Documentary letters of credit have historically been an important and popular method of payment in international trading transactions. In fact, they have been described as the “lifeblood of international commerce.” A number of uniform international practices have developed for their use, many of which are codified in international rules such as Uniform Customs and Practice for Documentary Credi...

Not long ago securities were traded by human traders in face-to-face markets. The ecosystem of an open outcry market was well-known, visible to a human eye, and rigidly prescribed. Now trading is increasingly done in anonymous electronic markets where traders do not have designated functions or mandatory roles. In fact, the traders themselves have been replaced by algorithms (machines) operatin...

their preferences on those product dimensions. Since a single commodity market is made up of many heterogeneous goods that are close to each other but different in grade, quality and delivery conditions, preference satisfaction plays an important role in improving trade matches. In cotton markets, for instance, a cotton merchant may want to specify his preferences like " I prefer early delivery...

The fixed income (FI) market is a financial market where debt securities are traded commonly in the form of bonds. Unlike equity securities which are traded on exchanges, the debt securities are primarily traded in over-the-counter (OTC) markets. While the use of electronic trading systems in the fixed income market is growing, the majority of the FI market is still driven by broker-dealer rela...

Financial engineering such as trading decision is an emerging research area and also has great commercial potentials. A successful stock buying/selling generally occurs near price trend turning point. Traditional technical analysis relies on some statistics (i.e. technical indicators) to predict turning point of the trend. However, these indicators can not guarantee the accuracy of prediction i...

It is generally accepted that models are useful in systems development and a variety of modeling tools and techniques are taught in information technology academic programs and used by software professionals. However, the recent emergence of agile systems development approaches, including extreme programming, SCRUM, and pair programming is challenging the value of modeling. Surprisingly, other ...

Stock traders consider several factors or objectives in making decisions. Moreover, they differ in the importance they attach to each of these objectives. This requires a tool that can provide an optimal tradeoff among different objectives, a problem aptly solved by a multi-objective optimization (MOO) system. This paper aims to investigate the application of multi-objective optimization to end...

The proliferation of electronic trading has seen a race towards faster execution. This technological arms race has yet to be comprehensively and scientifically reviewed. We perform a systematic literature review into colocation and latency minimization with respect to high-performance algorithmic trading systems. We start by defining our protocol in which we identify research questions which ai...

This paper is a first attempt to describe and assess a new business phenomenon, namely electronic trading hubs. E-Hubs use computing power and World Wide Web technology to link producers, resellers, distributors and buyers together for transaction and other purposes. Significant numbers of E-Hubs have been developed and analysts are bullish about their future. The paper provides an outline of E...

This paper explores the use of information agents for partially automating some of the activities of information brokering in e-commerce. In this paper, the issue of matching buyers' and sellers' profiles is viewed as a kind of connection problem. A connection algorithm that matches advertisement of buyers and requests from sellers based on pre-specified multiple criteria was devised and implem...