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Insider trading: Indian perspective on prosecution of insiders : Table of Contents

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Abstract:
Purpose – The purpose of this paper is to discuss and evaluate the Indian legal system with regard to prosecution of persons involved in insider trading. Design/methodology/approach – The project follows an analytical and deductive methodology. The theoretical information was gathered from books and the internet. The assimilated information was analyzed on the basis of which conclusions were drawn. The sources for the research have been mentioned in the relevant footnotes when used. Findings – Although Indian law has relevant provisions to deal with insider trading, it is not effective enough to curb this white-collar crime. The criminal remedies are not implemented because of the lengthy formalities and the requirement of proving it “beyond all reasonable doubt”. The civil penalties, even though invoked, are not enough to act as a deterrent and face several lacunae. These shortcomings have been addressed in the papers with relevant recommendations to the law making body – the Securities and Exchange Board of India (SEBI). Research limitations/implications – A field study would have been desirable to bring out some of the problems from direct sources like officials and employees of the SEBI. However, this proposal was limited by the fact that the SEBI does not have an office in the city of Jodhpur and hence the information has been gathered from sources, such as books and the internet. Originality/value – The paper will be of value to foreign investing institutions looking to invest funds in Indian stock markets, to the regulating agencies such as SEBI, law making agencies and experts in the field of corporate law.

Adopting a risk-based approach to AMLCTF compliance: the Australian case : Table of Contents

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Purpose – The purpose of this paper is to develop a possible method of money laundering and terrorism financing (MLTF) risk assessment in non-bank entities that are the subject matter of anti-money laundering and counter terrorism financing (AMLCTF) Tranche II in Australia. Design/methodology/approach – The objectives are achieved by proposing a scorecard of risk assessment under its various dimensions drawing from the literature on credit-scoring models. The method of analogy has been used and appropriate changes made to the elements of typical credit-scoring model to arrive at a risk assessment model under AMLCTF II. The theory in which the paper is grounded is theories of money laundering regulation. Theory suggests an inverse relationship between money laundering regulation and the amount of money laundering. The more effective the regulatory mechanism the more costly it is for money launderers to launder funds and the lesser the amount of money laundering. Findings – It was found that the AMLCTF Tranche II will impose several obligations the AMLCTF Tranche II legislation will impose several obligations on the entities such as accounting firms. These obligations require the identification, mitigation and management of MLTF risk arising out of provision of product/service. Two types of risks need to be managed by entities: regulatory risk and business risk. This paper, therefore, proposed a possible method for approaching the issue of risk assessment drawing from the literature on credit-scoring models. Research limitations/implications – Future studies can undertake such surveys and gather more empirical evidence regarding the application of the model suggested and its utility in real world scenarios. Practical implications – The approach developed in this paper has value to the policy makers in the government in addressing risk assessment policy issues in the MLTF area in the context of non-bank entities such as professional services, e.g. that of accountants. The relevant bodies will also find value in this paper because currently there is no guidance as to how to address the issue. Also, future academics/researchers can take this first approach as a guide and go on do further research in this area and to refine policy issues in this area. No established practice exists in this area at the moment. This paper attempts to provide a guideline. Originality/value – This paper addresses a major unanswered question in the subject of anti-money laundering. The question addressed in this paper, which has not been researched before is how MLTF risk can be assessed in the context of non-bank entities such as professional services, e.g. that of accountants. The model will be useful to user groups such as organizations dealing with bullions, precious stones and precious jewellery, real estate, professional and business services such accounting, auditing and financial services for implementing the AMLCTF Tranche II. The relevant bodies will also find value in this paper because currently there is no guidance as to how to address the issue. Also future academics/researchers can take this first approach as a guide and go on do further research in this area and to refine policy issues in this area.

Are local authority fraud teams fit for purpose? : Table of Contents

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Purpose – The purpose of this paper is to analyse fraud investigative practice in London local authorities with reference to recognised best practice and two comparator organisations, the Department for Work and Pensions (DWP) and National Health Service (NHS). Design/methodology/approach – Primary research was undertaken through questionnaires to all London Boroughs and interviews with key personnel in two comparator organisations. Findings – Each London Borough has a specialist anti-fraud response with professionally qualified investigators, demonstrates compliance with best practice and excels in areas such as case supervision and joint working. However, concerns remain, regarding a lack of agreed national standards and some failing to use the full range of investigative techniques, such as surveillance and computer forensic examination. Research limitations/implications – The research was limited to London local government and further work is needed outside the capital. Practical implications – Recommendations are made for: the introduction of national professional guidance to investigators; minimum competency standards for fraud investigation; research into the applicability of the National Intelligence Model to high volume fraud; and a less fragmented approach both within and across local authorities. Originality/value – There has been no previous research of this type and it may be useful to government when considering how to deal with fraud, local authorities and those with an interest in public sector fraud.

Missing trader fraud on the emissions market : Table of Contents

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Purpose – The aim of this paper is to show evidence and to quantify with forensic econometric methods the impact of the missing trader fraud (MTF) on European carbon allowances markets. This fraud occurred mainly between the end of 2008 and the beginning of 2009. In this paper, the financial mechanisms of the fraud are explored and the impact on the market behaviour, as well as the consequences on its econometric features. Design/methodology/approach – In a previous work, the first and second authors showed that the European carbon market is strongly influenced by fundamentals factors as oil, energy, gas, coal and equities. Therefore, the authors calibrated arbitrage pricing theory-like models. These models enabled the impact of each factor on the market to be quantified. In this study, the authors focused more precisely on spot prices quoted on Paris-based Bluenext market over 2008 and 2009. During this period, a significant drop in performances and robustness of the model and a reduced sensitivity of carbon prices to fundamentals was observed. Findings – The authors identify the period where the market was driven by MTF movements and were able to measure the value of this fraud. Soon after governments passed a law that cut the possibility of fraud occurrence the performance of the model improved rapidly. The authors estimate the impact of the value added tax extortion on the carbon market at 1.3 billion. Originality/value – This paper describes the first study that attempts to prove and quantify scientifically the MTF on emission markets.

2 links: A Greek bailout http://bit.ly/nvnHME - and the Euro Crisis Song: http://bit.ly/rfR5he

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moneyscience: 2 links: A Greek bailout http://bit.ly/nvnHME - and the Euro Crisis Song: http://bit.ly/rfR5he

arXiv: The affine LIBOR models. (arXiv:0904.0555v5 [q-fin.PR] UPDATED) http://bit.ly/n2ZT4l

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moneyscience: arXiv: The affine LIBOR models. (arXiv:0904.0555v5 [q-fin.PR] UPDATED) http://bit.ly/n2ZT4l

arXiv: Robust Estimators in Generalized Pareto Models. (arXiv:1005.1476v5 [q-fin.ST] UPDATED) http://bit.ly/rmxJqk

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moneyscience: arXiv: Robust Estimators in Generalized Pareto Models. (arXiv:1005.1476v5 [q-fin.ST] UPDATED) http://bit.ly/rmxJqk

arXiv: Investment/consumption problem in illiquid markets with regimes switching. (arXiv:1107.4210v1 [q-fin.PM]) http://bit.ly/qwHERT

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moneyscience: arXiv: Investment/consumption problem in illiquid markets with regimes switching. (arXiv:1107.4210v1 [q-fin.PM]) http://bit.ly/qwHERT

arXiv: A Map of the Brazilian Stock Market. (arXiv:1107.4146v1 [q-fin.ST]) http://bit.ly/r1c6PB

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moneyscience: arXiv: A Map of the Brazilian Stock Market. (arXiv:1107.4146v1 [q-fin.ST]) http://bit.ly/r1c6PB

moneyscience: arXiv: Robust Estimators in Generalized Pareto Models. (arXiv:1005.1476v5 [q-fin.ST] UPDATED) http://bit.ly/rmxJqk

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moneyscience: arXiv: Robust Estimators in Generalized Pareto Models. (arXiv:1005.1476v5 [q-fin.ST] UPDATED) http://bit.ly/rmxJqk

moneyscience: arXiv: The affine LIBOR models. (arXiv:0904.0555v5 [q-fin.PR] UPDATED) http://bit.ly/n2ZT4l

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moneyscience: arXiv: The affine LIBOR models. (arXiv:0904.0555v5 [q-fin.PR] UPDATED) http://bit.ly/n2ZT4l

moneyscience: arXiv: Investment/consumption problem in illiquid markets with regimes switching. (arXiv:1107.4210v1 [q-fin.PM]) http://bit.ly/qwHERT

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moneyscience: arXiv: Investment/consumption problem in illiquid markets with regimes switching. (arXiv:1107.4210v1 [q-fin.PM]) http://bit.ly/qwHERT

moneyscience: arXiv: A Map of the Brazilian Stock Market. (arXiv:1107.4146v1 [q-fin.ST]) http://bit.ly/r1c6PB

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moneyscience: arXiv: A Map of the Brazilian Stock Market. (arXiv:1107.4146v1 [q-fin.ST]) http://bit.ly/r1c6PB

RT @CaplinSystems: World's largest currency-dealing banks have embarked on a new arms race: http://on.wsj.com/pgNiJI #fintech #sdp

#hft #cep #Developer Insight. Past 24hrs of web/blogs/forums/social sites http://bitly.com/qSQA6r & http://bitly.com/ru6s2p #redhat #ibm


Ray Dalioâs Richest and Strangest Hedge Fund : The New Yorker http://t.co/3otn7gt via @NewYorker

Ray Dalioâs Richest and Strangest Hedge Fund : The New Yorker http://t.co/MUzIUXT

Brings A Tear To My Eye...â@KeithMcCullough: CDS moves in Europe this morning imply a number of hedge fund blowups, fyiâ

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Brings A Tear To My Eye...“@KeithMcCullough: CDS moves in Europe this morning imply a number of hedge fund blowups, fyi”

Investing with the Hedge Fund Giants: Perform with the Market's Power Players (2nd Edition) (Financial Times Series): http://amzn.to/mlvmXX

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Investing with the Hedge Fund Giants: Perform with the Market's Power Players (2nd Edition) (Financial Times Series): http://amzn.to/mlvmXX

Marlin & Associates Managing Partner Named in Institutional Investor's Annual ... - MarketWatch (press release) http://t.co/NrB3SrG

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Marlin & Associates Managing Partner Named in Institutional Investor's Annual ... - MarketWatch (press release) http://t.co/NrB3SrG

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