Trading Framework Research Articles

Contextualising Indonesia-Japan Economic Partnership Agreement (IJEPA) within Strategic Partnership Framework


 
 
 Abstract
 This article explains Indonesia’s rationale to prolong its cooperation with Japan under Indonesia-Japan Economic Partnership Agreement (IJEPA). This article utilises Wilkin’s Strategic Partnership framework to analyse the phenomenon. Under the aforementioned trade framework, Indonesia is still at disadvantageous position due to non-tariff barriers that is imposed by Japan. This article argues that Indonesia’s decision to prolong the agreement is because Japan – Indonesia economic partnership is intertwined with both parties security and ideological partnership.
 
 

A Novel Energy Trading Framework Using Adapted Blockchain Technology

Microgrid planning philosophies are changing from islanding in the case of abnormal conditions to independent sustainability for constant secure, reliable operation. Large independent operators foresee a shift from gigantic-grid bulk generation and transmission to distributed generation (DG) from smaller, interlinked grid clusters. Customers and the community will benefit, but system operators and utilities will face challenges. Introduced to enhance electricity exchange and the energy market structure in such grids, transactive energy networks favor customers and DG owners, establish a utility business model, and enable power system innovation. Planners are also increasingly interested in blockchains for secure transactions. Blockchain-based transactive energy markets promise flexibility, transparency, security, competition, and superlative low-cost reliability, offering ideal energy-trading solutions in isolated microgrids and distribution-level markets. This article presents the development and case-study validation of a comprehensive transactive energy market framework with linked blockchain and power system layers, a novel market structure based on an end-user marginal price, and an adapted blockchain that fits intrinsic power system requirements. A new slot-ahead electricity market model is established through integration with the modified blockchain. With blockchain operation, monetary funds are managed equitably so that wallet billing rates for customers, utilities, and DG owners match broadcast smart-meter data.

A Decentralized Electricity Trading Framework (DETF) for Connected EVs: A Blockchain and Machine Learning for Profit Margin Optimization

Connected electric vehicles (CEVs) can help cities to reduce road congestion and increase road safety. With the technical improvement made to the battery system in terms of capacity and flexibility, CEVs, as mobile power plants can be an important actor for the electricity markets. Especially, they can trade electricity between each other when supply stations are full or temporarily not available. In this article, we propose an advanced decentralized electricity trading framework between CEVs in parking lots based on consortium blockchain, machine learning, and Game theoretic model. We design a distributed smart contract solution based on a stochastic bidding process, which helps CEVs to sell and buy electricity with their maximum profitability. Finally, numerical simulations with MATLAB and Solidity are conducted to prove the effectiveness of our proposed solution. Also, a comparison with another method in terms of CEVs' profitability improvement and energy trading management is provided.

Distributed machine learning for energy trading in electric distribution system of the future

Machine Learning (ML) has seen a great potential to solve many power system problems along with its transition into Smart Grid. Specifically, electric distribution systems have witnessed a rapid integration of distributed energy resources (DERs), including photovoltaic (PV) panels, electric vehicles (EV), and smart appliances, etc. Electricity consumers, equipped with such DERs and advanced metering/sensing/computing devices, are becoming self-interested prosumers who can behave more actively for their electric energy consumption. In this paper, the potential of distributed ML in solving the energy trading problem among prosumers of a future electric distribution system - building DC grid cell, is explored, while considering the limited computation, communication, and data privacy issues of the edge entities. A fully distributed energy trading framework based on ML is proposed to optimize the load and price prediction accuracy and energy trading efficiency. Computation resource allocation, communication schemes, ML task scheduling, as well as user sensitive data preserving issues in the distributed ML framework are addressed with consideration of all the economic and physical constraints of the electric distribution systems.

Lightweight blockchain framework for location-aware peer-to-peer energy trading

Peer-to-peer (P2P) energy trading, as a new approach for energy management in smart grids, facilitates integration of a large number of small-scale producers and consumers into energy markets. Decentralized management of these new market participants is challenging in terms of market settlement, participant reputation and consideration of grid constraints. This paper proposes a blockchain-enabled framework for P2P energy trading among producer and consumer agents in a smart grid. A fully decentralized market settlement mechanism is designed, which does not rely on a centralized entity to settle the market and encourages producers and consumers to negotiate on energy trading with their nearby agents truthfully. To this end, the electrical distance of agents is considered in the pricing mechanism to encourage agents to trade with their neighboring agents. In addition, a reputation factor is considered for each agent, reflecting its past performance in delivering the committed energy. Before starting the negotiation, agents select their trading partners based on their preferences over the reputation and proximity of the trading partners. An Anonymous Proof of Location (A-PoL) algorithm is proposed that allows agents to prove their location without revealing their real identity. The practicality of the proposed framework is illustrated through several case studies, and its security and privacy are analyzed in detail.

MODERN TRENDS IN DEVELOPMENT OF LOGISTICS MARKET

. In logistics, analytical, technological and marketing paradigms are being replaced by an integrated (logistics) paradigm, which goes beyond the problems of optimizing the business processes of an individual enterprise and involves the integration of individual enterprises into supply chains to improve management processes and increase the overall efficiency of their business. The article provides a theoretical and methodological justification for the influence of institutional and technological factors on the transformation of the logistics market in modern conditions. It defines that the mutual influence of institutional and technological factors forms in logistics the specifics of multi-channel supply networks, which have a fundamentally different more complex market mechanics, and also form a new institutional framework of trade and logistics infrastructure of multichannel supply of modern consumer market. It has been proven that the development of ecommerce creates new institutional conditions and encourages changes in corporate governance strategies and consumer behavior, and the dominant type of institutional agreements imposes certain restrictions on determining the needs, preferences and choices of agents, thus stimulating the development of even more modern technologies.

Le consommateur et le commerce des énergies renouvelables en Afrique subsaharienne

La protection de l’environnement dans un sens coïncidant avec le développement durable, de même que la protection des droits du consommateur, font l’objet d’une attention particulière de la part des pouvoirs publics et des chercheurs. Le concept de « développement durable » semble avoir favorisé l’essor des énergies renouvelables du fait de l’alternative qu’elles constituent face aux énergies fossiles très polluantes. Cependant, l’examen de la gouvernance et/ou de l’encadrement juridique du commerce ou du service des énergies renouvelables révèle d’importantes limites par rapport à la protection du consommateur. Il s’avère de ce fait nécessaire de trouver, à défaut de garantir une protection suffisante du consommateur dans ce cadre, un équilibre entre cette protection et l’offre d’énergie (en dépit du souci de rentabilité des entreprises qui opèrent dans ce secteur). La nécessité d’intégrer les principes d’inspiration d’un droit local solidariste et communautariste ou collectiviste plus proche des populations ne devrait par conséquent pas être négligée dans la recherche de cet objectif.

Internationalisation and Cross-Border Mobility in Indian Higher Education

With the end of the Cold War political returns on foreign aid diminished.Many countries came to recognise trade as a more development-friendlymodality than aid. Internationalisation of higher education also shiftedfrom aid related cooperation agreements to market mediated cross-bordertrade arrangements within the framework of the General Agreementon Trade in Services (GATS). This article examines the changing face ofinternationalisation of higher education with a focus on the Indian experience.It argues that while internationalisation and cross-border mobilityare mediated by market processes and economic rationality in most countries,the Indian government’s initiatives to internationalise Indian highereducation are motivated by extending diplomatic relations to enable thecountry to play a more prominent role in global affairs.

SuperDeConFuse: A supervised deep convolutional transform based fusion framework for financial trading systems

This work proposes a supervised multi-channel time-series learning framework for financial stock trading. Although many deep learning models have recently been proposed in this domain, most of them treat the stock trading time-series data as 2-D image data, whereas its true nature is 1-D time-series data. Since the stock trading systems are multi-channel data, many existing techniques treating them as 1-D time-series data are not suggestive of any technique to effectively fusion the information carried by the multiple channels. To contribute towards both of these shortcomings, we propose an end-to-end supervised learning framework inspired by the previously established (unsupervised) convolution transform learning framework. Our approach consists of processing the data channels through separate 1-D convolution layers, then fusing the outputs with a series of fully-connected layers, and finally applying a softmax classification layer. The peculiarity of our framework, that we call SuperDeConFuse (SDCF), is that we remove the nonlinear activation located between the multi-channel convolution layers and the fully-connected layers, as well as the one located between the latter and the output layer. We compensate for this removal by introducing a suitable regularization on the aforementioned layer outputs and filters during the training phase. Specifically, we apply a logarithm determinant regularization on the layer filters to break symmetry and force diversity in the learnt transforms, whereas we enforce the non-negativity constraint on the layer outputs to mitigate the issue of dead neurons. This results in the effective learning of a richer set of features and filters with respect to a standard convolutional neural network. Numerical experiments confirm that the proposed model yields considerably better results than state-of-the-art deep learning techniques for the real-world problem of stock trading.

Шляхи вирішення проблем управління вантажопотоками в транспортних системах України

Збільшення ролі вантажних перевезень в обслуговуванні міжнародного вантажообігу, підсилення ролі експедиційної діяльності у формуванні попиту та пропозиції докорінно змінило концепції транспортного ринку. З іншої сторони, створення єдиної міжнародної транспортно-логістичної системи та географічне положення транспортного простору України в якості міжнародних транспортних коридорів вимагає окремого аналізу управління роботи транспортних вузлів і митних систем, забезпечення координації та взаємодії транспорту і митних пунктів пропуску, результативності досягнень науково-технічного прогресу на транспорті і митній справі. Процес формування міжнародної системи перевезень не завершився. Більш того, остаточне рішення ряду проблем міжнародних перевезень та освоєння нових технологій знайде своє втілення лише на межі першої чверті XXI сторіччя.

Tantalum supply from artisanal and small-scale mining: A mineral economic evaluation of coltan production and trade dynamics in Africa's Great Lakes region

The global significance of artisanal and small-scale mining of certain mineral commodities implies the need for evaluating this production component as a potential long-term source of supply, in conjunction with production from industrial mining operations. The tantalum sector is an important pioneer in this regard, as artisanal ‘coltan’ ore – mainly extracted in the Democratic Republic of the Congo (DRC) and Rwanda – has represented the world's major source of tantalum over the past decade. The lack of mineral economic data pertaining to artisanal coltan extraction and trade in Africa's Great Lakes region adds to supply uncertainty while also impeding local mine business planning, investment and sector development. Addressing this information deficit, this study presents an overview on a range of mineral economic parameters that form the framework for coltan extraction and trade in the region. To this end, we evaluate coltan resources and ore bodies, grades and processing features, as well as recent production and export developments in the DRC and Rwanda. Based on these findings, we then discuss mineral economic implications that are relevant to consider for artisanal coltan supply on the background of local and international market developments. These implications refer to the socio-economic viability of coltan mining at different price levels as well as resilience in the local supply chain. Finally, in order to stimulate opportunities for artisanal coltan sourcing in the long term, we propose a concept that integrates mineral economic data acquisition and dissemination into industry initiatives on responsible supply chains.

A Framework for Joint Scheduling and Power Trading of Prosumers in Transactive Markets

The emergence of prosumers, as new players in the distribution networks, provides the opportunity to manage distributed energy resources (DERs) at a local level. However, designing an appropriate framework that empowers prosumers to manage their resources and trade energy with each other is a challenging task. This paper proposes a framework for joint scheduling and power trading of a community of prosumers in a transactive energy market (TEM). Prosumers perform day-ahead energy management to schedule their flexible energy resources to reduce their energy expenses. In the scheduling step, each prosumer indicates the expected surplus/deficit energy, which needs to be traded in different markets as well as the flexibility which can be provided in response to grid operator's requests. Then, in intra-day markets, prosumers can trade energy with either their neighbors in a peer-to-peer (P2P) market or the grid. Also, prosumers can participate in an event-driven flexibility market to respond to the requested flexibility by the grid operator. A distributed price-directed market clearing mechanism is presented, which ensures the privacy of prosumers and the market scalability. Simulation results show that energy trading in the community reduces prosumers energy costs, while the grid operator can utilize prosumers' flexibility for managing grid constraints.

Participatory value chain study for yasi sandalwood (Santalum yasi) in Fiji

ABSTRACT Santalum yasi (yasi) was first exploited in Fiji in the early 1800s and has been harvested periodically but heavily ever since. Yasi produces one of the most valuable sandalwoods, being high in α- and β-santalols and typically meeting the East Indian sandalwood (Santalum album) ISO standard for sandalwood oil. Although wild yasi stands are now near to commercial extinction, they are being replaced by rapidly expanding smallholder plantings throughout the Fiji archipelago. A value chain study is presented for yasi in Fiji for a 35-year period (1984–2018). The study was undertaken in 2018–2019, in a participatory manner, through interviews and consultations with the key value actors, comprising yasi owners and growers, buyers, local buyers and processors, international buyers and processors, and the Fiji Government’s Ministry of Forestry. The study’s focus was on the main yasi-producing and -processing islands of Viti Levu, Vanua Levu, Kadavu and the Lau Group. The yasi value chain has been operating suboptimally, with modest returns to tree owners, growers and the Fiji Government, a failure to develop a local yasi-oil and value-adding industry, and, until recently, a lack of yasi replanting. An ongoing constraint to increased plantings of yasi in Fiji is a lack of practical and efficient regulatory and trading frameworks that can provide security of investment for growers, including legal verification (chain of custody) to meet market requirements and curb illegal harvesting. Key findings of this study are: (1) there is a lack of yasi brand recognition and development in the international marketplace due to its substitution for S. album, adversely affecting all actors along the value chain; and (2) there is an opportunity for branding based on yasi’s natural properties and competitiveness. Recommendations are provided to improve the functioning of the yasi value chain in both the short and long terms for yasi tree owners (i-Taukei and smallholder growers), the Fiji Ministry of Forestry, and sandalwood buyers, processors and exporters. Given its high value and non-perishability, yasi has major and near-unique potential to contribute cash income to Fijian communities in remote island archipelagos. Fiji is well placed to develop a highly competitive and sustainable yasi sandalwood industry that delivers greater returns to tree owners, growers and processors through the development of high-quality plantings, enhanced governance and chain of custody, a yasi branding strategy, the development of local value-adding, and cooperation with major perfume houses and body-care-product companies.

Philosophical analysis of theory x and y

Objective: The historical context management can be examined, such as the Pyramids of Egypt management, control and communication practices in the ancient Roman Empire and the legal framework of trade in the fourteenth century Venice followed. Methodology: Nevertheless, Iranians, Chinese, German and some other relatives insights and attitudes of the past have chosen in this area, but major changes in management during the Industrial Revolution came expecting. The world in the seventeenth century, the era of social upheaval when the thirteen American colonies broke away from Britain and the United States formed the crucial transformations spent. In this period of rapid population growth created fairs and supply of consumer goods. Results: The It was during this period that extends mass production methods Adam Smith (based on the division of labor and specialization in the pin factory) industry took a big turn in such a way that its effects are still seen in how often business organizations be. For example, Henry Ford in the early twentieth century by mass production in automotive manufacturing were achieved legendary success. Conclusion: Although this effect is limited to the amount of released McGregor at the time of his life, but he still is important. His classic study on the topic and motivated work, reflecting his main concern in the mid and late 1960s, when the one-dimensional organizations were at the peak. Public criticism of the theory of X and Y is that they are very exclusive.

Dispersion Trading Based on the Explanatory Power of S&P 500 Stock Returns

This paper develops a dispersion trading strategy based on a statistical index subsetting procedure and applies it to the S&P 500 constituents from January 2000 to December 2017. In particular, our selection process determines appropriate subset weights by exploiting a principal component analysis to specify the individual index explanatory power of each stock. In the following out-of-sample trading period, we trade the most suitable stocks using a hedged and unhedged approach. Within the large-scale back-testing study, the trading frameworks achieve statistically and economically significant returns of 14.52 and 26.51 percent p.a. after transaction costs, as well as a Sharpe ratio of 0.40 and 0.34, respectively. Furthermore, the trading performance is robust across varying market conditions. By benchmarking our strategies against a naive subsetting scheme and a buy-and-hold approach, we find that our statistical trading systems possess superior risk-return characteristics. Finally, a deep dive analysis shows synchronous developments between the chosen number of principal components and the S&P 500 index.

A blockchain based peer-to-peer trading framework integrating energy and carbon markets

Prosumers are active participants in future energy systems who produce and consume energy. However, the emerging role of prosumers brings challenges of tracing carbon emissions behaviours and formulating pricing scheme targeting on individual prosumption behaviours. This paper proposes a novel blockchain-based peer-to-peer trading framework to trade energy and carbon allowance. The bidding/selling prices of prosumers can directly incentivise the reshaping of prosumption behaviours to achieve regional energy balance and carbon emissions mitigation. A decentralised low carbon incentive mechanism is formulated targeting on specific prosumption behaviours. Case studies using the modified IEEE 37-bus test feeder show that the proposed trading framework can export 0.99 kWh of daily energy and save 1465.90 g daily carbon emissions, outperforming the existing centralised trading and aggregator-based trading.

A Blockchain-Enabled Multi-Settlement Quasi-Ideal Peer-to-Peer Trading Framework

The concept of peer-to-peer (P2P) trading, or transactive energy (TE), is gaining momentum as a future grid restructure. It has the potentials to utilize distributed energy resources (DERs), proactive demand side management (DSM), and the infusion in information and communication technologies (e.g., blockchain and Internet of Things (IoT)) for promoting the technical and economic efficiency of the system in its entirety. An efficient market framework is vital for the successful and sustainable implementation of such a concept. This article proposes a P2P energy trading framework enabled by blockchain. It consolidates bilateral contracts, an electronic-commerce platform, a double-auction Vickrey-Clarke-Groves (VCG) mechanism, and trading functionalities with the main grid. Through these multi-layer mechanisms, various trading preferences and attributes of electricity generation and/or consumption are accommodated. Meanwhile, the VCG mechanism eliminates any potential for market power exercise via incentivizing truthful bidding of participants. Different remedies are proposed to overcome the drawback of VCG, i.e., the lack of balanced-budget property. Accordingly, the proposed trading framework is described as multi-settlement and quasi-ideal. Case studies are conducted to analyze and evaluate the proposed trading framework and demonstrate the effectiveness of the proposed remedies in handling probable market deficiencies.

Are high–frequency traders informed?

Are high–frequency traders (HFTs) informed? To address this question, we examine HFTs' activity in the call auction environment, where speed-related trading is limited and signal processing capacity becomes more relevant. To model the call market, we consider the Kyle (1989) rational expectations framework for strategic trading. The test we propose for detecting informed HFTs in this market assesses potential deviations of the informativeness of HFTs' aggregate (net) demand, from the informativeness of the aggregate demand submitted by the rest of the traders. Data from the Euronext Paris preopening phase indicate that informed HFTs are present in the market just before the opening. Our results provide useful guidance for the assessment of the influence of HFTs’ quotes on price quality, an important issue for market regulators and policy makers.

Whose Cultural Objects? Introducing Heritage Title for Cross-Border Cultural Property Claims

Cultural objects have a special, protected, status because of their intangible ‘heritage’ value to people, as symbols of an identity. This has been so since the first days of international law and, today, there is an extensive legal framework to protect cultural objects and to prohibit looting. Despite this, for as long as demand exists and profits are high, cultural objects continue to be looted, smuggled and traded. At some point, their character tends to change from protected heritage in an original setting to valuable art and commodity in the hands of new possessors. In this new setting, the legal status of such objects most likely will be a matter of ownership and the private law regime in the country where they happen to end up. This article suggests that, irrespective of the acquired rights of others, original owners should still be able to rely on a ‘heritage title’ if there is a continuing cultural link. The term aims to capture the legal bond between cultural objects and people, distinct from ownership, and is informed by international cultural heritage and human rights law norms. The proposition is that, whilst ownership interests are accounted for in national private law, legal tools are lacking to address heritage interests and identity values that are acknowledged in international law. Neither the existing legal framework for the art trade, based on the 1970 UNESCO Convention, nor regular ownership concepts appear particularly suited to solve title issues over contested cultural objects. The notion of ‘heritage title’ in a human rights law approach can act as a bridge in that regard.

Spillover risk analysis of virtual water trade based on multi-regional input-output model -A case study

Massive amounts of water embodied in commodities are transferred via interregional trade which increase the water scarcity risk of exporting region. This study proposed an integrated evaluation framework for sectoral physical water use risks and virtual water flow risks in Northeast China. The initial water use risks for different sectors by provinces were first assessed based on sectoral physical water consumption. Then based on the multi-regional input-output (MRIO) model, a virtual water trade network was established, and simultaneously the virtual scarce water in sectoral export of intermediate goods and final goods were accounted to investigate the virtual water flow risks by sectors. Finally, interprovincial embodied scarce water transfers between Northeast China and the rest of China were mapped, and by grafting the concept of ‘spillover risk’ to the virtual water trade, we analyzed the spillover risk difference of virtual water trade between regions. The results showed that the sectors of Agriculture (Ag) and Other manufacturing (OM) presented the highest risk of water use while Nonmetal mining (NmM) belonged to the potential high-risk sectors of water use for Northeast China. The sectors exported more virtual scarce water in intermediate goods also exported more in the final goods; and the sector of Manufacture of food products and tobacco processing (FP) was the largest contributor to the large exporting virtual scarce water for Liaoning and Jilin while Ag in Heilongjiang province was the largest exporter. The cumulative spillover risk index from rest of China to Liaoning province through virtual water trade is the highest; and the main risk spilt provinces to Northeast China were Xinjiang, Jiangsu, Anhui and Hebei province. The proposed risk framework for water utilization and trade may help promote the redistribution of water resources and explore pathways for sustainable management of water resources.