Capital markets and e-fraud: policy note and concept paper for future study

The technological dependency of securities exchanges on internet-based (IP) platforms has dramatically increased the industry's exposure to reputation, market, and operational risks. In addition, the convergence of several innovations in the market are adding stress to these systems. These innovations affect everything from software to system design and architecture. These include the use of XML (extensible markup language) as the industry IP language, STP or straight through processing of data, pervasive or diffuse computing and grid computing, as well as the increased use of Internet and wireless. The fraud is not new, rather, the magnitude and speed by which fraud can be committed has grown exponentially due to the convergence of once private networks on-line. It is imperative that senior management of securities markets and brokerage houses be properly informed of the negative externalities associated with e-brokerage and the possible critical points of failure that exist in today's digitized financial sector as they grow into tomorrow's exchanges. The overwhelming issue regarding e-finance is to determine the true level of understanding that senior management has about on-line platforms, including the inherent risks and the depth of the need to use it wisely. Kellermann and McNevin attempt to highlight the various risks that have been magnified by the increasing digitalization of processes within the brokerage arena and explain the need for concerted research and analysis of these as well as the profound consequences that may entail without proper planning. An effective legal, regulatory, and enforcement framework is essential for creating the right incentive structure for market participants. The legal and regulatory framework should focus on the improvement of internal monitoring of risks and vulnerabilities, greater information sharing about these risks and vulnerabilities, education and training on the care and use of these technologies, and better reporting of risks and responses. Public/private partnerships and collaborations also are needed to create an electronic commerce (e-commerce) environment that is safe and sound.Environmental Economics&Policies,Insurance&Risk Mitigation,Financial Intermediation,ICT Policy and Strategies,Banks&Banking Reform

SISTEM EVALUASI ROBOT TRADING DENGAN METODE ELECTRE BERBASIS REAL-TIME WEB SERVICE PADA PASAR VALAS

Penelitian ini bertujuan mengoptimalkan keuntungan perdagangan valas secara otomatis menggunakan robot trading namun tetap mempertimbangkan tingkat akurasi dan drawdown. Sistem evaluasi mengelompokkan kinerja robot trading berdasarkan sesi pasar perdagangan (Sydney, Tokyo, London dan New York) untuk menentukan robot trading yang tepat untuk digunakan pada sesi pasar tertentu. Sistem evaluasi ini berbasis web dengan perhitungan metode ELECTRE yang berinteraksi secara real-time dengan robot trading melalui web service dan mampu menyajikan grafik kinerja secara real-time pada dashboard dengan komunikasi protokol web socket. Aplikasi web diprogram menggunakan teknologi NodeJs. Pada periode pengujian, semua robot trading disimulasikan 24 jam di semua sesi pasar selama tiga bulan, robot trading terbaik dinilai berdasarkan kriteria laba, akurasi dan drawdown yang dihitung menggunakan metode ELECTRE berbasis web. Ide dari penelitian ini adalah membandingkan robot trading terbaik pada periode pengujian dengan kinerja kolaborasi empat robot trading terbaik di setiap sesi pasar. Penelitian ini menggunakan data historis pergerakan mata uang EURO terhadap USD sebagai periode pengujian dan 3 bulan berikutnya sebagai data validasi. Dari hasil penelitian, kinerja kolaborasi empat robot trading terbaik yang dikelompokkan berdasarkan sesi pasar dapat meningkatkan persentase keuntungan secara konsisten dengan tetap menjaga tingkat akurasi dan drawdown. Kata Kunci: Kinerja, Sistem Evaluasi, Valas, Robot Trading, ELECTRE This research aims to optimize forex trading profit automatically using EA but its still keep considering accuracy and drawdown levels. The evaluation system will classify EA performance based on trading market sessions (Sydney, Tokyo, London and New York) to determine the right EA to be used in certain market sessions. This evaluation system is a web-based ELECTRE methods that interact in real-time with EA through web service and are able to present real-time charts performance dashboard using web socket protocol communications. Web applications are programmed using NodeJs technology. In the testing period, all EAs had been simulated 24 hours in all market sessions for three months, the best EA is valued by its profit, accuracy and drawdown criterias that calculated using web-based ELECTRE method. The ideas of this research is to compare the best EA on testing period with collaboration performances of each best classified EA by market sessions. This research uses three months historical data of EUR against USD as testing period and other 3 months as validation period. As a result, performance of collaboration four best EA classified by market sessions can increase profits percentage consistently in testing and validation periods and keep securing accuracy and drawdown levels. Keywords: Performance, Evaluation System, Forex, EA, ELECTR

The Capital Market as a Growth Engine

Internationaler Finanzmarkt, Wirtschaftswachstum, Markteffizienz, International financial market, Economic growth, Market efficiency

STATER NV: E-Servicing Strategies

After two years of online experiments, Tom van Vianen, CEO, felt certain it was time to fully implement STATER NV’s new “e-servicing” concept with a cohesive strategy. Established in 1997 in The Netherlands and headquartered in Amersfoort, STATER had 27 business clients and serviced over 80 different mortgage portfolios of more than 450,000 mainly residential loans in the Netherlands, Belgium, and Germany. Their mortgage service operations and information systems were considered state-of-the-art in 2002, but they were moving business online while simultaneously increasing the types of services provided and expanding operations into Spain, France, and Italy—within the next five years. In a land known for taming the forces of the sea, Tom faced what seemed like a sea of “e-uncertainty.” What exact roles should STATER play in an online loan market? How should they position themselves to lead in those roles? The E-Servicing Steering Committee looked to Tom to direct them, and he knew he needed a clear vision for the next steering committee meeting in two months, in May 2002

Harnessing Markets for Water Quality

This issue of IMPACT is devoted to exploring and understanding the opportunities and challenges of harnessing markets to improve water quality. It looks at how markets could be implemented to address the growing concern of nonpoint source pollution as well as point sources. Recently, the EPA proposed a water quality trading proposal, which is summarized, reviewed, and critiqued

Information and communication Technology and Poverty: An Asian Perspective

The emergence of Information and Communication Technologies (ICTs), in particular the Internet, has generated new enthusiasms about the development prospects for poor economies. Many now think that new technologies can provide a faster route to better livelihoods and improved quality of life than the one afforded by the standard process of industrialization. The opposing view holds that the focus on ICTs will detract attention from the more fundamental task of addressing the basic problems of economic developmentICT; poverty; growth

Accelerated Internationalisation by Emerging Multinationals: the Case of White Goods Sector

The emergence of a "second wave" of developing-country multinational enterprises (MNEs) in a variety of industries is one of the characterizing features of globalization. These new MNEs did not delay their internationalisation until they were large, as did most of their predecessors, and often become global as a result of direct firm-to-firm contracting. Many grow large as they internationalise conversely, they internationalise in order to grow large. This is a striking pattern which, if confirmed, indicates that enterprises from developing countries have pursued distinctive approaches to internationalisation. It is a further interesting hypothesis to investigate to what extent such firms, born as suppliers of established incumbents, have leveraged on their "latecomer" status to accelerate their internationalisation. This paper documents how emerging MNEs may follow quite different patterns to reach, or at least approach, global competitiveness. In particular, it investigates how three latecomer MNEs pursued global growth through accelerated internationalisation combined with strategic and organizational innovation. Haier (China), Mabe (Mexico) and Arcelik (Turkey) emerged as Dragon Multinationals in the large home appliances (so-called "white goods") industry. This is a producer-driven global value chain, characterized by mature technology and rapid delocalization to developing countries, where not only input costs are lower, but demand growth rates are higher - giving a decided latecomer advantage to these MNEs. Haier, Mabe and Arçelik leveraged their strategic partnership with established MNEs to upgrade their operations, evolving from the production of simple goods, into new product lines developed through their own design, branding and marketing capabilities. The recipe of their success has been the ability to treat global competition as an opportunity to build capabilities, move into more profitable industry segments, and adopt strategies that turn latecomer status into a source of competitive advantage. At the same time, their experiences show that there are many strategies and trajectories for going global.Internationalisation; latecomer; MNEs; white goods; Haier; Arcelik; Mabe

Contributions to the study and modeling of knowledge development systems

Not availabl

Many moving parts: a look inside the U.S. labor market

Essay from the 2010 Annual Report.Federal Reserve Bank of St. Louis ; Labor market