During the past 30 years, the proliferation of electronic trading has catalysed profound structural change in the global foreign exchange (FX) spot market. Today, more than 60% of the market's volume occurs via electronic trading platforms, which provide traders with round-the-clock market access from anywhere in the world. Such platforms offer several practical benefits that have encouraged market participation from a broad new class of financial institutions and have thereby spurred market growth. The most widely used electronic trading platforms in the FX spot market incorporate several features that differentiate them from those used in other financial markets. These features raise many important questions about order flow, market state, price formation, trader behaviour, and volatility. Despite the enormous trade volumes that such platforms facilitate, these questions have received almost no attention to date. In this thesis, we study a recent, high-quality data set from a large electronic trading platform in the FX spot market in order to investigate several aspects of trading via this mechanism. We calculate a wide range of statistics regarding order flow and market state, and we highlight how our findings contrast to those reported by empirical studies of electronic trading platforms in other markets. We study the autocorrelation properties of returns, absolute returns, and order flow, and we investigate the extent to which the market's organization impacts price formation. We also introduce a model designed to reproduce the most important properties of trading via such a platform. We derive several results regarding the model's temporal evolution, and we simulate the model to investigate how the interactions between individual traders influence volatility. We conclude that electronic trading platforms in the FX spot market retain many desirable features of centralized markets while providing traders with explicit control over their personal trading partnerships.

O desenvolvimento tecnológico experimentado nos últimos anos é causa de uma grande transformação no mercado de valores mobiliários. Essa transformação não se restringe aos produtos e instrumentos, cada vez mais sofisticados, mas atinge a própria estrutura de negociação. Assim, testemunhamos o abandono dos pregões viva-voz e o surgimento de sistemas de negociação eletrônica, que aumentaram a velocidade das transações e mudaram a forma de acesso ao mercado secundário de valores mobiliários. O presente trabalho aborda essa questão com foco na atividade de intermediação, procurando demonstrar como essa atividade é afetada pelo acesso eletrônico ao mercado, inclusive pela disciplina regulatória que tal forma de acesso impõe. / Technological development experienced in recent years is causing a major transformation in the securities market. This transformation is not restricted to products and financial instruments, more and more sophisticated, but reaches the very structure of trading. Thus, we witness the abandonment of open outcry system and the emergence of electronic trading systems, which increased trading speed and changed the access to secondary market securities. This paper addresses this issue with a focus on the intermediation activity, seeking to demonstrate how this activity is affected by direct electronic access, including the regulatory discipline that such form of access imposes.

Univ., Diss.--Mainz, 2004. / Literaturverz. S. [200] - 206.

O desenvolvimento tecnológico experimentado nos últimos anos é causa de uma grande transformação no mercado de valores mobiliários. Essa transformação não se restringe aos produtos e instrumentos, cada vez mais sofisticados, mas atinge a própria estrutura de negociação. Assim, testemunhamos o abandono dos pregões viva-voz e o surgimento de sistemas de negociação eletrônica, que aumentaram a velocidade das transações e mudaram a forma de acesso ao mercado secundário de valores mobiliários. O presente trabalho aborda essa questão com foco na atividade de intermediação, procurando demonstrar como essa atividade é afetada pelo acesso eletrônico ao mercado, inclusive pela disciplina regulatória que tal forma de acesso impõe. / Technological development experienced in recent years is causing a major transformation in the securities market. This transformation is not restricted to products and financial instruments, more and more sophisticated, but reaches the very structure of trading. Thus, we witness the abandonment of open outcry system and the emergence of electronic trading systems, which increased trading speed and changed the access to secondary market securities. This paper addresses this issue with a focus on the intermediation activity, seeking to demonstrate how this activity is affected by direct electronic access, including the regulatory discipline that such form of access imposes.

Univ., Diss.-2002--Osnabrück, 2001. / Literaturverz. S. 389 - 417.

Submitted by SINDERLEY JUNIOR FERREIRA DA PAZ (sinderleyferreira@bol.com.br) on 2017-01-04T11:10:11Z No. of bitstreams: 1 DISSERTACAO - pos banca - revisada.pdf: 1080929 bytes, checksum: 4ec2d8291853b0f5c70e43642819cab5 (MD5) / Approved for entry into archive by ÁUREA CORRÊA DA FONSECA CORRÊA DA FONSECA (aurea.fonseca@fgv.br) on 2017-01-05T12:09:58Z (GMT) No. of bitstreams: 1 DISSERTACAO - pos banca - revisada.pdf: 1080929 bytes, checksum: 4ec2d8291853b0f5c70e43642819cab5 (MD5) / Made available in DSpace on 2017-01-18T11:36:53Z (GMT). No. of bitstreams: 1 DISSERTACAO - pos banca - revisada.pdf: 1080929 bytes, checksum: 4ec2d8291853b0f5c70e43642819cab5 (MD5) Previous issue date: 2016-11-18 / This study had as its central objective to identify the experience gained with the use of electronic trading on the acquisition of assets from Brazilian Army Management Units based in the state of Rio de Janeiro. For that, we considered the contracting of materials made by about 40 management units in 2015 in different bidding modalities. Another point raised is related to how the developed countries carry out their public procurement and to what extent, these routines can assist in improving the routine adopted by the Federal Public Administration in carrying out their contracts. Statistical analyzes were performed on the extracted data base Management System Treasury regarding the signings made in 2015 in order to point out opportunities for improvement and to ratify if the Management Units are following the existing requirements for achieving efficient public procurement. The study results indicate that the public managers of these Management Units are predominantly using electronic auctions for the purchase of common goods and services, however, not everyone is having the same success in using the tool. As for the amounts paid by the Management Units in certain items, the survey shows considerable variation in the prices thereby damaging an economy of scale and reducing efficiency in the hirings. / Este estudo teve como objetivo central identificar a experiência adquirida com a utilização do pregão eletrônico nas aquisições de bens das unidades gestoras do Exército Brasileiro sediadas no Estado do Rio de Janeiro. Para tanto, foram consideradas as contratações de materiais realizadas por cerca de 40 unidades gestoras no ano 2015 em diferentes modalidades de licitação. Outro aspecto levantado está relacionado com o modo como os países desenvolvidos realizam suas compras públicas e em que medida essas rotinas podem auxiliar no aperfeiçoamento da rotina adotada pela Administração Pública Federal na realização de suas contratações. Foram realizadas análises estatísticas na base de dados extraídas do Sistema Tesouro Gerencial referente às contratações realizadas em 2015 com o intuito de apontar oportunidades de melhoria e de ratificar se as unidades gestoras estão seguindo os preceitos existentes para a realização de contratações públicas eficientes. Os resultados do estudo indicam que os gestores públicos das referidas unidades gestoras estão utilizando predominantemente o pregão eletrônico para aquisição de bens, porém nem todos estão tendo o mesmo êxito na utilização da ferramenta. Quanto aos valores pagos pelas unidades gestoras em determinados itens, a pesquisa demonstra uma variação considerável nos preços praticados, prejudicando, dessa forma, uma economia de escala e reduzindo a eficiência nas contratações.

nÃo hà / This work aims to analyze the Purchasing Policy of Cearà State, using Prices Registration System. A comparison was made between auctions conducted in electronic trading without prices registration in 2006 and 2008 and bids in the same mode with prices registration in the years 2009, 2010 and 2011 to the acquisition of a wide range of goods. To analyze the effectiveness of Prices Registration procedure, we used data of similar goods acquired by public administration. In the analysis, it was used linear regression. The proposed model used three variables: purchase price, number of participants, and bidding time. We verified that price and bidding time are not relevant and that the number of participants has a significant relation to purchase price, showing that Prices Registration procedure is not a decisive factor to electronic auction effectiveness. / Este trabalho visa a analisar um comparativo na PolÃtica de Compras Governamentais do Estado do CearÃ, com a utilizaÃÃo do Sistema de Registro de PreÃos. A comparaÃÃo foi feita mediante as licitaÃÃes realizadas na modalidade de pregÃo eletrÃnico, sem o procedimento de registro de preÃos nos exercÃcios de 2006 e 2008, confrontando com as licitaÃÃes na mesma modalidade com o procedimento de registro de preÃos, nos exercÃcios de 2009, 2010 e 2011 para a aquisiÃÃo de vÃrios itens de material de consumo. Para comparar a eficÃcia do uso do procedimento de registro de preÃos, foram utilizados dados da aquisiÃÃo de bens de mesma natureza nos ÃrgÃos pÃblicos estaduais. Na anÃlise estatÃstica, foi utilizada regressÃo simples linear. O modelo proposto empregou trÃs variÃveis: preÃo de aquisiÃÃo, nÃmero de participantes e o tempo de permanÃncia do processo. Analisando estas variÃveis, verificou-se que o registro de preÃos e o tempo de permanÃncia nÃo sÃo estatisticamente relevantes e que o nÃmero de participantes tem relaÃÃo significativa com o preÃo de aquisiÃÃo. Logo, o modelo mostrou que o procedimento de registro de preÃos nÃo à fator determinante da eficiÃncia de aquisiÃÃo dos bens.

by Po Chun-Wong. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1997. / Incldues bibliographical references (leaves 110-113). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF TABLES --- p.v / ACKNOWLEDGMENTS --- p.vi / Chapter / Chapter I. --- INTRODUCTION --- p.1 / The Hong Kong Securities Market --- p.1 / The Way How Listed Securities are Traded --- p.4 / The Low Participation Rate of Individual Investors and Its Adverse Consequences --- p.9 / The Services Provided by Stockbrokers --- p.10 / How Listed Securities are Promoted --- p.10 / Internet and Online Financial Information Services --- p.14 / Online Securities Trading via the Internet --- p.18 / The Pros and Cons of Dealing Securities on the Internet --- p.20 / "The Listed Companies, Stockbrokers and the Hong Kong Stock Exchange's Presence on the Internet" --- p.34 / Chapter II. --- THIS STUDY --- p.38 / Purpose of the Study --- p.38 / Justification of the Study --- p.38 / Scope of the Study ………………… --- p.39 / Chapter III. --- RESEARCH METHODOLOGY --- p.40 / Research Design --- p.40 / Sample Selection --- p.41 / Survey Design --- p.42 / Questionnaire Development --- p.43 / Timing of the Study --- p.43 / Chapter IV. --- ANALYSIS OF FINDINGS --- p.44 / Response Rate --- p.45 / Demographics of the Samples --- p.45 / Stock Trading Behaviour --- p.48 / Computer Usage --- p.53 / Internet and Web Usage --- p.54 / "Data Privacy, Censorship & Security of Transaction" --- p.62 / Attitude of Online Securities Trading --- p.66 / Chapter V. --- LIMITATIONS OF THE STUDY --- p.67 / Non-Response Bias --- p.67 / Response Bias --- p.67 / Sample Selection Bias --- p.69 / Language Used in Questionnaire --- p.69 / Chapter VI. --- COMPARISON OF STUDIES --- p.70 / Hong Kong Internet User Survey 1996 --- p.70 / GVU's 6th WWW User Survey --- p.72 / "Find/SVP's “The American Home Financial Services Survey""" --- p.77 / IntelliQuest Information Group --- p.80 / Chapter VII. --- RECOMMENDATIONS --- p.81 / Market Segmentation --- p.81 / Market Positioning and Strategy --- p.82 / Other Recommendations --- p.88 / Directions for Future Studies --- p.92 / Chapter VIII. --- CONCLUSIONS --- p.94 / APPENDICES --- p.96 / BIBLIOGRAPHY --- p.110

Made available in DSpace on 2016-04-26T20:48:47Z (GMT). No. of bitstreams: 1 Lucy Pamboukdjian.pdf: 616336 bytes, checksum: c470f80cf74971ad5c001dc6501d6ca4 (MD5) Previous issue date: 2006-12-20 / This paper analyses the features that led the stock exchanges in Latin America to promote the integration initiatives that are currently in progress. The evaluation takes the experiences in integration and consolidation observed in Europe and the United States as main reference, as well as the opening of capital markets, introduction of electronic trading systems and demutualization processes, along with the increasing participation of institutional investors as main drivers of the transformation seen in the recent years. Since the late 1980 s, the capital markets worldwide have seen the modernization of the stock and derivatives exchanges. This movement has been occurring simultaneously to the opening of the capital markets and to the flows of capital led by institutional investors, which seem to have stimulated the adoption of more efficient electronic trading systems for the securities trading. In this sense, stock exchanges and market intermediaries started using technology to strengthen the efficiency of its intermediation models, as well as to broaden access with smaller trading costs to investors. In order to achieve more flexibility and raise financial resources to conduct these changes, the demutualization process has emerged allowing exchanges to become for-profit and market driven companies, which segregated the trading rights and the ownership rights of the intermediaries in the exchanges / A dissertação examina os elementos que motivaram as bolsas de valores da América Latina a promover as iniciativas de integração de seus mercados de capitais em curso. A análise toma como referência as experiências de integração e consolidação promovidas pelas principais bolsas de valores da Europa e dos EUA, bem como os processos de internacionalização dos mercados, de implementação de sistemas eletrônicos de negociação e de desmutualização das bolsas, além do papel dos investidores institucionais como estimuladores das transformações em curso ao longo dos últimos anos. A partir do final dos anos 1980, o mercado de capitais mundial presenciou a modernização de bolsas de valores e de derivativos. Essa transformação coincidiu com a internacionalização dos mercados de capitais e com o fluxo internacional de capitais geridos por investidores institucionais, que parecem ter estimulado o desenvolvimento de sistemas eletrônicos de negociação mais eficientes para a intermediação de ações e outros instrumentos do mercado financeiro. Nesse sentido, bolsas de valores e seus intermediários passaram a utilizar a tecnologia para potencializar a eficiência de seus sistemas de negociação e simultaneamente oferecer acesso mais adequado e custos de intermediação reduzidos aos investidores. Para atingir maior flexibilidade na sua gestão e maior capitalização financeira para implementar essas mudanças, um processo de desmutualização tomou lugar nas bolsas, que se tornaram empresas com fins de lucro e com estratégias comerciais e dissociaram o direito de acesso à intermediação do direito à propriedade dos participantes das bolsas

傳統上，由於受到組織及技術的限制，資訊科技(Information Technology)的應用只局限在單一組織之內。然而，隨著科技、經濟、組織及策略等因素的改變，這種情況已經改觀。 　　在國外有許多成功的個案將資訊科技視為策略性武器，並運用在產業競爭上。也有學者探討電子市場系統（Electronic Marketplaces or Electronic Market System），認為資訊科技也可以充當買賣交易過程中的中介系統(intermediary system)，提供買賣雙方交換價格和產品資訊，降低買方尋找成本，創造經濟價值。 　　本研究主要目的在探討台灣證券市場跨組織資訊系統(Interorganizational System；IOS)之演進、系統的促成與限制因素、系統的網路架構。涵蓋範圍及與業務之間的關聯性、以及系統對台灣證券市場之影響。研究結果發現，有十項因素促成台灣證券市場IOS成長：(1).組織變革；(2).技術能力；(3).成功經驗；(4).不斷創新；(5).經濟效益；(6).跨組織效率；(7).競爭優勢；(8).市場安全；(9).作業流程標準化；(10).政府參與。另外有二項因素限制IOS的成長:(1).系統整合；(2).電腦相關成本。IOS對台灣證券市場的影響可以從四個構面分析：(1).國家經濟；(2).產業；(3).組織；(4).投資人。本研究最後建議台灣證券市場應去除限制IOS成長的因素，並朝三個方向努力：(1).進行產業合作，建立資訊聯盟(Information Alliance)；(2).擴充系統網路範圍，加強規模經濟、範疇經濟（Economies of Scale and Scope）及網路外部性(Network Externalities)；(3).建立證券、金融業EDI，達到無紙化作業。