Legal Issues of Annulment of Licenses of Professional Participant on Securities Market

The article reveals the legal issues of annulment of licenses of professional participant on securities market on the basis of the application submitted by the owner of the securities market license. The author considers the main provisions of the procedure of annulment of the securities market licenses and suggests some directions of development of regulations of annulment of securities market licenses in order to ensure the effective collaboration between the professional market participant on securities market and the Bank of Russia. In order to optimize the existing procedure the author suggests to change the way of submission of the application and all applicable materials, to change the calculation of mandatory term for review of application by the regulator and specify the regulatory reporting being a basis for the decision of the regulator on compliance with regulatory procedure set out for annulment of securities market licenses.

Increasing Renewable Energy Consumption Coordination With the Monthly Interprovincial Transaction Market

The limited regulation capacity of the power grid, coupled with the imperfect market mechanism, has squeezed the space for renewable energy consumption in China. This article proposes a renewable energy consumption mechanism through the monthly interprovincial transaction market, to balance the revenue of each market participant and improve the consumption of renewable energy. A new player named “interprovincial traders” is introduced to serve as the middleman for the renewable generation, users, and the power grid company. The main function of “interprovincial traders” is to coordinate and match the user load with the output of renewable energy. In such a market mechanism, the social factors, influenced by the revenue of each trading cycle, are considered in the user responding model from the perspective of consumer psychology. Finally, a two-phase optimization model is proposed to promote renewable energy consumption coordination with the monthly interprovincial market. The optimization model is simulated in a provincial power grid example. The results show that the model can effectively increase the consumption of renewable energy as well as improve the profit of power grid companies and users.

From democracy at others’ expense to externalization at democracy’s expense: Property-based personhood and citizenship struggles in organized and flexible capitalism

This contribution investigates the anthropological foundations of European democracies’ continuous entanglement with economic and military expansionism and a hierarchical separation between public and private spheres, both of which have enabled the appropriation of nature and others’ labour as property on which citizens’ abstract personhood could be founded. Drawing on an argument made by David Graeber, it is suggested that modern European history can be interpreted as a process of the ‘generalization of avoidance’, in which such abstract, property-based forms of personhood, which were initially what defined the superior party in relations of hierarchy, came to be a model for the figures of market participant and citizen within the spheres of formal equal exchange of economy and politics. From this perspective, and building on an account of different stages of capitalist history as ‘subjectivation regimes’, the article then analyses the transition from the ‘exclusive democracy’ of post-war organized capitalism in Western Europe, in which citizens’ entitlement, through the collective guarantees of ‘social property’ (Castel), increasingly allowed individualized competitive practices of status attainment and gave rise to individualist movements for extended citizenship, to current-day flexible capitalism. This regime, seizing on those calls and instrumentalizing the desires for competitive status consumption, has effected a broad restructuring of the social as a unified field of competition in which new hierarchies and inequalities materialize in global chains of appropriation, causing a ‘dividual’ fragmentation of property-based personhood and generating calls for responsible citizenship as an inherent counter-movement. In conclusion, it is suggested that anthropologists have much to contribute to investigating the possibility of democratic, post-capitalist ‘anthropologies of degrowth’.

Real-Time Detection of Volatility in Liquidity Provision

Previous research has found that high-frequency traders will vary the bid or offer price rapidly overperiods of milliseconds. This is a benefit to fast traders who can time thier trades with microsecondprecision, however it is a cost to the average market participant due to increased trade execution priceuncertainty. In this analysis we attempt to construct real-time methods for determining whether theliquidity of a security is being altered by high-frequency traders. We find a four-state Markov switchingmodel identifies a state consistent with high-frequency traders affecting liquidity. Moreover, we find thisstate is positicely corrrelated with the prediction error from a deep neural network. This state can beused as a signal to delay market participant orders until the price volatility subsides. This delay wouldonly last tens of milliseconds, and so would not be noticable by the average market participant.

Approaches to Digital Profiling in the Financial Market

Creating a “digital profile” is one of the points of the Russian national program Digital Economy [1]. A single biometric profile creation system is becoming the infrastructure basis for the digital transformation of the entire economy [2]. The process of forming a digital society is associated with the total digitization of all forms and types of relationships. At the same time, it is necessary to take into account the features, threats and trends of this process.The purpose of this article was to study the essential features and application of digital profiling of the financial market, defining the applications of this method and methodological approaches by examining existing expertise in other areas, and industries.The article summarizes information about the use of digital profiling in various industries. Areas of the financial market for the application of profiling were identified. The general characteristics are formulated and the features of the development of a methodological approach to profiling in the financial market are revealed. The criteria and principles of forming a digital profile of a market participant, relationships and patterns for improving the models of identification of participants and the market profile as a whole are presented.

The Role of Satisfaction in Mediating the Effect of e-Service Convenience, Security, and Trust on Repurchase Intention in the Marketplace Case study: Shopee Marketplace

Objective – The development of information technology that encourages the rise of online buying and selling has opened opportunities for market participants. This requires satisfying services for customers by every market participant. Shopee is one of the biggest marketplace actors in Indonesia. The purpose of the study is to estimate the factors that influence consumers' intention to buy back at Shopee's marketplace. Methodology/Technique – The mediation variable used is satisfaction. The research sample consists of 200 respondents, who are Shopee consumers in Pontianak, Indonesia. Findings – The findings of this study are there is a positive and significant effect between E-Service convenience and Satisfaction variables (β = 0.390) and Repurchase Interest (β = 0.355), E-Trust variables also have a positive and significant effect on Satisfaction (β = 0.437) and Interest Repurchase (β = 0.386). Satisfaction has a positive and significant effect on Repurchase Intention (β = 0.483). Type of Paper: Empirical Keywords: Satisfaction; e-Service Convenience; Security; Trust; Repurchase Intention. Reference to this paper should be made as follows: Juniwati; Sumiyati., 2020. The Role of Satisfaction in Mediating the Effect of e-Service Convenience, Security, and Trust on Repurchase Intention in the Marketplace Case study: Shopee Marketplace, J. Mgt. Mkt. Review 5(2) 93 – 98. https://doi.org/10.35609/jmmr.2020.5.2(1) JEL Classification: M31; M13; M39.

Impact of COVID-19 on Real Estate Industry with Reference to India

The recent pandemic has affect economies of various countries and India is no exception. The IMF projected Indian growth rate at 1.9 percent for the financial year 2021which was previous estimated at 5.8 percent. This possess a great threat for Indian economy. This effect of COVID-19 will be felt across sectors. Indian real estate which was already recovering from the aftermath of demonetization and various reforms was jolted by this pandemic with lockdown construction activity has stopped, real estate sales are not happening. The Indian real estate should prepare itself to brace for a post COVID-19 world and should prepare itself to utilise various new and tech driven steps to come back on track. This article deals with understanding the pre pandemic real estate industry and analysing the impact of COVID-19 on Indian real estate industry. It also presents the threats and opportunities available to different real estate market participant.

Asymmetric Information: Tinjauan Berdasarkan Rekomendasi Analis Sekuritas dan Revisi Earning Forecast

Trading in the stock market occur due to differences in opinion on the expected value of the securities. In the other side, asymmetric information between investors and companies caused the stock price does not reflect the real price. So, asymmetric information should be reduced. Information by securities analysts is an information that is expected to reduce that. This study investigates the performance of securities analysts through its role in reducing asymmetric information. This is motivated by some previous studies that stated that the Indonesian capital market is inefficient, because high levels of asymmetric information. Analysts is considered as inform market participant who can reduce the asymmetric information so as to make capital market to be efficient. The role of securities analysts is seen through the product. There are stock recommendation and earnings forecast revision. Testing the consistency of the analyst's stock recommendations and earnings forecast revision before testing their impact on asymmetric information. The results showed that output in the form of stock securities analysts and earnings forecast recommendation are consistent but has not been able to reduce the asymmetry of information that occurs between investors and companies.

THEORETICAL FRAMEWORK FOR THE LEGAL REGULATION OF VISUAL ART MARKET IN UKRAINE

The article touches upon basic issues for the legal regulation of visual art market in Ukraine. Nowadays works of visual art are regarded notonly as objects for aesthetic enjoyment but also as commercial assets. Current trading relationships are being influenced by global geographical changes of business, digital transformation and IT development.Attention is drawn to the fact that trading relations in art works should be based on such fundamental principles as equality of parties, autonomy of will, and reasonable transparency of commercial operations. It should also be defined the basic elements of trade dealings in the visual art market. They are parties to the relationships, subject matters, and certain content of rights and duties depending on type and nature of legal privity.The comprehensive analysis of legal capacity and competence has been undertaken in the research. Therefore, market participant should have legal ability to acquire and perform personal rights and obligations connected with art trading. They should be able to be hold responsible for their unlawful actions as well. The creator of visualart work should also have creative capacity to be regarded as author and proper party to the transaction.Besides, it is pointed out the main features of visual art works in case they are subject matter to trading activity. Currently, more and more contemporary art works are appearing on the market, for example, installations and computer generated art works. But commercial turnover accepts artistic results, which are unique, creative and aesthetic enjoyable. So, no art work should be considered as a subject matter to marketplace that does not contain intellectual and creative components. It should not be easily-reproducible too.Also worth noting is that certain content of legal relations in the visual art market consists of two-dimensional authorities. Permitting competence is intended to determinethe limit and procedure of voluntary conduct. Obligatory warranties establishsome restrictions and prohibitions. They are meant to attach the liability for non-performance or improper performance of duties.The article is concluded by saying that theoretical framework of visual art market is an important base for providing the suitable level of legal regulation of art trading relations.