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The purpose of this paper is to examine the effectiveness of two regulatory initiatives in developing awareness of conduct risk associated with algorithmic and direct-electronic access (DEA) trading at broker-dealers: the UK Financial Conduct Authority’s algorithmic trading compliance in the wholesale markets and Commission Delegated Regulation 2017/589 (CDR 589) to the second Markets in Financial Instruments Directive.

A qualitative examination of 15 semi-structured interviews with representatives of London Metal Exchange member firms, their clients and regulators.

This paper finds that the key conduct related messages in algorithmic trading compliance in the wholesale markets may not yet be fully embedded at broker–dealers. This is because of a perceived simplicity of the algorithms deployed by broker dealers or, alternatively, a lack of reflection on their impact. Conversely, a concern exists that clients’ deployment of algorithms on DEA channels provided by broker–dealers increase conduct risk. However, the threat of harm posed by clients is not envisaged in current definitions of conduct risk. Accordingly, CDR 2017/589 does not currently require firms to evaluate clients’ awareness of it.

This study’s findings are limited to the insights provided by 15 participants.

This paper contributes to existing research by deepening understanding of conduct risk arising from algorithmic trading and DEA. To account for the potential harm arising from clients’ activities, this paper proposes a revision to Miles’s definition of conduct risk. This is complemented by a proposed amendment to CDR 2017/589 to require evaluation of clients’ understanding of conduct risk.

The purpose of this paper is to scrutinise the effectiveness of four derivative exchanges’ enforcement efforts since 2007. These exchanges include the Commodity Exchange Inc. and ICE Futures US from the United States and ICE Futures Europe and the London Metal Exchange from the UK.

The paper examines 799 enforcement notices published by four exchanges through a behavioural science lens: HUMANS conceived by Hunt (2023) in Humanizing Rules: Bringing Behavioural Science to Ethics and Compliance.

The paper finds the effectiveness of the exchanges’ enforcement efforts to be a mixed picture as financial markets transition from the digital to artificial intelligence era. Humans remain a key cog in the wheel of market participants’ trading operations, albeit their roles have changed. Despite this, some elements of exchanges’ enforcement regimes have not kept pace with the move from floor to remote trading. However, in other respects, their efforts are or should be, effective, at least in behavioural terms.

The paper’s findings are arguably limited to exchanges based in Anglophone jurisdictions. The information published by the exchanges is variable, making “like-for-like” comparisons difficult in some areas.

The paper makes several recommendations that, if adopted, could help exchanges to increase the potency of their enforcement programmes.

A key aim of the paper is to shift the lens through which the debate concerning the efficacy of exchange-level oversight is conducted. Hitherto, a legal lens has been used, whereas this paper uses a behavioural lens.

The purpose of this paper is to examine the effectiveness of UK investment firms’ implementation of the requirements in Commission Delegated Regulation 2017/589 (more commonly known as “Regulatory Technical Standard 6” or “RTS 6”) that govern the conduct of algorithmic trading activities.

A qualitative examination of 19 semi-structured interviews with practitioners working for, or with, UK investment firms engaged in algorithmic trading activities.

The paper finds that practitioners generally have a good understanding of the requirements in RTS 6. Some lack knowledge of algorithms, coding and algorithmic strategies but have used best efforts to implement RTS 6. However, regulatory fatigue, complacency, cost pressures, governance in international groups, overreliance on external knowledge and generous risk parameter calibration threaten to undermine these efforts.

The study’s findings are limited to the participants’ insights. Some areas of the RTS 6 regime attracted little comment from participants.

The paper proposes the introduction of mandatory algorithmic trading qualification requirements for key staff; the lessening of the requirements in RTS 6 for automated executors; and the introduction of a recognised software vendor regime to reduce duplication and improve coordination between market participants that deploy algorithmic trading systems.

To the best of the author’s knowledge, the study represents the first qualitative examination of firms’ implementation of the algorithmic trading regime in the second Markets in Financial Instruments Directive 2014/65/EU.

The purpose of this paper is to organize the semantics jungle of marketing strategy approaches, terms and concepts into a logically coherent framework using the history of marketing thought to inform current marketing research and practice.

The paper takes the form of an intensive literature review tracing the three streams of marketing strategy terms and concepts from their roots in the literatures of early marketing management, managerial economics and corporate management to the present.

Along with marketing ideas, strategy concepts from managerial economics and from corporate management were absorbed directly into the corpus of strategic marketing thought. These three streams of research have converged into the current state of marketing strategy – an eclectic mixture of both complementary and conflicting strategic approaches, terms and concepts. By systematically following the evolutionary development of major contributions to strategic marketing thought and by redefining terms and refining concepts the various approaches to strategy can be integrated into a comprehensive conceptual framework for organizing and choosing among individual marketing strategies.

The framework offers conceptual and practical value. It provides a researcher with a consistent set of terms and concepts to build upon. The framework also provides a strategic toolkit for the marketing manager, based upon organizational and environmental conditions, to choose from among the feasible alternatives the most effective marketing strategy to achieve management's goal(s).

THE June conference at Margate is so near that we must needs be pre‐occupied with it at the moment although two months ago we were able to give an anticipatory description of the programme. The protracted and cold winter, culminating in the most “perishing” April of the century, possibly of any century since the Great Ice Age, seems on the threshold of May to have dissolved at last in warmer weather. Margate is a lady in the sun, but perhaps something else under cloud, and wise people take warm clothes when they visit her. We hope, however, that they will not be necessary and that for some hundreds of our readers Margate air will be an invigorating experience.

The purpose of this paper is to examine marketing tactics used in the clinic websites of cross-border reproductive care (CBRC) providers and analyse what ethical implications exist when targeting the vulnerable consumer group of infertility sufferers.

The sampling design was to collect clinic websites from regions known to be popular destinations for CBRC, and who were marketing directly to US-based consumers through their online websites. There were three stages of data collection: organic Google search that displayed Google AdWords of clinics who advertised; organic Google search results; and searching via the WhatClinic.com database for additional private clinics with websites. The websites were then audited for their marketing tactics according to the best practice guidelines from the American Medical Association, American College of Obstetricians and Gynaecologists, ethics committee of the American Society for Reproductive Medicine (ASRM).

Through this analysis, it was confirmed that these clinics are attempting to establish their credibility and attract foreign consumers through their promised rates of success, years of experience and use of testimonials. In total, 32 of the 35 sites contained at least one factor considered misleading by ASRM guidelines, such as the publishing of inaccurate or non-transparent success rates, the use of sales promotions and guarantees often used in consumer products, or the use of misleading language. Out of the 24 sites that posted success rates, 17 of those rates would be considered deceptive by not clarifying the source of the numbers or by being so far from the global averages of 30 per cent.

Marketing practitioners have a specific responsibility to recognise vulnerable market segments; therefore this initial study seeks to add to the understanding of consumer vulnerability through an intersectional view of global reproductive service consumption.

A global standard of marketing guidelines specific to CBRC clinics needs to be implemented across all regional/countries in order to communicate ethically, improve credibility, reputation and trust among consumer and international bodies. Counselling services need to be integrated within all assisted reproductive technology services. Service-country to home-country continued care protocols should be created for patients travelling home in order to collect data on CRBC experiences.

This study contributes to the CBRC literature in providing new insights into current clinic marketing trends and highlights ethical implications to industry stakeholders.