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Abstract

Details

Financial Derivatives: A Blessing or a Curse?
Type: Book
ISBN: 978-1-78973-245-0

Article
Publication date: 1 May 1997

Anghel N. Rugina

The equation of unified knowledge says that S = f (A,P) which means that the practical solution to a given problem is a function of the existing, empirical, actual…

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Abstract

The equation of unified knowledge says that S = f (A,P) which means that the practical solution to a given problem is a function of the existing, empirical, actual realities and the future, potential, best possible conditions of general stable equilibrium which both pure and practical reason, exhaustive in the Kantian sense, show as being within the realm of potential realities beyond any doubt. The first classical revolution in economic thinking, included in factor “P” of the equation, conceived the economic and financial problems in terms of a model of ideal conditions of stable equilibrium but neglected the full consideration of the existing, actual conditions. That is the main reason why, in the end, it failed. The second modern revolution, included in factor “A” of the equation, conceived the economic and financial problems in terms of the existing, actual conditions, usually in disequilibrium or unstable equilibrium (in case of stagnation) and neglected the sense of right direction expressed in factor “P” or the realization of general, stable equilibrium. That is the main reason why the modern revolution failed in the past and is failing in front of our eyes in the present. The equation of unified knowledge, perceived as a sui generis synthesis between classical and modern thinking has been applied rigorously and systematically in writing the enclosed American‐British economic, monetary, financial and social stabilization plans. In the final analysis, a new economic philosophy, based on a synthesis between classical and modern thinking, called here the new economics of unified knowledge, is applied to solve the malaise of the twentieth century which resulted from a confusion between thinking in terms of stable equilibrium on the one hand and disequilibrium or unstable equilibrium on the other.

Details

International Journal of Social Economics, vol. 24 no. 5
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 1 January 1976

The Howard Shuttering Contractors case throws considerable light on the importance which the tribunals attach to warnings before dismissing an employee. In this case the…

Abstract

The Howard Shuttering Contractors case throws considerable light on the importance which the tribunals attach to warnings before dismissing an employee. In this case the tribunal took great pains to interpret the intention of the parties to the different site agreements, and it came to the conclusion that the agreed procedure was not followed. One other matter, which must be particularly noted by employers, is that where a final warning is required, this final warning must be “a warning”, and not the actual dismissal. So that where, for example, three warnings are to be given, the third must be a “warning”. It is after the employee has misconducted himself thereafter that the employer may dismiss.

Details

Managerial Law, vol. 19 no. 1
Type: Research Article
ISSN: 0309-0558

Article
Publication date: 13 April 2010

Sheeba Kapil and Kanwal Nayan Kapil

The Indian commodity market requires large investments and enhanced trading activity both in the national as well as the regional commodity markets. The participation of…

1443

Abstract

Purpose

The Indian commodity market requires large investments and enhanced trading activity both in the national as well as the regional commodity markets. The participation of non‐professional people trading commodity markets makes the market a risky venture. Non‐professional participants simply add to the volatility factor of the market. There is a dire need for professional experts who are able to provide advice on commodity trading and build commodity inclusive portfolios. Such professional awareness, expertise, and guidance in commodity trading can come from professional commodity traders called commodity trading advisors (CTAs). The purpose of this paper is to offer arguments and insights as to why the Indian commodity market needs the participation of the CTAs. The money brought in by CTA advised clients will add to the depth, liquidity, and trade which in turn will make commodity prices more efficient. As a regulatory measure, the Indian market too can adopt guidelines structured for CTAs by Commodity Future Trading Commission and National Futures Association. The CTAs can bring the Indian commodity market at par with developed commodity markets like Chicago Board of Trade.

Design/methodology/approach

The paper reviews and discusses the various issues related to CTAs applicability in India. The goal of the paper is to outline the need for allowing CTAs activity in Indian commodity market and discuses the key operational and policy considerations in developing the commodity market for CTAs in India.

Findings

The recent expansion of Indian commodity market has not been very structured. The market has expanded with the expansion in demand for commodities both in spot and derivative market. There have been constraints through policy restrictions and at the same time there has been an effort for liberalization of the commodity market to bring them at par with international commodity market. Of late, the Indian equity market has been very volatile. Participation of CTAs will provide much required downside protection to traditional portfolios and they will also provide the expertise in commodity derivative trading to participants and help build the commodity inclusive portfolios with better return and lesser risk.

Originality/value

This is the first paper that initiates thoughts on allowing CTAs to participate in the Indian commodity market. The paper builds on the concept that CTAs would add the desired price discovery, volume, and depth to the Indian commodity market. The Indian commodity market, despite being quite old, has recently broken free from the restrictive policies and has ushered into an era of initiates supporting commodity derivative market development. To the best of the authors' knowledge, there exists no literature on CTAs participation in India.

Details

International Journal of Emerging Markets, vol. 5 no. 2
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 1 January 1978

The Equal Pay Act 1970 (which came into operation on 29 December 1975) provides for an “equality clause” to be written into all contracts of employment. S.1(2) (a) of the…

1025

Abstract

The Equal Pay Act 1970 (which came into operation on 29 December 1975) provides for an “equality clause” to be written into all contracts of employment. S.1(2) (a) of the 1970 Act (which has been amended by the Sex Discrimination Act 1975) provides:

Details

Managerial Law, vol. 21 no. 1
Type: Research Article
ISSN: 0309-0558

Article
Publication date: 1 April 2004

Georgios I. Zekos

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and…

5109

Abstract

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way of using the law in specific circumstances, and shows the variations therein. Sums up that arbitration is much the better way to gok as it avoids delays and expenses, plus the vexation/frustration of normal litigation. Concludes that the US and Greek constitutions and common law tradition in England appear to allow involved parties to choose their own judge, who can thus be an arbitrator. Discusses e‐commerce and speculates on this for the future.

Details

Managerial Law, vol. 46 no. 2/3
Type: Research Article
ISSN: 0309-0558

Keywords

Article
Publication date: 4 July 2016

Scott Himes

To alert participants in the commodities markets to an important development in the exercise of enforcement authority by the Commodity Futures Trading Commission.

1110

Abstract

Purpose

To alert participants in the commodities markets to an important development in the exercise of enforcement authority by the Commodity Futures Trading Commission.

Design/methodology/approach

Explains a recent proceeding which resulted in the CFTC’s first-ever application of a newly-promulgated regulatory Rule to punish “insider trading” involving the commodities markets.

Findings

The CFTC has shown that it intends to apply its new Rule aggressively to address insider trading in the commodities markets.

Practical implications

As a result of the CFTC’s new enforcement approach to regulating insider trading in the areas under its jurisdiction, all participants in the commodities markets must be attuned to the prohibition on insider trading, familiar with actions that might be deemed unlawful insider trading, and act accordingly to avoid improper trading activities.

Originality/value

Practical guidance for participants in the commodities markets from an experienced attorney with expertise in government enforcement matters.

Article
Publication date: 1 November 2014

A. Rashad Abdel-khalik

In his review of 30 years of research in Prospect Theory, Barberis (2013) notes that support for Prospect Theory had come mainly from the laboratory. In this paper, I…

Abstract

In his review of 30 years of research in Prospect Theory, Barberis (2013) notes that support for Prospect Theory had come mainly from the laboratory. In this paper, I write about a recurring phenomenon in real life that is consistent with Prospect Theory predictions in decision-making loss domain. The 60 cases noted in this paper are associated with specific risk seekers that had cost more than $140 billion (an average of $2.33 billion per case). Given space consider– ations, I provide synopses for 14 cases. A few of these cases have been discussed in the extant literature in connection with internal control, but were not considered from the perspective of Prospect Theory. It is striking that these cases are costly, all participants are young men, and almost all had followed the gambler’s martingale strategy – i.e., double down. While these cases are informative about risk-seeking behavior, they are not sufficiently systematic to be subjected to stylized archival research methods.

Details

Journal of Accounting Literature, vol. 33 no. 1-2
Type: Research Article
ISSN: 0737-4607

Keywords

Article
Publication date: 1 October 2006

Andrew P. Cross

The purpose of this paper is to provide professionals in the global financial services industry with a useful summary of the proposed rules set out in April 2006 by two US

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Abstract

Purpose

The purpose of this paper is to provide professionals in the global financial services industry with a useful summary of the proposed rules set out in April 2006 by two US regulatory agencies – the Commodity Futures Trading Commission and the Securities and Exchange Commission.

Design/methodology/approach

The paper begins with background information regarding this regulatory structure and concludes with an overview of the proposed rules.

Findings

The issuance of these proposed rules is part of the continuing evolution of the regulatory structure in the US related to securities‐based futures contracts and is, therefore, best understood within that broader context.

Originality/value

The discussion of the proposed rules situates the continuing evolution of the securities‐based futures contracts in the broad context of the US regulatory structure.

Details

Journal of Financial Regulation and Compliance, vol. 14 no. 4
Type: Research Article
ISSN: 1358-1988

Keywords

Article
Publication date: 7 September 2012

Rita Molesworth, Deborah A. Tuchman, Dianne E. O'Donnell, Jonathan Burwick and James Lippert

The paper aims to analyze amendments proposed by the US Commodity Futures Trading Commission to its disclosure, recordkeeping and reporting rules that are designed to…

Abstract

Purpose

The paper aims to analyze amendments proposed by the US Commodity Futures Trading Commission to its disclosure, recordkeeping and reporting rules that are designed to resolve or minimize certain conflicts between CFTC rules and US Securities and Exchange Commission rules applicable to registered investment companies (Futures RICs) whose futures and swaps trading will subject their advisers to regulation as commodity pool operators as a result of the amendments to CFTC Rule 4.5.

Design/methodology/approach

The paper explains certain significant differences between the CFTC's rules applicable to commodity pool operators (CPOs) and the SEC's rules applicable to Futures RICs and their advisers in the areas of disclosure, reporting and recordkeeping and describes how the CFTC's proposed rules for Futures RICs are intended to resolve or minimize conflicts with SEC rules.

Findings

CFTC and SEC rules differ in several significant areas, including the required contents of the disclosure document by which the pool is offered; when the disclosure document has to be delivered; how disclosure documents are updated and reviewed; when periodic reports are required to be made and what they are required to contain; and whether required books and records may be maintained at a location other than the main business office. The proposed harmonization rules attempt to resolve these conflicts by exempting the CPOs of Futures RICs from certain CFTC requirements regarding delivery of disclosure documents and recordkeeping, permitting CFTC‐required disclosures to appear in the prospectuses of Futures RICs after the SEC‐required disclosures and requiring monthly account statements to be posted to the CPO's website rather than distributed to shareholders of Futures RICs. Other conflicts between CFTC and SEC rules applicable to Futures RICs were not addressed by the proposed harmonization rules.

Practical implications

The proposed harmonization rules attempt to adapt CFTC requirements to Futures RICs that have not been subject to CFTC regulation since 2003. Other conflicts between CFTC and SEC rules were not addressed. The CFTC has not adopted the final rules in this area.

Originality/value

The paper provides expert guidance by lawyers experienced in regulation of CPOs and RICs.

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