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Traditionally, full-service broker/dealers catering to institutional investors have bundled trade execution with investment research. Since 2018, new market regulation has forced broker/dealers to unbundle and to sell research separately. The purpose of this paper is to shed some light on the expected pricing of research.

A stylized model is presented in this study in which a monopolist fixed income, currencies and commodities (FICC) research provider faces a linear demand function and picks an appropriate price schedule.

It is shown that it is important to initiate the price discovery process using a low price and that some broker/dealers will not be able to identify a regulatory compliant price/quantity solution because their research-production fixed cost is very high compared to the research demand function they face.

There are three main findings from our model: pricing research at cost is not always possible; if there is a unique solution, an iterative approach only works when starting off with a low-enough initial price; and if there are two solutions, only the low-cost/high-volume solution can be discovered in an iterative process.

The results presented are important to broker/dealers about to discover the market demand for their FICC research publications on the back of the implementation of MiFID II. Having distributed FICC research for free in the past, they have no knowledge about the demand function (other than what is demanded at a price of zero). Because research publications are highly differentiated products, observing the pricing of competitors is insufficient. Iteratively gaining knowledge about the demand function using price adjustments and customer questionnaires becomes the most likely mean for discovering the demand function. It is important to initiate the price discovery process with a low price. Some broker/dealers will not be able to identify a regulatory compliant price/quantity solution because their research-production fixed cost is too high compared to the research demand function they face. Finally, it is shown that these broker/dealers with two possible equilibriums face difficulty in identifying the high-price/low-volume research equilibrium because of the non-converging nature of the iterative process.

In 2022, US financial regulators proposed to mandate a single central clearing mechanism for treasury bonds and repo transactions to stabilize financial markets. The systemic risks inherent in repo markets were first highlighted by the global financial crisis and, as a response, global financial authorities such as the Financial Stability Board (FSB) and Bank for International Settlements (BIS) have advocated for the introduction of a central counterparty (CCP). This study examines the structural characteristics of Korean repo markets and proposes the introduction of CCPs as a way to mitigate systemic risk. To this end, the author analyzes the structural differences between US and European repo markets and estimates the potential consequences of introducing CCP clearing in local repo markets. In general, CCPs offer two benefits: they can reduce required capital through netting in multilateral transactions, and they can mitigate the effects of risk transfer by isolating counterparty risk during periods of turbulence. In Korea, the latter effect is expected to play a pivotal role in mitigating potential risks.

The purpose of this paper is to provide a useful motivational scheme for a practicing manager to improve the performance of a manufacturing unit.

In this paper, the main causes for the present low productivity of the manufacturing unit are analysed and a multi‐factor group incentive scheme is designed for motivating the employees in order to improve the productivity of a manufacturing unit.

This paper provides information about various factors having a bearing on productivity and performance‐reward relationship in a practical way.

The paper is a very useful source of information for practicing managers to motivate the employees for improving the productivity in a manufacturing environment.

The model presented in this paper may be of immense help to a practicing manager to improve the productivity of a manufacturing unit by motivating the employees.

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.

Enfin, un autre effet important de l'auto sur le tourisme est l'éparpillement géographique de l'hébergement. Pendant longtemps, les hôtels étaient concentrés dans certaines localités. Comme le choix de l'étape dépend désormais de la volonté exclusive du conducteur, il n'a plus été nécessaire de s'arrêter dans les cités traditionnelles et il est même apparu préférable de loger à l'écart des grandes villes. Du coup, les auberges de campagne, les rustiques cafés de village, qui n'avaient qu'une clientèle locale, ont subi des aménagements pour recevoir les touristes de passage. Les localités situées sur les variantes des itinéraires classiques, sur des routes parallèles aux axes de grand trafic servent ainsi d'exutoire au tropplein des hôtels placés sur le trajet le plus rapide. Exemple: la rive droite du Rhône à partir de Valence jusqu'à Marseille. Il arrive de plus en plus fréquemment que l'automobiliste consente à un petit détour, quittant la grande voie pour l'étape. Il en est souvent récompensé, comme celui qui, se rendant de Madrid à Séville ou à Grenade, passe par Ubeda, localité pittoresque et pourvue d'un grandiose parador, quoique distante d'une quarantaine de kilomètres (maximum accepté par le conducteur!) de Bailen, nœud routier important, lui‐même disposant d'une albergue de carretera.

The purpose of this paper is to investigate the information-based microstructure theory’s effectiveness in explaining short-term disturbances in currency prices by determining whether the price discovery process in the US dollar (USD) and South African rand (ZAR)-USD/ZAR spot market is led by an individual market agent, around an exogenous news event.

The influence of central bank intervention-related events on USD/ZAR volatility is investigated through the application of Brown-Forsythe variance equality tests on individual dealer and market quotes. Furthermore, the study applies bivariate Granger-causality tests to individual dealers’ USD/ZAR spot rate quotes, in an effort to determine whether certain dealers can be established as price leaders around an exogenous news event.

The study finds significant evidence to suggest the USD/ZAR market price leadership of Nomura forex (FX) prior to the public announcement of a South African Reserve Bank intervention-related news event. This finding supports microstructure theory’s assertions regarding the existence of foreign-exchange market characteristics such as trader heterogeneity and private information.

The paper is conducted on a sample of eight USD/ZAR market agents, of which six are offshore dealers, and only two are located locally. Although these proportions are somewhat relatable to the locations of rand turnover, it would still be interesting to investigate the existence of price leadership solely amongst South African authorised FX dealers.

The results suggest the existence and price relevance of private information, as well as the heterogeneous nature of USD/ZAR market participants, based on informational asymmetries. The outcomes of the paper are useful to market participants, researchers, and central banks alike.

Though the study does not impugn the body of work related to the orthodox macroeconomic approaches to exchange rate determination, it seems apparent that much more microstructure-related research still has to be conducted in the context of emerging market currencies. It is this void that the current study has attempted to provide for in contribution to literature.

The industrialisation of Hong Kong evolved in the late 1940s with the establishment of the textile and clothing industry. Following the practice of the textile pioneers, Hong Kong clothing entrepreneurs initiated foreign direct investment (FDI) as early as the late 1950s in order to evade the quantitative limitations on clothing exports into developed country markets. In‐depth literature search, survey and interviews have identified that the Hong Kong clothing industry is now in its fourth stage of migratory expansion. The search for export quotas or privileged access to developed countries has delineated the locations for offshore clothing production of Hong Kong firms.

With changing employment conditions, technological advancement, frequent manpower reduction and global competition, the relevance of the protean and boundaryless career concepts is increasing. With this, the country’s culture plays a pivotal role in career choice. The purpose of this paper is to develop and validate protean and boundaryless career scales for college passing out students and in the Indian context. The protean career scale was measured by self-directed and values-driven dimensions, while the boundaryless career scale was measured by boundaryless mindset and organizational mobility preference.

The first step involved defining construct and determining face validity. The data collected via questionnaire from India’s final year engineering students were subjected to exploratory factor analysis and confirmatory factor analysis in the second and third steps, respectively. Finally, the nomological validity was tested by establishing the relationship between factors influencing career choice and newly developed protean and boundaryless career.

The result suggested using a two-factor model with a protean career (combining self-directed and values-driven items) and a boundaryless career as a separate construct for college passing out students.

The developed scale has nine items that can be used to conduct surveys at the time of campus hiring by academic scholars, HR managers, and practitioners who are working on the identification, development and management of human talent as a part of any human resource management system.

To the best of the authors’ knowledge, this is the first approach to developing the protean and boundaryless career scale for college passing out students and in the Indian context which can be replicable for South Asian countries.