the rise of large-scale research laboratories in the twentieth century. PMID:8917480

  18. 75 FR 33788 - Renewal of the Global Markets Advisory Committee

    Federal Register 2010, 2011, 2012, 2013, 2014

    2010-06-15

    ... appropriate international standards for regulating futures and derivatives markets, as well as intermediaries... financially sound futures and options markets. Meetings of the Global Markets Advisory Committee are open to... COMMODITY FUTURES TRADING COMMISSION Renewal of the Global Markets Advisory Committee AGENCY...

  19. Agent-Based Model with Asymmetric Trading and Herding for Complex Financial Systems

    PubMed Central

    Chen, Jun-Jie; Zheng, Bo; Tan, Lei

    2013-01-01

    Background For complex financial systems, the negative and positive return-volatility correlations, i.e., the so-called leverage and anti-leverage effects, are particularly important for the understanding of the price dynamics. However, the microscopic origination of the leverage and anti-leverage effects is still not understood, and how to produce these effects in agent-based modeling remains open. On the other hand, in constructing microscopic models, it is a promising conception to determine model parameters from empirical data rather than from statistical fitting of the results. Methods To study the microscopic origination of the return-volatility correlation in financial systems, we take into account the individual and collective behaviors of investors in real markets, and construct an agent-based model. The agents are linked with each other and trade in groups, and particularly, two novel microscopic mechanisms, i.e., investors’ asymmetric trading and herding in bull and bear markets, are introduced. Further, we propose effective methods to determine the key parameters in our model from historical market data. Results With the model parameters determined for six representative stock-market indices in the world, respectively, we obtain the corresponding leverage or anti-leverage effect from the simulation, and the effect is in agreement with the empirical one on amplitude and duration. At the same time, our model produces other features of the real markets, such as the fat-tail distribution of returns and the long-term correlation of volatilities. Conclusions We reveal that for the leverage and anti-leverage effects, both the investors’ asymmetric trading and herding are essential generation mechanisms. Among the six markets, however, the investors’ trading is approximately symmetric for the five markets which exhibit the leverage effect, thus contributing very little. These two microscopic mechanisms and the methods for the determination of the key parameters can be applied to other complex systems with similar asymmetries. PMID:24278146

  20. Agent-based model with asymmetric trading and herding for complex financial systems.

    PubMed

    Chen, Jun-Jie; Zheng, Bo; Tan, Lei

    2013-01-01

    For complex financial systems, the negative and positive return-volatility correlations, i.e., the so-called leverage and anti-leverage effects, are particularly important for the understanding of the price dynamics. However, the microscopic origination of the leverage and anti-leverage effects is still not understood, and how to produce these effects in agent-based modeling remains open. On the other hand, in constructing microscopic models, it is a promising conception to determine model parameters from empirical data rather than from statistical fitting of the results. To study the microscopic origination of the return-volatility correlation in financial systems, we take into account the individual and collective behaviors of investors in real markets, and construct an agent-based model. The agents are linked with each other and trade in groups, and particularly, two novel microscopic mechanisms, i.e., investors' asymmetric trading and herding in bull and bear markets, are introduced. Further, we propose effective methods to determine the key parameters in our model from historical market data. With the model parameters determined for six representative stock-market indices in the world, respectively, we obtain the corresponding leverage or anti-leverage effect from the simulation, and the effect is in agreement with the empirical one on amplitude and duration. At the same time, our model produces other features of the real markets, such as the fat-tail distribution of returns and the long-term correlation of volatilities. We reveal that for the leverage and anti-leverage effects, both the investors' asymmetric trading and herding are essential generation mechanisms. Among the six markets, however, the investors' trading is approximately symmetric for the five markets which exhibit the leverage effect, thus contributing very little. These two microscopic mechanisms and the methods for the determination of the key parameters can be applied to other complex systems with similar asymmetries.

  1. Trading strategy based on dynamic mode decomposition: Tested in Chinese stock market

    NASA Astrophysics Data System (ADS)

    Cui, Ling-xiao; Long, Wen

    2016-11-01

    Dynamic mode decomposition (DMD) is an effective method to capture the intrinsic dynamical modes of complex system. In this work, we adopt DMD method to discover the evolutionary patterns in stock market and apply it to Chinese A-share stock market. We design two strategies based on DMD algorithm. The strategy which considers only timing problem can make reliable profits in a choppy market with no prominent trend while fails to beat the benchmark moving-average strategy in bull market. After considering the spatial information from spatial-temporal coherent structure of DMD modes, we improved the trading strategy remarkably. Then the DMD strategies profitability is quantitatively evaluated by performing SPA test to correct the data-snooping effect. The results further prove that DMD algorithm can model the market patterns well in sideways market.

  2. Bayesian markets to elicit private information.

    PubMed

    Baillon, Aurélien

    2017-07-25

    Financial markets reveal what investors think about the future, and prediction markets are used to forecast election results. Could markets also encourage people to reveal private information, such as subjective judgments (e.g., "Are you satisfied with your life?") or unverifiable facts? This paper shows how to design such markets, called Bayesian markets. People trade an asset whose value represents the proportion of affirmative answers to a question. Their trading position then reveals their own answer to the question. The results of this paper are based on a Bayesian setup in which people use their private information (their "type") as a signal. Hence, beliefs about others' types are correlated with one's own type. Bayesian markets transform this correlation into a mechanism that rewards truth telling. These markets avoid two complications of alternative methods: they need no knowledge of prior information and no elicitation of metabeliefs regarding others' signals.

  3. Bayesian markets to elicit private information

    PubMed Central

    2017-01-01

    Financial markets reveal what investors think about the future, and prediction markets are used to forecast election results. Could markets also encourage people to reveal private information, such as subjective judgments (e.g., “Are you satisfied with your life?”) or unverifiable facts? This paper shows how to design such markets, called Bayesian markets. People trade an asset whose value represents the proportion of affirmative answers to a question. Their trading position then reveals their own answer to the question. The results of this paper are based on a Bayesian setup in which people use their private information (their “type”) as a signal. Hence, beliefs about others’ types are correlated with one’s own type. Bayesian markets transform this correlation into a mechanism that rewards truth telling. These markets avoid two complications of alternative methods: they need no knowledge of prior information and no elicitation of metabeliefs regarding others’ signals. PMID:28696293

  4. Carbon emission trading system of China: a linked market vs. separated markets

    NASA Astrophysics Data System (ADS)

    Liu, Yu; Feng, Shenghao; Cai, Songfeng; Zhang, Yaxiong; Zhou, Xiang; Chen, Yanbin; Chen, Zhanming

    2013-12-01

    The Chinese government intends to upgrade its current provincial carbon emission trading pilots to a nationwide scheme by 2015. This study investigates two of scenarios: separated provincial markets and a linked inter-provincial market. The carbon abatement effects of separated and linked markets are compared using two pilot provinces of Hubei and Guangdong based on a computable general equilibrium model termed Sino-TERMCo2. Simulation results show that the linked market can improve social welfare and reduce carbon emission intensity for the nation as well as for the Hubei-Guangdong bloc compared to the separated market. However, the combined system also distributes welfare more unevenly and thus increases social inequity. On the policy ground, the current results suggest that a well-constructed, nationwide carbon market complemented with adequate welfare transfer policies can be employed to replace the current top-down abatement target disaggregation practice.

  5. 78 FR 16663 - Agency Information Collection Activities Under OMB Review

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-03-18

    ... COMMODITY FUTURES TRADING COMMISSION Agency Information Collection Activities Under OMB Review AGENCY: Commodity Futures Trading Commission. ACTION: Notice. SUMMARY: In compliance with the Paperwork...: Commodity Futures Trading Commission (``CFTC''), Attention: Gary J. Martinaitis, Division of Market...

  6. 76 FR 48925 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2011-08-09

    ...-based market making interface on its options trading platform (``NOM''). Market makers use this... in order to offer an additional market making interface choice to NASDAQ market makers. The proposed bulk-quoting market making interface will be used by market makers to submit and update their...

  7. 77 FR 65237 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Granting Approval of Proposed...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-10-25

    ... Relating to the Listing and Trading of Shares of the WisdomTree Global Corporate Bond Fund of the WisdomTree Trust October 19, 2012. I. Introduction On August 15, 2012, The NASDAQ Stock Market LLC (``Nasdaq... proposed rule change to list and trade the shares (``Shares'') of the WisdomTree Global Corporate Bond Fund...

  8. Potential Economic Impacts on Non-Market Cargo Allocation in U.S. Foreign Trade : with Special Analysis of the UNCTAD Code of Conduct for Liner Conferences

    DOT National Transportation Integrated Search

    1976-07-01

    The objective of the report is to analyze the impacts of the non-market allocation of cargo in the U.S.-International liner trades, with a special emphasis on analyzing the impacts of cargo allocation as prescribed by the United Nations Code of Condu...

  9. 77 FR 15409 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing of Proposed Rule Change...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-03-15

    ... trades a large volume with respect to ETFs today. The MSCI EAFE Index is a free float-adjusted market... index review is based on MSCI's Global Investable Markets Indices Methodology. A description of the... trading day for expiring contracts is the last business day prior to expiration, usually the third Friday...

  10. An Overview of the Labor Market Problems of Indians and Native Americans. Research Report No. 89-02.

    ERIC Educational Resources Information Center

    Ainsworth, Robert G.

    This booklet provides an overview of the labor market problems facing Indians and Native Americans, the most economically disadvantaged ethnic group in the United States. It summarizes Indian policy, particularly major policies and laws that relate to early trade restrictions and the exploitation of Indians through trade; their forced removal from…

  11. Changes in the Nature and Structure of Work: Implications for Employer-Sponsored Training.

    ERIC Educational Resources Information Center

    Bailey, Thomas

    Profound changes in the economy and the labor market have an effect on the role of employer-sponsored training in preparing and educating the country's work force. On the demand side of the labor market, these changes include the increase in international trade, the changing economic status of the United States relative to its trading partners,…

  12. Towards a Continental Energy Market: From the Energy Crisis to the Free Trade Agreement, 1970-88.

    ERIC Educational Resources Information Center

    Bennett, Paul W.

    1989-01-01

    Discusses the impact the 1973 oil embargo and resulting energy crisis had on Canadian energy policies, which eventually led in 1987 to the enactment of the Free Trade Agreement between Canada and the United States. Includes excerpts of three documents which reveal much about the shift in Canadian policy toward a continental energy market. (LS)

  13. 78 FR 13919 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2013-03-01

    ... money balance, or account activity with the Participant or at a clearing firm that provides clearing... principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a... principles of trade and removes impediments to, and perfects the mechanism of, a free and open market and a...

  14. 7 CFR 46.13 - Address, ownership, changes in trade name, changes in number of branches, changes in members of...

    Code of Federal Regulations, 2011 CFR

    2011-01-01

    ... 7 Agriculture 2 2011-01-01 2011-01-01 false Address, ownership, changes in trade name, changes in number of branches, changes in members of partnership, and bankruptcy. 46.13 Section 46.13 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing Practices), DEPARTMENT OF...

  15. 17 CFR 33.6 - Suspension or revocation of designation as a contract market for the trading of commodity options.

    Code of Federal Regulations, 2010 CFR

    2010-04-01

    ... or the underlying futures or cash markets, or is otherwise contrary to the public interest: Provided... trading presents a substantial risk to the public interest. (Approved by the Office of Management and Budget under control number 3038-0007) [46 FR 54529, Nov. 3, 1981, as amended at 46 FR 63036, Dec. 30...

  16. Farmers, Trust, and the Market Solution to Water Pollution: The Role of Social Embeddedness in Water Quality Trading

    ERIC Educational Resources Information Center

    Mariola, Matt J.

    2012-01-01

    Water quality trading (WQT) is a market arrangement in which a point-source water polluter pays farmers to implement conservation practices and claims the resulting benefits as credits toward meeting a pollution permit. Success rates of WQT programs nationwide are highly variable. Most of the literature on WQT is from an economic perspective…

  17. Pre- and Post- Wage Differences of Trade Adjustment Assistance Job Training Participants in Arkansas

    ERIC Educational Resources Information Center

    Gordon, Kimberley Hall

    2012-01-01

    A number of costs are associated with the implementation of trade agreements not the least of which is the cost to the American workforce. The information age ushered in an era of globalization unlike anything the world economy had experienced before. As countries raced forward to dominate emerging markets and grow market share, millions of…

  18. 17 CFR 75.4 - Permitted underwriting and market making-related activities.

    Code of Federal Regulations, 2014 CFR

    2014-04-01

    ... market making-related activities. 75.4 Section 75.4 Commodity and Securities Exchanges COMMODITY FUTURES... FUNDS Proprietary Trading § 75.4 Permitted underwriting and market making-related activities. (a... underwriter. (b) Market making-related activities—(1) Permitted market making-related activities. The...

  19. New frontier, new power: the retail environment in Australia's dark market

    PubMed Central

    Carter, S

    2003-01-01

    Objective: To investigate the role of the retail environment in cigarette marketing in Australia, one of the "darkest" markets in the world. Design: Analysis of 172 tobacco industry documents; and articles and advertisements found by hand searching Australia's three leading retail trade journals. Results: As Australian cigarette marketing was increasingly restricted, the retail environment became the primary communication vehicle for building cigarette brands. When retail marketing was restricted, the industry conceded only incrementally and under duress, and at times continues to break the law. The tobacco industry targets retailers via trade promotional expenditure, financial and practical assistance with point of sale marketing, alliance building, brand advertising, and distribution. Cigarette brand advertising in retail magazines are designed to build brand identities. Philip Morris and British American Tobacco are now competing to control distribution of all products to retailers, placing themselves at the heart of retail business. Conclusions: Cigarette companies prize retail marketing in Australia's dark market. Stringent point of sale marketing restrictions should be included in any comprehensive tobacco control measures. Relationships between retailers and the industry will be more difficult to regulate. Retail press advertising and trade promotional expenditure could be banned. In-store marketing assistance, retail–tobacco industry alliance building, and new electronic retail distribution systems may be less amenable to regulation. Alliances between the health and retail sectors and financial support for a move away from retail dependence on tobacco may be necessary to effect cultural change. PMID:14645954

  20. 77 FR 11157 - Remanufactured Goods: An Overview of the U.S. and Global Industries, Markets, and Trade; Change...

    Federal Register 2010, 2011, 2012, 2013, 2014

    2012-02-24

    ... INTERNATIONAL TRADE COMMISSION [Investigation No. 332-525] Remanufactured Goods: An Overview of...: United States International Trade Commission. ACTION: Notice. SUMMARY: Following receipt of a request... Tariff Act of 1930 (19 U.S.C. 1332(g)), the U.S. International Trade Commission (Commission) instituted...

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