Regulatory Issues and Countermeasures in International Financial Markets

With the deepening of globalization,the development speed of capital markets is constantly accelerating,presenting a trend of globalization.At the same time,the emergence of multiple forms of trading platforms and diversified financial products further highlights the competitive relationship between security exchanges and other trading platforms.While promoting the transformation of security exchange forms in various countries,it also prompts governments to re-examine the financial regulatory system of securities markets.In this situation,it is very important to research the international financial market and financial regulatory system.This article explores the regulatory issues and countermeasures in the international financial market,intending to promote the stability and healthy development of the international financial market.

Prevalence of Noise-Induced Hearing Loss Related to the Mills in the Markets of the Municipality of Parakou in 2021

Introduction: Noise is the second leading cause of hearing loss in adults after presbycusis. The objective of this work was to study hearing loss induced by the noise of mills in the markets of Parakou. Methods: This was a descriptive and analytical cross-sectional study, conducted from February 3 to June 3, 2021 in the markets of Parakou. It concerned millers and sellers located within a 5 meter radius around the mills and among whom pure-tone audiometry was performed to detect a hearing loss. Subjects with no particular medical health history, under 55 years of age and having been working in these markets since more than 12 months, were included. Results: In this study, 103 subjects were selected, including 43 millers and 61 sellers. Their average age was 29 ± 13 years. The sex ratio was 0.49. The average length of service in the profession was 8 years with the extremes of 3 months and 47 years. They were exposed to noise on average 10 hours per day and 6 days a week. The average duration of weekly noise exposure was 23 h 28 min ± 13 h 32 min with the extremes of 5 h 00 min and 52 h 30 min. The average level of noise exposure was 90 dB with the extremes of 72 and 110 dB. 24 subjects reported symptoms related to noise such as headache, tinnitus, and hearing loss, with respective proportions of 22.33%, 20.39% and 06.80%. The prevalence of noise-related hearing loss was 26.21% (n = 27/103). Subjects with a notch at 4000 Hz and normal Average Hearing Loss (AHL) (20.39%) had a seven-time greater risk of developing noise-induced hearing loss (OR = 6.58;95% CI [2.54 - 18.8], p Conclusion: Hearing loss related to the noise of mills affected both millers and sellers near the mills in markets, hence the importance of regulating mills.

Trading in Fast-ChangingMarkets withMeta-Reinforcement Learning

How to find an effective trading policy is still an open question mainly due to the nonlinear and non-stationary dynamics in a financial market.Deep reinforcement learning,which has recently been used to develop trading strategies by automatically extracting complex features from a large amount of data,is struggling to deal with fastchanging markets due to sample inefficiency.This paper applies the meta-reinforcement learning method to tackle the trading challenges faced by conventional reinforcement learning(RL)approaches in non-stationary markets for the first time.In our work,the history trading data is divided into multiple task data and for each of these data themarket condition is relatively stationary.Then amodel agnosticmeta-learning(MAML)-based tradingmethod involving a meta-learner and a normal learner is proposed.A trading policy is learned by the meta-learner across multiple task data,which is then fine-tuned by the normal learner through a small amount of data from a new market task before trading in it.To improve the adaptability of the MAML-based method,an ordered multiplestep updating mechanism is also proposed to explore the changing dynamic within a task market.The simulation results demonstrate that the proposed MAML-based trading methods can increase the annualized return rate by approximately 180%,200%,and 160%,increase the Sharpe ratio by 180%,90%,and 170%,and decrease the maximum drawdown by 30%,20%,and 40%,compared to the traditional RL approach in three stock index future markets,respectively.

Research on the Dynamic Volatility Relationship between Chinese and U.S. Stock Markets Based on the DCC-GARCH Model under the Background of the COVID-19 Pandemic

This study utilizes the Dynamic Conditional Correlation-Generalized Autoregressive Conditional Heteroskedasticity (DCC-GARCH) model to investigate the dynamic relationship between Chinese and U.S. stock markets amid the COVID-19 pandemic. Initially, a univariate GARCH model is developed to derive residual sequences, which are then used to estimate the DCC model parameters. The research reveals a significant rise in the interconnection between the Chinese and U.S. stock markets during the pandemic. The S&P 500 index displayed higher sensitivity and greater volatility in response to the pandemic, whereas the CSI 300 index showed superior resilience and stability. Analysis and model estimation suggest that the market’s dependence on historical data has intensified and its sensitivity to recent shocks has heightened. Predictions from the model indicate increased market volatility during the pandemic. While the model is proficient in capturing market trends, there remains potential for enhancing the accuracy of specific volatility predictions. The study proposes recommendations for policymakers and investors, highlighting the importance of improved cooperation in international financial market regulation and investor education.

Identification of Antioxidant Additives in Food Products Sold in Dakar Markets

The use of food additives in industrial production has the advantage of improving sensory properties, technological quality and extending the shelf life of foods. Among the most widely used additives are antioxidants, which prevent oxidation, browning and rancidity reactions in foods. However, the strong presence of these additives on the market is not without risks for human health, and should be controlled to guarantee food safety. Analysis of the risks associated with consumption of foods containing these additives requires, among other things, information on the frequency of use of these additives in various consumer products. The aim of this study is therefore to identify the antioxidants present in industrial food products distributed in Dakar. The methodology adopted consists of a qualitative analysis based on the identification of additives from food labels. Investigations were carried out in 9 stores, 4 superettes and 2 supermarkets located in different districts of Dakar. The results revealed the presence of 12 antioxidant additives, dominated by citric acid (53%) and ascorbic acid (29%). These studies have also highlighted the simultaneous use of several antioxidants in the same food product. Moreover, for some artificial antioxidants identified antioxydant such as BHA and BHT, health risks are associated with their consumption. The results of this study open up prospects for the development of information databases on food additives.

China’s Monetary Policy Impacts on Money and Stock Markets

This study investigated the impact of China’s monetary policy on both the money market and stock markets,assuming that non-policy variables would not respond contemporaneously to changes in policy variables.Monetary policy adjustments are swiftly observed in money markets and gradually extend to the stock market.The study examined the effects of monetary policy shocks using three primary instruments:interest rate policy,reserve requirement ratio,and open market operations.Monthly data from 2007 to 2013 were analyzed using vector error correction(VEC)models.The findings suggest a likely presence of long-lasting and stable relationships among monetary policy,the money market,and stock markets.This research holds practical implications for Chinese policymakers,particularly in managing the challenges associated with fluctuation risks linked to high foreign exchange reserves,aiming to achieve autonomy in monetary policy and formulate effective monetary strategies to stimulate economic growth.

Multi-Blockchain Based Data Trading Markets With Novel Pricing Mechanisms

In the era of big data,there is an urgent need to establish data trading markets for effectively releasing the tremendous value of the drastically explosive data.Data security and data pricing,however,are still widely regarded as major challenges in this respect,which motivate this research on the novel multi-blockchain based framework for data trading markets and their associated pricing mechanisms.In this context,data recording and trading are conducted separately within two separate blockchains:the data blockchain(DChain) and the value blockchain(VChain).This enables the establishment of two-layer data trading markets to manage initial data trading in the primary market and subsequent data resales in the secondary market.Moreover,pricing mechanisms are then proposed to protect these markets against strategic trading behaviors and balance the payoffs of both suppliers and users.Specifically,in regular data trading on VChain-S2D,two auction models are employed according to the demand scale,for dealing with users’ strategic bidding.The incentive-compatible Vickrey-Clarke-Groves(VCG)model is deployed to the low-demand trading scenario,while the nearly incentive-compatible monopolistic price(MP) model is utilized for the high-demand trading scenario.With temporary data trading on VChain-D2S,a reverse auction mechanism namely two-stage obscure selection(TSOS) is designed to regulate both suppliers’ quoting and users’ valuation strategies.Furthermore,experiments are carried out to demonstrate the strength of this research in enhancing data security and trading efficiency.

Extreme dependencies and spillovers between gold and stock markets:evidence from MENA countries

This study addresses whether gold exhibits the function of a hedge or safe haven as often referred to in academia.It contributes to the existing literature by(i)revisiting this question for the principal stock markets in the Middle East and North Africa(MENA)region and(ii)using the copula-quantile-on-quantile and conditional value at risk methods to detail the risks facing market participants provided with accurate information about various gold and stock market scenarios(i.e.,bear,normal,bull).The results provide strong evidence of quantile dependence between gold and stock returns.Positive correlations are found between MENA gold and stock markets when both are bullish.Conversely,when stock returns are bearish,gold markets show negative correlations with MENA stock markets.The risk spillover from gold to stock markets intensified during the global financial and European crises.Given the risk spillover between gold and stock markets,investors in MENA markets should be careful when considering gold as a safe haven because its effectiveness as a hedge is not the same in all MENA stock markets.Investors and portfolio managers should rebalance their portfolio compositions under various gold and stock market conditions.Overall,such precise insights about the heterogeneous linkages and spillovers between gold and MENA stock returns provide potential input for developing effective hedging strategies and optimal portfolio allocations.

Social interactions in periodic urban markets and their contributions to sustainable livelihoods:Evidence from Ghana

Periodic markets are an important aspect of local economies,providing a platform for farmers(producers),wholesalers,retailers,and consumers to interact face-to-face and exchange goods and services.These markets have been increasing in urban areas in Africa,Asia,and South America because of urbanization.The increase of periodic urban markets(PUMs)in urban areas is observed as an index of modernization,reflecting a response to transition process.However,there are limited studies on how social interactions in PUMs contribute to sustainable livelihoods.This study investigated the types of social interactions occurring in PUMs in Ghana,the benefits of social interactions for participants of PUMs,and how social interactions contribute to sustainable livelihoods.This research interviewed 162 participants,comprising 27 farmers(farmers were regarded as producers in this study),61 retailers,47 wholesalers from 9 selected PUMs across Ghana,and 27 officers from government institutions and non-governmental market associations to obtain their opinions.We analyzed the interview data using the NVivo software.The results showed that there are seven kinds of social interactions in PUMs,including(i)producer-wholesaler relationship,(ii)producer-consumer relationship,(iii)wholesaler-retailer relationship,(iv)retailer-consumer relationship,(v)trader-driver relationship,(vi)trader-institution relationship,and(vii)trader-international buyer relationship.We found that these social interactions in PUMs enhance sustainable livelihoods by supporting human,social,financial,natural,and physical assets of traders(traders refer to producers,wholesalers,and retailers in this study).Therefore,we concluded that the development of policies to improve PUMs could strengthen social interactions,enabling the achievement of sustainable livelihoods in developing countries.

Generational Dynamics of Innovation Adoption in Chinese Consumer Markets: A Comprehensive Analysis

This extensive and comprehensive study delves into the intricate dynamics of generational responses to innovative marketing strategies within the dynamic landscape of the Chinese consumer market.Given China’s rapid economic growth and technological advancements,it has become imperative for businesses and marketers to grasp how different generations engage with marketing innovations.This study encompasses Baby Boomers,Generation X,Millennials,and Generation Z,each shaped by unique life experiences and societal contexts,resulting in distinct preferences and behaviors.Furthermore,the study offers a thorough analysis of how diverse generations in China interact with and respond to innovative marketing strategies,providing academic researchers and businesses operating in the rapidly evolving Chinese consumer marketing landscape with actionable insights.Understanding these generational dynamics is crucial for developing marketing strategies that resonate with diverse generational segments and harnessing the power of technology to connect with consumers across all age groups.The dynamic landscape is further enriched by the proliferation of digital technologies,social media platforms,and e-commerce ecosystems.This study scrutinizes how these generational cohorts interact with innovation in marketing,considering preferences,technological adoption patterns,cultural influences,and attitudes toward trust and privacy.Additionally,it examines generational disparities in marketing channel preferences,offering valuable insights for companies aiming to tailor their marketing strategies to effectively engage diverse generational segments in China.Importantly,this research underscores the strategic significance of understanding generational differences in marketing innovation adoption.It emphasizes that this knowledge is not solely an academic pursuit but rather a critical necessity for companies seeking to thrive in one of the most competitive consumer markets globally.By acknowledging and responding to the distinct preferences and behaviors of various generational cohorts,businesses can forge meaningful connections,optimize return on investment,and adeptly navigate the evolving consumer landscape.

The linkage between Bitcoin and foreign exchanges in developed and emerging markets

This study investigates the connectedness between Bitcoin and fiat currencies in two groups of countries:the developed G7 and the emerging BRICS.The methodology adopts the regular(R)-vine copula and compares it with two benchmark models:the multivariate t copula and the dynamic conditional correlation(DCC)GARCH model.Moreover,this study examines whether the Bitcoin meltdown of 2013,selloff of 2018,COVID-19 pandemic,2021 crash,and the Russia-Ukraine conflict impact the linkage with conventional currencies.The results indicate that for both currency baskets,R-vine beats the benchmark models.Hence,the dependence is better modeled by providing sufficient information on the shock transmission path.Furthermore,the cross-market linkage slightly increases during the Bitcoin crashes,and reaches significant levels during the 2021 and 2022 crises,which may indicate the end of market isolation of the virtual currency.

Evaluation method for assessing the auxiliary service transaction mechanism in regional power markets

Accurate and seamless auxiliary services in the power market can guarantee smooth and continuous power system operation. China’s new round of power system reform has entered a critical period, and reform implementation requires comprehensive improvements in the maturity of the supporting auxiliary service market. This study reviews the development status and evolution path of the European unified power market and the US regional power market, provides experience for the development of China’s regional power market, then identifies the key influencing factors of auxiliary service trading mechanism design in regional power markets. To analyze the rationality of the auxiliary service trading evaluation index, this paper established an evaluation model for assessing regional power markets. Using combined weight optimization, the gray correlation TOPSIS method was applied to comprehensively evaluate auxiliary service trading in the regional power market. Finally, the application of the proposed evaluation method was briefly analyzed to examine four regional power markets in China and evaluate the effectiveness of current market construction in different regions and provide suggestions for future market construction.

Editorial to special issue“Hidden market linkages between Bitcoin,cryptocurrencies and financial markets:Evidence from high‑frequency data and higher‑order moments”in financial innovation

The cryptomarket has evolved into a complex system of different types of cryptoassets,each playing an important role within the system.With specific features,opportunities,and risks.Studying their apparent and hidden linkages and general connectedness not only inside the system but also the linkages to the outer markets,being it either the traditional financial markets or the macroeconomic and monetary indicators and variables,plays a crucial role in understanding the market,managing risks,and aiming for profitable opportunities.The cryptomarkets are far from being simply Bitcoin or even just the most popular and capitalised cryptocurrencies and tokens which might have been the case just a few years back.

Will high-frequency trading practices transform the financial markets in the Asia Pacific Region?

High-frequency trading(HFT)practices in the global financial markets involve the use of information and communication technologies(ICT),especially the capabilities of high-speed networks,rapid computation,and algorithmic detection of changing information and prices that create opportunities for computers to effect low-latency trades that can be accomplished in milliseconds.HFT practices exist because a variety of new technologies have made them possible,and because financial market infrastructure capabilities have also been changing so rapidly.The U.S.markets,such as the National Association for Securities Dealers Automated Quote(NASDAQ)market and the New York Stock Exchange(NYSE),have maintained relevance and centrality in financial intermediation in financial markets settings that have changed so much in the past 20 years that they are hardly recognizable.In this article,we explore the technological,institutional and market developments in leading financial markets around the world that have embraced HFT trading.From these examples,we will distill a number of common characteristics that seem to be in operation,and then assess the extent to which HFT practices have begun to be observed in Asian regional financial markets,and what will be their likely impacts.We also discuss a number of theoretical and empirical research directions of interest.

Price linkage between Chinese and international nonferrous metals commodity markets based on VAR-DCC-GARCH models

Using VAR-DCC-GARCH model,the literature on commodity price was extended by exploring the co-movement between Chinese nonferrous metal prices and global nonferrous metal prices represented by the nonferrous metal prices from London Metal Exchange(LME).The results show that LME nonferrous metals prices still have a greater impact on Chinese nonferrous metals prices.However,the impact of Chinese nonferrous metals prices on LME nonferrous metals prices is still weak except for lead price.The co-movement of nonferrous metal prices between LME and China presents hysteretic nature,and it lasts for 7-8trading days.Furthermore,the co-movement between LME nonferrous metals prices and Chinese nonferrous metals prices has the characteristics of time-varying,and the correlation of lead prices between LME and China is the more stable than all other nonferrous metals prices.

Food safety inspection and the adoption of traceability in aquatic wholesale markets: A game-theoretic model and empirical evidence

Supply chain traceability is key to reduce food safety risks,since it allows problems to be traced to their sources. Moreover,it allows regulatory agencies to understand where risk is introduced into the supply chain,and offers a major disincentive for upstream agricultural businesses engaging in economically motivated adulteration. This paper focuses on the aquatic supply chain in China,and seeks to understand the adoption of traceability both through an analytical model,and empirical analysis based on data collected through an extensive (largest ever) field survey of Chinese aquatic wholesale markets. The field survey includes 76 managers and 753 vendors,covering all aquatic wholesale markets in Zhejiang and Hunan provinces. The analytical and empirical results suggest that the adoption of traceability among wholesale market vendors is significantly associated with inspection intensity,their individual history of food safety problems,and their risk awareness. The effect of inspection intensity on traceability adoption is stronger in markets which are privately owned than in markets with state/collective ownership. The analysis offers insights into the current state of traceability in China. More importantly,it suggests several hypothesized factors that might affect the adoption of traceability and could be leveraged by regulatory organizations to improve it.

Ethnobotanical study on medicinal plants from the Dragon Boat Festival herbal markets of Qianxinan, southwestern Guizhou, China

Dragon Boat Festival herbal markets in the Qianxinan Buyi and Miao Autonomous Prefecture of southwestern Guizhou have a long well-conserved history.These markets,which are a feature of Buyi and Miao traditional medicines,contain a rich diversity of medicinal plants and traditional medical knowledge.Today,people in southwestern Guizhou still believe that using herbs during the Dragon Boat Festival prevents and can treat disease.In this study,we identified the fresh herbal plants sold at the herbal markets of Xingren City and Zhenfeng County in Qianxinan Buyi and Miao Autonomous Prefecture and quantified their importance.We identified 141 plant species(belonging to 114 genera and 61 families).The plant family with the most species was Asteraceae(14 species).Informants reported that most medicinal plants are herbaceous,with 95.7%of plants used for decoction and 30.5%used for medicinal baths.Medicinal plants are most commonly used to treat rheumatism,injury,and abdominal diseases.The utilization frequency index and relative importance values indicated that Artemisia argyi and Acorus calamus are the most important plants sold at herbal markets during the Dragon Boat Festival.The price of medicinal materials sold in the market may serve as an indicator of the conservation status of species in the region.These findings indicate that the Dragon Boat Festival herbal markets in the Qianxinan Buyi and Miao Autonomous Prefecture fully embodies the characteristics of indigenous ethnomedicine and culture,and also exhibits the diversity of plant resources.We recommend that rare and endangered plants in this region be domesticated and protected.

Dynamic connectedness between stock markets in the presence of the COVID‑19 pandemic:does economic policy uncertainty matter?

This study investigates the dynamic connectedness between stock indices and the effect of economic policy uncertainty(EPU)in eight countries where COVID-19 was most widespread(China,Italy,France,Germany,Spain,Russia,the US,and the UK)by implementing the time-varying VAR(TVP-VAR)model for daily data over the period spanning from 01/01/2015 to 05/18/2020.Results showed that stock markets were highly connected during the entire period,but the dynamic spillovers reached unprecedented heights during the COVID-19 pandemic in the first quarter of 2020.Moreover,we found that the European stock markets(except Italy)transmitted more spillovers to all other stock markets than they received,primarily during the COVID-19 outbreak.Further analysis using a nonlinear framework showed that the dynamic connectedness was more pronounced for negative than for positive returns.Also,findings showed that the direction of the EPU effect on net connectedness changed during the pandemic onset,indicating that information spillovers from a given market may signal either good or bad news for other markets,depending on the prevailing economic situation.These results have important implications for individual investors,portfolio managers,policymakers,investment banks,and central banks.

Internet big data and capital markets:a literature review

Background:Research in various academic disciplines has undergone tremendous changes in the era of big data.Everyone is talking about big data nowadays,but how exactly is it being applied in research on financial studies?Results:This study summarizes the sources of Internet big data for research related to capital markets and the analytical methods that have been used in the literature.In addition,it presents a review of the research findings based on Internet big data in the field of capital markets and proposes suggestions for future studies in which big data can be applied to examine issues related to capital markets.Conclusion:(1)Internet big data sources related to present capital market research can be categorized into forum-type data,microblog-type data and search class data.(2)As for research about investors’sentiments on the basis of Internet big data,the main methods of sentiment analysis include building an inventory of lexical categories,using dictionaries for analysis of lexical categories,and machine learning.(3)Many studies address whether Internet big data can predict capital markets.However,they reach no consistent conclusions,which could be due to limitations of sample and analysis method used.(4)Data collection technique and analysis methods require further improvements.

International carbon markets under the Paris Agreement:Basic form and development prospects

Article 6 of the Paris Agreement introduces two international carbon markets that receive extensive attention and are expected to play an important role in the post-2020 climate regime.Three key elements of the two international carbon markets,including the scope,the types of tradable units and the governance,are identified,as the basis to clarify their basic forms.Based on the key issues and their different designs identified in negotiations,this study analyzes the contributions and challenges for China to participate in international carbon markets.Considering the inherent needs of climate change mitigation,climate finance,the development of a green"Belt and Road"and the China South-South cooperation in climate change,along with the existing domestic capacities on market mechanisms,this study puts forward the short-,medium-and long-term development prospects of the two international carbon markets.