Trade Settlement Research Articles

World energy futures market efficiency and its determinants; evidence from white noise test based on block-wise wild bootstrap approach

ABSTRACT The study examines the time-varying efficiency of nine energy futures traded across different exchanges with varied trade settlement methods and pricing currency using the novel white noise test based on block-wsie wild bootstrap approach. The advantage of using this approach is that it relaxes the assumption of serial independence and the martingale difference sequence. Time-varying efficiency is observed for all nine energy futures consistent with the Adoptive Market Hypothesis (AMH). The three most (least) efficient energy futures based on efficiency ratio are Coal, Gasoline and NaturalGas (WTI, Brent and OmanCrude). Quantile regression analysis shows that the higher the level of illiquidity furthers the level of efficiency towards inefficiency (high level of efficiency) in the case of a less (more) efficient market. A mixed impact of volatility is observed across energy futures. No differential impact is found due to exchange, method of settlement and pricing currency. The robustness of the results is investigated, policy implications are discussed, and further research is recommended.

Blockchain Technology Application and Potential in the Global Securities Trading Market

With the rapid development of financial technology, blockchain technology is gradually permeating the global securities trading market. This paper delves into the current status of blockchain technology applications in this field, covering key aspects such as trade settlement and clearing, securities issuance and trading, identity verification, and compliance management. Through detailed case studies, it powerfully demonstrates its significant reduction in settlement cycles and intermediate links, thereby improving trade efficiency; its substantial reduction in operational costs and additional expenditures due to human errors, thereby lowering costs; and its effective resistance to cyber-attacks through data encryption and tamper-proof characteristics, thereby enhancing security. At the same time, it explores the positive role of blockchain technology in improving market trust by offering transparent transaction records and reducing information asymmetry. The paper further analyzes the challenges faced by blockchain technology in the global securities trading market, including issues with technology maturity such as performance scaling and interoperability, regulatory and compliance issues such as incomplete legal frameworks and policy uncertainties, industry acceptance issues such as conservative attitudes from traditional institutions and insufficient technology popularization education, and security risks such as emerging vulnerabilities and private key management risks. On this basis, it provides a forward-looking outlook on the potential and development trends of blockchain technology in the global securities trading market in the future, including integration trends with other emerging technologies, its role in promoting cross-border transactions and financial market integration, the possibility of innovative financial products and services, and the resulting changes in market patterns. In summary, this paper provides a comprehensive and systematic study of the current status, advantages, challenges, and future development of blockchain technology in the global securities trading market, offering valuable references and insights for further development in this field.

THE COMPLEX OF FINDS FROM THE EXCAVATIONS IN TYRAS IN 1978. CHERNYAKHIV PERIOD OF THE ANCIENT CITY

Studies of ancient Tyras (North-Western Pontic region) have shown that the late Roman period of the city was associated with the population of the Chernyakhiv culture, a significant part of which were Germanic Goths. But the importance of this population in the city’s history has not been studied sufficiently, so new publications of finds should be of great interest. During the excavation in 1978 three vessels were discovered which were located probably in a small light building. These are a gray-clay wheel-made mug and also a handmade jug and bowl. The mug is a typical product of Chernyakhiv culture, and the jug is a primitive imitation of Roman forms. As for the bowl, it is difficult to find analogies for it. This assemblage belongs to the latest layer of ancient Tyras which can be framed by the second half of the 3rd — early 5th century AD. Several other objects belong to the same period, as well as some Chernyakhiv finds from the cultural layer. These are fibulae (early items of them are dated to the middle — late 3rd century), axe-shaped pendants, combs made of deer horn. The types of amphorae of the late Roman period, known in Tyras, are also common on the Chernyakhiv settlements. Table and kitchen gray vessels clearly represent the types of dishes common throughout the territory of the Chernyakhiv culture. Occasionally there are fragments of vessels typical for the Wielbark (Gothic) culture. In the cultural layers of the Roman Tyras also the earlier group of gray-clay tableware presents, which is typologically different from the Chernyakhiv ware. Local workshops produced it (as well as red-clay products) until the mid-3rd century AD, when the activity of Greco-Roman craftsmen ceased. Later the new inhabitants of Tyras brought their own pottery. An important difference between the production technology of Greco-Roman and Chernyakhiv potters was the use of a fast potter’s wheel in the first case, and a slow wheel in the second one. The barbaric slow wheel has not been compared favorably with a fast one but the Chernihiv’s people have not the fast wheel. We propose an approximate reconstruction of the history of Tyras in the late Roman period. The military victories of the barbarians (the Gothic Wars of 238—270) caused the evacuation (between 248 and 253) of the Roman garrison and, probably, the inhabitants of the city. The period of the history of Tyras as an ancient city was over, however the merchant ships came to its port even during wars. To continue mutually beneficial trade (from the mid-3rd century and especially in the second half of the 4th century, when the peak of imports is observed) there was a fairly small number of «Chernyakhiv residents» in the destroyed city. Their activity might have been seasonal and limited to a few months of navigation per year. They handled the ships and transferred the goods to «their» merchants for resale in the depths of Chernyakhiv territory. These people built new houses among the ruins but their standard of living did not reach the level of Chernyakhiv rural settlements. Judging by the finds, they had a small number of wheel-made ceramics and replaced the shortage of ware by primitive handmade products. Summarizing the available materials, we can conclude the following. The last phase of ancient Tyras, known as the «post-Gothic» period, should be more reasonably called the «Chernyakhiv period». In the mid-3rd century Tyras lost the signs of a city, and till the early 5th century became a Chernyakhiv trade settlement.

«Слепые пятна» норманнистских гипотез в проблеме возникновения Древ-нерусского государства

The author considers some of the “blind spots” of the “Scandinavian-centric” hypotheses in the issue of the emergence of the Old Russian state. He demonstrates that the adherents of the “Scandinavian-centric paradigm” very often resort to ad hoc explanations without noticing the critical contradictions that arise in their constructions. If one collects partial statements of the Scandinavian-centric hypotheses, we see how they begin to contradict each other. For example, according to Elena A. Melnikova, the Old Russian “варѧгъ” comes from the Scandinavian “væringi”, which in turn comes from Greek “βάρaγγοι”, and Greek “βάρaγγοι”, comes from the Old Russian “варѧгъ”. In the context of the processes leading to the formation of the Old Russian state, the author critically evaluates the ideas of the “Scandinavian control on the Baltic-Volga trade route” and “Scandinavian colonies” in Eastern Europe. The local polities of Eastern Europe in the early Middle Ages, whether Slavic, Baltic or Finnish, obviously possessed sufficient power and military potential to close off uncontrolled movement along the river routes to the Scandinavians, if they so wished. The author also raises the question of the initial political status and the actual role of the emerging trade settlements in Ladoga and Gnezdovo in the formation of the Old Russian state.

Do the U.S. and Europe financial sanctions help promote RMB internationalization?

ABSTRACT In recent years, the United States and European countries have implemented widespread and enhanced financial sanctions across multiple nations. However, there exists no consensus on whether these sanctions will accelerate de-dollarization or contribute to the Renminbi internationalization(RMBI). This study empirically investigates the impact of financial sanctions imposed by the United States and European countries on other nations’ use of Renminbi (RMB). We use data on RMB cross-border trade settlement in 149 countries spanning from 2009 to 2021 as a proxy for RMBI. Our findings indicate that increasing levels of financial sanctions exert a significant positive influence on the RMBI of sanctioned countries, especially in nations heavily reliant on China for bilateral trade. These effects persist even amid China facing financial sanctions due to the Sino-US trade conflict.

Research on the Application and Prospect of Digital Currency in International Trade Settlement

With the increasing integration of the global economy, the international trade settlement method is also constantly evolving. As an emerging means of payment, the application of digital currency in international trade settlement has gradually attracted more attention. This paper aims to discuss the application status, advantages, challenges and future development prospects of digital currency in international trade settlement. Through research, it is found that digital currency shows the advantages of high efficiency and low cost in international trade settlement, but it also faces challenges such as technical security and lack of regulation. Looking ahead, digital currencies are expected to play a bigger role in international trade settlement, but the government, enterprises and technology providers need to work together to overcome existing problems, improve the regulatory system and promote the healthy development of digital currencies.

The Effect of the Fed Interest Rate Hikes on the Financial Crisis Evidence from Emerging Market Economices

The purpose of this paper is to systematically study the economic consequences of this policy adjustment by analysing in depth the five interest rate hike actions of the Federal Reserve and their chain reactions in emerging market economies, applying economic principles and methods. In particular, the central question of concern is whether the Fed's interest rate hiking policy constitutes an important trigger of the financial crisis in emerging markets. In order to shed light on this complex phenomenon in a comprehensive manner, this paper not only analyses in depth the macroeconomic logic behind the Fed's interest rate hike, but also explores its transmission mechanism in emerging market economies, as well as the economic vulnerability of these countries in the face of external shocks. The results of the study show that the collapse of emerging countries as a result of the Fed's interest rate hikes seems to be inevitable, but we can draw insights from it: actively promoting the reform of the international monetary system and supporting the inclusion of more types of currencies in the international trade and investment settlement system has become a common choice, including for some Western countries, as well as the need to continue to optimise the economic structure of the domestic economy and to strengthen the ability to manage and control the comprehensive risks.

Potentials of Revitalizing the Industrial Heritage of Kuttichira to Infuse a Sense of History in Calicut, India

Maritime trade, immigration and industrialization have resulted in the production of rich cultural narratives that port cities have long embodied as centers of industrial activities. Unfortunately, a large number of these locations, many of which date back to important social and economic turning points in the histories of various parts of the world remain neglected leading to dilapidation. In fact, this is particularly the situation in India. In this context, this research examines the industrial heritage Kuttichira, where the earliest recorded trade settlement in Calicut city in Kerala, India still remains albeit in a poor state. This research employs multiple research techniques to gather data. It first examines secondary literature. It then examines a case study within which a site visit and direct observations were conducted to observe the present condition of the heritage. An interview with an expert and interactions with a few local residents have also been carried out in order to understand the industrial heritage. Maps and drawings were created using the data gathered. The paper identifies the potentials of this industrial heritage to provide a sense of history and identity to the place. It concludes that heritage should be utilized for restoring the intangible heritage of the area, thus connecting the area with the current growth of the city.

The Dilemma and Improvement of the International Trade and Investment Settlement Mechanism--Take the WTO Appellate Body and China's Belt and Road

The Dilemma and Improvement of the International Trade and Investment Settlement Mechanism--Take the WTO Appellate Body and China's Belt and Road

The Challenge of the US Dollar Standard System and the New Changes of the Global Monetary System

In the past century, the international monetary system has undergone obvious changes, from the domination of the British pound to the domination of the US dollar, and then to the emergence and strengthening of "de-dollarization", which is also in line with the trend of The Times of economic multi-polarization, and the multi-polarization of the monetary system has become the trend of history. However, whether in foreign exchange reserves, international trade pricing and settlement, or due to the strong comprehensive national strength of the United States, it can be said that the US dollar will remain stable for a long time, and the international monetary system will remain relatively stable. How to maintain the stability and development of the national economy in emerging economies under the transformation of the old and new monetary systems, and how to develop the international monetary system will be an important proposition of the times.

Error state prediction of capacitor voltage transformer based on TimesNet and gate control unit

The stability and reliability of the error state of capacitor voltage transformer (CVT) are poor, which affects the fairness of electricity trade settlement and the safe operation level of power grid. However, the CVT error data is superimposed by different periodic information such as daily period, monthly period and quarterly period, which makes the prediction of transformer error state challenging. In this paper, a CVT error state prediction method based on TimesNet and gate control unit (GRU) is proposed. The TimesNet network is employed to capture the intraperiod-variation and interperiod-variation characteristics of the ratio difference data of a-phase, b-phase and c-phase, and the feature data and GRU model are employed to predict the output. The simulation results demonstrate that the mean square error (MSE) and mean absolute error (MAE) of the proposed model are 0.0002 and 0.0101, respectively, indicating that this model has lower prediction error and higher prediction accuracy.

Globalization of Stock Markets and The Factors Affecting It

Stock exchanges occupy a special place among the links of the financial and credit system. Mobilization of temporarily free cash and its effective distribution is carried out on the stock exchange. The financial market is an extremely complex and multifaceted structure, where the following participate: 1. Market infrastructure institutions; 2. Financial intermediaries; 3. Consumers of financial services. It is important to note that trading on modern stock exchanges is mainly carried out through electronic trading terminals. However, in the world stock markets today, all the conditions exist for stock trading and stock exchange settlement to be affected by blockchain technology, and even more so than traditional currency markets. One of the important benchmarks for investors and speculators in organized stock markets to make transactions is the stock market index. Stock market indices are directly related to share prices and are calculated based on the value of shares (in appropriate proportions) included in the base for calculating the index. Thus, the participants of the financial market and the instruments circulating in the market, which serve its various types of operations and segments, are characterized by great diversity at the modern stage. Therefore, it is necessary to go through the listing procedures on the stock exchanges and trade in the securities of only those issuers that meet the established requirements, which include financial indicators of the issuer, level of liquidity and degree of risk. Keywords: stock markets; globalization of exchanges; Factors affecting

Applications of blockchain technologies in artificial electricity market settlement and clearing

Abstract Blockchain technology is demonstrating vast potential in the realm of distributed energy transactions. This article employs the Ethereum platform to architect an energy trading settlement framework. By incorporating whitelists, authorization mechanisms, and dedicated energy tokens, transactions are rendered more secure and reliable, ensuring the openness, transparency, traceability, and immutability of transaction information. The proposed transaction settlement mechanism automatically updates users' energy imbalances and levies corresponding charges, thereby ensuring strict adherence to transaction contracts. Furthermore, during the settlement phase, smart contracts are employed to autonomously evaluate the creditworthiness of transaction parties, with results recorded on the blockchain. As the credit levels of the entities across the entire network increase, the block generation time for distributed energy trading blockchains becomes shorter, with the block generation time predominantly influenced by the credit rating of the highest-rated entity in the network. Hence, through smart contract design based on energy trading, blockchain technology is utilized to enhance the transparency and security of transaction settlement and clearing. Future research could focus on improving blockchain scalability, integrating emerging technologies, to advance the effectiveness and adoption of blockchain-based energy trading systems.

Forecasting the dynamics of the exchange rate using econometric methods and artificial neural networks.

The article presents the possibilities of applying the methods of applied statistics used in modern analysis to analyze the dynamics of the exchange rate. The exchange rate in the modern world is quite a significant tool of the economic system of the state. Determining the trend in the development of the exchange rate is important in almost any business direction that involves capital investment. In modern economic conditions, it has a rather differential character, which is accompanied by risk, to one degree or another. And although assets in US dollars have declined in recent years, the Central Bank did not plan to completely abandon the dollar in its reserves, since this currency is necessary to maintain financial stability, given the high role of the US currency in foreign trade settlements and its fundamental role in financial flows. To predict the dynamics of the exchange rate, the official US dollar exchange rate was taken. Methods of constructing predictive models using ARIMA models and prediction models based on neural networks are proposed for making forecasts. The models were evaluated and the most accurate variant was proposed – a model based on the construction of neural networks (MLP model 12-8-1 (No. 4)) with a prediction error of 6 %.

Blockchain technology roles to overcome accounting, accountability and assurance barriers in supply chain finance

PurposeKnow your customer (KYC), accounting standards, issuance, clearing, and trade settlement became the major barrier to implement accounting, accountability and assurance process in supply chain finance (SCF). Blockchain technology features have the potential to solve accounting problems. This research focuses on exploring how blockchain technology provides solutions to overcome the barriers of accounting process in SCF. The benefits, opportunities, costs and risks related to blockchain adoption are also explored.Design/methodology/approachMulti-case study and qualitative methods are used with a framework based on blockchain role to overcome the accounting process barriers. Ten blockchain projects in SCF and 29 interviews of participants as a unit of analysis are considered.FindingsThe findings indicate that blockchain technology offers solutions to solve accounting, accountability and assurance problems in SCF. Validity, verification, smart contracts, automation and enduring data on trade transactions potentially solve those barriers. However, it is also necessary to consider costs such as implementation, technology, education and integration costs. Then there are possible risks such as regulatory compliance, operational, code development and scalability risk. This finding reflects the current status of blockchain technology roles in SCF.Research limitations/implicationsThis study unveils blockchain's SCF accounting potential, emphasizing multi-case method limitations and future research prospects. Diverse contexts challenge findings' applicability, warranting cross-industry studies for deeper insights. Addressing selection bias and integrating quantitative measures can enhance understanding of blockchain's accounting impact.Practical implicationsAccounting professionals can get an idea of the future direction and impact of blockchain technology on accounting, accountability and assurance processes.Originality/valueThis study provides initial findings on the potential, costs and risks of blockchain that is beneficial for parties involved in SCF, especially for banks and insurance underwriters. In addition, the findings also provide direction for the contribution of blockchain technology to accounting theory in the future.

Renewable Energy Trading Platform using Blockchain

As the demand for renewable energy grows, there is a need for efficient and transparent mechanisms to facilitate renewable energy trading. This research presents a novel Renewable Energy Trading Platform (RETP) that leverages blockchain technology to enable secure and decentralized energy trading. The platform utilizes distributed ledger technology to record and verify energy transactions, ensuring transparency and immutability. Smart contracts are employed to automate trade execution and settlement, eliminating the need for intermediaries and reducing transaction costs. The RETP integrates renewable energy data from various sources, such as smart meters and IoT devices, to enable accurate tracking and verification of energy production and consumption. Through the implementation of the RETP, energy producers can directly sell excess renewable energy to consumers, promoting the adoption of green energy and enhancing energy grid efficiency. A comprehensive evaluation of the platform demonstrates its efficiency, scalability, and security. The proposed RETP has the potential to revolutionize the renewable energy market by fostering peer-to-peer energy trading, empowering energy communities, and accelerating the transition to a sustainable energy future.

Shortening of Trade Settlement Cycle: Impact on Trading Attributes of Securities

Shortening of Trade Settlement Cycle: Impact on Trading Attributes of Securities

Research on A New Cross-Border Barter Trade Settlement Model Based On Blockchain And Smart Contracts

Research on A New Cross-Border Barter Trade Settlement Model Based On Blockchain And Smart Contracts

Enhancing Trade Settlement: A Meta- Analysis and VAR Model Approach to RMB Activation in International Transactions

Purpose - This paper aims to empirically analyze factors associated with international trade settlement methods and cross-border Renmingbi (RMB) settlement. RStudio was employed to perform an empirical analysis of prior research via meta-analysis, and to examine research trends pertaining to international trade settlement. Following the preceding research, factors such as economic scale, trade scale, RMB exchange rate forecast, money supply, inflation rate, and overseas financial market development have been identified as influential factors on RMB settlement. This study aims to investigate the impact on international RMB settlement. This paper provides a summary of the research areas pertaining to trade settlement methods by Chinese scholars, and examines deficiencies in China's research in this field.
 Design/methodology - The empirical model takes into account both direct and indirect factors that influence RMB settlement. Utilizing the established theoretical framework to ascertain the correlation between different factors and the influence on RMB settlement, with the aim of offering recommendations for the facilitation of RMB settlement is the goal of the study.
 Findings - The study reveals that RMB settlement transaction volume has a significant impact, while other factors such as economic scale, exchange rate, and trade scale also exert influence. Among these factors, economic scale exerts the most significant influence. However, over time, economic growth may reach a point of saturation, leading to a gradual reduction in its impact on RMB settlement.
 Originality/value - This research aims to conduct a meta-analysis to statistically analyze the current research status and trends of trade settlement methods. This approach seeks to provide an objective and quantitative understanding of the research context and direction. Furthermore, the findings of the meta-analysis served as foundational data to employ a Vector Autoregression (VAR) model in a comprehensive analysis to simulate and forecast the interrelationships and effects of diverse factors.

On the need to create an interstate gold-backed digital currency

Subject. This article focuses on the issues of creating an interstate currency, different from the existing world's reserve currencies, for export and import operations with various countries. Objectives. The article aims to develop the main provisions for the creation of an interstate currency to overcome the current and possible sanctions pressure of the United States, Western countries and Japan on the rest of the world, as well as its introduction into the world non-Western financial system. Methods. For the study, I used the dialectical, historical, logical, and economic and methodological research methods. Results. The article critically assesses the problems that the international trade activity of both the Russian Federation under intergovernmental contracts and its economic entities has faced and will face in the future. Conclusions and Relevance. The article concludes that the policy of the United States and its satellites is aimed at the practical impossibility of conducting international transactions in reserve currencies, the transition to payment for international transactions in the national currencies of the participating countries poses significant threats, and similar problems of the modern economy have been repeatedly successfully solved by our predecessors on the basis of pegging the currency to the gold standard. Theoretical research and practical proposals can be used by the Russian Federation and a number of other countries, including the BRICS intergovernmental organization, to create an international currency that does not depend on the Bretton Woods system of monetary relations and trade settlements.