Dancing to another tune: classical music in nightclubs and other non-traditional venues

Indeed, the number of classical music concerts in non-traditional venues worldwide is too great to chronicle here; instead, this chapter will focuses on British developments. Indeed, the number of classical music concerts in non-traditional venues worldwide is too great to chronicle; this chapter focusES on British developments. National Portfolio Organisations looking to widen their reach might do well to try out a new venue, collaborate with existing organisations, or adopt some of the innovations examined in this chapter. In the United Kingdom, performances of classical music in non-traditional venues are widespread. Nonclassical was founded by the composer Gabriel Prokofiev, whose background in electronic music had inspired him to set up Nonstop, a small experimental dance music label. By giving the audience time and space to socialise before, after, and even during performances, organisers of classical music concerts in non-traditional venues acknowledge there is more to attending a concert than just listening to music

High-Frequency Trading and its Role in Fragmented Markets

Securities trading underwent a major transformation within the last decade. This transformation was mainly driven by the regulatory induced fragmentation and by the increase of high-frequency trading (HFT). On the basis of the electronic market hypothesis, which poses that coordination costs decline when markets become automated, and the efficient market hypothesis in its semi-strong form, we study the effect of HFT on market efficiency in the European fragmented market landscape. In doing so, we further incorporate the realm of financialization, which criticizes the increase in transaction speed. By conducting a long-term analysis of CAC 40 securities, we find that HFT increases market efficiency by leveling midpoints between Euronext Paris and Bats Chi-X Europe. On the basis of a crosscountry event study, we analyze the effect of the German HFT Act. We observe that the midpoint dispersion of blue chip securities between the two leading venues Deutsche Boerse and Bats Chi-X Europe increased. We conclude that HFT increases market efficiency in the European market landscape by transmitting information between distant markets

High-frequency Trading and its Role in Fragmented Markets

The financial services industry is among the leading industries in IT-spending. Still, little research exists which investigates how IT influences the financial services sector. Against this background, we study how a technology which emerged within the last years affects securities trading: High-Frequency Trading (HFT). Hereby, we focus on HFT and its impact on market efficiency. On the basis of a long-term analysis, we find that HFT decreases price dispersion among two distant markets. Analyzing the introduction of the German HFT Act, we further observe that the price dispersion between two leading trading venues for German blue chip securities increased. We conclude that HFT increases market efficiency in the European market landscape by transmitting information between distant markets

Livestreaming music in the UK: quantitative analysis

As part of a larger project on livestreaming, we created a survey to investigate how musicians’ working lives have been impacted by COVID-19, and whether livestreaming has helped them. We also sought to discover musician and audience attitudes towards livestreaming, as well as the role that they think it will play in the future. Using exploratory factor analysis, we were able to identify several theoretical latent constructs in the data, which we converted to principal components to use in three multiple linear regression analyses. These allowed us to single out several variables that predicted the number of livestreams performed by musicians, and also the number watched/paid for by livestream viewers. A central theme that arose was the importance of communication during livestreams, both between audience and performer, and among audience members. Concerns about the lack of interaction and shared emotional experience appear to hold people back from watching. Opinion is mixed over whether livestreaming will provide musicians with a viable, additional income stream, but people agree that it has a role in the future for reaching new audiences, and also that it should embrace new possibilities made possible by the format rather than aim to replicate the physical concert experience

Livestreaming Music in the UK: Report for Musicians

The aim of this research project is to share information on the practice of livestreaming concerts with musicians, with a view to enabling them to add livestreaming to their income ­generating activities. The COVID ­related lockdowns have propelled many musicians into the livestreaming arena and the practice of livestreaming concerts continues to evolve rapidly. This report can only provide a snapshot of the current situation, as technological innovation, potential changes in licensing, and the sharing of good practice will have an impact on how livestreaming is done in future. The report serves in part as a guide to the practical matters of livestreaming, such as monetisation methods, platforms and technical and licensing aspects, and in part as an overview of current livestreaming practices. It also aims to outline the role that livestreaming is playing during the COVID pandemic and its potential role in a post­-pandemic world. There are five main themes that have emerged from the research project

The Impact of IT-Based Trading on Securities Markets

The emergence of IT-based trading activities like algorithmic trading or high-frequency trading alters the traditional trading environment within financial markets. Thus, the question arises whether this technological arms race positively affects market quality or represents a risk related to market integrity. Within this study, we evaluate the order-to-trade-ratio for measuring overall IT-based trading activity. Furthermore, in a longitudinal study, we assess the impact of the order-to-trade-ratio on market quality. We find strong indications that price uncertainty has decreased with an increased order-to-trade-ratio and therefore has a positive impact on financial markets. However, the mere upgrade of the trading systems does not relate into increased market liquidity

The Impact of High-Frequency Trading on Modern Securities Markets

High-frequency traders account for a significant part of overall price formation and liquidity provision in modern securities markets. In order to react within microseconds, high-frequency traders depend on specialized low latency infrastructure and fast connections to exchanges, which require significant IT investments. The paper investigates a technical failure of this infrastructure at a major exchange that prevents high-frequency traders from trading at low latency. This event provides a unique opportunity to analyze the impact of high-frequency trading on securities markets. The analysis clearly shows that although the impact on trading volume and the number of trades is marginal, the effects on liquidity and to a lesser extent on price volatility are substantial when high-frequency trading is interrupted. Thus, investments in high-frequency trading technology provide positive economic spillovers to the overall market since they reduce transaction costs not only for those who invest in this technology but for all market participants by enhancing the quality of securities markets

Dancing to another tune: classical music in nightclubs and other non-traditional venues

Indeed, the number of classical music concerts in non-traditional venues worldwide is too great to chronicle here; instead, this chapter will focuses on British developments. Indeed, the number of classical music concerts in non-traditional venues worldwide is too great to chronicle; this chapter focusES on British developments. National Portfolio Organisations looking to widen their reach might do well to try out a new venue, collaborate with existing organisations, or adopt some of the innovations examined in this chapter. In the United Kingdom, performances of classical music in non-traditional venues are widespread. Nonclassical was founded by the composer Gabriel Prokofiev, whose background in electronic music had inspired him to set up Nonstop, a small experimental dance music label. By giving the audience time and space to socialise before, after, and even during performances, organisers of classical music concerts in non-traditional venues acknowledge there is more to attending a concert than just listening to music