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Provides information on the business of institutional global securities trading. Covers the broad spectrum of activities that buy-side firms undertake to implement their investment decisions and manage the investment process end-to-end in order to reduce market impact costs and maximise portfolio returns.

Securities industry --- Stock exchanges --- Electronic trading of securities

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This paper assesses whether regional cooperation and integration of stock exchanges in eastern and southern Africa could offer a way of overcoming impediments to the exchanges' development. The paper concludes that regional cooperation and, at a later stage, integration, if carried out at the right pace and in a pragmatic way, could improve the liquidity, efficiency, and competitiveness of these exchanges. Further progress in developing national financial markets must precede any actual moves to integrate securities markets. These exchanges could meanwhile benefit from closer cooperation, including by encouraging more crossborder listings and information/technology sharing.

Electronic books. -- local. --- Stock exchanges -- Africa, Eastern. --- Stock exchanges -- Africa, Southern. --- Exports and Imports --- Finance: General --- General Financial Markets: General (includes Measurement and Data) --- Financial Aspects of Economic Integration --- Finance --- International economics --- Stock markets --- Capital markets --- Securities markets --- Regional integration --- Capital market integration --- Stock exchanges --- Capital market --- International economic integration --- South Africa

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In this paper, we derive evidence on the integration of international stock markets from the cointegration properties of international stock market prices. Using the multivariate cointegration test of Johansen, we find that the set of six country stock price indices, including that of the United States, Canada, the United Kingdom, France, Germany, and Japan are cointegrated. The results suggest that there are long-run equilibrium relationships among the stock market prices. Subsample and subgroup analyses also indicate that the cointegration relationships have become stronger over time. This is consistent with greater stock market integration amid the increasing liberalization and globalization of capital markets.

Asset prices --- Capital market --- Deflation --- Finance --- Finance: General --- Financial markets --- General Financial Markets: General (includes Measurement and Data) --- Inflation --- International capital markets --- International Financial Markets --- Macroeconomics --- Price Level --- Prices --- Securities markets --- Stock exchanges --- Stock markets --- United States

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Using the ARFIMA-FIGARCH model, this paper studies the efficiency of the Japanese equity market by examining the statistical properties of the return and volatility of the Nikkei 225. It shows that both follow a long range dependence, which stands against the efficient market hypothesis (EMH). The result is valid for all sample periods, suggesting that the recent equity market reform has not produced major efficiency gains.

Finance: General --- Investments: Stocks --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- General Financial Markets: General (includes Measurement and Data) --- Investment & securities --- Finance --- Stocks --- Stock markets --- Financial institutions --- Financial markets --- Stock exchanges --- Japan

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In a liquid financial market, investors are able to sell large blocks of assets without substantially changing the price. We document a steep drop in the liquidity of the Japanese stock market in the post-bubble period and a steep rise in liquidity risk. We find that, during Japan's deflationary period, firms with more liquid balance sheets were less exposed to stock market liquidity risk, while slowly growing firms were highly exposed to liquidity shocks. Also, aggregate liquidity had macroeconomic effects on aggregate demand through its effect on money demand.

Electronic books. -- local. --- Liquidity (Economics). --- Macroeconomics. --- Stock exchanges -- Japan. --- Banks and Banking --- Finance: General --- Portfolio Choice --- Investment Decisions --- General Financial Markets: General (includes Measurement and Data) --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Financial Markets and the Macroeconomy --- Finance --- Financial services law & regulation --- Liquidity --- Stock markets --- Liquidity indicators --- Liquidity risk --- Market capitalization --- Economics --- Stock exchanges --- Financial risk management --- Financial services industry --- Japan --- Liquidity (Economics)