Changing Capital Market Structure and Regulatory Challenges

2019 ◽  
Author(s):  
Walter Mattli ◽  
Miles Kellerman
Keyword(s):  
Structural Development ◽  
Industrialized Countries ◽  
Negative Externalities ◽  
Electronic Trading ◽  
Global Capital ◽  
Telecommunication Technology ◽  
Stage Process ◽  
Market Fragmentation ◽  
Exchange Markets ◽  
Asset Classes

Advances in telecommunication technology in the nineteenth century encouraged greater centralization of liquidity on single, dominant exchanges in most major industrialized countries. Electronic trading, in contrast, has precipitated increased market fragmentation, creating a host of new regulatory dilemmas. In an attempt to understand this phenomenon, this chapter proposes a two-stage process of market structural development in response to electronic trading. This process is then examined in equities and foreign exchange markets. Despite significant differences between these two asset classes, they have exhibited a remarkably similar pattern of disintermediation followed by reintermediation. This analysis is followed by a survey of recent regulatory approaches to mitigate the negative externalities associated with electronic trading. It concludes with a brief discussion on the future of market fragmentation and centralization in global capital markets.

scholarly journals Efeitos do pregão eletrônico sobre a eficiência e a volatilidade condicional no mercado de ações brasileiro

2019 ◽  
Vol 17 (1) ◽  
pp. 80
Author(s):  
Leandro Maciel ◽  
Rosangela Ballini
Keyword(s):  
Stock Exchange ◽  
Electronic Trading ◽  
Trading System ◽  
Trading Systems ◽  
Global Capital ◽  
Random Walk Hypothesis ◽  
Before And After ◽  
Negative Effect ◽  
Volatility Regimes

<p>Stock exchange automation, characterized by the replacement of floor trading systems by electronic trading systems, is one of the main restructuring processes observed in global capital markets in recent decades. This paper investigates the effects of automation in the São Paulo Stock Exchange (B3), which adopted an electronic trading system in October 2005. Empirical analysis of the Bovespa index rejects the random walk hypothesis for the periods before and after B3 automation, and provides evidence of distinct volatility regimes. After automation, there is an increase in the linear dependence of IBovespa returns, suggesting a negative effect of automation on the Brazilian stock market’s efficiency. On the other hand, in the same period, there is evidence for a reduction in the long-term persistence of conditional volatility, in response to shocks to returns.</p>

scholarly journals The Atracttiveness of Real Estate Investment in Polish Conditions

2013 ◽  
Vol 21 (3) ◽  
pp. 62-70 ◽  
Author(s):  
Rafał Wolski ◽  
Magdalena Załęczna
Keyword(s):  
Real Estate ◽  
Negative Correlation ◽  
Capital Inflows ◽  
Financial Instruments ◽  
Property Market ◽  
Investment Portfolio ◽  
Real Estate Investment ◽  
Global Capital ◽  
Asset Classes ◽  
Contemporary Development

Abstract Traditionally, it is believed that real estate can be an important component of an investment portfolio as it reduces risk due to the diversification potential coming from its low/negative correlation with stocks and bonds. However, contemporary development in the form of the invention and introduction of more sophisticated financial instruments is blurring the boundaries between the existing asset classes. The appearance of these new forms of investments is the result of competition for global capital inflows. Investors concentrate on those forms of investments that are attractive in terms of the variety of offered instruments and the results achieved by them. The aim of the article is to evaluate the variety of instruments enabling investments on the Polish property market and their competitiveness in relation to classical forms of investment.

scholarly journals Liquidity, price impact and trade informativeness: Evidence from the London stock exchange

2011 ◽  
Vol 56 (188) ◽  
pp. 91-123 ◽  
Author(s):  
Natasa Teodorovic
Keyword(s):  
Information Asymmetry ◽  
Stock Exchange ◽  
Rapid Development ◽  
Price Impact ◽  
Algorithmic Trading ◽  
Electronic Systems ◽  
Electronic Trading ◽  
London Stock Exchange ◽  
Efficient Price ◽  
Exchange Markets

The rapid development of electronic trading has significantly changed stock exchange markets. Electronic systems providing trading processes have defined a new stock market environment. Such a new environment requires trading process redefinition (generally defined as algorithmic trading), as well as redefinition of well known microstructure hypotheses. This paper conducts standard Hasbrouck?s (1991a, 1991b) market microstructure time series analysis to examine adverse selection and information asymmetry issues on diverse liquidity leveled stocks listed on the London Stock Exchange, which is a market with a significant algorithmic trading share. Based on the results obtained from the considered sample, this paper suggests that the contribution of unexpected trade in the volatility of the efficient price is larger for intensively traded stocks, arguing that Hasbrouck?s (1991a, 1991b) model recognizes algorithmic trading as an unexpected trade, i.e. as a trade caused by superior information.

Electron diffraction detection of ordliking in annealed PbTe thin film

1990 ◽  
Vol 48 (4) ◽  
pp. 1018-1019
Author(s):  
Karimat El-Sayed
Keyword(s):  
Thin Film ◽  
Electron Diffraction ◽  
Lead Telluride ◽  
Structural Basis ◽  
Face Centered Cubic ◽  
X Ray ◽  
Polycrystalline Thin Films ◽  
Stage Process ◽  
Diffraction Patterns ◽  
Face Centered

Lead telluride is an important semiconductor of many applications. Many Investigators showed that there are anamolous descripancies in most of the electrophysical properties of PbTe polycrystalline thin films on annealing. X-Ray and electron diffraction studies are being undertaken in the present work in order to explain the cause of this anamolous behaviour.Figures 1-3 show the electron diffraction of the unheated, heated in air at 100°C and heated in air at 250°C respectively of a 300°A polycrystalline PbTe thin film. It can be seen that Fig. 1 is a typical [100] projection of a face centered cubic with unmixed (hkl) indices. Fig. 2 shows the appearance of faint superlattice reflections having mixed (hkl) indices. Fig. 3 shows the disappearance of thf superlattice reflections and the appearance of polycrystalline PbO phase superimposed on the [l00] PbTe diffraction patterns. The mechanism of this three stage process can be explained on structural basis as follows :

Process \'prǎ|,ses\n: The Action of Moving Forward Progressively from One Point to Another on the Way to Completion

1979 ◽  
Vol 44 (1) ◽  
pp. 3-30 ◽  
Author(s):  
Carol A. Pruning
Keyword(s):  
Process Model ◽  
Communicative Behaviors ◽  
Adult Level ◽  
Remedial Programs ◽  
Stage Process ◽  
The Way

A rationale for the application of a stage process model for the language-disordered child is presented. The major behaviors of the communicative system (pragmatic-semantic-syntactic-phonological) are summarized and organized in stages from pre-linguistic to the adult level. The article provides clinicians with guidelines, based on complexity, for the content and sequencing of communicative behaviors to be used in planning remedial programs.

Diet Quality, a Term Subject to Change over Time

2012 ◽  
Vol 82 (3) ◽  
pp. 144-147 ◽  
Author(s):  
Ibrahim Elmadfa ◽  
Alexa L. Meyer
Keyword(s):  
Diet Quality ◽  
Functional Foods ◽  
Disease Risk ◽  
Well Being ◽  
Industrialized Countries ◽  
Quality Factors ◽  
Long Time ◽  
Quality Diet ◽  
Important Quality ◽  
Health And Well Being

A high-quality diet is one of the foundations of health and well-being. For a long time in human history, diet was chiefly a source of energy and macronutrients meant to still hunger and give the strength for work and activities that were in general much harder than nowadays. Only few persons could afford to emphasize enjoyment. In the assessment of quality, organoleptic properties were major criteria to detect spoilage and oxidative deterioration of food. Today, food hygiene is a quality aspect that is often taken for granted by consumers, despite its lack being at the origin of most food-borne diseases. The discovery of micronutrients entailed fundamental changes of the concept of diet quality. However, non-essential food components with additional health functions were still barely known or not considered important until recently. With the high burden of obesity and its associated diseases on the rise, affluent, industrialized countries have developed an increased interest in these substances, which has led to the development of functional foods to optimize special body functions, reduce disease risk, or even contribute to therapeutic approaches. Indeed, nowadays, high contents of energy, fat, and sugar are factors associated with a lower quality of food, and products with reduced amounts of these components are valued by many consumers. At the same time, enjoyment and convenience are important quality factors, presenting food manufacturers with the dilemma of reconciling low fat content and applicability with good taste and appealing appearance. Functional foods offer an approach to address this challenge. Deeper insights into nutrient-gene interactions may enable personalized nutrition adapted to the special needs of individuals. However, so far, a varied healthy diet remains the best basis for health and well-being.

Understanding functional illiteracy from a policy, adult education, and cognition point of view: Towards a joint referent framework

2019 ◽  
Vol 30 (2) ◽  
pp. 109-122
Author(s):  
Aleksandar Bulajić ◽  
Miomir Despotović ◽  
Thomas Lachmann
Keyword(s):  
Adult Education ◽  
Operational Definition ◽  
Literacy Skills ◽  
Point Of View ◽  
Industrialized Countries ◽  
Functional Illiteracy ◽  
Scale Levels ◽  
Components Of Reading ◽  
The One ◽  
Definition Of

Abstract. The article discusses the emergence of a functional literacy construct and the rediscovery of illiteracy in industrialized countries during the second half of the 20th century. It offers a short explanation of how the construct evolved over time. In addition, it explores how functional (il)literacy is conceived differently by research discourses of cognitive and neural studies, on the one hand, and by prescriptive and normative international policy documents and adult education, on the other hand. Furthermore, it analyses how literacy skills surveys such as the Level One Study (leo.) or the PIAAC may help to bridge the gap between cognitive and more practical and educational approaches to literacy, the goal being to place the functional illiteracy (FI) construct within its existing scale levels. It also sheds more light on the way in which FI can be perceived in terms of different cognitive processes and underlying components of reading. By building on the previous work of other authors and previous definitions, the article brings together different views of FI and offers a perspective for a needed operational definition of the concept, which would be an appropriate reference point for future educational, political, and scientific utilization.

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