Electronic Communication Networks Research Articles

An assessment of the proportionality of regulation of ‘over the top’ communications services under Europe's common regulatory framework for electronic communications networks and services

‘Over the top’ communications services such as Skype and FaceTime are changing the way we communicate, carrying voice and video traffic over the Internet. Unlike traditional mobile and fixed line alternatives, these services fall outside the reach of the common regulatory framework. Whilst an absence of regulation is not appropriate, neither is subjecting these services to the full gamut of regulation the path forward: an analysis of the core elements of the regulatory frameworks reveals that, in respect of data retention and privacy, harmonisation of regulation is appropriate. The remaining challenge is determining whether effective regulation could indeed be imposed on services offered from outside the EU.

A Framework for Safe Mode Alarm Reporting Technique (SMART) in ATMs

current era, with the changes in financial transactional trends, the usage of Automated Teller Machines is excelling around the world to meet the customers need. The technological enhancement in this direction is supporting various aspects relevant to the smooth, safe and secure communication and functionality of Automated Teller Machine. But, in reality, the risk of hacking or robbing is also increasing even after the implementation of such security measures. Thus, the paramount requirement relevant to ATM is to maintain its security while accessing the cash and banking services through electronic communication network and its infrastructure. In this paper, we have introduced a specific security feature, to protect customers who are forced to withdraw cash from ATM on gun-point and under threat by criminals. In this paper, an innovative approach to handle the safety and security of customer through modifications in software and physical security system of the ATM, in such duress cash withdrawal has been proposed. The proposed framework is expected to safeguard customer's life risk and restrict the financial loss of customer as well as bank associated with ATM, along with the tracing of looted cash.

The Role of Electronic Insurance and Electronic Commerce in Expansion of Insurance Companies

Insured mail (E-Insurance) in the usual sense as the use of Internet and information technology (IT) is defined as the production and distribution of insurance and insurance -specific electronic means can be provided to an insured through an insurance policy that is online (online) request, propose , negotiate and contract is signed . With the payment of premiums , distribution and processing compensation insurance policy can be done online in some countries regulatory limitations (supervision ) and technical (technical ) may not authorize the operation of purely electronic . But at the global level to support the realization and distribution of insurance premiums paid for online regulations are constantly being modified . Shortage of ICT professionals (ICT) and little skilled manpower and expertise in the field of ecommerce major infrastructure requirements for listed companies . Not ready to support other sectors ( such as electronic money and communication networks ) , lack of laws and regulations ( electronic signature , copyright , etc.) , the lack of widespread Internet use and access is restricted to its traditional view of the prevailing organizational culture obstacles hindering the implementation of e-commerce companies is evaluated. Eventually ( by default the application of e-commerce ) insurers Iranian interests and benefits of this description , there are : improved image 3 company as a leading and modern, facilitate collaboration and knowledge transfer between stakeholders ( shareholders , agents and broker ) , reduced investment costs required to build and expand a network of Agents, lowering costs for all products / services and business expansion by eliminating geographical restrictions .

MATERIALS THAT HAVE ELECTROMAGNETIC SHIELDING FEATURE

It is aimed that the negative impacts of mobile phones, computers, microwave ovens, televisions, air conditioners, copiers, base stations, electronic communication networks, radio and television transmitters, satellite communication systems, military defense systems, radars, medical devices, and more many electrical and electronic equipment and systems that are commonly used in daily life,may be reduced owing to the textile materials. The use of textile products for electromagnetic shielding of electronic and electrical appliances has been popular since they are cheaper, light and flexible. Changing lifestyles and the emergence of new concepts has been changing people's expectations of textile products. The demand for technical fabrics that have antistatic coatings and protection against electromagnetic radiation has been increasing. Also it’s seen that, the use of fabrics containing several electronic circuits and optical cables has been getting popular

The Sound of Silence

AbstractUsing comprehensive electronic data collected directly from NASDAQ systems, we assess the impact of changes in electronic message traffic on predicting short‐term changes in prices, spreads and quoted depth levels. We document evidence that message traffic at, and nearby, the inside quotes predicts upcoming price and quoted depth changes as much as 75 seconds in advance. Controlling for the time series properties of silent information, past price, volume, electronic communication network volume, time‐of‐day, and firm‐specific fixed effects, we find that message traffic is strongly related to short‐term returns. Our results demonstrate that modern electronic trading systems can be employed by high‐frequency traders to effectively forecast short‐term market conditions.

The Proof of the Pudding is in the Eating: Net Neutrality in Practice, the Dutch Example

The Netherlands is among the few countries that have put specific net neutrality standards in place. It was the first country to do so in the European Union. Contrary to the original European Union approach, which lacks a material implementation of net neutrality principles, the Dutch parliament decided to take a firmer position and introduced a quite detailed regimen on net neutrality. Providers of public electronic communications networks via which Internet access services are delivered and providers of Internet access services shall not hinder or slow down applications or services on the Internet. There is a limited group of exceptions to this rule. Hindering and slowing down Internet traffic is allowed a) to minimise the effects of congestion, whereby equal types of traffic must be treated equally, b) to preserve the integrity and security of the network and service of the provider in question or the end-user’s terminal, c) to restrict the transmission of unsolicited communication (spam) to end-users, provided that the end-users have given their prior consent for this to be done, and d) to implement a legislative provision or court order. Another very important net neutrality principle was based on incidents of blocked applications such as Skype and WhatsApp on the announcement by mobile operators that they would start charging for applications. The Dutch net neutrality article also forbids providers of Internet access services to charge for Internet access services dependent on the services and applications which are offered or used via these services. The newly proposed European rules on net neutrality (as part of the new regulatory package) have borrowed heavily from the Dutch example. However, are the Dutch rules a success? The no-blocking/no-charging restriction had an immediate effect on the market, in particular on the mobile one. Originally, the mobile providers intended to block or to charge for specific services (Skype, WhatsApp), but they had to abandon the idea due to the new net neutrality rules. This led to a new subscription structure, with a substantially increased emphasis on data traffic. Data bundles are priced more specifically, and existing packages with unlimited data access have been replaced by packages with a specific size (data caps) and specific speeds. In fact, voice is no longer a dominant factor in the pricing models. But how did these changes affect the consumer? The no-blocking/no-charging rule more or less killed traditional texting (SMS), but it is too early to tell whether net neutrality has had an effect on the overall costs for mobile broadband. There are some indications that the overall price levels and options in the Dutch market are (still) in line with the prices in other European countries. The new neutrality rules had no effect on the fixed market. Internet service providers on cabled networks have no history of blocking traffic. Only one incident with the slow-down of traffic was reported but turned out to be a ‘misunderstanding’. One should keep in mind that the Dutch fixed broadband market is very competitive with the incumbent operator offering high-speed DSL or fibre and the cable television network operators offering high-speed broadband via their coaxial networks. The Netherlands belongs to the top broadband countries in the world. The regulator in charge - the Authority for Consumers and Markets - took a first decision on applying the new rules in a case where Internet access in trains was blocked for congestion reasons. In another case, a service similar to WhatsApp was inaccessible via wireless networks. In two cases, the Authority investigated the bundling of data packages with free services (i.e. a mobile subscription with ‘free’ access to Spotify). To deal with these cases, a new guideline has been drafted by the ministry involved. The consultation process on the guideline has recently ended. The conclusion of the paper is that putting net neutrality into more material regulation is much more complicated than defining it in a more abstract sense. Putting the rules into practice is even more challenging. In our view, the Dutch example shows that if regulation is too detailed, the development of services might be hampered and might to some extent ridicule the true objectives of net neutrality. The focus should be on a dynamic and evolutionary approach, offering the opportunity to adapt interventions quickly, depending on the specifics of the case. In order to establish such a more flexible framework, the present provision needs to be amended.

Three Essays on Informed Trading

This dissertation consists of three essays examining the behavior of informed traders in financial markets and how they affect asset pricing. It examines informed traders’ role in shaping securities prices in three ways. It examines whether on a macro and micro basis insider traders move prices to a different degree than non-insiders. In addition, it uses econometric methods to determine what exchange generates permanent price trends in UK shares. Lastly, it looks at another side effect of fragmentation – how a ‘best execution’ mandate and related market structure changes affect transactions costs in liquid UK, French, and German shares.These studies expand on current literature in various ways – extant insider trading literature has either primarily focused on daily price movement and volume or had consisted of case studies, the conclusions of which may be idiosyncratic and therefore unrepresentative of typical insider behavior. The new phenomenon of multilateral trading facilities (also known as electronic communications networks) and the proliferation of algorithmic or computer-mediated trading had not been examined in price discovery papers, due to their relative novelty. In addition, despite a bevy of literature offering informed insight into the impact of the European Union’s Markets in Financial Instruments Directive (MiFID), there has been a dearth of empirical studies assessing its impact on European securities markets. Chapters 2 and 3 examine MiFID and computerized trading from two different perspectives: that of which trades lead to permanent prices, and that of transactions costs.The conclusions drawn in this dissertation will be of interest to regulators, market operators, and traders, as they offer insight into the impact of market structure and how it impacts informed traders who participate in them.

A Pairing-Based Blind Signature E-Voting Scheme

Nowadays, electoral processes can be automated, using electronic devices and communication networks. The electronic voting systems allow easy voter casting and fast vote counting for electoral entities. In this paper, an electronic voting scheme is proposed, it performs the communication among voters and electoral entities with a minimal number of phases and cryptographic operations. The scheme uses a combination of the blind signature scheme proposed by Boldyreva in 2003 and the short signature proposed by Boneh–Lynn–Shacham in 2001. Both signatures use pairing-based cryptography and a special hash function known as map-to-point. The scheme generates small ballots which consist of just two messages, one blind signature and one short signature. We present experimental data showing that our pairing-based scheme is considerably more efficient than other blind signature e-voting schemes recently proposed whose security is based on the integer factorization problem or on the discrete logarithm problem over prime fields.

The New EU State Aid Broadband Guidelines: What changes for electronic communication network operators

The New EU State Aid Broadband Guidelines: What changes for electronic communication network operators

Avrupa Birliği Ülkeleri Arasında İnternet Kullanım Etkinliği: Simar ve Wilson Yaklaşımı

Internet, the electronic communication network that connects worldwide computer networks and institutional computer systems, is an essential part of our lives today. In this study, linear programming based Data Envelopment Analysis which measures the relative internet usage efficiency scores of European Union member states, candidate states and states whose candidacy has officially been approved, has been used and estimates of efficiencies have been obtained by using Simar & Wilson approach.

Short-term and long-term stability in electronic communication networks

Network research focuses on patterns of stable relationships, where stability represents the unfolding of social processes over long time frames. We argue that social interactions exhibit important...

Lexicography, Terminography and Copyright

The focus of this article is on copyright issues with specific reference to lexicography and terminography. Lexicographers and terminographers are in the peculiar position of being both creators of copyrightable products and users of copyrighted products. An inventory of accrued rights, the nature of dictionaries as subjects of copyright, national laws and international conventions, terminographical and lexicographical practice, the copyright status of dictionary elements, as well as infringement pitfalls, is made in order to propose guidelines on the legal position of the compilation and publishing of dictionaries. Electronic publications and dissemination on the Internet is considered and discussed, and contractual agreements protecting mutual rights is offered as a final conclusion. Keywords: author’s right (copyright); copyright (author's right); copyright infringement; copyright issue; copyright law; copyrightable product; copyrighted product; database storage system; denominator; economic right; electronic communication network; fair use; infringement; intellectual property; intellectual property right; lexicographer; lexicography; macrostructure; microstructure; moral right; tangible medium; terminographer; terminography; terminologist; terminology

Speed of convergence to market efficiency: The role of ECNs

Abstract Chordia, Roll and Subrahmanyam (2005, CRS) estimate the speed of convergence to market efficiency based on short-horizon return predictability of the 150 largest NYSE firms. We extend CRS to a broad panel of NYSE stocks and are the first to examine the relation between electronic communication networks (ECNs) and the corresponding informational efficiency of prices. Overall, we confirm CRS's result that price adjustments to new information occur on average within 5–15 min for large NYSE stocks. We further show that it takes about 20 min longer for smaller firms to incorporate information into prices. Most importantly, we demonstrate that the speed of convergence to market efficiency is significantly related to the type of trading platform where orders are executed, even after controlling for relative order flows, trading costs, volatility, informational effects, trading conditions, market quality, institutional trading activity, and other firm-specific characteristics. Our findings provide direct answers and insights to issues raised in a recent SEC concept release document.

The FlexRay Implementation of By-Wire System for Electric Vehicle

In the recent years, advanced technologies of electronic devices for the communication and computer engineering have been considered to be widely implemented in the vehicle systems. Among those possible applications, the automotive network which is so-called “X-by-Wire” scheme has been developed for steering control and braking control of the vehicles. It is known that the weight reduction of vehicle systems can decrease the power consumption in the design of electric driven vehicle by replacing the mechanical components with electronic devices. Therefore, X-by-wire system combined with fault-tolerant applications will be a trend in the automotive industry. Under the automotive circumstance, the timetrigged protocol improves the network capacity and guarantees the transmission of all safety related message. In order to ensure the safety of electronic devices, an advanced networking protocol FlexRay has been recently proposed to the design of X-by-wire system. In this paper, such an X-by-wire mechanism is developed for electric vehicle. The proposed design covers the development of a hub wheel motor driven electric vehicle and the design of both electronic control braking module and communication network. For facilitating the application usage, a FlexRay communication node is developed by using microprocessor chip Freescale MC9S12XF512. An electric vehicle is also designed by using four hub wheel type AC motors with DC motor driven braking mechanism for system testing and performance evaluation. A timescheduling scheme is proposed and configured for each of nine FlexRay nodes to fulfil the tasks of driveby- wire and brake-by-wire operations. Experimental results demonstrate the success of the proposed design.

Estimating the value of lost telecoms connectivity

We describe a practical method for estimating the economic cost of outages in electronic communications networks, accommodating temporal, geographical and sectoral variations in incidence. The method is illustrated with two types of examples: a hypothetical outage of the main fixed line network operator in Ireland, and seven examples of outages affecting individual local exchanges in areas with concentrations of technology-intensive employment or dense residential population. The national fixed line outage has an estimated cost of €42–50 per household-day arising from effects on the productive and residential sectors, with possible further losses from effects on retail payments and high societal value facilities such as emergency services. Estimated quantifiable economic costs from outages affecting a single local exchange range from €370,000 to €1.1 million per day.

Governance Heterogeneity and Performance at US Stock Exchanges: Evidence from Regulation NMS

Regulation NMS, announced in June 2005 by the SEC, was intended to generate competition with the New York Stock Exchange (NYSE). The NYSE had for many decades maintained a near monopoly on the trading of securities initially listed on the exchange. Reg. NMS allowed trades on electronic communications networks (ECNs) without considering prices on the NYSE trading floor. With Reg. NMS in place, the NYSE immediately began losing market share and average bid-ask spreads for NYSE-listed shares increased, sometimes getting significantly closer to the average spreads for shares listed on the traditionally more volatile Nasdaq. What explains this outcome? The conventional wisdom predicts that consumers (here, investors) would benefit as the profits of a monopoly producer (here, dealers executing trades) declined, but evidence of wider spreads suggests the opposite. The literature relies on a standard model of a member-governed non-profit in which broker-dealers own the exchange. But that standard model fails to capture the actual heterogeneity in governance structure: the Nasdaq fits this model, but the NYSE does not. Thus, we consider an alternative to the standard model in which underwriters are owners, for which there is anecdotal evidence. However, a statistical test is possible because of the starkly different objective function that underwriters would have as compared with dealers; for underwriters, efficient trading is an input to their production function where for dealers, trading is the primary source of profits. Using panel data of Corwin-Schultz bid-ask spreads, we measure differences in market quality between the NYSE and Nasdaq, which the new regulation allows because NYSE-listed shares trade on multiple new venues after Reg. NMS but Nasdaq-listed shares do not trade on the NYSE. A difference-in-differences test finds that spreads for NYSE-listed shares increased after Reg. NMS issue to resemble more closely spreads for Nasdaq-listed shares.

On Restructuring the NYSE: Might a Nonprofit Stock Exchange Have Been Efficient?

This spring the New York Stock Exchange, Inc. (NYSE) completed an historic restructuring. On March 7, 2006, the NYSE completed its merger with Archipelago Holdings Inc. (Archipelago), a publicly traded electronic trading platform. As a result, the old NYSE itself will become the New York Stock Exchange LLC, a wholly owned subsidiary of NYSE Group, Inc. (NYSE Group). The former members, or seat holders, of the NYSE will receive one of three forms of consideration: all cash, all stock in NYSE Group, or a package of cash and stock. Then, NYSE Group will allow those former members to offer their shares to the public in a secondary offering.Because the NYSE was a not-for-profit corporation, the merger was also a change in organizational form. The change from nonprofit to for-profit, or demutualization, has mostly been viewed as a long-overdue response to new, on-line competition from electronic communications networks (ECN's). But there has been little assessment of the strengths or efficiencies of the nonprofit form of the exchange. This paper presents the possibility that the NYSE's choice of form was an efficient solution to a classic lemons problem, in which misinformation from bad issuing firms (firms whose shares trade on the exchange) could drive out good issuing firms. We apply a robust theory of nonprofits in which the highest demanding consumers of a nonrival good organize the production of that good. In this case, investment bankers and other financial intermediaries organize to produce liquidity. The resulting nonprofit is the former NYSE, which was able to align issuing firms' incentives to disclose with those of investors. Banker-owners of the NYSE acted as gatekeepers to the exchange, screening issuing firms through an extensive due diligence process, providing capital via underwriting, and connecting issuing firm insiders to one another via initial public offering (IPO) allocations. Over a period of many decades this system maintained an equilibrium in which issuing firms, big and small investors, and exchange members could participate with relative ease, transparency and fairness in the exchange. The shift to a for-profit corporation will have a significant, and potentially deleterious, impact on this equilibrium as it breaks up the longstanding components of the nonprofit system.

The Importance of Institutional Design: Evidence from the New York Stock Exchange IPO and Reg. NMS

For more than two hundred years, the New York Stock Exchange (NYSE) provided the dominant national platform upon which firms could list, and investors could trade, securities. Until 2006, the NYSE was organized as a private mutual non-profit firm whose membership, dominated by investment banks, maintained tight control over floor brokers, specialists and issuing firms. Even when over-the-counter markets such as the NASDAQ and alternative platforms such as “electronic communications networks” (ECN’s) offered faster execution of trades, NYSE floor quotes were protected against “trading through” to such competing venues (the so-called “trade-through” rule). The NYSE long argued that this framework provided highly liquid and continuous markets that lowered the cost of capital for, and incentivized good quality governance of, issuing firms. As a private monopoly the NYSE’s self-regulation periodically generated controversy, and the NYSE was finally subjected to serious government oversight in the 1930’s. In part based on that original Congressional mandate, in 2005, the Securities and Exchange Commission (SEC) began a two-year process of implementing Regulation NMS (for “national market system”). Most significantly, Reg. NMS, among other features, eliminated the protective “trade-through” rule thus enabling customers to trade off price quality for faster trade execution of trades on ECN’s. In 2006, in order to defend its place in the new post-“trade-through” world enabled by Reg. NMS, the NYSE demutualized and went public via a merger with Archipelago Holdings Inc., a large publicly listed ECN. We examine stock market data around the implementation of Reg. NMS and the NYSE IPO to show that eviscerating the “trade-through” rule triggered an explosion of new trading on alternative venues but also increased volatility in the pricing for formerly staid NYSE-listed shares. The end of the NYSE’s monopoly reduces choices for issuing firms as the NYSE no longer offers an “orderly market” for their listed shares. This increases the cost of capital for stable, well-managed firms and contributes to the reluctance of promising firms to go public thus eliminating a source of high-end customers for underwriters and undermining liquidity for investors. Reg. NMS and the NYSE IPO also likely encourage the formation of “dark pools” (transactions that take place outside of the regulated markets) and the spread of risky “high frequency” trading.

Internet Web Communication Technology (WCT) and Information Communication Technology (ICT) Development and Use for Veterinary Medicine Education in Nigeria (2000 -2009)

Internet web communication technology (WCT) usage in Nigeria has increased tremendously over the last decade. Veterinary education and practices in Nigeria have also profited largely from advances in internetWCT mainly, in last two decade. Veterinary Medicine Electronic Journals such as Access to Global Online Research in Agriculture (AGORA), African Journal Online (AJOL), and Health Information Network Access toResearch Initiative (HINARI) are available free online. In particular, the(the official email group of the Nigerian Veterinary Medical Association NVMA), the interactive electronic mail communication network for members of the Nigerian Veterinary Medical Association (NVMA), has greatly stimulated Nigerian Veterinarians worldwide to active utilization of Internet WCT. The phenomenal increase in internet usage in education is attributable to massive collaborative support by such funding body asthe MacArthur Foundation, working along other partners in the project “Partnership for Higher Education in Africa (PHEA)". Contrarily, the level of ICT use in Nigerian education system, including veterinary medicine education, is still very low, with an estimated 90% of Nigeria's educational institutions still at the emerging/infancy stage due to low funding, paucity of ICT infrastructure, irregular and low quality power supply and high cost of ownership of ICT facilities including the capital and operational costs. There is a pertinent need to focus research into and actively promote the usage of ICT in enhancing research and education in developing countries, with collaborative funding by International Organizations.

A few useful considerations in the development of intra-day trading software

Trading has evolved from being merely an "open outcry" to becoming tech-savvy and computer intensive. With the stock exchanges computerizing the trading procedures and the traders following suit there was a need felt to upgrade the trading systems in sync with the innovational changes in technology like ECN (Electronic Communication Network) and SOES (Short Order Execution System). In their quest for maximizing gains while reducing risk and brokerage, trading companies fell over the idea of using computers for latency based arbitrage in an intra-day trading setup. It became quite empirical that better machinery meant more profits. The present paper realizes that for a vendor to develop the most efficient intra-day trading systems, it is necessary to incorporate various software standards that are otherwise of very little concern in other domains. This paper focuses on how the Indian software industry can put their clients at an advantage by adopting certain strategies which are a general feature of their western counterparts. Hence it is attempted to compare how the Indian trading software lag behind the internationally accepted software and how these shortcomings can be overcome.