Financial intermediary institutions often compete and cooperate with each other at the same time. These financial actors provide services to their investors, and enter into transactions with them. Moreover, these players very often trade with each other to mitigate their market risks related to their exposures against their clients. Decentralized inter-dealer markets differ from the Walrasian t...

Recent legislative efforts to protect credit unions against unfavorable legislation reflect the growing importance of credit unions in the U.S. financial services sector. Efforts to address new technologies, combined with deregulation in financial services, have led changes in the field of membership rules governing how credit unions are chartered and how they may grow. These regulations have c...

The use of technologies in financial services is not new. Financial institutions have, for a long time, been implementing technological solutions to support the provision of services to their customers and to ensure compliance with their regulatory obligations. They have also long relied on outsourcing arrangements with external service providers for the provision of technological solutions. Ho...

The financial services industry is among the leading industries in IT-spending. Still, little research exists which investigates how IT influences the financial services sector. Against this background, we study how a technology which emerged within the last years affects securities trading: High-Frequency Trading (HFT). Hereby, we focus on HFT and its impact on market efficiency. On the basis ...

A growing community of long time horizon institutional investors that includes sovereign wealth funds, pension funds, and other beneficiary institutions located in cities outside of the major international financial centers (IFCs), is pushing back against the misaligned incentives and power asymmetries present in the for-profit asset management industry. This expanding group of beneficiary inst...

The demand for family financial planning (FFP) services is growing dramatically as the financial market grows more complex and people become more aware of the importance of qualified financial guidance. To provide decision support for FFP-related decisions, we formulate a conceptual model for FFP by following Simon's decision-making process model and map our model to the generic FFP process. Th...

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Today’s financial electronic markets are a result of the remarkable development in information technology during the last years. With the growth of electronization in financial markets and the establishment of new electronic trading services the design of the market structure moved in the focus of interest. Design decisions determine the market microstructure, influencing trading patterns and i...

A fundamental assumption in this article is that not only the public administration but also semi-private and private agencies provide electronic intermediaries between public services and citizens in a quasi-market situation. The theoretical framework of this study views markets as constructed in contrast to natural phenomena. In these processes of construction the role of technologies such as...