Abstract: Recent discussions of calculative agency in financial markets (a variety of socio-technical agency) have stressed that technology constitutes markets through standardization. This raises the question of additional agential features of financial technologies, which may go beyond, supplement and embed standardization and calculability. I propose here the concept of ‘generator’ as a way of capturing such features of socio-technical agency in financial markets. I use this concept for examining the stock ticker, the first custom-tailored technology adopted by financial markets. I show that the ticker generated temporal structures and modes of visualizing these structures, together with representational languages, interpretive tools and boundaries associated with access to financial data.

Abstract: The volatility of US business cycle has declined during the last two decades. During the same period the financial structure of firms has become more volatile. In this paper we develop a model in which financial factors play a key role in generating economic fluctuations. Innovations in financial markets allow for greater financial flexibility and generate a lower volatility of output together with a higher volatile in the financial structure of firms.

Abstract: Due to the vast amount of user data tracked online, the use of data-based analytical methods is becoming increasingly common for e-businesses. Recently the term analytical eCRM has been used to refer to the use of such methods in the online world. A characteristic of most of the current approaches in eCRM is that they use data collected about users' activities at a single site only and, as we argue in this paper, this can present an incomplete picture of user activity. However, it is possible to obtain a complete picture of user activity from across-site data on users. Such data is expensive, but can be obtained by firms directly from their users or from market data vendors. A critical question is whether such data is worth obtaining, an issue that little prior research has addressed. In this paper, using a data mining approach, we present an empirical analysis of the modeling benefits that can be obtained by having complete information. Our results suggest that the magnitudes of gains that can be obtained from complete data range from a few percentage points to 50 percent, depending on the problem for which it is used and the performance metrics considered. Qualitatively we find that variables related to customer loyalty and browsing intensity are particularly important and these variables are difficult to derive from data collected at a single site. More importantly, we find that a firm has to collect a reasonably large amount of complete data before any benefits can be reaped and caution against acquiring too little data.

Abstract: The invention relates to methods and systems for providing investment competitions. In one aspect, trading algorithms that automatically generate trading instructions in response to market data are developed by and received from a distributed plurality of independent trading algorithm developers. The algorithms are periodically executed against market data and generate trading instructions, which, based on an association of investment accounts with the trading algorithms, initiate correlative trades in the investments accounts.

Abstract: We examine the effect of financial openness on the development of financial systems in a panel of 35 emerging markets during the period of 1976 to 2003. A group of indicators including variables from banking sector, stock market, and national capital accounts are used as measures of financial openness and financial development. In addition, aggregate index measures are developed to incorporate information from different areas of the financial system. Our empirical results generally suggest that financial openness is the key determinant of cross-country differences in the development of financial systems. When testing financial openness against the development of the banking sector and stock market separately, we found strong and robust evidence that this link between openness and development exists in stock markets. Although a similar link is sometimes found with banking sectors, it is not robust to different indicators of financial openness and model specifications.

Abstract: A system for trading a plurality of derivative financial instruments comprises a processor operable to receive a first order to buy a derivative financial instrument representing at least one product. The processor is further operable to receive a second order to sell the derivative financial instrument. The processor is further operable to determine a market price based at least in part on the first order and the second order. The processor is further operable to execute a trade at the determined market price. The processor is further operable to generate market data associated with the at least one product, the market data based at least in part on the first order and/or the second order. The system further comprises a memory operable to store the first order and/or the second order.

Abstract: This article illustrates various ways in which the supervisors of depository institutions currently use market information; the article also highlights some potential applications of market data that the FDIC is considering in its insurance functions. The first section reviews the literature on the application of market data to supervisory risk assessments. The second section briefly reviews the supervisory process, setting the context for the current use of market information within that process. The third section illustrates how market information is currently applied in assessments of both industry risk trends and institution-specific risk conditions. The fourth section discusses research and other activities being conducted at the FDIC with a view to using market information more broadly. The final section summarizes and discusses a few of the challenges for wider incorporation of market information into the supervisory process.

Abstract: We apply exploratory data analysis to some of the basic models of neoclassical computational finance. These include the portfolio selection algorithm of Markowitz, the capital market line of Sharpe, and the option pricing model of Black-Scholes-Merton. We demonstrate that the Markowitzian assumption of positive correlation of expected return and volatility is not supported by the data. The notion that an index fund based on market cap weighting is optimal is also shown to be inconsistent with market data. It is noted that the option pricing model of Black-Scholes-Merton is not supported by market history. The SIMUGRAM™, an empirical data-based paradigm for portfolio selection, is discussed. It is observed that some of the basic contemporary strategies of neoclassical computational finance may be seriously flawed and might profitably be replaced by data-based rules. We conclude that several Nobel Prizes in economics have been awarded for nonsense.

Abstract: Purpose – Aims to consider the empirical works on Islamic financial design in the light of room for improvements.Design/methodology/approach – Looks at the many aspects of the Islamic financial system and suggests some prudent and sound regulatory frameworks which are deemed necessary.Findings – Finds that the more services that can be offered by the financial intermediaries, the greater the chances of producing more specialized financial services and diversification of financial institutions.Originality/value – Paves the way for future scholars to examine the systems from the angle of efficiency, effectiveness, rules and regulations, and the present lack of a recognized legal and accounting system.

Abstract: Prices of index-linked financial instruments can be used to obtain market-based measures of inflation expectations and real interest rates. These measures are regularly used by the Bank's Monetary Policy Committee to inform its assessment of economic conditions. In the United Kingdom, the index-linked gilt market is long established and has been used to infer such measures for many years. More recently, international index-linked markets have developed further, with increased issuance of index-linked bonds and greater use of index-linked derivatives. This article outlines how new market data provide useful additional information. We show that inflation swap rates can be used to estimate market expectations of inflation, and how the larger range of information from index-linked markets facilitates analysis of market-based expectations for inflation and real interest rates across countries.

Abstract: The void in the rural financial market in Mexico is more pronounced than ever given the retreat of many state programs. In response, small, heterogeneous semi-formal institutions have begun to fill the gap with financial services to rural Mexicans. This study sheds light on this largely undocumented sector by examining the technical efficiency of various institutional types. Data Envelopment Analysis is used to create a nonparametric frontier of technically efficient firms based on a sample of 350 semi-formal financial institutions. Using this framework, the heterogeneity of the sector is highlighted and most institutions are found to be highly inefficient. In a second stage of analysis, the primary determinants of efficiency are found to be institutional factors rather than client profiles.

Abstract: Corporate accounting statements provide financial markets, and tax services with valuable data on the economic health of companies, although financial indices are only focused on a very limited part of the activity within the company. Useful tools in the field of processing extended financial and accounting data are the methods of Artificial Intelligence, aiming the efficient delivery of financial information to tax services, investors, and financial markets where lucrative portfolios can be created.

Abstract: A data processing system that records detailed market information for one or more financial markets to facilitate the audit of executed trades for time, quantity, and price as being reasonable. The system receives and records data from financial markets, including the date and time trades are executed and the prices at which the financial instruments traded. The system provides users the ability to compare a particular transaction for a financial instrument to transaction data for the same and/or related financial instruments at around the same time, to determine whether the price paid for the financial instrument is reasonable for the time the trade was executed. A trade confirmation service is also provided to permit traders to verify the parameters of executed transactions.

Abstract: A computer readable medium is configured with instructions for causing a first computer system connected to a computer system of stock exchange market via a data communication network to automatically place a series of stock trade orders. The first computer system can include, for instance, a user computer, a brokerage computer, or both. An automated system for systematically and repeatedly placing stock trade orders based on predetermined conditions is also provided. In general, the automated system or computer system running the software operates by receiving and storing an automatic stock trading condition. A stock trading order can be placed immediately following a previously contracted order, or when a stock market status satisfies the preset stock trading condition. The first computer system preferably receives user input including basic information such as an item code of the stock and an account number of a stockholder. Automatic trade condition information can also be input into the first computer system by the user or a broker and preferably provides information for determining a desired selling price and quantity and/or a desired purchasing price and quantity for trading of the stock. Market data, preferably including the stock price is received into the first computer system via the data communication network, such as from the stock exchange market computer system. The first computer system can then determine whether a stock purchase or sale condition generated using the automatic trade condition information has been met and place a stock purchase or sale order via the data communication network when the stock purchase or sale condition is met. This system can systematically repeat the process using the automatic trade condition information as a guide for trading. The process can be repeated continuously or can be stopped when a predetermined condition is satisfied.

Abstract: In at one aspect, the invention comprises an interactive software toolkit for creating custom trading strategies. Traders are provided with the ability to easily construct hybrid strategies using automated trading and event building blocks: (a) trading algorithms (for example, so-called “percentage of volume” algorithms and algorithms designed to minimize the difference between average executed price and standardized benchmarks such as volume-weighted average price (“VWAP”)); (b) intelligent “sweeps” (automated trading actions designed to rapidly execute a specified number of shares); and (c) event triggers (time-, price-, spread-, depth-based, or based on other real-time market data or on current order status). Traders can create and store a set of custom strategies tailored to specific order types or trading styles.

Abstract: ............................................................................................. XI CHAPTER

Abstract: A computer-aided financial analysis system and method provides research analytical capabilities for modeling financial security holdings that include the capability to conduct multi-dimensional dynamic searches across fundamental research, technical research, market data and exposure to exogenous economic and market factors. The capability to isolate securities most susceptible to market movements and overlay available research analyses on top of this view and to view exposure to directional change in any exogenous economic and market factor on an individual security or portfolio of securities in a real-time, intuitive manner via charts, tables and/or heat maps is also provided.

Abstract: A chart based investment monitoring, analyzing and trading system for real time security trading is provided. The system uses computers or other computing devices, investment historical data, and real time market data to create dynamic investment charts. These charts are used in a highly integrated platform for investment monitoring, trading, analyzing, and data searching. The market information like quotes, option and future quotes, the news, and etc. can be easily found on the charts; the chart is a search and study platform also. Historical data of any day can be easily found out on the charts if exist; the charts are the trading platform as well. A trade can be placed right away from the charts. It also provides powerful tools for changing the parameters or settings of multi-charts at the same time with one click; it allows the investors dynamically view and find out the right parameters of the technical indicators. It provides unlimited investments monitoring.

Abstract: 1 Introduction and Background 2 Financial Regulatory Structure 3 Regulations of Market Intermediaries 4 Company Law and Corporate Governance 5 Regulation of Financial Products 6 Derivatives 7 Market Misconduct 8 Mergers, Acquisitions and Take-overs 9 The China Nexus 10 Globalization and Financial Markets in Hong Kong

Abstract: Traditionally an old concern among economists has referred to the effects that specific financial systems may have on economic performance. Here we investigate the stylised facts among financial systems and banking crises by using individual and principalcomponents indicators and sets of OLS regressions. The study relies on a set of banking fragility, financial structure and development indicators for a sample of 47 economies between 1990 and 1997. The stylised facts suggest that financial development is associated to financial systems leaded by stock and securities markets. Furthermore they also suggest that such association is magnified during episodes of borderline or systemic banking crises. Thus what our findings might suggest is that banking crises may encourage financial development and the transformation of financial systems into market-based ones.

Abstract: PROBLEM TO BE SOLVED: To set the quotation and the amount of transactions at a stock market adequately, and to perform profit risk analysis with higher accuracy SOLUTION: A portfolio making part 11 makes a plurality of portfolios indicating electric power supply and demand constitution by combining a plurality of power assets employment types including transactions of power generation, power retailing, and power wholesale based on demand supposition data, power supply data, and market data A market price prediction part 12 realizes virtually power transactions at power market based on demand supposition data, power supply data, and market data, and calculates prediction result of market transaction price about a plurality of parameter value sets in which the values of parameters including demand and power supply cost are changed A profit risk analysis part 13 executes profit risk calculation of each portfolio made by the portfolio making part 11 assuming prediction result of market price calculated by the market price prediction part 12 as a scenario at risk analysis COPYRIGHT: (C)2007,JPO&INPIT

Abstract: Part 1 Financial Institutions, Alliances, IT, and Economic Growth Part 2 Financial Markets in the IT Age Part 3 Financial Innovations and IT Part 4 Security, law, and IT.

Abstract: Does the search and matching model fit aggregate U.S. labor market data? While the model has become an important tool of macroeconomic analysis, recent literature pointed to some failures in accounting for the data. This paper aims to answer two questions: (i) Does the model fit the data, and, if so, on what dimensions? (ii) Does the data “fit” the model, i.e. what are the data which are relevant to be explained by the model? The analysis shows that the model does fit certain specifications of the data on many dimensions, though not on all. This includes capturing the high persistence and high volatility of most of the key variables as well as the negative co-variation of unemployment and vacancies. These findings differ from the cited literature mostly because of the use of convex rather than linear hiring costs and because of the role given to the separation rate in discounting match asset values. The paper offers a workable, empirically grounded version of the model for the analysis of aggregate U.S. labor market dynamics, and provides macroeconomists guidance concerning the relevant “building block” for modeling the labor market, both in terms of the model and in terms of the data.

Abstract: Market power evaluation and surveillance is one of the most important contents to ensure the effective operation of electricity market.A mechanism that can greatly improve the supervising and managing efficiency is proposed.First,according to the SCP analysis frame (market structure,market behavior,market performance) in the industrial economics,the index systems to evaluate the market power level of the entire market and the market power of specified generation company separately are constructed.Secondly,a fuzzy hierarchy comprehensive evaluation method is presented to evaluate the market power warning levels of the market,congestion areas and specified generation companies in real time.Then,according to the evaluating result of SCP,the monitor map is painted with different colors and the corresponding supervision decision is made to the link of problem in time.Finally,using the historical market data of a real electricity market,it is proved that the market power warning and surveillance decision-making mechanism based on SCP model proposed can effectively identify the market power level of S,C,P and the tactical bidding behaviors of generation companies.

Abstract: The transition from a vertically integrated industry to a horizontally integrated open market system changes the operational planning activities of generation companies (GENCOs). This transition, along with the strategic bidding decision process that must be employed by a GENCO, changes the objective from cost minimization to profit maximization. This change requires considering not only the technical aspects of unit operation, such as capacity limits, but also information about other market participants and the volatility of market prices. These additional factors are significant, especially in an oligopolistic market, because they influence the amount of electricity bought and sold, thus affecting net profit. This paper proposes an approach that data mines historical and current market data. The context is a deterministic four-market-participant environment. This model uses an auction simulator for 120 time periods. Results suggest that the data mining approach be extended to the reduction of epistemic uncertainty in VaR/PaR inferences using information gap theory.

Abstract: Without trust, financial markets cannot function efficiently. Trust and integrity depend to an important degree on the reputation of financial markets to generate reliable valuations of companies and business ventures. This perspective makes clear why the integrity of the gatekeepers of the public trust to vouch for accurate and reliable information about public companies is at the heart of the proper functioning of financial markets. And since the ‘garbage in, garbage out’ principle also prevails in financial markets, public trust in the functioning of financial markets has declined as a result of major financial reporting scandals involving Enron, Tyco, WorldCom, Parmalat and others. Also, massive overvaluations of equity that occurred in the second half of the 1990s and in the early 2000s have been singled out as being caused by misinformation and manipulation of financial results (Jensen, 2002). More generally, when information about the operation of public companies is false, misleading or opaque, trust in financial markets is likely to be affected adversely. This gives financial market participants a stake in the disclosure of timely and meaningful information, including by assuring that the quality of financial reporting by public companies is as high as possible. And this in turn puts the spotlight on the role of the gatekeepers of the public trust, in particular accounting firms, banks, rating agencies, supervisors and regulators.