Trading stock around the clock: the future growth of global electronic markets

Article Abstract:

People-intensive physical floors for trading listed stocks are on their way out as financial markets become more institutional and computerized. So far, the NYSE has been the premier international equities market, but its position is being jeopardized by aggressive competitors. Someday, there will be around-the-clock, around-the-world automated stock trading. But the simple assumption that such trading lurks around the corner ignores a number of complicating factors. The emerging market configuration will depend on a threshold volume of after-hours trading, the listing of global companies in electronic markets, access for all brokers and dealers, vastly improved clearing and settlement procedures, the effective dissemination of trading information, and the international adoption of appropriate rules and regulations. The race to become the dominant international equity market place will be decided by entrepreneurs responding to these powerful new competitive forces. (Reprinted by permission of the publisher.)

Security brokers and dealers, Forecasts and trends, Securities industry, Program trading (Securities), After-hours trading (Securities), After hours trading (Securities)

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Intraday volatility in international stock index futures markets: meteor showers or heat waves?

Article Abstract:

A study was conducted to examine the international diffusion of intraday price volatility movements in the US, the UK and Japanese stock index futures markets. In particular, this analysis aimed to determine how volatility innovations in different markets influence intraday volatility in a specific market and to ascertain the speed of this movements transfer between markets. After extreme-value estimators and vector autoregression were performed, it was found that information between markets spread quickly. Moreover, it was revealed that volatilities in the US and UK futures markets conform to a meteor shower type of process, which means that they respond to volatilities from other markets. In contrast, volatility in Japan follows a heat wave type of process, which means that shocks in the country are primarily country-specific. The UK and Japanese findings were supported by a multivariate GARCH model.

Securities and Commodity Exchanges, Securities Exchanges, Analysis, Exchanges, Stock index futures, Extreme value theory

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No Innocents Abroad

Article Abstract:

An interview with two global stock analysts, Nick Bratt of the Scudder International Fund and Ken Oberman of Oppenheimer, is presented. Bratt believes foreign stock markets move in synchronization, and are affected the most by United States interest rates. Oberman sees an eventual fall in the dollar, though he does not think its possible to predict when this fall will occur. Oberman is very bullish on the Scandinavian stock market, but Bratt believes this market is too small to invest in safely. Bratt is very high on Japan and likes the European Countries in general. Both analysts believe Europe is swinging rightward politically. Both analysts name some of their favorite foreign stocks.

Investments

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