127,192 research outputs found
Middleware’s message : the financial technics of codata
In this paper, I will argue for the relevance of certain distinctive features of messaging systems, namely those in which data (a) can be sent and received asynchronously, (b) can be sent to multiple simultaneous recipients and (c) is received as a “potentially infinite” flow of unpredictable events. I will describe the social technology of the stock ticker, a telegraphic device introduced at the New York Stock Exchange in the 1860s, with reference to early twentieth century philosophers of synchronous experience (Bergson), simultaneous sign interpretations (Mead and Peirce), and flows of discrete events (Bachelard). Then, I will show how the ticker’s data flows developed into the 1990s-era technologies of message queues and message brokers, which distinguished themselves through their asynchronous implementation of ticker-like message feeds sent between otherwise incompatible computers and terminals. These latter systems’ characteristic “publish/subscribe” communication pattern was one in which conceptually centralized (if logically distributed) flows of messages would be “published,” and for which “subscribers” would be spontaneously notified when events of interest occurred. This paradigm—common to the so-called “message-oriented middleware” systems of the late 1990s—would re-emerge in different asynchronous distributed system contexts over the following decades, from “push media” to Twitter to the Internet of Things
Evolution of worldwide stock markets, correlation structure and correlation based graphs
We investigate the daily correlation present among market indices of stock
exchanges located all over the world in the time period Jan 1996 - Jul 2009. We
discover that the correlation among market indices presents both a fast and a
slow dynamics. The slow dynamics reflects the development and consolidation of
globalization. The fast dynamics is associated with critical events that
originate in a specific country or region of the world and rapidly affect the
global system. We provide evidence that the short term timescale of correlation
among market indices is less than 3 trading months (about 60 trading days). The
average values of the non diagonal elements of the correlation matrix,
correlation based graphs and the spectral properties of the largest eigenvalues
and eigenvectors of the correlation matrix are carrying information about the
fast and slow dynamics of correlation of market indices. We introduce a measure
of mutual information based on link co-occurrence in networks, in order to
detect the fast dynamics of successive changes of correlation based graphs in a
quantitative way.Comment: 8 pages, 11 figure
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The effects of globalisation of financial services on banking industry and stock market: an Algerian case study
Since the mid-1980s, Algeria has embarked on a programme of comprehensive financial liberalisation to establish a market-oriented financial system, and to develop the role of the Algiers Stock Exchange in the mobilisation of financial resources. The transition from a centrally planned to a market-oriented economy meant fewer regulatory barriers towards local and foreign banks. This study demonstrates that financial liberalisation is the main force that drives the globalisation of financial services, followed by financial innovations and the Internet. Globalisation has affected the performance of the two prevalent banking models in Algeria: interest based (conventional) and non- interest-based (Islamic). The benchmarks used to assess banking performance are: competition, profitability and efficiency.
Quantitative and qualitative analyses show a direct link between banking efficiency and the globalisation of financial services. The study concludes that globalisation has more advantages than disadvantages to the Algerian banking sector and the Algiers Stock Exchange. The elimination of regulatory barriers has enabled state-owned banks to improve the quality of their services and to use more advanced information technologies. Private and foreign banks are also involved in the modernisation of the Algerian banking industry by launching innovative financial products and attracting local and foreign capital. However, this project emphasises that the removal of remaining regulatory obstacles would enable banks to benefit fully from the process of financial liberalisation, and to be active institutions in the financial market. Moreover, opening the Algiers Stock Exchange to large domestic and foreign companies would attract capital investments and boost equity trading in Algeria
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