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.

A theory of very short-time price change:security price drivers in times of high-frequency trading

Academic research has identified several factors that affect price movements;however,the scenario changes abruptly in the case of very short time price changes(VSTPC).This topic is not specifically examined in the existing literature;nonetheless,the behavior of the market microstructure is quite different at the subsecond scale.Indeed,below a certain psychological time threshold,most factors typically influencing price changes cease to apply.This paper analyzes several parameters considered to affect price changes and identifies four of them as potentially influencing VSTPC.These factors are previous volatility,scarce liquidity,high quantity exchanged,and stop-loss(SL)orders(seldom mentioned in the literature).These four parameters are examined by means of a mathematical model,audit trail data analysis,Granger-causality testing,and agent-based model.The results of these four techniques converge to suggest a nonlinear combination of previous volatility,liquidity,and SL orders as the main causes of excess volatility.However,contrary to mainstream literature on trading time above a certain psychological threshold,the volumes exchanged are not integral agents for VSTPC.Currently,financial markets face many ultrafast orders,yet a coherent theory of price change at time scales incomprehensible by humans and only manageable by computers is still lacking.The theory presented in this paper attempts to fill this gap.The outcome of such a theory is important for purposes of market stability,crisis avoidance,investment planning,risk management,and high-frequency trading.

High-Frequency Trading:Deception and Consequences

This commentary is based on the work of Cooper,Davis,and Van Vliet(2016)and the commentary focuses on what problem high-frequency trading poses.It lists key literature on high-frequency trading that is missing and points out that the poker analogy to defend deception in financial markets is weak and misleading.The article elaborates on the negative impact created by spoofing and quote stuffing,the two typical deceptive practices used by high-frequency traders.The recent regulations regarding high-frequency trading,in response to the“Flash Crash”of 2010,are preventive,computerized and more effective.They reflect ethical requirements to maintain fair and stable financial markets.

Kinematic deformation and intensity assessment of the 2021 Maduo M_(S)7.4 earthquake in Qinghai revealed by high-frequency GNSS

Rapid acquisition of the kinematic deformation field and seismic intensity distribution of large earthquakes is crucial for postseismic emergency rescue,disaster assessment,and future seismic risk research.The advancement of GNSS observation and data processing makes it play an important role in this field,especially the high-frequency GNSS.We used the differential positioning method to calculate the 1 HZ GNSS data from 98 sites within 1000 km of the M_(S)7.4 Maduo earthquake epicenter.The kinematic deformation field and the distribution of the seismic intensity by using the peak ground velocity derived from displacement waveforms were obtained.The results show that:1)Horizontal coseismic response deformation levels ranging from 25 mm to 301 mm can be observed within a 1000 km radius from the epicenter.Coseismic response deformation on the east and west sides shows bilateral asymmetry,which markedly differs from the symmetry presented by surface rupture.2)The seismic intensity obtained through high-frequency GNSS and field investigations exhibits good consistency of the scope and orientation in the high seismic intensity area,although the former is generally slightly smaller than the latter.3)There may exist obstacles on the eastern side of the seismogenic fault.The Maduo earthquake induced a certain tectonic stress loading effect on the western Kunlun Pass-Jiangcuo fault(KPJF)and Maqin-Maqu segment,resulting in higher seismic risk in the future.

The relationship between the high-frequency performance of supercapacitors and the type of doped nitrogen in the carbon electrode

Nitrogen doping has been widely used to improve the performance of carbon electrodes in supercapacitors,particularly in terms of their high-frequency response.However,the charge storage and electrolyte ion response mechanisms of different nitrogen dopants at high frequencies are still unclear.In this study,melamine foam carbons with different configurations of surfacedoped N were formed by gradient carbonization,and the effects of the configurations on the high-frequency response behavior of the supercapacitors were analyzed.Using a combination of experiments and first-principle calculations,we found that pyrrolic N,characterized by a higher adsorption energy,increases the charge storage capacity of the electrode at high frequencies.On the other hand,graphitic N,with a lower adsorption energy,increases the speed of ion response.We propose the use of adsorption energy as a practical descriptor for electrode/electrolyte design in high-frequency applications,offering a more universal approach for improving the performance of N-doped carbon materials in supercapacitors.

Dynamic Response of Foundations during Startup of High-Frequency Tunnel Equipment

The specialized equipment utilized in long-line tunnel engineering is evolving towards large-scale,multifunctional,and complex orientations.The vibration caused by the high-frequency units during regular operation is supported by the foundation of the units,and the magnitude of vibration and the operating frequency fluctuate in different engineering contexts,leading to variations in the dynamic response of the foundation.The high-frequency units yield significantly diverse outcomes under different startup conditions and times,resulting in failure to meet operational requirements,influencing the normal function of the tunnel,and causing harm to the foundation structure,personnel,and property in severe cases.This article formulates a finite element numerical computation model for solid elements using three-dimensional elastic body theory and integrates field measurements to substantiate and ascertain the crucial parameter configurations of the finite element model.By proposing a comprehensive startup timing function for high-frequency dynamic machines under different startup conditions,simulating the frequency andmagnitude variations during the startup process,and suggesting functions for changes in frequency and magnitude,a simulated startup schedule function for high-frequency machines is created through coupling.Taking into account the selection of the transient dynamic analysis step length,the dynamic response results for the lower dynamic foundation during its fundamental frequency crossing process are obtained.The validation checks if the structural magnitude surpasses the safety threshold during the critical phase of unit startup traversing the structural resonance region.The design recommendations for high-frequency units’dynamic foundations are provided,taking into account the startup process of the machine and ensuring the safe operation of the tunnel.

Review of the Analysis and Suppression for High-frequency Oscillations of the Grid-connected Wind Power Generation System

High-frequency oscillation(HFO)of gridconnected wind power generation systems(WPGS)is one of the most critical issues in recent years that threaten the safe access of WPGS to the grid.Ensuring the WPGS can damp HFO is becoming more and more vital for the development of wind power.The HFO phenomenon of wind turbines under different scenarios usually has different mechanisms.Hence,engineers need to acquire the working mechanisms of the different HFO damping technologies and select the appropriate one to ensure the effective implementation of oscillation damping in practical engineering.This paper introduces the general assumptions of WPGS when analyzing HFO,systematically summarizes the reasons for the occurrence of HFO in different scenarios,deeply analyses the key points and difficulties of HFO damping under different scenarios,and then compares the technical performances of various types of HFO suppression methods to provide adequate references for engineers in the application of technology.Finally,this paper discusses possible future research difficulties in the problem of HFO,as well as the possible future trends in the demand for HFO damping.

Efficient activation of the Co/SBA-15catalyst by high-frequency AC-DBD plasma thermal effects for toluene removal

Dielectric barrier discharge(DBD)plasma excited by a high-frequency alternating-current(AC)power supply is widely employed for the degradation of volatile organic compounds(VOCs).However,the thermal effect generated during the discharge process leads to energy waste and low energy utilization efficiency.In this work,an innovative DBD thermally-conducted catalysis(DBD-TCC)system,integrating high-frequency AC-DBD plasma and its generated thermal effects to activate the Co/SBA-15 catalyst,was employed for toluene removal.Specifically,Co/SBA-15 catalysts are closely positioned to the ground electrode of the plasma zone and can be heated and activated by the thermal effect when the voltage exceeds 10 k V.At12.4 k V,the temperature in the catalyst zone reached 261℃ in the DBD-TCC system,resulting in an increase in toluene degradation efficiency of 17%,CO_(2)selectivity of 21.2%,and energy efficiency of 27%,respectively,compared to the DBD system alone.In contrast,the DBD thermally-unconducted catalysis(DBD-TUC)system fails to enhance toluene degradation due to insufficient heat absorption and catalytic activation,highlighting the crucial role of AC-DBD generated heat in the activation of the catalyst.Furthermore,the degradation pathway and mechanism of toluene in the DBD-TCC system were hypothesized.This work is expected to provide an energy-efficient approach for high-frequency AC-DBD plasma removal of VOCs.

Effects of unilateral superimposed high-frequency jet ventilation on porcine hemodynamics and gas exchange during one-lung flooding

BACKGROUND Superimposed high-frequency jet ventilation(SHFJV)is suitable for respiratory motion reduction and essential for effective lung tumor ablation.Fluid filling of the target lung wing one-lung flooding(OLF)is necessary for therapeutic ultrasound applications.However,whether unilateral SHFJV allows adequate hemodynamics and gas exchange is unclear.AIM To compared SHFJV with pressure-controlled ventilation(PCV)during OLF by assessing hemodynamics and gas exchange in different animal positions.METHODS SHFJV or PCV was used alternatingly to ventilate the non-flooded lungs of the 12 anesthetized pigs during OLF.The animal positions were changed from left lateral position to supine position(SP)to right lateral position(RLP)every 30 min.In each position,ventilation was maintained for 15 min in both modalities.Hemodynamic variables and arterial blood gas levels were repeatedly measured.RESULTS Unilateral SHFJV led to lower carbon dioxide removal than PCV without abnormally elevated carbon dioxide levels.SHFJV slightly decreased oxygenation in SP and RLP compared with PCV;the lowest values of PaO_(2) and PaO_(2)/FiO_(2) ratio were found in SP[13.0;interquartile range(IQR):12.6-5.6 and 32.5(IQR:31.5-38.9)kPa].Conversely,during SHFJV,the shunt fraction was higher in all animal positions(highest in the RLP:0.30).CONCLUSION In porcine model,unilateral SHFJV may provide adequate ventilation in different animal positions during OLF.Lower oxygenation and CO_(2) removal rates compared to PCV did not lead to hypoxia or hypercapnia.SHFJV can be safely used for lung tumor ablation to minimize ventilation-induced lung motion.

Therapeutic efficacy of methylprednisolone sodium succinate via diverse administration routes for mid-to high-frequency sudden sensorineural hearing loss

BACKGROUND Sudden sensorineural hearing loss(SSNHL),characterized by a rapid and unexplained loss of hearing,particularly at moderate to high frequencies,presents a significant clinical challenge.The therapeutic use of methylprednisolone sodium succinate(MPSS)via different administration routes,in combination with conventional medications,remains a topic of interest.AIM To compare the therapeutic efficacy of MPSS administered via different routes in combination with conventional drugs for the treatment of mid-to high-frequency SSNHL.METHODS The medical records of 109 patients with mid-to high-frequency SSNHL were analyzed.The patients were divided into three groups based on the route of administration:Group A[intratympanic(IT)injection of MPSS combined with mecobalamin and Ginkgo biloba leaf extract injection],Group B(intravenous injection of MPSS combined with mecobalamin and Ginkgo biloba leaf extract injection),and Group C(single IT injection of MPSS).The intervention effects were compared and analyzed.RESULTS The posttreatment auditory thresholds in Group A(21.23±3.34)were significantly lower than those in Groups B(28.52±3.36)and C(30.23±4.21;P<0.05).Group A also exhibited a significantly greater speech recognition rate(92.23±5.34)than Groups B and C.The disappearance time of tinnitus,time to hearing recovery,and disappearance time of vertigo in Group A were significantly shorter than those in Groups B and C(P<0.05).The total effective rate in Group A(97.56%)was significantly greater than that in Groups B and C(77.14%and 78.79%,χ^(2)=7.898,P=0.019).Moreover,the incidence of adverse reactions in Groups A and C was significantly lower than that in Group B(4.88%,3.03%vs 2.57%,χ^(2)=11.443,P=0.003),and the recurrence rate in Group A was significantly lower than that in Groups B and C(2.44%vs 20.00%vs 21.21%,χ^(2)=7.120,P=0.028).CONCLUSION IT injection of MPSS combined with conventional treatment demonstrates superior efficacy and safety compared to systemic administration via intravenous infusion and a single IT injection of MPSS.This approach effectively improves patients'hearing and reduces the risk of disease recurrence.

Radio-frequency measurements of energetic-electron-driven emissions using high-frequency magnetic probe on XuanLong-50 spherical torus

A high-frequency magnetic probe is designed and developed on the XuanL ong-50(EXL-50)spherical torus to measure high-frequency magnetic field fluctuation.The magnetic loop,radio filters,radio-frequency limiter,and data acquisition system of the probe are comprehensively examined.The fluctuation data from the EXL-50 plasma are analyzed in the time–frequency domain using fast Fourier transforms.Moreover,distinct high-frequency instabilities are detected using this diagnostic system.In particular,significant frequency chirping is observed,which is consistent with the bumpon-tail drive instability predicted using the Berk–Breizman model.

Tuning magneto-dielectric properties of Co_(2)Z ferrites via Gd doping for high-frequency applications

Magneto-dielectric properties of Co_(2)Z ferrite materials are tuned via Gd doping for applications in high-frequency antennas and filters in the present work.Ba_(3)Co_(2)Fe_(24-x)Gd_(x)O_(41)(x=0.00,0.05,0.10,0.15,and 0.20)materials are successfully prepared by using solid-state method at 925℃for 4 h with 2.5-wt%Bi_(2)O_(3)sintering aids.The content of Gd^(3+)ion can affect micromorphology,grain size,bulk density,and magneto-dielectric properties of the ferrite.With Gd^(3+)ion content increasing,saturation magnetization(Ms)first increases and then decreases.The maximum value of Ms is 44.86 emu/g at x=0.15.Additionally,sites occupied by Gd^(3+)ions can change magnetic anisotropy constant of the ferrite.Magnetocrystalline anisotropy constant(K_1)is derived from initial magnetization curve,and found to be related to spin-orbit coupling and intersublattice interactions between metal ions.The real part of magnetic permeability(μ′)and real part of dielectric permittivity(ε′)are measured in a frequency range of 10 MHz-1 GHz.When x=0.15,material has excellent magneto-dielectric properties(μ′≈12.2 andε′≈17.61),low magnetic loss(tanδμ≈0.03 at 500 MHz),and dielectric loss(tanδε≈0.04 at 500 MHz).The results show that Gd-doped Co_(2)Z ferrite has broad application prospects in multilayer filters and high-frequency antennas.

Temporal and spatial evolution of global major grain trade patterns

The complex and volatile international landscape has significantly impacted global grain supply security. This study uses a complex network analysis model to examine the evolution and trends of the global major grain trade from 1990 to 2020, focusing on network topology, centrality ranking, and community structure. There are three major findings. First, the global major grain trade network has expanded in scale, with a growing emphasis on diversification and balance. During the study period, the United States, Canada, China, and Brazil were the core nodes of the network. Grain-exporting countries were mainly situated in Asia, the Americas, and Europe, and importing countries in Asia, Africa, and Europe. Second, a significant increase in the number of high centrality countries with high export capacity occurred, benefiting from natural advantages such as fertile land and favorable climates. Third, the main global grain trade network is divided into four communities, with the Americas-Europe community being the largest and most widespread. The formation of the community pattern was influenced by geographic proximity, driven by the core exporting countries. Therefore, the world needs to enhance the existing trade model, promote the multi-polarization of the grain trade network, and establish a global vision for the future community. Countries and regions should participate actively in global grain trade security governance and institutional reform, expand trade links with other countries, and optimize import and export policies to reduce trade risks.

Impact of BRICS Trade Facilitation on China's Exports Using Cross-Border E-Commerce

With the rapid growth of the global digital economy, cross-border e-commerce, as an emerging form of trade, has gradually become a powerful engine to promote the development of global trade. BRICS is an important force in the global economy, and the progress of the BRICS countries' trade facilitation level has an important impact on the global trade environment. This paper conducts an in-depth study of the dynamic changes in BRICS trade facilitation from 2013 to 2022, and uses an extended gravity model to analyze the specific impact of this change on China's exports using cross-border e-commerce. The results show that although the BRICS countries have made some progress in trade facilitation, the overall level still needs to be improved, and there are obvious differences among member countries. However, the improvement of trade facilitation among BRICS countries has undoubtedly brought significant positive effects to China's exports using cross-border e-commerce.

Electricity Carbon Quota Trading Scheme based on Certificateless Signature and Blockchain

The carbon tradingmarket can promote“carbon peaking”and“carbon neutrality”at low cost,but carbon emission quotas face attacks such as data forgery,tampering,counterfeiting,and replay in the electricity trading market.Certificateless signatures are a new cryptographic technology that can address traditional cryptography’s general essential certificate requirements and avoid the problem of crucial escrowbased on identity cryptography.However,most certificateless signatures still suffer fromvarious security flaws.We present a secure and efficient certificateless signing scheme by examining the security of existing certificateless signature schemes.To ensure the integrity and verifiability of electricity carbon quota trading,we propose an electricity carbon quota trading scheme based on a certificateless signature and blockchain.Our scheme utilizes certificateless signatures to ensure the validity and nonrepudiation of transactions and adopts blockchain technology to achieve immutability and traceability in electricity carbon quota transactions.In addition,validating electricity carbon quota transactions does not require time-consuming bilinear pairing operations.The results of the analysis indicate that our scheme meets existential unforgeability under adaptive selective message attacks,offers conditional identity privacy protection,resists replay attacks,and demonstrates high computing and communication performance.

An Energy Trading Method Based on Alliance Blockchain and Multi-Signature

Blockchain,known for its secure encrypted ledger,has garnered attention in financial and data transfer realms,including the field of energy trading.However,the decentralized nature and identity anonymity of user nodes raise uncertainties in energy transactions.The broadcast consensus authentication slows transaction speeds,and frequent single-point transactions in multi-node settings pose key exposure risks without protective measures during user signing.To address these,an alliance blockchain scheme is proposed,reducing the resource-intensive identity verification among nodes.It integrates multi-signature functionality to fortify user resources and transac-tion security.A novel multi-signature process within this framework involves neutral nodes established through central nodes.These neutral nodes participate in multi-signature’s signing and verification,ensuring user identity and transaction content privacy.Reducing interactions among user nodes enhances transaction efficiency by minimizing communication overhead during verification and consensus stages.Rigorous assessments on reliability and operational speed highlight superior security performance,resilient against conventional attack vectors.Simulation shows that compared to traditional solutions,this scheme has advantages in terms of running speed.In conclusion,the alliance blockchain framework introduces a novel approach to tackle blockchain’s limitations in energy transactions.The integrated multi-signature process,involving neutral nodes,significantly enhances security and privacy.The scheme’s efficiency,validated through analytical assessments and simulations,indicates robustness against security threats and improved transactional speeds.This research underscores the potential for improved security and efficiency in blockchain-enabled energy trading systems.

A study on characteristic indexesof railway ballast bed underhigh-frequency radar

Purpose–In this paper,a high-frequency radar test system was used to collect the data of clean ballast bed and fouled ballast bed of ballasted tracks,respectively,for a quantitative evaluation of the condition of railway ballast bed.Design/methodology/approach–Based on original radar signals,the time–frequency characteristics of radar signals were analyzed,five ballast bed condition characteristic indexes were proposed,including the frequency domain integral area,scanning area,number of intersections with the time axis,number of timedomain inflection points and amplitude envelope obtained by Hilbert transform,and the effectiveness and sensitivity of the indexes were analyzed.Findings–The thickness of ballast bed tested at the sleep bottom by high-frequency radar is up to 55 cm,which meets the requirements of ballast bed detection.Compared with clean ballast bed,the values of the five indexes of fouled ballast bed are larger,and the five indexes could effectively show the condition of the ballast bed.The computational efficiency of amplitude envelope obtained by Hilbert transform is 140 s$km
1,and the computational efficiency of other indexes is 5 s$km
1.The amplitude envelopes obtained by Hilbert transform in the subgrade sections and tunnel sections are the most sensitive,followed by scanning area.The number of intersections with the time axis in the bridge sections was the most sensitive,followed by the scanning area.The scanning area can adapt to different substructures such as subgrade,bridges and tunnels,with high comprehensive sensitivity.Originality/value–The research can provide appropriate characteristic indexes from the high-frequency radar original signal to quantitatively evaluate ballast bed condition under different substructures.

Unleashing the Power of Multi-Agent Reinforcement Learning for Algorithmic Trading in the Digital Financial Frontier and Enterprise Information Systems

In the rapidly evolving landscape of today’s digital economy,Financial Technology(Fintech)emerges as a trans-formative force,propelled by the dynamic synergy between Artificial Intelligence(AI)and Algorithmic Trading.Our in-depth investigation delves into the intricacies of merging Multi-Agent Reinforcement Learning(MARL)and Explainable AI(XAI)within Fintech,aiming to refine Algorithmic Trading strategies.Through meticulous examination,we uncover the nuanced interactions of AI-driven agents as they collaborate and compete within the financial realm,employing sophisticated deep learning techniques to enhance the clarity and adaptability of trading decisions.These AI-infused Fintech platforms harness collective intelligence to unearth trends,mitigate risks,and provide tailored financial guidance,fostering benefits for individuals and enterprises navigating the digital landscape.Our research holds the potential to revolutionize finance,opening doors to fresh avenues for investment and asset management in the digital age.Additionally,our statistical evaluation yields encouraging results,with metrics such as Accuracy=0.85,Precision=0.88,and F1 Score=0.86,reaffirming the efficacy of our approach within Fintech and emphasizing its reliability and innovative prowess.

Sharing Smart Services,Jointly Promoting Trade Development

In 2024,the China International Fair for Trade in Services (hereinafter referred to as CIFTIS) opened in the China National Convention Center and Shougang Park on September 12th.The theme of the CIFTIS this time was"global services,shared prosperity",which is not only a window for allowing the world to discover the development of China's service trade,but is also a bridge for promoting global cooperation with regards to the service trade.As one of the world-famous service trade events,the CIFTIS has become an important business card allowing China to open up.The CIFTIS has attracted the attention of the whole world and become a bridge for all parties to share development opportunities,promote industrial growth,and strengthen communication.

World Trade Organization Reform and the Role of the Global South

Under the impact of unilateralism and protectionism,trade disputes among countries have increased in recent years,bringing uncertainty to global trade and jeopardizing the multilateral trading system.The World Trade Organization(WTO)plays a crucial role in the development of the global economy and trade.It also plays a key role in maintaining a fair,open and sustainable international trade environment,and provides a solid foundation for the development of global economy and trade.As the Global South has played an important role in promoting WTO reform and safeguarding the rights and interests of developing countries,it’s important to further strengthen its solidarity,actively participate in the reform of the global trade governance system and promote the building of a more open,fair and balanced global trade environment.