Effective tradingwith given pattern-based multi-predictors of stock price needs an intelligent asset allocation strategy. In this paper, we study a method of dynamic asset allocation, called the meta policy, which decides how much the proportion of asset should be allocated to each recommendation for trade. The meta policy makes a decision considering both the recommending information of multi-...

One of the most striking development in the world trading system since the mid 1990s is a surge in Regional Trade Agreements (RTAs). From about 50 till 1990, the number of RTAs notified to the World Trade Organization (WTO) has crossed 250 in 2003 and estimates indicate that over 300 RTAs will be in effect by 2007. Initially WTO encouraged the growth of RTAs because it believed that regional in...

Part I will be a brief reminder of the policy objectives and implications of the international economic system. Part II will overview the world trading system’s need for a cooperative international mechanism or institution. Part III will examine the characteristics needed for a successful institution of this type, which might be the WTO. Part IV will explore some problems connected with the cur...

The persistent attempts of the major industrial nations to press ahead with the newly initiated (Doha) round of international trade negotiations under the auspices of the World Trade Organisation (WTO) have met with resistance from the developing countries (DCs). The failure of the WTO Ministerial meeting in Cancun and the slow pace of trade negotiations both before and since then are potent pr...

Volume Weighted Average Price (VWAP) is widely used by institutional investors as benchmark for the execution of large equity orders. To meet the benchmark, investors have the possibility to either cross their orders in a non-intermediated electronic system or to submit a VWAP agency order to a broker. A design artifact addressing and solving the flexibility restrictions present in today’s VWAP...

This essay provides a process and supporting framework to help in replicating the research of others. Analysis of new trading system hypotheses often starts when an analyst or their management reads an interesting paper which provides the seed of a new idea. To fully understand and make use of the ideas in the paper, the analyst needs to first replicate the paper, since most papers do not publi...

The fixed-income markets are enormous, however innovation in this sector has trailed that in the much smaller equities markets. Recently, a number of alternate trading systems (ATS) have been introduced, many of which use the Internet as an enabling infrastructure. Despite the size and impact of these markets, there is a surprising lack of IS research in this field, yet the context provides a p...

We evaluate the e cacy of international trade in carbon emission permits when countries are guided strictly by their national self-interest. To do so, we construct a calibrated general equilibrium model that jointly describes the world economy and the strategic incentives that guide the design of national abatement policies. Countries' decisions about their participation in a trading system and...

The aim of this paper is to clarify the concept of alternative trading systems (ATS) and to present an interpretation of their role in the securities markets. The discussion focuses on trading venues related to debt instruments and equities. Geographically, the American and European markets are the focus of interest. In brief, the primary aim of the paper is to demystify ATSs. Secondly, the pap...

Financial markets perjorm many functions, but principal among them is to bring buyers and sellers together and provide a mechanism for price discove~. Information technology has had a number of significant impacts on financial markets, enabling enormous increases in volumes and more sophisticated trading techniques such as program trading and index arbitrage. Despite improvements, some large in...