Organizing Equity Exchanges

In the last years equity exchanges have diversified their operations into business areas such as derivatives trading, posttrading services, and software sales. Securities trading and post-trading are subject to economies of scale and scope. The integration of these functions into one institution ensures efficiency by economizing on transactions costs. Using balanced panel data from major equity exchanges over the period 2005-2007, we examine empirically the presence of economies of scale in securities trading. Moreover, we analyze the impact of vertical integration of trading, clearing, and settlement, the impact of the size of an exchange, and the impact of diversification on the profitability of exchanges. The evidence confirms that a large number of transactions leads to low costs per trade. The evidence shows that the profitability of equity exchanges is highest for vertically integrated exchanges and that diversification and size have a negative impact on their profitability

Recovering the Promise of the Orderly and Fair Stock Exchange

U.S. stock exchanges do not exist in the form they historically took and our equity markets are no longer orderly or fair. In the place of the traditional stock exchange, which was oriented around human beings and featured single-venue floor trading, an array of fully-automated trading platforms across multiple venues has arisen. Some of these have been formally designated as stock exchanges for legal purposes, while others operate as trading platforms. Almost all facilitate high frequency trading. We believe that radical change is required to address the pathologies of inefficiency and unfairness that characterize the current structure of U.S. trading markets. Our proposal is to create multiple trading venues and then to allow trading in particular securities on only one of these venues. For the approximately 6,000 companies whose shares trade publicly in the United States, we propose licensing ten stock exchanges, each of which would provide a centralized-and exclusive-forum for trading approximately 600 stocks. Organizing our markets in this way would create exchanges that are large enough to benefit from scale, yet numerous enough to compete for listings

University-Community Collaboration for Climate Justice Education and Organizing: Partnerships in Canada, Brazil, and Africa

In the coming decades, countries around the world will face increasingly severe challenges related to global climate change. While the details vary from country to country, the impacts will be especially grave for marginalized people, whose access to food, potable water, and safe shelter may be threatened due to fluctuations in rainfall and temperature and to disasters related to extreme weather events. International strategies for addressing climate change are in disarray. The complicated financial and carbon-trading mechanisms promoted by the United Nations and other global institutions are far too bureaucratic, weak, internally inconsistent, and scattered to represent meaningful solutions to climate change. Already the housing, health, and livelihoods of marginalized people worldwide are being threatened by the ramifications of climate change. This means that the marginalized in every community, by definition, have expertise in how priorities should be set to address climate change. Their experiences, knowledge, and views must be part of local, regional, national, and international governance—including urban planning and housing, water management, agriculture, health, and finance policies.This research was supported by the International Development Research Centre, grant number IDRC GRANT NO. 106002-00

Appendices

Although there has been vivid academic debate as to what extent Sovereign Wealth Funds (SWFs) are motivated by political reasons, it is rather clear that countries can use state-owned investment funds as a tool of their foreign policy. Even Barack Obama, during his initial presidential campaign in 2008 commented: “I am obviously concerned if these… sovereign wealth funds are motivated by more than just market consideration and that’s obviously a possibility”. This book looks at SWF activities in Central and Eastern Europe (CEE) to determine the main motives for SWF presence in CEE. Are the potential financial gains the only reason behind their investments? Are SWF activities in the region dangerous for the stability and security of the CEE countries? The book is pioneering analyses of SWFs behaviour in the region, based on empirical data collected from the Sovereign Wealth Fund Institute Transaction Database, arguably the most comprehensive and authoritative resource tracking SWF investment behaviour globally.Rozdział pochodzi z książki: Political Players? Sovereign Wealth Funds’ Investments in Central and Eastern Europe, T. Kamiński (ed.), Wydawnictwo Uniwersytetu Łódzkiego, Łódź 2017.This book was published in frames of project “Political significance of the Sovereign Wealth Funds’ investments in the Central and Eastern Europe”. The project was financed by the Polish National Science Centre (Decision no. DEC-2012/07/B/HS5/03797)

Financing Healthcare Services for the Poor

This paper was written as part of Shujog Research's Financial Innovation for Poverty Reduction Series. It studies the challenges and gaps in the funding of healthcare provision in Asia, and evaluates several innovative financing solutions that can help countries achieve the goal of universal access to healthcare

Strengthening Collaborations to Build Social Movements: Ten Lessons from the Communities for Public Education Reform Fund (CPER)

This report explores how grantmakers can help strengthen collaborations among supported groups to advance ambitious social change goals. As noted by Grantmakers for Effective Organizations in Many Hands, More Impact, grantmakers can play a number of critically important roles in supporting social movement building: investing in a broad range of organizations, change strategies, and issues; brokering relationships among groups and their allies; connecting grantees to one another in impactful ways; fostering learning to grow a field; and influencing peers and policy through these supports. We focus on grantmakers' "connector" role because we see it as a crucial -- and often underexamined -- strategyfor expanding impact. But how, specifically, can grantmakers nurture connections -- and productive collaborations that may eventually arise from them -- while remaining attuned to the strategic intentions of supported groups and the relationships they themselves want to cultivate? And how can the enhanced capacity that genuine collaboration requires be reflected and resourced in ways that meet funders' expectations of collaborative impact? Our perspective on these questions is grounded in the experience of Communities for Public Education Reform (also referred to here on as "CPER" or the "Fund"). CPER is a national funders' collaborative committed to improving educational opportunities and outcomes for students -- in particular students of color from low-income families -- by supporting community-driven reforms led by grassroots education organizing groups. Maximizing collaborative potential has always been central to CPER's DNA, and is encoded in the Fund's vision, strategy, and operational structure. In sharing lessons learned by CPER funders, staff, and grantees over the Fund's eight-year lifespan, we hope to contribute to the conversation about how grantmakers can nurture collaborations that advance building social movements for opportunity and justice

International partnerships of women for sustainable watershed governance in times of climate change

This chapter describes and assesses collaborative research with women actively engaged in local and global community engagement processes for water management in times of global climate change. As an equity-focused response to climate change, the interrelated networks and initiatives described in the chapter involve organizations and individuals in Brazil, Mozambique, South Africa, Kenya, and Canada. These collaborations are focused on strengthening low-income women's voices, and legitimizing their knowledge and action within water management institutions and processes. The chapter draws from what people learned through two international projects, the Sister Watersheds project with Canadian and Brazilian partners, and a Climate Change Adaptation in Africa project with partners in Canada, Kenya, Mozambique, and South Africa. The methods and approach of the Sister Watersheds project proved to be applicable to climate change education and organizing in Canada as well as in Brazil. The chapter summarizes that women are working together on climate education and water governance, helping to inspire and generate related strategies.This research was supported by the International Development Research Centre, grant number IDRC GRANT NO. 106002-00

Greater Power, Lasting Impact: Effective Grantmaker Strategies from the Communities for Public Education Reform Fund (CPER)

CPER (also referred to here on as the "Fund") is a national funders' collaborative committed to improving educational opportunities and outcomes for students -- in particular students of color from low-income families -- by supporting community-driven reforms led by grassroots education organizing groups. CPER originated in discussions among funders active in Grantmakers for Education's Working Group on Education Organizing.They launched the collaborative in 2007, in partnership with NEO Philanthropy (then Public Interest Projects), the 501 (c)(3) public charity engaged to direct the Fund. CPER's founding funders saw that, in the education debates of the day, the perspectives of those closest to the ground were often left out. These funders recognized that students and families have a crucial role to play in identifying, embracing, and sustaining meaningful school reform. Students and families know their own needs and see first-hand the inequities in schools. Organizing groups help them get a seat at the decision-making table and develop workable solutions, building on community assets that are vital to addressing the cultural and political dimensions of reform. These grassroots groups are essential to creating the public accountability and will needed to catalyze educational reforms and ensure they stick. They can be the antidote to the ever-shifting political conditions and leadership turnover that plague reform efforts. At the same time, they help community members develop leadership and a grassroots base, building individual civic capacity and community power that strengthens our democratic infrastructure for the long term. Because educational improvement requires tackling persistent inequities in race and income, supporting leaders in low-income communities of color also helps build the social capital needed to solve integrally related social challenges. CPER was initially conceived to run for a minimum of three years -- a timeline consistent with most foundation grants but short for the transformative kinds of changes the Fund hoped to achieve. CPER's lifespan eventually stretched to eight years because of the recognized power of its supported work. Over this period, NEO Philanthropy engaged a highly diverse set of 76 local and national funders in the CPER collaborative. Incentivizing new resources through matching dollars, CPER raised close to $34 million and invested nationally in some 140 community groups and advocacy allies in national coalitions and in six target sites of varying scale (California, Chicago, Colorado, Mississippi, New Jersey, and Philadelphia). These groups, in turn, developed local leadership, national coalitions, and cross-issue alliances that helped to achieve over 90 school-, district, and state-level policy reforms that strengthen educational equity and opportunity. CPER's history of impact illustrates the efficacy of community organizing as an essential education reform strategy, along with the more commonly supported strategies of policy advocacy, research, and model demonstration efforts. But CPER's story is also more broadly instructive. In this period of "strategic philanthropy " when focused, foundation-led agendas are increasingly seen as the surest route to achieving desired ends, CPER offered a very different, bottom-up, multi-issue alternative that proved effective. In sharing CPER's story, we hope to deepen understanding of the value of community organizing for education reform while contributing to the larger conversation about how grantmakers can effectively support social movements to strengthen opportunity and justice

Gender Justice and Climate Justice: Community-based strategies to increase women’s political agency in watershed management in times of climate change

Socially vulnerable people, and women in particular, are disproportionately affected by global climate change because of their gendered socioeconomic roles and often their geographic location; yet they are least equipped to deal with those impacts due to their disadvantaged economic and political position. Women, however, have special contributions to make towards climate change adaptation because of gendered differences in positional knowledge of ecological and water-related conditions. To date, women have been largely underrepresented, and in the majority of cases, excluded from formal decision-making processes related to climate change mitigation and adaptation. Including women in these processes and building their capacity and resilience is required for the development of effective and gender-sensitive climate change adaptation policy. Also, preparing women for the short and long-term impacts of climate change is crucial for addressing some of the social aspects of this phenomenon and for preventing further aggravation of existing gender inequalities. This paper discusses South-North initiatives and models for community-based environmental and climate change education which are using the democratic opening provided by watershed-based governance structures to broaden grassroots participation, especially of women, in political processes. We outline the activities and results of two international projects, the Sister Watersheds project, with Brazilian and Canadian partners (2002-2008), and a Climate Change Adaptation in Africa project with partners in Canada, Kenya, Mozambique, and South Africa (2010-2013)

Public participation in watershed management:international practices for inclusiveness

This paper outlines a number of examples from around the world of participatory processes for watershed decision-making, and discusses how they work, why they are important, their social and ecological potential, and the practical details of how to start, expand and develop them. Because of longstanding power differentials in all societies along gender, class and ethnic lines, equitable public participation requires the recognition that different members of society have different kinds of relationships with the environment in general, and with water in particular. From a range of political perspectives, inclusive participatory governance processes have many benefits. The author has recently completed a 5 year project linking universities and NGOs in Brazil and Canada to develop methods of broadening public engagement in local watershed management committees, with a special focus on gender and marginalized communities. The innovative environmental education and multi-lingual international public engagement practices of the Centre for Socio-Environmental Knowledge and Care of the La Plata Basin (which spans Brazil, Argentina, Uruguay, Paraguay and Bolivia) are also discussed in this paper.This research was supported by the International Development Research Centr