In Canada, financial advisors and dealers are required by provincial securities commissions and self-regulatory organizations-charged with direct regulation over investment dealers and mutual fund dealers-to respectively collect and maintain know your client (KYC) information, such as their age...

This paper describes the rationale for, and design of, an agent-based simulation model of a contemporary online sports-betting exchange: such exchanges, closely related to the exchange mechanisms at the heart of major financial markets, have revolutionized the gambling industry in the past 20...

This paper investigates the relationship between the euro-dollar exchange rate and its underlying fundamentals. First, we develop a simple theoretical model in which chartists and fundamentalists interact. This model predicts the existence of different regimes, and thus non-linearities in the...

The relationship between volume and volatility has received much attention in the literature on financial markets. However, due to the lack of data, few results have been presented for the foreign exchange (FX) market. Furthermore, most studies contain only aggregate series, and cannot...

The increased prevalence of algorithmic trading (AT) has an economically meaningful positive effect on the sensitivity of corporate investment to stock prices. The effect is pervasive in that the positive impact of AT on the investment-to-price sensitivity holds in even stocks with relatively...

We directly compare retail investor execution costs with exchange execution costs. We find off-exchange retail trades execute at lower effective spreads than comparable exchange trades, primarily due to the uninformed nature of retail trades. These results hold when payment for order flow (PFOF)...

This paper deals with the economics of secondary markets for government bonds.Ultimately, the analysis is shaped by a public policy goal: assessing the elements ofa regulatory framework for these markets. In that regard, the decisive role of marketstructure leads to a critical review of...