Exchange Turnover Research Articles

БИРЖЕВАЯ ТОРГОВЛЯ САХАРОМ В РОССИИ: СОВРЕМЕННОЕ СОСТОЯНИЕ И ВОЗМОЖНОСТИ ОБЕСПЕЧЕНИЯ МОНИТОРИНГА ВНУТРЕННИХ ЦЕН

In modern Russia, the role of organized trading, which includes exchange trading, is gradually increasing. As our research has shown, exchange trading in sugar in Russia is developing, as evidenced by the increase in exchange turnover of sales of this product and the expansion of exchange instruments used for trading. In addition, exchange trading can provide up-to-date information on domestic average market prices for commodities. A strong connection was established between average domestic Russian prices for sugar and price quotations for this product on the world’s largest commodity exchanges and on commodity exchanges within Russia. In the course of studying the cause-and-effect relationship between average domestic and average exchange prices for sugar in Russia, it was found that domestic prices are the reason for the establishment of certain exchange prices for sugar and the domestic and exchange Russian prices are very close in size. This allowed us to conclude that it is possible to use exchange trade prices for sugar as an operational information source on the size of domestic prices, which can be used for state regulation of the market and for making business decisions directly by business entities.

Trading costs and trading quantity at the Berlin Stock Exchange, 1892–1913

Abstract We estimate two components of stock market liquidity, namely trading costs and trading volume, for the Berlin Stock Exchange, 1892–1913. Our three trading cost indicators are highly correlated with each other. To estimate trading volume, we use turnover tax revenues and turnover data from the Berliner Kassenverein. We use information on stock exchange turnover taxes collected in Berlin and we have compiled monthly data. We show that the three indicators of trading volume are highly correlated.

Exchange trade current state and development trends

The article is devoted to the investigation of the state and development trends of exchange trading at the current stage. The main aspects characterizing the stock and commodity stock markets in our country and the world have been analyzed. The authors emphasized the concentration of exchange trading in Ukraine on several licensed exchanges, which resulted in a significant increase in the regulated market. The main groups of goods that prevail on the commodity and stock markets of Ukraine are singled out. It was established that the predominant share of trading volume of financial instruments, which was carried out by operators of organized capital markets in Ukraine in 2021, fell on debt securities, and the total trading volume of shares was insignificant. Emphasis is placed on the determining influence of globalization processes on the exchange market development. It is noted that the financial market occupies a dominant place with a share of about 80% of the total exchange turnover in the total world stock exchange trade. Significant revitalization and development of electronic stock trading and constant improvement of stock trading technologies on an innovative basis have been noted. The paper provides an assessment of the current state of development of international exchange trading. An increase in market capitalization, a trend toward growth in the number of concluded contracts in general and for certain types of exchange contracts on commodity and stock exchanges have been noted. The main factors affecting the current state of stock trading development in the world have been systematized. They include market globalization, the development of the latest information technologies, the strengthening of the influence of global financial market participants, the diversification of existing and the emergence of new financial instruments, the unification of regulations for the stock markets, regional structural changes in the activity of the world stock market with increased concentration of stock trading in the Asia-Pacific region.

Uticaj berzanskog prometa na BDP u Republici Srbiji

Stock exchange turnover growth increases the capital performance of a country. This paper examines the stock exchange turnover trends after the global financial crisis while considering the novel COVID-19 global crisis in the Republic of Serbia. Moreover, this paper estimates the correlation between the stock exchange turnover and GDP indicators. Since the COVID-19 crises is recent, the available official data for the last two years are not complete yet. Therefore, the aim of this research is to measure the impact of stock exchange turnover on economic growth in the Republic of Serbia for the period 2006-2020, with respective predictions. The methodological approach consists of the application of linear regression model, with previous statistical adequacy tests. The final results of this research indicate that the growth of stock exchange turnover has positive and statistically significant impact on GDP in this country. However, the prediction analysis indicates that the stock exchange turnover may have a negative impact on GDP in the next years, which is why there are several suggestions for decision makers and further research.

Transition metal on topological chiral semimetal PdGa with tailored hydrogen adsorption and reduction

The difficulties in designing high-performance hydrogen evolution reaction (HER) catalysts lie in the manipulation of adsorption behaviors of transition metals (TMs). Topological chiral semimetals with super-long Fermi arc surface states provide an ideal platform for engineering the catalytic performance of TMs through the metal-support interaction. We found the adsorption trends of TMs can be modified significantly when deposited at the surface of the PdGa chiral crystal. The electron transfer from the TMs to the surface states of the PdGa reshapes the d band structure of TMs and weakens the hydrogen intermediate bonding. Especially, W/PdGa is expected to be a good HER catalyst with close to zero Gibbs free energy. Experimentally, we found a Pt-like exchange current density and turnover frequency when depositing W atoms at the PdGa nanostructures surface. The findings provide a way to develop high-efficient electrocatalysts by the interplay between topological surface states and metal-support interaction.

THE CONTRIBUTION OF VIRTUAL REALITY TECHNOLOGY IN THE DEVELOPMENT TOURISM IN YOGYAKARTA

Tourism sector provides a significant contribution to the Gross Domestic Product (GDP) of the Republic of Indonesia, both through foreign exchange and economic turnover. Although the Indonesian tourism industry after the COVID-19 pandemic has changed with an emphasis on green and clean products, it is hoped that this sector will be lessened by the community compared to the previous era. Research and development of VR has been carried out in various fields such as games, education, aviation, medicine, the application of VR in tourism is still common, there is a need to implement tourism while staying at home. The results of the systematic literature review conducted provide an explanation of the starting point for research by applying VR and making 3600 videos for industrial tourism.
 Keywords: Environmental Tourism, Virtual Tour, Virtual Reality, Video

Internationalisation of emerging market currencies and original sin: Empirical evidence

AbstractThis article investigates the impact of the internationalisation of emerging market currencies on original sin, which is the inability of emerging countries to borrow abroad in local currency. The objective is to assess the role of measures of internationalisation on the currency structure of debt for a set of emerging market countries. We show the favourable impact of the internationalisation process on original sin for the period 2005–2018 using two different measures with a dynamic panel data empirical analysis. The main determinants are the foreign exchange (FX) turnover of the currencies, the economic size of the issuing country, and the Volatility Index (VIX). In this way, we highlight network effects between the functions of a currency. The tests also highlight the existence of inertia in the use of a currency for financial transactions. Finally, the results provide evidence on the role of derivative instruments in supporting the use of emerging market currencies in bond markets.

Stablecoins: Survivorship, Transactions Costs and Exchange Microstructure

Seven of the ten largest stablecoins are backed by fiat assets. The 2016 and 2017 vintages of stablecoins have failure rates of 100% and 50% respectively. More than one-third of stablecoins have failed. Tether has a 39% share of 1.77 trillion USD in 2021Q2 transactions, and USD Coin 28%. The top three stablecoins have an average velocity of 28.3. Tether transacted between 3.8 million unique addresses, 63% of the ERC-20 token network. Six of the top ten tokens have unconcentrated Herfindahl indices, but Gemini, Pax and Huobi have single holders with more than 50% of the supply. The median Tether transaction fee is similar to the cost of an ATM transaction, but they are three to four times more for Dai and USDC. Fees, which are proportional to the price of Ethereum, are rising though. Median fees for Tether rose 3,628% over the last year, and 1,897% for USD Coin. 24 hour exchange turnover in Tether is nearly $120 billion. This is comparable to the daily volume at the NYSE and almost ten times the daily flow in money market mutual funds. Narrow bid-ask spreads and depth have attracted active HFT participation.

Индикаторы биржевого оборота ценных бумаг: динамика и взаимосвязь

Индикаторы биржевого оборота ценных бумаг: динамика и взаимосвязь

Derivatives Market: World trends and development prospects

The article analyzes the problems of the development of the world derivatives market, which in the recent post-crisis years has increased its turnover to catastrophically huge parameters, significantly exceeding world GDP. This casts doubt on the reliability of the global financial system, since the overwhelming majority of these financial instruments are traded on the over-the-counter market and therefore are not subject to any regulation or control. The solution to these problems is associated, in the author's opinion, with the creation of a unified standardized system of exchange turnover of all types of derivative financial instruments, which should bring the volume of issued derivatives and real underlying assets in line with them.

The Risk Monitoring of the Financial Ecological Environment in Chinese Outward Foreign Direct Investment Based on a Complex Network

Aiming at the risk problem of financial ecological environment in outward foreign direct investment (OFDI), this paper constructs a risk monitoring model of the financial ecological environment based on complex network theory, and analyzes the general laws of financial risk evolution in Chinese OFDI by using data from 2008 to 2017 in 20 countries. First, the key risk factors are found through centrality analysis, then the correlation between risk indicators is obtained by cohesive subgroup analysis. Finally, we calculate network density, clustering coefficient and global efficiency to explore the time-spatial laws of the financial risk evolution in OFDI are obtained. At the same time, Kruskal’s algorithm is used to generate the minimum spanning tree (MST), and the change trend of risk transmission path is obtained. The results show that the following four risk indicators: M2/GDP, foreign exchange reserve, stock exchange turnover rate, total government debt as a percentage of GDP play an important role in the whole risk network and are the key nodes of risk evolution. The internal financial risks in Pakistan, the United States, Israel and Poland are more complex and highly transmissible. The risk transmission path based on MST shows that Australia and Bulgaria play an important role in risk transmission, and the length of risk transmission path has an overall upward trend. The conclusions of this study have guiding significance for overseas investment companies to prevent investment risks and ensure their sustainable development overseas.

Countries of BRICS group on Forex market

Motivation: The globalization process has deepened the links between economies in the global socio-economic system. It has resulted in the shift of economic power from high developed countries to economies that have entered the path of fast socio-economic development, especially emerging markets. The emerging economies’ dynamic economic growth empowers the reduction of the development gap in relation to high developed economies. In the context of emerging markets, the special importance is dedicated to so-called BRICS countries. The share of BRICS countries in total world production as well as in total global trade, increases. The huge population and the GDP growth per capita make these economies the important markets nowadays. The financial market, especially the foreign exchange market becomes more and more important in the world economy. Aim: The aim of the paper is to examine the participation of the BRICS countries in the global foreign exchange market. The paper assumes that the increase of the BRICS group importance on the global markets does not correspond with the increase in the importance of these economies currencies on the Forex market. The BRICS group’s turnover in global foreign exchange turnover will be examined. In addition, the share of these currencies in the segments of particular types of transactions will be examined. Results: The importance of the BRICS group in the global economy is growing. However, this growth is not accompanied by growth of interest in currencies of this group on Forex market. The share of transactions concluded with the use of currencies of BRICS group was only 5% in 2019. Whereas, total currency turnover of the BRICS group countries was only 3% in 2019. The share of BRICS countries in individual market segments can be considered stable, yet insignificant.

The mediating role of workplace attitudes on the leader–member exchange—Turnover intention relationship.

The mediating role of workplace attitudes on the leader–member exchange—Turnover intention relationship.

Capital Asset Pricing with a Stochastic Horizon

In this paper we present empirical tests of an extended version of the capital asset pricing model (CAPM) that replaces the single-period horizon with a probability distribution over different horizons. Adopting a simple parameterization of the probability distribution of the length of the horizon, we estimate the parameters of the distribution as well as the parameters of the CAPM. We find that the extended model is not rejected for several different samples of common stocks, and for these samples it outperforms not only the standard CAPM but also the Fama–French (1993) 3-factor model. The probability distribution over horizon dates varies over time with the New York Stock Exchange (NYSE) turnover rate. We also find that returns satisfy the Euler equation of a representative financial institution that holds the market portfolio and has horizon probabilities estimated from 13F filings.

China's hybrid global city region pathway: Evidence from the Yangtze River Delta

As the number of global cities grows and the extent of their city region hinterlands expands it is increasingly important to understand connectivity of cities within global city regions to the core city as well as connectivity of both the core city and the entire city region to other cities in the world city network. By investigating multi-scalar network connectivity of Shanghai both to cities in its hinterland and the world city network from 2000 to 2013, this article concludes that Shanghai's status as a global city is based both on connections to cities within the region and connections of Shanghai municipality to other cities in the world city network. Based on measures of connectivity such as connectedness of advanced producer service firms, airport arrivals and departures, and container TEUs, since 2000 Shanghai has become one of the most connected cities in the world. However, Shanghai's global connectivity is not the same as its importance in the world economy. The market value of firms listed on the Shanghai stock exchange, foreign exchange turnover, and international transshipments from the Port of Shanghai are modest compared to other leading global cities. City network analysis within the Shanghai mega-city region provides a novel explanation for this apparent paradox. Shanghai's global connectivity is strongly influenced by its close connection with its hinterland, the Yangtze River Delta, and elsewhere in China. Shanghai's rapidly growing global connectivity is largely a result of the emergence of the Yangtze River Delta as a global city region. Shanghai, as the core city in the city region, is both a hub connecting flows of goods, capital, people, and information within the Yangtze River Delta region and a gateway through which other cities in the city region connect to the world city network. Scholars worldwide can apply the methods used in this article to illuminate the hybrid global city pathway.

Physarum polycephalum for Studying the Function of Histone Modifications In Vivo.

Histone modifications have been widely correlated with genetic activities. However, how these posttranslational modifications affect the dynamics and the structure of chromatin is poorly understood. Here, we describe the incorporation of the exogenous histone proteins into the slime mold Physarum polycephalum, which has been revealed to be a valuable tool for examining different facets of the function histones in chromatin dynamics like replication-coupled chromatin assembly, histone exchange, and nucleosome turnover.

Invoicing Currency in International Trade: An Empirical Investigation and Some Implications for the Renminbi

AbstractTo play the role of a unit of account, an international currency must be a currency widely used to invoice international trade. This paper investigates the determinants of the use of currencies in trade invoicing and evaluates the potential of the renminbi for the denomination of cross‐border transactions in the Asia‐Pacific region. In particular, we develop a simple model and establish the evidence showing that there is a convex relationship between the invoicing share of a currency and the economic size of its issuing country because of a coalescing effect and thick market externalities. We use the ratio of the foreign exchange (FX) turnover share of a currency to the global GDP share of its issuing country as a proxy for the size of thick market externalities, which we argue reflects capital account openness, financial development and exchange rate stability of the country. This ratio is very small for the renminbi compared with the ratios for established international currencies. Our quantitative analysis suggests that the renminbi can be a major invoicing currency in the region only if China sufficiently opens up its capital account and liberalises its financial sector. We also draw a parallel between the renminbi and the euro and forecast the invoicing share of the renminbi in the Asia‐Pacific region if the renminbi market attained the same degree of thickness as the euro.

Foreign Institutional Investment And The Indian Stock Market

This article analyzes the impact of foreign institutional investment (FII) on the Indian stock market. The authors find that FII positively impacts the Indian stock market returns and the Bombay stock exchange turnover value. Further, the authors, find that FII “Granger causes” the stock market value and the turnover value to increase. The study employs GARCH and GJR-GARCH analyses in detail and concludes that, in spite of those influences, there is no evidence of volatility spillover from FII to the Indian stock markets.

Explaining the accounting disclosure index of stock exchanges by foreign exchange market activity

In this article, researcher-created accounting disclosure index of 23 stock exchanges for the year 1992 and its relationship with variables including foreign exchange turnover, economic and financial indicators were investigated. The accounting disclosure index of global stock exchanges crafted by Adhikari and Tondkar (1992) was regressed on foreign market turnover which was utilized as a proxy for foreign exchange market activity. The OLS results supported that along with the activity of foreign exchange market; GNI per capita, market capitalization, energy and electric consumption, number of listed companies were significantly related with the accounting disclosure index. The foreign market turnover was found to be positively influencing the accounting disclosure index. The models explained about 73% of the variation in the index with an F-ratio of 26.56 indicating the overall significance of the model.

Foreign Investors’ Influence Towards Small Stock Exchanges Boom and Bust: Macedonian Stock Exchange Case

This paper aims to answer the question if and how much the foreign investors influence the boom and bust of small stock exchanges. It examines the impact of the foreign investors’ turnover towards small stock exchange turnover, particularly the Macedonian Stock Exchange. Based on the Macedonian Stock Exchange data for the period of January 2006 to July 2009, I find strong evidence that for a small and open stock exchange such as the Macedonian Stock Exchange, foreign investors substantially contributes to the Stock Exchange boom and bust.