Latency is the time delay between an exchange streaming market data to a trader, trader processing information and deciding trade, receiving order from trader. Liquidity takers face moving target problem as consequence of their latency in marketplace. They send orders with limit price that aim at quantity they observed book (LOB), by processed exchange, prices could have worsened, so may not be...

We consider a two-sided matching market in which the traders are partitioned into two sets; the set of sellers and the set of buyers. Each seller owns at most one indivisible good and each buyer owns a certain amount of money. Money is assumed to be an integer variable. Each trader can trade with at most one trader of the opposite side. The marriage model of Gale and Shapley is a special case o...

Using proprietary audit trail transactions compiled by the Commodity Futures Trading Commission, we investigate, at the individual trader level, (1) the timing and (2) the determinants of dual traders’ personal trades. Our analysis reveals a surprising absence of any trade timing by dual traders in relation to the execution of their customers’ orders. Further examination employing correlation s...

The study investigates the materials of Russian ambassade S. Islen’ev and M. Griazev to court Qizilbash shah Safī, stored in funds State Archive Ancient Acts. archival file is a set documents reflecting process exchange embassies between Tsardom Safavid Empire 1635–1637. aim embassy I. K. was discuss some topical issues bilateral relations such as duties, restitution cases, purchase Iranian nit...

Zusammenfassung In ooenen verteilten Systemen wird zunehmend eine Vielzahl verschiedenartiger, bekannter und unbekannter Dienste an-geboten. Um diese Dienste eeektiv und eezient nutzen zu k onnen, sind ad aquate Unterst utzungsmechanismen f ur die Dienstvermittlung, die Dienstverwaltung, den Dienstzugrii und die Dienstkontrolle erforderlich. Zur Realisierung dieser Aufgaben stellen wir die im C...

Using the intraday data on the Taiwan Stock Exchange (TWSE), we address the issue of the informativeness of the limit order book in the periodic call market. We find that the pre-call information variables, i.e., the market order and the radius of the limit order book, have significant impacts on the trade variables, i.e., the trading volume, the post-call bid-ask spread, and the trader surplus...

Regulators in international trade are facing a seemingly impossible challenge of increasing control and security while at the same time lowering the administrative burden for traders. The European Commission has introduced the concept of “trusted trader”, referring to a trader that is certified as being in control of his/her business. Trusted traders are supposed to obtain trade facilitations s...

The emergence of the Safavid Empire in early sixteenth century marked a significant change geopolitics Middle East. This momentous coincided with widening Ottoman expansion eastward and exploration by European powers, especially Venice, possibilities forming alliances against Ottomans involvement Safavids. Thus, threat commercial interests contributed to development diplomatic, cultural, trade ...