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.

Electronic institutions with normative environments for agent-based E-contracting

Tese de doutoramento. Engenharia Informática. Faculdade de Engenharia. Universidade do Porto. 201

e-Business challenges and directions: important themes from the first ICE-B workshop

A three-day asynchronous, interactive workshop was held at ICE-B’10 in Piraeus, Greece in July of 2010. This event captured conference themes for e-Business challenges and directions across four subject areas: a) e-Business applications and models, b) enterprise engineering, c) mobility, d) business collaboration and e-Services, and e) technology platforms. Quality Function Deployment (QFD) methods were used to gather, organize and evaluate themes and their ratings. This paper summarizes the most important themes rated by participants: a) Since technology is becoming more economic and social in nature, more agile and context-based application develop methods are needed. b) Enterprise engineering approaches are needed to support the design of systems that can evolve with changing stakeholder needs. c) The digital native groundswell requires changes to business models, operations, and systems to support Prosumers. d) Intelligence and interoperability are needed to address Prosumer activity and their highly customized product purchases. e) Technology platforms must rapidly and correctly adapt, provide widespread offerings and scale appropriately, in the context of changing situational contexts

Ontology-based services for agents interoperability

Tese de doutoramento. Engenharia Electrotécnica e de Computadores. 2006. Faculdade de Engenharia. Universidade do Port

Business models for the Web: an analysis of top successful web sites

To investigate successful web business models, an original multidimensional framework is defined and applied to a large number of web sites. The framework‚ named BM*Web‚ combines issues already present in existing schema describing business models, with innovative aspects that have not previously been taken into account in those combinations or which are now viewed in a new light. Results of the application of BM*Web to the 500 top list of Alexa (at a speficic time) highlight an articulated picture where more than one success profile exists and not all of them include a web community, although a strong relationship exists between community and success under some conditions. The identification of features that characterize the most successful business models for the Web could be used to define guidelines for company management, once the appropriate profile for a company has been recognised.

Trusted operational scenarios - Trust building mechanisms and strategies for electronic marketplaces.

This document presents and describes the trusted operational scenarios, resulting from the research and work carried out in Seamless project. The report presents identified collaboration habits of small and medium enterprises with low e-skills, trust building mechanisms and issues as main enablers of online business relationships on the electronic marketplace, a questionnaire analysis of the level of trust acceptance and necessity of trust building mechanisms, a proposal for the development of different strategies for the different types of trust mechanisms and recommended actions for the SEAMLESS project or other B2B marketplaces.trust building mechanisms, trust, B2B networks, e-marketplaces

Smart Industry - Better Management

The ebook edition of this title is Open Access and freely available to read online. Smart industry requires better management. As industrial and production systems are future-proofed, becoming smart and interconnected through use of new manufacturing and product technologies, work is advancing on improving product needs, volume, timing, resource efficiency, and cost, optimally using supply chains. Presenting innovative, evidence-based, and cutting-edge case studies, with new conceptualizations and viewpoints on management, Smart Industry, Better Management explores concepts in product systems, use of cyber physical systems, digitization, interconnectivity, and new manufacturing and product technologies. Contributions to this volume highlight the high degree of flexibility in people management, production, including product needs, volume, timing, resource efficiency and cost in being able to finely adjust to customer needs and make full use of supply chains for value creation. Smart Industry, Better Management illustrates how industry can enabled by a more network-centric approach, making use of the value of information and the latest available proven manufacturing techniques

Building a Semantic Tendering System

In the new B2B e-commerce arena, applications such as auctions and data exchange are growing rapidly. However, Web content is currently designed for human consumption rather than computer manipulation. This limits the possibility of Web automation. Fortunately, the new development of the Semantic Web that allows Web pages to provide information not only in terms of their content, but also in terms of the properties of that content, can be used for automation. Electronic tendering systems are among the successfully commercial systems that can tremendously benefit from the availability of Semantic Web. This study proposes an e-tendering system that uses the Semantic Web to investigate the automatic negotiation process. The system is built in a P2P environment to simulate a two-player negotiation. It is found that the ontology of semantic information can be used to locate qualified suppliers and precede negotiation. The bargaining power of each party is then determined by the relative magnitude of the negotiators’ respective costs of haggling and the utility that varies with the degree of risk preference. Our experiments showed that applying automatic negotiation strategies to e-tendering system in semantic web can reflect the risk preference of the participants