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The financial market is the driver of the economic growth and development of any country. A sound financial market can take the country to the apex. Financial resources were by allocating the resources through one of the ways such as portfolios, which are combinations of various securities. Portfolio analysis includes analyzing the range of possible portfolios that can be constituted from a given set of securities. [ABSTRACT FROM AUTHOR]

Small and medium enterprises (SMEs) are an important sector in the Indonesian economy. Ease of access to financing is a major factor for growth. This study aims to analyze the relationship between financial literacy, financial management, securities crowdfunding, and access to SME financing. Data were obtained from 100 SMEs in Cirebon City through questionnaires and using the Structural Equation Modeling (SEM) method on the basis of Partial Least Squares (PLS). The results showed that financial literacy and financial management have a significant positive influence on SMEs' access to financing. However, securities crowdfunding does not have a significant influence on SMEs' access to finance. In addition, securities crowdfunding also moderates the relationship between financial management and financial literacy with access to SME financing. This research contributes to the importance of increasing financial literacy and financial management in supporting the growth and progress of SMEs, as well as how securities crowdfunding influences SME financing alternatives. [ABSTRACT FROM AUTHOR]

In this article, the author analyzes the current state and development prospects of Ukraine’s stock market. A developed stock market ensures the economic growth of a country. For its functioning, institutional measures, market infrastructure, investment opportunities (market breadth), available resources and investment objects, and market trends are essential. The author notes a decrease in the number of market organizers in Ukraine and a reduction in the volume of exchange contracts from 2014 to 2022. The growth in trading in 2023 was driven by an increase in military domestic government bonds. Domestic government bonds have averaged 93.2% of all exchange contracts over the past ten years, reflecting the status of Ukraine’s stock market as a sector serving state needs for resource mobilization rather than fostering the economic development of industries, the private sector, and investment expansion. The main factors influencing the state of Ukraine’s stock market include the war, its impact on the economy, and institutional factors. Collaboration with international organizations, integration into the European Union, opening Ukraine’s market to foreign issuers, and the development of mobile applications and electronic trading platforms contribute to the development of Ukraine’s stock market. However, the prolongation of military actions, significant infrastructure damage, environmental harm, and the overall deterioration of the economy worsen the market’s development prospects. The presence of significant investment potential in the country, mechanisms for privatizing state enterprises, adherence to international standards, and readiness for market reforms can drive changes in the post-war period. [ABSTRACT FROM AUTHOR]

The article presents a final report from the American Bar Association on the work of the task force on securities holding infrastructure. Topics discussed include intermediate securities holding infrastructure and associated problems, transparency models and direct-holding model as means of addressing the problems, roles for Depository Trust & Clearing Corp. and affiliates, broker-dealers, banks, transfer agents, regulators and asset-protection mechanisms, and costs and benefits assessment.

Do violations of contractual representations and warranties ("R&Ws") merely shift risk by giving rise to contract-breach damages, or can they also give rise to fraud claims? This question is at the heart of numerous lawsuits, including billions of dollars of securitization-related litigation. Many agreements governing the issuance of securities in these transactions limit R&W breach claims to a sole contractual remedy--curing the violation or repurchasing nonconforming loans that caused the violation. Although parties making the R&Ws argue that this sole remedy should adequately shift risk, investor plaintiffs contend that it insufficiently shifts the risk if the violations are extensive. Plaintiffs also argue that extensive R&W violations should constitute fraud, and that in the presence of fraud, their remedies should not be limited. This Article seeks to resolve these issues and provide a more systematic framework for analyzing R&W breaches. [ABSTRACT FROM AUTHOR]

The creation of the effective stock market is considered as one of the important tasks for the further development of the national economy since the beginning of the 90s of the XX century. The issue became especially important after the activation of European integration processes in Ukraine since the conclusion of the Association Agreement with the European Union in 2014. On July 1, 2021, the Law of Ukraine On Capital Markets and Organized Commodity Markets, entered into force. Since this time, the Law was repeatedly amended, but never amended the to clarification of the general terms on stocks. Therefore, it is currently possible to claim that the Law does not comply with the principle of a unified approach in formulating the definitions of a number of similar concepts and that the concepts contained in the Law are not consistent with the terminology of related laws. The purpose of the article is a critical analysis of the basic terms on stocks in the current legislation of Ukraine, the identification of the problems in the definitions and the application of terms, as well as the justification of recommendations for improving the basic legislation on stock markets. The author found progressive changes in the general terms on stocks in the Law of Ukraine On Capital Markets and Organized Commodity Markets. The main are: 1) a group of derivative stocks is disclosed; 2) the definition of emission stocks have been renewed; 3) the specific composition of bonds has been expanded and specified; 4) the terminological structure «savings (deposit) certificate» is divided in two; 5) the classification of securities according to the «form of existence» criterion has been modernized. According to the research, the changes and additions to the basic terms on stocks are proposed in the in the Laws of Ukraine On Capital Markets and Organized Commodity Markets, On Circulation of Bills of Exchange in Ukraine, On the National Bank of Ukraine, the Civil Code of Ukraine and other acts. [ABSTRACT FROM AUTHOR]

This article addresses the EU private international law framework for cross-border disputes concerning credit ratings. It argues that investors harmed by faulty ratings face considerable challenges when enforcing claims against credit rating agencies. These challenges arise not only due to the high standard of proof for damages claims and additional barriers rooted in substantive law but also from the limited territorial reach of the common EU civil liability regime of Article 35a of the amended Regulation (EC) No 1060/2009. Additionally, uncertainties concerning the determination of the concurrently applicable national law and the lack of unified European cross-border collective redress mechanisms in the area of capital markets law compound the problem. Against this background, this article discusses the options for reforming the existing private international law regime to enhance investors' access to justice in disputes with CRAs. [ABSTRACT FROM AUTHOR]

This Article a, yues for change to the fraud-on-the-market (FOTM) litigation framework in light of the current emergence of environmental, social, and governance disclosure. In particular, the Article argues that, for claims targeting non-financial disclosure, a showing by the plaintiff to the district court that the market for the securities at issue is ellicient (along with some basic pleadings) should no longer be sullicient to trigger a dual FOTM presumption of price impact and reliance. Instead, for these claims, the sorting accomplished by this market-efficiency showing at the class-certification stage of the litigation (and the lack-of-price-impact rebuttal available to defendants at that same stage) should be condensed into a single threshold inquiry into price impact (burden on the plaintiff) to be evaluated by an independent panel of.financial economists. Under this approach, to receive the FOTM presumption of reliance, a representative plaintiff targeting a non-jinancial disclosure would thus need to prove to that panel at the outset of the litigation that the misstatement at issue affected market prices. Accordingly, the Article (1) critiques the unifed application of the existing FOTM screening framework to jinancial disclosure and non-financial disclosure alike and (2) sets forth the appeal of the aforementioned approach for FOTM claims targeting the latter type of disclosure at this time. [ABSTRACT FROM AUTHOR]

The efficient use of the irrigation systems constitutes an aspect of vital importance for the achievement of appropriate securities of water productivity. This efficiency will be conditioned in great measure by the behavior of the climatic variables during the irrigation process. With the objective of valuing the effect of the direction of the wind in the quality of the irrigation with central pivot machines in dependence of the different positions that it occupies during the irrigation an evaluation was carried out in the UBPC Victoria II of the Empresa Agropecuaria Camagüey. Were determined the parameters of the irrigation quality in three positions of the machine regarding wind direction, two in the direction of the wind and one perpendicular. The results indicate a variation in the behavior of the valued parameters, reaching the most unfavorable securities in Coefficient of Uniformity (80 %), Uniformity of Distribution (78 %), Efficiency of Discharge (72 %) and Appropriately Irrigated Area (44 %) when the machine is located perpendicular to the direction of wind, that indicates the convenience of considering the position of the machine in relation to the wind during the evaluation process in order to achieve a better interpretation of the observed results. [ABSTRACT FROM AUTHOR]

Copyright of Bulletin of Accounting & Finance Reviews / Muhasebe ve Finans İncelemeleri Dergisi is the property of Muhasebe & Finans Incelemeleri Dergisi and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Digital transformation, emergence of modern technologies, regulatory drivers and ever-increasing quest for efficiencies has pushed the financial industry, including the post-trade business, through a tremendous change over the past decade. This change has introduced new requirements for systems and organisations, but most importantly towards staff working in these areas. In this paper, we discuss the implications of the changes in operational landscape for the required skill sets, the challenges and opportunities in attracting and retaining talent, and techniques to build the needed competences for organisations to be equipped for the requirements of the future. This is done by examining the research on general topics and linking that to experience from business and real-life examples related to talent attraction, talent management and competence building in post-trade. Based on that, we see that talent challenge is industry-agnostic, linking to both tight labour markets and changing competence requirements. To address this, companies must ensure that basic talent management practices are well deployed, try out some non-traditional talent pools and new ways of working, as well as bring talent attraction and retention activities to a level that resonates with the new generation (Gen Z and Millennials), who are much quicker in their career moves and are driven by different values and realities compared to their more senior colleagues. We conclude that building talent and skills inhouse is the most important way to approach this challenge, and as a side-effect it will also help in the specific challenge of talent retention. Building talent in-house, however, requires committed leadership and management, investment in learning tools and engaged staff to bring lasting results. [ABSTRACT FROM AUTHOR]

Hedging requires adequacy and timing. This paper finds that banks did not systematically ignore balance‐sheet risks like Silicon Valley Bank (SVB), and instead exercised risk management by asymmetrically increasing hedging activity when security losses increase and scaling back hedging activity as security losses reverse. Banks also hedge against bank runs when risk increases due to a combination of security losses and funding risks from unsecured deposits. Findings suggest SVB's mistakes are idiosyncratic. Results suggest that nonstress test banks target balance‐sheet risks when hedging, stabilizing themselves from interest rate shocks transmitted through fixed‐income securities. Scrutiny of rules‐based outliers like SVB is preferable to increased regulatory burden for all nonstress test banks. [ABSTRACT FROM AUTHOR]

What follows is a speech I delivered at the William & Mary Business Law Review's Third Annual Symposium entitled "Regulating Finance in a Changing Administrative State" on April 1, 2023. Since then, there have been many developments in the world of crypto asset securities, some of which I address in an epilogue to the speech, below. [ABSTRACT FROM AUTHOR]

The study focused on crimes involving breaches of trust and equality in securities trading, particularly in stock markets. These markets hold significant economic value for people, investors, and financial institutions. This research aims to investigate crimes that may occur in the context of the stock market and trade and have a detrimental impact on the national economy. The primary objective of this study is to ascertain the fundamental legal framework governing the criminalization of illegal acts that disrupt securities trading, determine the extent of criminal liability and penalties for such acts, and evaluate the efficacy of UAE law in safeguarding financial securities markets through criminal legislation. The research primarily examines crimes involving breaches of trust and equality, as trust and equality serve as fundamental principles underpinning transactions in the stock market. Violating these principles can have detrimental consequences, impacting both investors engaged in market activities and the overall national economy. Numerous crimes are committed in the stock market that undermine trust and equality. [ABSTRACT FROM AUTHOR]

Copyright of Zeitschrift für Bankrecht und Bankwirtschaft is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Many experts believe that we are on the cusp of a new system of legal understanding, construction, and formalization, as well as state regulation of the relations and processes governed by “financial instruments”. However, this term remains polysemantic and thus is a compelling subject for the discourse. It has multiple legal interpretations, uncertain legal applications, and diverse or even conflicting theoretical frameworks. In this article, the historical ideas of the pre-revolutionary Russian scholars were discussed in connection with the current legal understanding of financial instruments. The analyzed works certainly contain brilliant thoughts, logical reasoning, generalizations of the foreign experiences, and novel ideas. They all became the basis for the law and legislation development in subsequent periods, up to the present day. Special attention was paid to the legal heritage of G.F. Shershenevich, a prominent figure of classical Russian jurisprudence who worked at Kazan University. It was concluded that the scholar’s views reflected both a narrow understanding of private law and a more complex approach that links the legal manifestations of phenomena with their social, economic, and commercial essence. The results obtained show that the principles of current economic and legal models can be traced back to the conceptual aspects of the categories (such as financial instruments) introduced by the earlier scholars.