Domestic Trading Research Articles

The Impact of the EU Carbon Border Adjustment Mechanism on Chinas Exports and Suggestions on Countermeasures

The European Parliament plans to gradually introduce the Carbon Border Adjustment Mechanism in 2023, with a complete implementation set for 2026. As an essential trading partner of the EU, China will shoulder an additional carbon border tariff due to the lack of low-carbon technology and the dependence on extensive development patterns. These extra costs will undermine the profit margins of Chinas carbon-intensive industry sectors, possibly resulting in decreased exports and a restructuring of production. The latest estimate of the exact costs of Chinas embedded carbon exports to the EU is a problem that has received limited academic attention. Using the IPCC carbon emission accounting methodology and non-competitive single-region input-output analysis, this research precisely measures the embedded carbon in Chinas exports to the EU for the nine most affected industries. Furthermore, this study quantifies the impact of the CBAM on Chinas exports of these nine industry sectors. The findings suggest that China should improve the domestic carbon emission trading system and take the initiative to participate in formulating a carbon pricing consultation and dialogue mechanism, mitigating the negative impact of the EU CBAM on exports.

The Prospects for Legalizing Crypto Trading in Uzbekistan

Uzbekistan has signaled growing acceptance of block-chain technologies and informal crypto activity, although formal trading is not yet enabled. Crypto currencies grow in global popularity; Uzbekistan has an opportunity to become a regional leader in crypto adoption and innovation. However, regulatory uncertainty and restrictive policies currently deter domestic crypto trading and block-chain investment. This article analyzes the crypto landscape in Uzbekistan, barriers to formal crypto markets, benefits and risks of legalization, and provides targeted policy recommendations focused on governance, licensing, taxation, and consumer protection. With smart legalization efforts, Uzbekistan can foster crypto innovation while managing risks. Prohibitive restrictions and lack of regulatory clarity deter domestic innovation and growth of formal crypto. Enabling licensed exchanges and streamlining crypto entrepreneurship could create high-skill jobs, attract investment. The global race for crypto leadership has overlooked consumer harm from price crashes, frauds, hacks, and ransom ware now surfacing across inadequately regulated markets.

Feasibility Study on ATM/ITM Demand for Production with KPI Metrics in Ethiopia

Automatic Teller Machines (ATM) is an innovative service delivery mode that offers diversified financial services. These are operated by the information and communication applications as a result in today’s business environment internet has major influences for all financial, banking and commercial transactions. ATMs allow bank customers to withdraw cash properly anytime, anywhere and at all hours without going to actual bank by online automation of banking transaction services. The customers also acquire different real-time service. As a result the cashless payment system adoption and innovation greatly helped the market growth forecasts of Automatic Teller Machine (ATM). This new technology is testing and demanding different finance institutions to be highly competitive in every aspect of economy. There are different types, designs and configuration of ATM/ITM machines. Their software and hardware must be confidential to support the banking services. CBE is the pioneer in introducing ATM payment system in Ethiopia and then after it got a Visa membership. Actually banking industry in Ethiopia hasn’t developed well and need to be modernized by introducing new E-banking technologies in the banking system therefore all banks operating in Ethiopia should recognize the need for introducing electronic banking system to satisfy their customers. These help them to fulfill the requirements of rapidly expanding domestic and international trades, and increasing international banking services. There is an increase in banks, bank branches and ATM usage by banks. The ATM demand is showing increment but there are no known companies that provide SKD/CKD assembling services. They are only imported as CKD and assembled for service by exporter representatives. For promotion of the E-banking in general and ATM in particular companies need to have their own assembling, service and maintenance factory due to the positive developments in financial, banking and commercial transactions Keywords: ATM; ITM; E-banking; FI; Banking; Market

МОНІТОРИНГ СУЧАСНОГО СТАНУ ФОНДОВОГО РИНКУ УКРАЇНИ

The article monitors the stock market of Ukraine in the period 2019–2023. The definition of the concept of “stock market” is considered. Analyzed different periods, both before the full-scale invasion and during the war. The stock market in any country in the world is characterized by the number of issued financial instruments by business entities. It is also characterized by the volume of exchange trading in these instruments. The stock market is an indicator of the state of the country’s economy. It also performs specific functions in the financial policy of the country. Its development and increase in functionality is a priority task of the government. The development of the stock market of our country is based on the experience of the developed countries of the world. It should be noted that the stock market of our country is at the stage of formation, based on the volume and number of financial instruments with which operations are carried out on the market. Based on the MSCI classification, the stock market of our country belongs to the least developed category. This is due to certain restrictions introduced by the NBU for foreign investors, as well as their failure to perform their main functions properly. It is clear that the full-scale invasion of the Russian Federation, which took place in February 2022, had a negative impact on the capital market of our country. Based on the information provided by the National Commission for Securities and the Stock Market (NCSCFR) for the analyzed period, it is gradually recovering despite the hostilities taking place on the territory of our state. Thus, in comparison with 2019, in 2023, the volume and number of bond issues registered by NKCPFR increased, the volume of investment certificates of mutual investment funds increased, and the volume of exchange contracts with securities on domestic trading platforms increased. Transactions on exchange contracts with securities in most cases take place on the stock exchanges “Perespektiva” and PFTS. Positive developments are observed in all segments of the stock market. But it should be noted that in terms of trading instruments, the stock market of Ukraine has a low level of development. Full recovery and development of the capital market of our country is possible only after the end of the war.

A Deep Neural Network-Based Assistive Decision Method for Financial Risk Prediction in Carbon Trading Market

The price of carbon emission rights in the market fluctuates greatly due to various factors from economy, finance, and climate. For an enterprise that needs to conduct carbon trading activities, it is extremely necessary to fully grasp the price of carbon trading in the future period. Thus in this paper, a deep neural network-based assistive decision model for financial risk prediction in carbon trading market is proposed for this purpose. Specifically, the dynamic risk spillover effects of domestic and international carbon trading markets are studied, and a frontier time-varying model is utilized to measure the risk spillover effects. Then, the deep neural network is used for quantitative research and to construct an intelligent decision scheme that outputs financial risk prediction results. Four perspectives, energy price, climate environment, carbon market price, and macroeconomics, are selected as the input to analyze the influence factors of carbon emission rights price. Finally, several linear regression models are adopted as the baseline methods for comparison, and experimental results show that the proposed method can achieve better prediction performance compared with baseline methods.

Architectures of Coloniality

The Owens Valley Paiute, traditional caretakers of the “Land of Flowing Water,” face continued threats to their livelihood due to decades of water extraction from the region by the city of Los Angeles. The precarious state of Indigenous lands and peoples across California is entangled with historical processes supported by the Bureau of Indian Affairs (BIA) and the off-reservation boarding school system. During the first half of the twentieth century, Paiute, Mission Indian and other Indigenous youth were sent to the Sherman Institute in Riverside, the last of twenty-five boarding schools to be built and operated by the BIA. Accompanying its Mission Revival style façade and the associated narratives of racial uplift, the school aimed to distance students from tribal affiliations, teaching them Anglo, heteropatriarchal forms of domesticity, and training them to become wage laborers in the farming, construction, and domestic service trades. After graduation, many students were employed by the federal government to convert tribal lands to agricultural plots and private property, while many others found low-wage, unskilled positions in the building and maintenance of Southern California’s expanding metropolis. This paper investigates the role of the Sherman Institute in the exploitation of Indigenous lands and labor for regional development, and therefore, the production of racialized precarity for Indigenous peoples. By engaging with Indigenous epistemologies, the paper works to stretch the limits of history/theory, to expose systems of confinement for their racialized underpinnings, and to introduce more fluid conceptions of land, property, and personhood.

Peer-to-peer trading in smart grid with demand response and grid outage using deep reinforcement learning

With the price of green energy now more reasonable, users can now produce enough electricity to meet their needs and make a profit by selling the surplus on the underground P2P energy market. For households, energy trading and demand management can reduce electricity costs. However, consumers generally obtain market offers based on their expectations and the forecasts of other households. However, the P2P exchange system is not able to quantify the gap between these offers and the best market. The objective of this paper is to apply deep reinforcement learning techniques to optimal energy trading and demand response (DR) methods within a peer-to-peer (P2P) market. The main objective is to maximize cost reductions. The best approach to achieve this objective was investigated as part of this project. The complexity of domestic energy trading and energy recovery is formally characterized as a partially observable Markov decision process (POMDP). Through decentralized training and performance-based learning, the strategy maximizes policy and value functions. In order to identify the most effective proactive solutions, a comparative analysis is carried out between the two parties. Based on the simulation results, it was observed that implementing the recommended reinforcement learning strategy to optimize peer-to-peer (P2P) energy exchange can lead to a significant improvement in the average household reward. Specifically, the average household reward can be increased by 7.6% and 12.08% by employing the aforementioned approach.

Tea Mosquito Bug (Helopeltis spp.): A Pest of Economically Important Fruit and Plantation Crops: Its Status and Management Prospects

The tea mosquito bug (Hemiptera: Miridae) is the recognized pest of fruits and plantations across the world. In India, three species viz. Helopeltis antonii, H. bradyi and H. theivora are dominant among different species and found attacking a wide range of crops. Several alternate host plants of the tea mosquito bug have been recorded, especially in Africa and Asia. The nymphs and adults of the tea mosquito bug suck the sap from leaves, buds and shoots, which results in heavy crop losses. The pest is posing a serious challenge in domestic and overseas trades. For better management decisions, it is very much important to know about pest status, bionomics, distribution, host range, etc. The focus on the management of tea mosquito bug has to emphasize from chemical to traditional, indigenous technical knowledge and integrated pest management using the accessible resources to reduce the resistance development and limit the residual effects. This review highlights the significant works conducted on tea mosquito bug with detailed management strategies. The information on current status, host preference, incidence and early detection of this pest are discussed.

When financial advice rocks the market

We document the impact of recommendations by a hugely influential Chilean pension advisor, H&L, on pension investments by individuals, domestic stock market outcomes, and pension fund manager investment strategies. Following H&L's retirement portfolio recommendations, pension investors shifted amounts that, in a week, often exceeded 100% of monthly domestic stock trading volume. The market believed the recommendations—domestic stock prices responded, but they did so without trade: the massive portfolio shifts did not generate abnormally-high trading volume. To accommodate H&L's impact, pension managers adjusted portfolio compositions, making them more similar, and shifted holdings of liquid assets rather than domestic stocks.

Large gaps in voluntary sustainability commitments covering the global cocoa trade

The production and trade of agricultural commodities, such as cocoa, have important impacts on farmer livelihoods and the environment, prompting a growing number of companies to adopt public commitments to address sustainability issues in their value chains. Though trading companies, who handle the procurement and export of these commodities, are key actors in corporate sustainability efforts, cross-country data on their identity, market share, and adoption of sustainability commitments is lacking. Here, we address this gap for the cocoa sector by compiling detailed shipping data from eight countries responsible for 80% of global cocoa exports, developing a typology of trader types, and assessing their adoption of sustainability commitments. We find that cocoa trading is a highly concentrated market: seven transnational companies handled 62% of the global cocoa trade, with even larger shares in individual cocoa producing countries. The remaining 38% of exports were handled by domestic trading companies and farmer cooperatives. Overall, the adoption of public sustainability commitments is low. We estimated that just over one quarter (26%) of cocoa is traded under some form of sustainability commitment, with gaps arising from their exclusion of indirect sourcing, low adoption rates by domestic traders, and commitment blind spots, notably on forest degradation and farmer incomes. Low rates of traceability and transparency pose a further barrier to the broadscale implementation and monitoring of these commitments: one-quarter of traders report being able to trace at least some of their cocoa back to farmer cooperatives and only half of them openly disclose the identity of their suppliers. We discuss the opportunities and limitations of voluntary sustainability commitments in a highly concentrated market and argue that, to realize visions of sustainable trade, the gaps in commitment coverage must be closed by extending current efforts to smaller traders and indirect suppliers. However, companies must support, coordinate and align with government efforts so that voluntary initiatives are ultimately rendered more transparent and accountable.

Thị trường vàng sau Nghị định 24 và một số khuyến nghị

Gold plays an instrumental role in the world economy in general and Vietnam in particular, even though it is no longer a currency. In an attempt to stabilize the fluctuated gold market in the early 2000s, the Vietnamese government issued numerous documents, including (i) regulations on the termination of the gold trading floor and domestic gold trading accounts, (ii) regulations on the termination of gold mobilizing and lending activities of credit institutions, (iii) regulations on the management of gold business activities, (iv) regulations on the sanctions for administrative violations in the field of foreign exchange and gold. Decree 24/2012/ND-CP, regulations on the management of gold business activities, is supposed to be the most comprehensive document, which contributes to the restructuring and reorganization of the entire Vietnamese gold market under the control of the State Bank. This paper analyzes the context of Decree 24 issuance and evaluates the outcomes of Decree 24 application based on the following criteria: (i) restructure the gold market and put a restraint on the “goldalized” economy, (ii) stabilize the gold price and reduce the impacts of gold price on the macro-economy, in turn, proposing suggestions regarding the gold market management in the current context.

Research on Localization Status and Investment Strategy of Quantitative Fund in China

In this paper, Quant funds in China based on the market as a starting point for research, at the current mainstream of modern portfolio theory, the factor model and the theoretical basis of dynamic DEA, mainly analyze the modern portfolio theory in the application of funds of funds, not a single security analysis, especially since 2014, when the domestic market emerged a lot of “FOF "and ”FOHF." Most of these portfolio funds do not carry out in-depth analysis of the underlying funds or even understand the trading methods and essence of various strategies, but focus on the combination of various strategies of hedge funds. In this paper, combined with their own learning experiences, the analysis of the various domestic trading strategies, combined with the quantitative funds in China, local firm performance, and portfolio of related theory, the study of portfolio theory in the domestic application of portfolio management, and the practice of funds allow us to put forward some useful suggestions and thinking.

국내 증권사에 소속된 애널리스트의 목표주가 변경과 투자주체별 매매행태

본 연구는 국내 증권사에 소속된 애널리스트의 목표주가 변경이 발표일 전후로 주요 기간별 주가에 미치는 영향과 목표주가 변경에 따른 투자주체별 매매행태가 주가반응에 미치는 영향에 대해 분석한 것이다. 자료는 유가증권시장을 대상으로 국내 기업분석보고서에서 목표주가를 변경한 19,666건을 사용하였다. 본 연구의 주요 분석결과는 다음과 같다. 첫째, 애널리스트가 목표주가를 상향으로 변경한 경우 발표일 이전부터 주가는 상승하고 있었으며, 주가의 상승속도는 발표일에 근접할수록 증가하는 것으로 나타났다. 다만 발표일 초기 후부터 주가는 지속적으로 하락하였다. 둘째, 목표주가 하향변경의 경우 발표일 이전부터 주가는 이미 하락하는 것으로 나타났다. 이때 주가의 하락속도는 발표일에 접근할수록 증가하였다. 셋째, 목표주가 상향변경의 경우 외국인과 기관투자자는 CAAR과 대부분 양(+), 개인투자자는 음(-)의 관계를 가지는 것으로 나타났다. 하향변경에서는 기관투자자 CAAR은 대체로 양(+), 개인투자자는 음(-)의 관계를 보였다. 이때 외국인 투자자는 CAAR과 어떤 일관된 결과를 보이지는 않았다. 이러한 결과들은 자본시장에 참여하는 투자자들에게 유용한 정보를 제공한다는 측면에서 의미가 있는 것으로 판단된다.

Competitive Strategy and Developing Direction of Second-hand Trading Platform—Taking Xianyu As an Example

Due to the increasing development of e-commerce and the maturity of C2C business, the second-hand trading platform of idle goods has also begun to actively explore the perfection of online services. At present, research on online marketing strategies at home and abroad has reached a certain scale, but it is relatively rare for the targeted field of second-hand idle items. The customer base is large, but there is less research on relevant aspects. This paper takes Xianyu APP as the research object. Through the use of literature research methods and observation methods, this paper analyzes its current situation and shortcomings in the competitive strategy of Internet platforms, combines its own natural advantages, and formulates the optimization safeguard measures and suggestions required for the competitive strategy of Xianyu APP in the new network environment. In the competitive strategy research of Xianyu APP, it can supplement the content of competitive marketing in the idle item trading module to a certain extent, give a development direction to domestic second-hand trading platforms, and can also bring reference to relevant platforms and enterprises.

Domestic versus International Emissions Trading with Capital Mobility

Domestic versus International Emissions Trading with Capital Mobility

The use of modern digital technologies in public administration

The article examines and analyzes the possible path of development and use of cryptocurrencies in the Russian Federation in a comparative analysis with Europe and the United States as one rapidly developing sector of the economy. The degree of research on the legalization of cryptocurrencies in the Russian Federation through the use of methods of logical, economic, historical analysis of scientific developments is studied. The use of the token as one of the tools for the development of the domestic trading network "Magnet" has been studied. The article is an undertaking, a stage for further study, by identifying the risks and features associated with the features of the economic system of the Russian Federation.

DEVELOPMENT OF EXCHANGE TRADING: CURRENT STATE AND PROSPECTS

The article analyzes the main trends in the development of global and domestic stock exchange trade. The development trends of the international stock market are considered and characterized. The current state and structure of global exchange trading in commodity and financial derivatives in 2013-2022 is analyzed. An analysis of the structure of the world exchange trade was carried out, in particular its following groups: stock indices, securities, interest rates, currency, energy resources, agricultural products, precious metals. The structure of the world stock market was studied by geographical regions. . The volume of trade activity in various regions was studied in 2013, 2021-2022. It was found that the largest percentage share of world trade activity during the last decade was occupied by the Asia-Pacific region. The main factors affecting the current state of development of stock trading in the world are systematized. The dynamics of exchanges in Ukraine during 1995-2022 were considered. The number and structure of exchanges by specialization were analyzed. The main problems of the development of the domestic exchange trade are summarized. The main problems of the development of domestic exchange trading are the imperfection of regulatory regulation and the inconsistency of the legislative framework, the low level of liquidity of exchange operations on commodity exchanges, the presence of non-exchange goods at auctions, the absence of trading in futures and options, the absence of an exchange culture. The directions of the development of exchange trade in the domestic economy have been determined. The key prospects for the development of domestic exchange trading are the establishment of effective development of exchange trading in agricultural products, the development of the market for renewable energy sources, the participation of Ukrainian producers in bidding on world exchanges, the creation of a favorable legislative space, the implementation of state programs to stimulate participation in exchange trading, preventing the increase in the number of exchanges on the commodity market. market, educational activities.

Coupling effects of consumption side renewable portfolio standards and carbon emission trading scheme on China's power sector: A system dynamic analysis

To fulfill the goals of sustainable development and emission reduction, China has established the consumption side renewable portfolio standards (RPS) and domestic nationwide carbon emission trading (CET) scheme. However, there are intricate interrelationships between the two mechanisms as they overlap in policy goals and implementation measures, which might lead to policy synergy or policy ineffectiveness. Therefore, investigating the coupling effects in the context of policy coexistence is imperative for policy optimization and realization of the policy objectives. In this study, a simulation model cooperating the electricity market, the excess consumption trading market, the tradeable green certificates (TGC) market and the CET market, based on the system dynamics (SD) methodology is proposed. The paper comprehensively investigated the complex relationship between the four markets and conducted experiments with different scenario settings in RPS quota goal and carbon quota goal. The results illustrate that: (1) Both mechanisms can facilitate the expansion of renewable electricity and improve the power supply structure. (2) The quota goals of the two policies should be reasonably set as they contain both the abovementioned overlapping effects, as well as conflicts in the effects on the total electricity supply and electricity price. (3) The consumption side RPS is conductive for market absorption of renewable electricity with a proper higher RPS quota goal. (4) The TGC market is oversupplied, and the price keep decreasing under the consumption side RPS, more demand incentive mechanisms are required for TGC market.

기술거래플랫폼 서비스 개선방안에 대한 연구

Purpose - The domestic technology trading market is composed of a technology trading platform with the participation of technology trading institutions. The institution that operates the technology trading platform provides various support for technology transaction. The purpose of this study is to suggest improvement plans through analysis of the services provided by the technology trading platform. Design/methodology/approach TA model was built based on existing research and the importance and satisfaction of each evaluation item of the model were identified through the hierarchical analysis process and expert opinion gathering. Then importance-satisfaction correlation analysis was applied. Findings - As a result of analyzing the importance of the technology trading platform, supply technology information, technology value evaluation, and demand technology information are in order. Technology marketing and demand technology information are areas that require focus management and there are differences according to experience and low-skilled people suggest the need to improve technology value evaluation service. Research implications or Originality - This study is significant in that it evaluated the operational performance of a technology trading platform that had not been addressed for 15 years and suggested improvement measures. Initially a series of technology transaction processes such as technology value evaluation technology matching and technology commercialization support were expanded from simple information on previous technology and this study includes these changes.

Domestic liquidity of cross-listed stocks: Evidence from the ADR market

This paper examines the impact of cross-listing in the US on domestic liquidity of the cross-listed stocks. We use a sample of firms from 31 developed and emerging economies that cross-listed their shares on major US stock exchanges through an American Depository Receipt (ADR) program between 1998 and 2020. The study finds that domestic liquidity increases significantly following a US cross-listing for both developed and emerging market firms. Our results suggest that for firms in developed markets, domestic trading activity decreases before and during the cross-listing year. However, it increases significantly in the long-term, suggesting evidence of the ‘flow back’ effect. For firms in emerging economies, the anticipatory, impact, intermediate and long-term effects on domestic liquidity are all significantly positive. We also find evidence for the ‘bonding hypothesis’ suggesting that the improvements in domestic liquidity are greater for cross-listed firms from countries with low rule of law, weak investor protection and bad quality of accounting information long-term.