Secondary market trading infrastructure of government securities

The subject of our study is the trading infrastructure of government securities markets, which has undergone fundamental changes driven by the appearance of non-exchange electronic platforms and the rapid rise of their share in the trading volume of developed markets. The summary of the relevant literature indicates that improved trading transparency clearly increases the efficiency of the market (its role in price discovery). Its effect on market liquidity, however, is less clear-cut. While the loss of anonymity most likely decreases liquidity, transparency on the quantity and price of concluded transactions enhances liquidity. The emergence of electronic trading on developed government securities markets has not changed the fundamental structure of trading, which continues to take place in two segments: between dealers (B2B) and between dealers and clients (B2C). There is, however, no interbank trading platform on the Hungarian government securities market, although data vendors and other platforms serving clients have sprung up. Nonetheless, more than 90 per cent of trading takes place through traditional OTC channels. Consequently, actors which are interested in market processes and prices, but do not actively trade on the Hungarian market have trouble accessing high-standard, quasi-real-time price information. The MiFID initiative – launched at the European level – may contribute to improving the Hungarian market’s transparency by engendering the regulation of the bond market similar to that of the equity market. Introduction of the euro in Hungary will fundamentally change the country’s market structure. The sovereign debt manager’s leeway will increase, and the key direct actors on the government securities market are expected to be the major international actors, which are interested in the centralisation of government securities trading by currencies. Based on the broad electronisation of the euro-denominated government securities market, it is likely that electronic platforms will also gain ground on the Hungarian market, following the introduction of the single currency at the latest.government securities market, secondary trading, transparency, efficiency, market liquidity.

A new model to support the personalised management of a quality e-commerce service

The paper presents an aiding model to support the management of a high quality e-commerce service. The approach focuses on the service quality aspects related to customer relationship management (CRM). Knowing the individual characteristics of a customer, it is possible to supply a personalised and high quality service. A segmentation model, based on the "relationship evolution" between users and Web site, is developed. The method permits the provision of a specific service management for each user segment. Finally, some preliminary experimental results for a sport-clothing industry application are described

An Empirical Analysis of Transparency-Related Characteristics of European and US Sovereign Bond Markets

We examine transparency-related characteristics of European and US sovereign bond markets and relate these to differences in primary issuance approaches and the design of the different trading platforms. We highlight the existence of a winner’s curse problem in the interaction between B2C and B2B segments of the market, and we provide evidence to analyze its prevalence. We examine the problems that can arise as the result of increasing the transparency of the B2B segment of the market and use the experience of the eSpeed platform in the US to obtain insights into these effects. Our analysis is directly relevant to the policy debate about whether to apply MiFID transparency requirements to the EU sovereign bond markets: our results suggest great caution in creating an extremely homogenous and transparent trading environment for sovereign bonds.

The new EFQM model: What is really new and could be considered as a suitable tool with respect to Quality 4.0 concept?

Purpose: The paper offers a set of original information based on critical analysis of description two last versions of excellence models presented by the European Organisation for Quality Management (EFQM). The principle goal is to present the main advantages and weaknesses of the latest version of The EFQM Model, especially from a practical point of view with respect to a Quality 4.0 era. Methodology/Approach: Comparative analysis of two relevant documents (EFQM, 2012; EFQM, 2019a) was used as a key method. Discussions with 18 quality professionals from Czech production organisations served as a complementary approach. Findings: The basic structure of a new model was completely changed. But the description of certain recommendations by way of guidance points are superficial and confusing. It lays stress on the necessity to transform organisations for the future as well as on comprehensive feedback from key stakeholders. Research Limitation/implication: The latest version of The EFQM Model was published in November 2019, and general knowledge related to this version is naturally limited. Published studies or publicly available experience completely absent. That is why a more in-depth literature review focused on the latest version of The EFQM Model could not be included in this text. Originality/Value of paper: The paper brings an original set of information that was not published yet before. The value of this set should be examined not only from theoretical but primarily from a practical viewpoint.Web of Science241281

A characteristics framework for Semantic Information Systems Standards

Semantic Information Systems (IS) Standards play a critical role in the development of the networked economy. While their importance is undoubted by all stakeholders—such as businesses, policy makers, researchers, developers—the current state of research leaves a number of questions unaddressed. Terminological confusion exists around the notions of “business semantics”, “business-to-business interoperability”, and “interoperability standards” amongst others. And, moreover, a comprehensive understanding about the characteristics of Semantic IS Standards is missing. The paper addresses this gap in literature by developing a characteristics framework for Semantic IS Standards. Two case studies are used to check the applicability of the framework in a “real-life” context. The framework lays the foundation for future research in an important field of the IS discipline and supports practitioners in their efforts to analyze, compare, and evaluate Semantic IS Standard

Business process management: a bird's-eye view and research agenda.

Processes; Management; Research;

E-Business maturity and information technology in Portuguese SMEs

The latest technological advances made over recent times led to a profound market change, characterized by increased competition. In order to be competitive, organizations have been forced to adapt themselves to this new reality, seeking innovative solutions permitting them to achieve lower costs, greater productivity and differentiation from competition. This work focuses the e-business maturity stages of Portuguese small and medium enterprises (SMEs). Our goal is to identify in which e-business maturity stage they are and explore the relationship between their e-business maturity and the technology they use. forced to adapt themselves to this new reality, seeking innovative solutions permitting them to achieve lower costs, greater productivity and differentiation from competition. This work focuses the e-business maturity stages of Portuguese small and medium enterprises (SMEs). Our goal is to identify in which e-business maturity stage they are and explore the relationship between their e-business maturity and the technology they use

Empirically Grounded Development of a Maturity Model for AI in B2B Sales

This paper addresses the growing prominence of Artificial Intelligence in B2B software investing and the pressing need for effective AI implementation. Despite the immense potential, evidence shows that most AI initiatives fail. To bridge this gap, this study introduces a B2B sales AI maturity model, leveraging the structured framework of maturity models to help firms prepare for AI adoption. Drawing from the Design Science Research process, the study elaborates on the development of the maturity model through iterative stages, encompassing, for example, a literature review, expert interviews, and case studies. The goal is to enable firms to assess their AI implementation maturity and identify areas for enhancement to effectively integrate AI into their sales functions. The paper highlights the need for a robust framework tailored to AI in B2B sales and highlights the contributions and potential impact of the research on reshaping B2B sales practices in the AI era

Towards a B2B E-Commerce Evaluation Management Model to Assess Organizational Drivers in Hospitals

Effective utilization of business-to-business (B2B) electronic commerce (e-commerce) in hospitals may lead to many benefits such as increased accessibility to healthcare providers, improved process efficiency, enhanced quality of healthcare services, increased responses to changes, decreased scheduling conflicts, and reduction in administrative costs. However, many hospitals have found that they have not yet fully reaped the expected benefits from their B2B e-commerce investments. Despite this, there has not been much discussion in the literature with respect to the relationship between the organizational drivers on B2B e-commerce benefits for hospitals. Hence, a mixed-method of case study and survey was conducted to examine the relationships between B2B e-commerce benefits, IT evaluation resources allocation, IT investment evaluation methodologies, IT maturity, and user information requirements determination process. A B2B e-commerce evaluation management model was developed to test these relationships. The results provided empirical evidence in support of our proposed model and revealed that hospitals’ IT evaluation resources allocation practices mediated the relationship of IT investment evaluation methodologies, IT maturity, and user information requirements determination process with B2B e-commerce benefits. The results also showed that the level of IT maturity had a significant impact on the adoption of IT investment evaluation methodologies