I. Introduction inancial intermediation and financial services industries have undergone many changes in the past two decades due to deregulation, technological advances and globalization. The changes included consolidation within and across markets, greater cross-border financial services provision, the emergence of new financial products and alternative wholesale markets and trading systems, ...

This Article analyzes the role that linkage between emission trading systems could play in a future international climate policy architecture. Cap-and-trade systems, regional, national, and international in scope, are emerging as a preferred instrument for addressing global climate change throughout the industrialized world, and the Clean Development Mechanism— an emission-reduction-credit syst...

Abstract: In this survey, a short introduction of the recent discovery of log-normally-distributed market-technical trend data will be given. The results of the statistical evaluation of typical market-technical trend variables will be presented. It will be shown that the log-normal assumption fits better to empirical trend data than to daily returns of stock prices. This enables one to mathema...

The Iowa Electronic Markets are small, real-money financial markets designed to aggregate information about future events. The market microstructure of these markets is studied and a market making model is developed to provide liquidity for one set of securities offered by this exchange. A computer program was created to employ the market making model and profit from the market’s inefficiencies...

Researchers typically assume that economic openness increases volatility. But the conventional empirical shorthand for economic openness (trade as a share of overall income) fails to account for crucial distinctions in the way that states trade. States that are deeply incorporated into the core of the international trading network have very different experiences than states at the periphery wit...

We present a novel design for a peer-assisted content distribution system that addresses two key shortcomings of existing proposals. First, our system explicitly identifies the relative demand for files: users are rewarded for sharing more popular content. Second, our system efficiently utilizes network resources, by considering resource constraints explicitly when matching downloaders and uplo...

A lot of research has been done to predict economic development. The problem studied here is about the stock prediction for use of investors. More specifically, the stock market’s movements will be analyzed and predicted. We wish to retrieve knowledge that could guide investors on when to buy and sell. Through a detailed case study on trading S&P 500 index, rough sets is shown to be an applicab...

Johnson, Zhao, Hunsader, Meng, Ravindar, Carran, and Tivnan (2012) recently suggested the existence of a phase transition in the dynamics of financial markets in which there is free interaction between human traders and algorithmic trading systems (‘robots’). Above a particular time-threshold, humans and robots trade with one another; below the threshold all transactions are robot-to-robot. We ...

Among the vast assemblage of technical analysis tools, the ones based on Fibonacci recurrences in asset prices are relatively more scientific. In this paper, we review some of the popular technical analysis methodologies based on Fibonacci sequences and also advance a theoretical rationale as to why security prices may be seen to follow such sequences. We also analyse market data for an indicat...

Reflections on the progress of the WTO over the last two decades highlights low developing country participation in its dispute settlement system as a fundamental failing of the multinational trading system. Recurrently, this low participation rate has been attributed to the cost of the WTO’s legalistic model in Panel and Appellate Body proceedings, creating a concern of bias. Yet, by focussing...