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The purpose of this paper is to analyze the practice of contra trading in Bursa Malaysia Securities Berhad. Through a critical examination of the practice, it aims to discuss the issues from the angles of Sharīʿah and Malaysian common law.

The paper uses a qualitative research methodology. The information on the practice of contra trading is obtained through the Bursa Malaysia Securities Berhad’s website and literature as well as series of meetings and discussions held with Bursa Malaysia Securities Berhad. In comprehending and dissecting the Sharīʿah and legal issues, classical along with contemporary Sharīʿah literature including local and international Sharīʿah advisory bodies’ resolutions and standards have been referred to. The Sharīʿah analysis of these issues is further supported by reference to the statute and by-laws of Bursa Malaysia Securities Berhad as well as other related legal literature.

This paper finds that contra trading involves a real sale and purchase of shares; the shares are not taken into the possession of the contra trader, neither physically nor constructively; the liability of shares is not transferred to the contra trader; though the practice of profiting in contra trading may contradict the prohibition on profiting without bearing liability, the permissibility of contra trading could still be argued from the contextual approach of public interest (maṣlaḥah) and needs (hājah); and contra trading is not gambling.

This paper is limited in its analysis to only Sharīʿah and legal perspectives. It does not cover a thorough empirical and quantitative investigation that would measure the extent of the public needs for contra trading and the real benefits that contra trading brings about to the society in the long run. Such studies will further demonstrate whether contra trading deserves a relaxation from the strict Sharīʿah ruling thus affirming the issue of permissibility of contra trading. Moving forward, this paper recommends ways to address the predicaments faced in the contra trading practices as well important research areas that could be taken up in future.

This paper provides an in-depth investigation of the practice of contra trading at the Bursa Malaysia Securities Berhad from the angles of Sharīʿah and common law.

“Companies, particularly those which sell goods or services direct to the public, regard their trade marks (whether brand names or pictorial symbols) as being among their most valuable assets. It is important therefore for a trading nation such as the United Kingdom to have a legal framework for the protection of trade marks which fully serves the needs of industry and commerce. The law governing registered trade marks is however fifty years old and has to some extent lost touch with the marketplace. Moreover it causes some of the procedures associated with registration to be more complicated than they need be.” This introductory paragraph to the Government's recent White Paper on “Reform of Trade Marks Law” indicates that reform is in the air. The primary pressure for reform has emanated from Brussels with the need to harmonise national trade mark laws before the advent of the Single European market on 1st January 1993. To this end the Council of Ministers adopted a harmonisation directive in December 1988 which must be translated into the national laws of member states by 28th December 1991.

The purpose of this paper is to explain rule changes proposed by the Securities and Exchange Commission designed to address regulatory concerns related to “dark pools” of liquidity.

The paper explains the background and policy issues related to dark pools, discusses the SEC's amended definition of “bid” or “offer” under Regulation NMS to include “actionable indications of interest” (“actionable IOIs”), outlines a proposed reduction of the average daily trading volume threshold that triggers a public display of ATS orders from 5 percent to 0.25 percent, discusses a proposal to require an alternative trading system (“ATS”) to disclose its identity in real time on its reports of executed trades, and explains proposed size‐discovery exclusions to the changes detailed above.

The paper finds that the proposed rules represent the Commission's attempts to improve the NMS without inhibiting the use or continued technological development of trading strategies that are consistent with NMS goals.

The paper provides a clear explanation of complex market mechanisms and proposed rules by experienced financial institution and securities lawyers.

Economic problems have led to the increasing role off counter‐trade in the world trade scene. Countries with large external debts are able to acquire imports and settle bills with goods or services rather than through a financial settlement. This article looks at varying forms of counter‐trade.

This chapter examines the fur trade commodity frontier in northeastern North America as a contested periphery, involving an evolving process of conflict and cooperation between North American indigenous groups and European powers. Native people used European powers for help in their battles with other native groups, and European colonial authorities attempted to use native people as proxies in their attempts to make up for often low European populations in the various North American colonies. Within the colonies there were also splits between commercial/trading interests and more purely geostrategic concerns. This chapter will explore these various conflicts involving the Iroquois, English and French, and will consider how the trade's fundamental material, environmental and geographical structure shaped the evolution of this peripheral extractive political economy and the efforts of those in the core seeking to exploit the area's resources.

To present empirical and theoretical evidence that our national accounts are improper for model applications. To propose a design for a micro foundation of the basic economic data that will give analytical national accounts. To present arguments for the need for an academic and scientific foundation of national accounting.

Reviews published works in the field. In the theoretical discussion simple index algebra and Edgeworth‐Bowley boxes are used.

Shows that conventional accounting methods and deflation procedures imply inconsistent national accounts.

To fulfill the idea presented, that new designs for sampling of basic data‐based on new data technology have to be considered and developed. Also a new accounting system has to be developed based on modern administration systems.

If the idea is fulfilled a new kind of national accounts suited for meaningful and analytical model applications will be available. The need to revise national accounts will not be a case to consider.

The paper presents theoretical evidence that our national accounts are not analytical, which is requirement for meaningful model applications. National account users should be interested in the proposal and result.

Countertrade is a widely used and important means for financing business transactions. Participation involves some serious risks and care should be taken in the selection of countertrade goods, partners and institutions. Forms of countertrade, its benefits to companies and countries, its disadvantages, and guidelines for countertrades are described. Using prudence and sound decision criteria practitioners may gain considerable benefits from this mode of trading.

Industrial executives frequently require special information in order to solve their particular problems. A Sales Manager may have to estimate the market for a new chemical. A Production Engineer may require technical data in order to undertake the high‐speed machining of steel. A Works Manager may have to find the correct anti‐corrosive treatment for a certain type of ferrous metal. This kind of information and much else can often be obtained from those who have a specialist knowledge of the subject. There are also many cases in which the published results of investigations into special problems will be available in libraries.

The chapter aims to examine the challenges and the opportunities for the development of Islamic stockbroking in Malaysia.

The chapter adopts library research to discuss the concept of Islamic stockbroking. It also employs a semi-structured interview with industry players to prognosticate the future development of Islamic stockbroking in Malaysia.

The study concludes that the future of Islamic stockbroking in Malaysia is very promising, triggered by drivers on both the supply side and the demand side. The large Muslim population, wealth and economic growth are among the key factors for the development of Islamic stockbroking from the demand side. On the other hand, the Shari’ah compliance of 89% of Malaysian stocks, Malaysia’s position as an Islamic finance hub and the natural progression of Islamic finance are all factors underpinning the future of Islamic stockbroking from the supply side. However, lack of qualified human resources, political inconsistency, information technology infrastructure, product innovation as well as public perception are obstacles to its development.

This chapter will add new literature in contemporary Islamic finance, as not many studies have been done on the subject.