This paper describes the over-the-counter derivatives markets from the point of view of its structure, participants and products. We highlight the current trading venues for OTC equity derivatives, which include the inter-dealer market as well as electronic trading networks. The paper shows that the link between listed stock exchanges, options exchanges and the OTC market provides significant p...

The scope of this chapter is to investigate the critical factors for the success of stock brokerage processes via the Web, using financial portals on the Brazilian Internet, from the perspective of the investor. The framework of the online stock trading system is presented in order to compare the traditional form of stock brokerage with that made possible by the Internet and discuss some of the...

ebXML (Electronic Business using eXtensible Markup Language) is an e-business standard, sponsored by UN/CEFACT and OASIS, which enables enterprises to exchange business messages, conduct trading relationships, communicate data in common terms and define and register business processes. While there is tremendous e-business value in the ebXML, security remains an unsolved problem and one of the l...

Does Algorithmic Trading Improve Liquidity? Algorithmic trading has sharply increased over the past decade. Equity market liquidity has improved as well. Are the two trends related? For a recent five-year panel of New York Stock Exchange (NYSE) stocks, we use a normalized measure of electronic message traffic as a proxy for algorithmic liquidity supply and trace the associations between liquidi...

This paper studies the interaction between dealer markets and a relatively new form of exchange, passive crossing networks, where buyers and sellers trade directly with one another. We find that the crossing network is characterized by both positive ~“liquidity”! and negative ~“crowding”! externalities, and we analyze the effects of its introduction on the dealer market. Traders who use the dea...

This paper examines the value drivers and e-business infrastructures for collaborative commerce across two distinct types of business-to-business governance arrangements in Financial Services, i.e., (a) electronic markets and (b) electronic networks. This paper addresses the changing dynamics underlying global trading communities as they evolve towards greater reach and range of services for th...

Current E-Commerce trading systems which look at electronic negotiation facilities usually uses predefined and non-adaptive negotiation mechanisms [Maes, et. al. 1999]. This paper presents a negotiation framework which applies Case-Based Reasoning(CBR) techniques to capture and reuse previously successful negotiation experiences. This experience based negotiation framework provides adaptive neg...

Stream query processing is becoming increasingly important as more time-oriented data is produced and analyzed nowadays. Examples for stream-based applications include sensor networks and infrastructure monitoring, electronic trading on Wall Street, or social networks. In the last decade several technologies have emerged to address the challenges of processing such high-volume and realtime data...

Web technology is starting to penetrate many aspects of our daily life. Its importance as a medium for business transactions will grow significantly during the next few years. In terms of market volume B2B will be the most interesting area and it will also be the area where the new technology will lead to drastic changes in established customer relationships and business models. Simple establis...

This paper presents how text -mining techniques can be used to analyze an enterprise’s external environment searching for competitors, related products and services, marketing strategies and customers’ opinions. A case study, using the UNCTAD Electronic Trading Opportunities (ETO) System, is presented. The ETO system enables “Trade Points” and trade-related bodies to exchange information by e-m...