bluuebunny/crossref_metadata_2025 huggingface dataset:
The evolution of EEA transaction reporting
Authors: Nowell David , Vincent Matthew
Published: July 2024

Transaction reporting is an essential tool for regulators, enabling them to meet some of their most important regulatory objectives in monitoring for market abuse and maintaining orderly markets. The regulators demand complete and accurate transaction reporting and the Financial Conduct Authority has demonstrated through a series of high-profile fines that it will not tolerate reporting failures. To comply with these requirements, firms need to have a robust reporting framework with adequate systems and controls over their reporting. It is also essential that firms don’t under-estimate the complexity of transaction reporting under MiFID. This complexity is set to increase under MiFIR as the reporting obligation expands from the reporting of just equity and debt related instruments to encompass commodities, interest rate and forex derivatives as well. The amount of data required will also increase considerably with the current 24 fields in a MiFID report expanding to over 60 fields under MiFIR. This data will also include information on individuals, including names and dates of birth, bringing data protection issues into sharper focus. Whilst an implementation data of January 2017 may seem a long way off, firms need to start preparation now if they are to meet these new reporting requirements successfully.
Dubai International Financial Centre’s updated data protection law - Part 1: Developing a modern, global law in a UAE financial free zone
Authors: Baker Lori , Beeton Julie
Published: July 2024

It is a little-known fact that in the Middle East, a data protection law very similar to the original EU Directive of 1995 and the UK Data Protection Act of 1998 exists. But the Dubai International Financial Centre (DIFC) is the purveyor of this law, which is in force since 2007 and undergoing an overhaul to be completed by December 2019. The updated law combines international data protection standards of the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act with innovative, new concepts that work for the DIFC’s FinTech/X-tech incubator. Ultimately, the goal is to obtain adequacy recognition by the European Commission. This paper tells us how such a law was created and how a small jurisdiction in the United Arab Emirates is making big strides in data protection.
Closing the experience gap in banking: Humanising customer experience in four dimensions
Authors: Bridges Annmarie M. , Elkins Brian , Gross Kerry , Silva Brendha Da
Published: July 2024

In the rush to translate analogue interactions into the digital space, many financial institutions (FIs) skipped a step. They failed to define the holistic customer experience (CX) — the subjective thoughts, feelings, sensations and actions — that they want their tools to generate. This is a significant oversight, because a decade of developments in the behavioral and social sciences have demonstrated that business returns accrue from ensuring that brands engage not only the intellectual but also the emotional, sensorial and behavioral dimensions of human experience. In this paper, we present the first model designed to assess multidimensional experience in the banking sector. The humanising customer experience (HCX) model, developed by brand experience agency Monigle in partnership with American Banker, predicts 78 per cent of bank customer satisfaction and net promoter score (NPS). It measures more than 60 variables, crafted for their relevance to the financial sector, which together create the four dimensions of experience that are proven to drive important customer outcomes. By revealing the dimensions and attributes where FIs are currently lagging, the HCX framework offers newfound precision in directing future CX investments. The inaugural year of data, from 2021, shows that FIs are strongest in delivering on behavioral and intellectual experiences, while trailing in sensorial and emotional dimensions. After outlining the social sciences backdrop of this model and explaining its predictive power, we discuss several areas of industry focus where lopsided investments have led to less than fully humanised CX. We conclude that banks need to design experiences that yield emotional benefits, move from providing self-service tools to supporting customers’ financial self-actualisation, and approach services from a fully interactional rather than transactional perspective.
Standing out in a saturated market: Engaging consumers through product placement
Authors: Jones Stacy
Published: July 2024

This paper examines the efficacy of product placements with analysis of relative cost, brand recall, purchasing influence and return on investment. Product placements are shown to be sales drivers because nearly all viewers’ purchasing behaviours are affected by what they see on television, and entertainment marketing campaigns raise both brand recognition and brand awareness. Additional topics include product placements in music videos, new platforms for product placement, and the nature of the content partnership relationship.
Is corporate America ready for a multicultural America? A dynamic capabilities perspective
Authors: Beniflah Jake
Published: July 2024

The USA is projected to become a minority-majority nation by 2043, with the multicultural population surpassing whites as the new majority for the first time in history. These significant shifts are likely to transform marketing (and business) as we know it. Drawing on the traditional resource-based view and dynamic capabilities theory extensions, this paper puts forth a conceptual framework based on two constructs — market orientation and marketing capabilities — which have been shown to drive superior firm performance. The challenge in prescribing a fixed solution across corporate America as a whole is that all corporations do not share the same challenges in the marketplace, making a one-size-fits-all strategy ineffective. The proposed conceptual model is flexible in that it measures a company’s market orientation and marketing capabilities across different target audiences and industries. Leading corporations in the 21st century will need to develop a set of dynamic capabilities to address an ever-changin demography and business landscape. This model can help assess whether corporations are ready to compete in a marketplace where multicultural consumers are the new mainstream. Future research is warranted given the dearth of papers in this promising area.
Incident command system: Situation unit leader and county public health liaison roles during the federal medical station, Santa Clara, during the COVID-19 response
Authors: Matear David
Published: July 2024

Federal medical stations (FMS) and alternative care sites are used to provide surge capability and capacity for short-term inpatients with healthcare needs that cannot be accommodated or provided for in a general shelter or general acute care facilities. In March and April 2020, an FMS was deployed to support the management of the COVID-19 pandemic in the ‘hotspot’ of Santa Clara County, CA. This paper describes how the flexibility of the incident command system allowed for the positions of situation unit leader and liaison officer to be combined at the FMS, supporting the effectiveness and efficiency of the FMS through comprehensive situational awareness, information-sharing and collaboration. This method of combining closely related roles is not suitable for all healthcare emergencies, but as this paper demonstrates, it is well worth considering in circumstances where competences and capacity align.
Avoiding the floating rate cliff-edge: How asset management general counsels can tackle the LIBOR cessation challenge
Authors: Madell Jaime A.
Published: July 2024

LIBOR’s (London Inter-bank Offered Rate) impending cessation poses several significant challenges for the asset management industry and the buy-side generally. This paper aims to assist asset management general counsels and law departments in developing and implementing LIBOR cessation action plans so that they can effectively meet the needs of their firms and colleagues in operations, risk, front office, marketing, compliance and beyond in tackling LIBOR’s expected sunset. Readers can expect to obtain familiarity with the key legal hurdles to overcome by law departments, including fallback analysis and assessment of basis risk inherent in contracts across asset classes (eg cash products, derivatives, repo etc). Specific focus is given to the practical consequences for asset managers of LIBOR transition, with an eye to arming general counsels with the information they need to ‘make the case’ for early and thorough preparation.
How to deal with multiple regulators in multiple jurisdictions
Authors: Meadows Lloyd , Shingler Laura
Published: July 2024

Financial institutions are facing mounting compliance obligations as regulators place increased responsibility on them to combat financial crime. For financial institutions operating internationally, this has created the challenge of handling multiple regulators across multiple jurisdictions on matters of non-compliance. Non-US regulators have acquired, and continue to acquire, enhanced enforcement powers to investigate, levy fines and require remedial action of financial institutions on matters of non-compliance. Consequently, financial institutions must increasingly consider their compliance obligations across all their presence countries. The paper draws upon published sources, considering US and UK requirements predominantly, but also developments in Hong Kong, Singapore, France, Canada and Australia. It was reviewed, with input, by colleagues working in these locations. It argues that the increasingly complex global regulatory landscape combined with enhanced enforcement powers requires financial institutions to consider their regulatory obligations across jurisdictions in addition to meeting any US regulatory requirements. The paper provides practical suggestions for how to address an investigation for non-compliance whether internally or by one regulator or multiple cross-jurisdictional regulators (separately or as part of a global settlement). It is the intention of the paper to provide senior management in financial institutions an overview of what to consider during investigation, settlement and remediation of non-compliance with financial crime matters.
Optimising the effectiveness of container packaging design: How shape influences customer proportion judgments
Authors: Li Shenyu , Huang Rong , Yuan Hong , Zhou Qiong
Published: July 2024

While brands, advertisements and social media feeds are important routes to attracting and converting customers, packaging can contribute to the overall customer experience. From making a lasting first impression to inspiring positive reviews based on the ‘unboxing experience’, great packaging has the ability to wow customers and set a company apart from its competition. This paper highlights the important role packaging plays in decisions where customers make proportion judgments using packaging containers as references. The authors first introduce a system of psychophysical models to describe how evaluability conditions influence judgments of proportion and pouring volume. The paper proceeds to examine these conditions using laboratory experiments with real adult customers. They show that the elongation of a packaging container causes customers to pour more to reach target proportions, an effect that is maximised when the proportion of content to container is 1/e (or approximately 36.79 per cent). The final section of the paper focuses on the managerial implications. The recommendations will help companies achieve a better understanding of customer visual processing biases and the strategic benefits that container packaging design can offer to a business.
Financial services in a post-pandemic world: How cloud-based intelligent enterprises will forge the path ahead
Authors: Geary Jennifer
Published: July 2024

COVID-19 has shown financial institutions (FIs) globally that the ability to respond quickly to unexpected challenges and continuously innovate to meet changing customer expectations and an ever-evolving industry is vital. Those institutions utilising cloud-based and cognitive technologies will have a competitive advantage over those that avoid or resist meaningful digital transformation. This paper will explore the benefits of cloud adoption and artificial intelligence (AI) and discuss how FIs can employ these technologies to help future-proof their organisations.
Brand tracking on social media: The role of country-of-origin perceptions
Authors: Pokrywczynski James , Lu Hang
Published: July 2024

Marketers are now almost a decade into using social media as another outlet in developing brand relationships with consumers. Yet an understanding of how consumers interact with brands online is still in its infancy. This paper compares the social media and brand-tracking habits of consumers in three parts of the world: Asia, the Middle East and the USA. In addition, the study attempts to explain what motivates consumers to follow brands on social media, focusing on the role of products’ country of origin in explaining the relationship. The results show that US consumers spent the most time on social media and tracked the most brands, while Thai respondents did the least of both. Four dimensions of social media brand tracking were identified and ratings compared across groups. Significant differences among groups were found for one of the four factors, ‘brand experience’, with US consumers experiencing significantly more positive ‘brand experiences’ than Thai consumers, and Egyptian consumers falling somewhere in between. The results also indicate that the country of product origin can have some effects on brand tracking.
An implementation guide to improve accuracy and efficiency for outpatient referrals using EHR functionality
Authors: Shinde Archana S. , Nelson Suzanne , Counselman Shannon M. , Crum Brian A. , Mundell William C.
Published: July 2024

Mayo Clinic adopted one electronic health record (EHR) across all 70 locations in five different states in 2017 and 18. A post-implementation review addressed concerns, and new workflows, processes and functionalities were adjusted. A common issue raised by multiple departments related to difficulty in accessing the right referral orders. Referrals between departments at Mayo Clinic are orders driven; scheduling is dependent on accurate ordering. Mayo Clinic’s vast size and number of specialties resulted in a very large catalogue of referral orders mapping to appointment types specific to each specialty. Providers found ordering in the new system time-consuming and looking for specific orders tedious. Often, wrong orders were selected, resulting in scheduling errors, reordering, rescheduling and staff and patient dissatisfaction. To solve this problem, an innovative functionality, EZ Panels, was created, which uses a panel-within-panel approach to group orders by speciality, displaying a much shorter list to providers. This functionality improved ordering capabilities, making it easier for providers to access the correct orders and make referrals accurately and efficiently. All 70 practices built and implemented EZ Panels in less than one year. Our fast-paced build and implementation approach can be modified and used by any healthcare system experiencing similar issues.
Italian finance industry sustains the digitalisation of the public administration–business–citizen relationship: Electronic invoicing and the CBILL Service
Authors: Fratini Passi Liliana
Published: July 2024

For many years, the Italian financial market has understood that the valorisation of cooperative activities is a keystone for improving individual intermediaries’ competitive offerings to their clients (corporate and retail) through shared standard infrastructure and strategic lines. The Italian finance industry is actively contributing to the process of digitalising the nation, fulfilling the needs of corporates, citizens and the Public Administration (PA), through the enhancement of its best practices. Consorzio CBI’s (http://www.cbi-org.eu) positive experience is instructive for its effective management of financial exchange and flow of information among corporates, citizens and the PA, making collection and payment, reconciliation and document management processes more efficient from an economic and organisational viewpoint. Consorzio CBI membership includes approximately 580 financial institutions, including Poste Italiane and electronic money institutions, which represent 88.6 per cent of payment service providers and 100 per cent of banks offering competitive corporate banking services to more than 980,000 corporates. It has played a fundamental role in defining the electronic invoice, one of the three priorities of the Italian Digital Agenda. The year 2014 will be remembered as the year when the e-invoice began to be used in Italy, as a result of actions taken by Consorzio CBI. This paper presents the experience of the Italian finance industry during the creation of standards and services in support of the de­materialisation and optimisation of the financial value chain and electronic bill presentment and payment services. This paper concludes with a brief note on mobile services and future prospects.
Utilising information security to improve resilience
Authors: Bayuk Jennifer , Silverstein Kenneth
Published: July 2024

When it comes to cyber-related events, the information security professional plays the same role as the business recovery professional. The more the business process recovery professional is closely tied to information security activities within the organisation, the more influence they will have on the development of information security countermeasures. This influence will allow these countermeasures to be better suited to the needs of the business process recovery programme. While the business recovery processes and the information security processes may, in most cases, be separate and distinct, it is vital that they be linked in order to provide the greatest level of resiliency. This paper will provide the framework for how to plan and address the effects of cyber-attacks to technology systems. In addition, the paper will also discuss the role of the information security professional in non-cyberrelated events. In all events, it is vital that the role of information security be incorporated in the organisation’s business recovery processes.
Bird flu — understanding the employee- and country-specific social and cultural factors that will impede the prevention, treatment and containment of an outbreak
Authors: Anastario Michael , Lawry Lynn
Published: July 2024

Cases of the H5N1 avian influenza virus in humans have resulted mainly from contact with sick poultry. Should the virus mutate, however, thereby enabling transmission between humans, pandemic avian influenza would rapidly ensue. Much of the risk governing animal-to-human transmission of the virus depends upon cultural factors located in poultry market exposure, traditional animal husbandry methods, and healthcare and health-seeking behaviour. In the event of a viral mutation, these cultural factors will correspondingly influence human-to-human transmission risk. Given that social and cultural risk factors for transmission are local and specific to communities, this poses a problem for businesses attempting to address risk factors specific to their workforce. This paper recommends that businesses perform evidence-based assessments of their workforce, to survey individuals regarding the aforementioned cultural factors. Businesses should work with local health authorities to use these assessments for culturally-specific health messaging to decrease employee risk for transmission of avian influenza in its zoonotic stage, as well as in the event of a human pandemic.
A multi-stakeholder approach to risk resiliency
Authors: Brende Børge
Published: July 2024

Profound technological disruption — what has come to be termed the Fourth Industrial Revolution — and fractures within the geopolitical system are shaping the global risk horizon. This paper uses data from the World Economic Forum’s 2018–2019 Global Risks Perception Survey and the Global Risks Report 2019 to identify how these two factors are adding complexity to the global community’s ability to manage the primary economic, environmental and technological risks facing the world today. Specifically, the paper points to the danger of a risk-response divergence: as the magnitude and complexity of global risks are growing, the desire of stakeholders to address these risks in concert through multilateral entities appears to be diminishing. Yet, there is promise in the growth of multi-stakeholder initiatives that bring together business, government and other parties in pursuit of mitigating common risk. In surveying these initiatives at the global and national levels, the paper considers the specific benefits a multistakeholder approach brings to risk resiliency.
Sustained innovation: How to systematically innovate using the power of interactions in an urban context
Authors: Hughes Stephanie Akkaoui
Published: July 2024

This paper argues for the shift from fragmented solutions to sustained innovation in planning and design. What is termed ‘sustained innovation’ unequivocally calls for coordinated trans-disciplinary and trans-continental interactions. It is argued that such interactions are the key to an approach to innovation that can sustain itself across time, resulting in a sustained innovation. Innovation is neither an answer nor a solution, but a means to a systematic approach to a process of innovation.
The role of content in creating meaningful conversations online: Case study of Henkel Beauty Care’s digital campaign in Germany
Authors: Briffett Sonja , Ruebke Steffen
Published: July 2024

The advent of social media platforms has had a disruptive effect on the shopping habits of consumers. Whereas once a consumer would be inspired by a marketing tactic to buy certain goods or services, today they will more often than ever go online to research the product further before buying. This paper will look at how this change in buying behaviour is affecting marketing campaigns, and will ask what brands can do to adapt to this new state of affairs. Looking at the case study of Henkel Beauty Care’s digital campaigns, the paper will set out the authors’ views that far from being a threat to brands, the changing behaviour of shoppers represents a real opportunity for meaningful dialogue and engagement. The tactics described here represent best practice in social media and are being deployed by a variety of brands across many industries.
Refining online consumer search into an opportunity
Authors: Santos Babur De Los , Forcum Lura
Published: July 2024

The rise of the internet has given consumers far more information than ever before when it comes to seeking product information and making purchase decisions. Search platforms aggregate product information and decrease search costs by letting consumers refine search results (eg by price, location, brand or other product attributes) and also by recommending particular products to consumers. Enhanced search technologies have led to reduced search costs, heightening competition between firms. This paper argues that in such an environment, firms can benefit by managing their search platforms to further reduce consumers’ search costs. A platform where it is easy for a consumer to find the best product will benefit from increased consumer retention, as well as satisfaction with the purchased product. The paper offers a number of recommendations to firms for tailoring product recommendations and rankings, even for anonymous consumers whose individual preferences are unknown to the platform. It also points out that search behaviour can be used to glean insights about consumers’ unmet needs and that platforms should be managed so that consumer confidence in search results is protected. Finally, it considers that some search engine optimisation may actually increase search costs.
Unlocking the power of data under the new EU General Data Protection Regulation
Authors: Verrian Darren , Kolah Ardi
Published: July 2024

The biggest regulatory change for all public, private and voluntary sector organisations and companies within the European Union since the beginning of the 21st century is the forthcoming EU General Data Protection Regulation. The next 24 months will entail major turmoil and upheaval for any organisation or company that is ill-prepared for changes in the way it collects, processes and uses customer transaction data. This will have significant consequences in terms of business continuity and reputational risk as well as future investor, shareholder and stakeholder confidence.
Transitioning into the next normal: Capital markets redefined
Authors: O’Connor Lisa
Published: July 2024

Challenged with the unprecedented impact of COVID-19 and a challenging geo-political landscape, the financial industry has positioned itself in survival mode for 2020. There is, however, a silver lining, and there has been much discussion recently about how the pandemic has accelerated digitisation, among other trends. On the back of this industry momentum, this paper highlights some digitisation trends improving areas, such as social capital, operational flows, business prospects and industry collaboration. The paper also shares what the industry can look forwards to in its next normal and fundamental considerations when working with evolving technology advancements to maximise its potential.
Barrhead: Regeneration of a typical Scottish town
Authors: Prentice Phil
Published: July 2024

This paper outlines the approach taken by East Renfrewshire Council to regenerate Barrhead, a typical post-industrial town in the west of Scotland. A major long-term regeneration programme began in 2006 with a view to bringing in new inward investment, creating jobs, improving health outcomes, raising educational achievement, improving house values and creating much enhanced public realm, green space and amenity within the town itself. Key issues include: deindustrialisation and the need to reinvent the purpose and function of the town in the wider Clyde Valley/Glasgow City context, how to develop a long-term approach, the stages involved and the requirement to secure political commitment, Urban Design Framework — high-quality approach, combining all the opportunities, keeping on track, when major elements are delayed or lost, measuring impacts — some unforeseen success, what would be done differently next time?
Addressing cyber risk in financial institutions and in the financial system
Authors: Grody Allan D.
Published: July 2024

Regulators and financial institutions must let the financial industry focus on significant systems investments to prevent current and future cyber-infrastructure threats. This paper organises the latest research and views on cyber-risk management to enable insights into the frequency and severity of cyber-risk events, the magnitude of cyber-risk losses, and the best practices methods and frameworks for organising and implementing a cyber-risk management programme. This paper also describes cryptographic best practices and the evolving research on protection against cyberattacks in the coming quantum computing era. The paper concludes that governments must work with their financial market constituents to use one or more of the cyberrisk management frameworks to standardise collecting and reporting on cyber-risk events. Finally, government and industry members must work together to finance and rebuild financial industry infrastructure to enable cyber-risk management solutions.
Effective oversight of outsourced functions in the financial industry
Authors: Valenti Francesca , Vianelli Andrea
Published: July 2024

With the rise of technology solutions and their application in the financial markets (also referred to as FinTech), several regulated firms, ranging from small to institutional players, are increasingly availing of third parties (both regulated and unregulated) across the globe to perform a process, a service or an activity that would otherwise be undertaken by such regulated firms. Effectively, the decision to avail of such arrangement, labelled as outsourcing, can be the result of multiple business considerations, including (i) reliance on third parties due to their more efficient and cost-effective systems, (ii) scalability, (iii) lack or limited internal resources and/or in-house capabilities, but also (iv) intragroup allocation of functions and (v) agility and flexibility. The financial industry, however, is facing an increasing scrutiny over outsourcing arrangements, especially in respect of information technology (IT)-related outsourcing, by regulators across the European Union (EU) and the United Kingdom. The key regulatory concerns range from stakeholder protection, operational resilience to business continuity. To ensure that such concerns are duly addressed by regulated entities, EU supervisory authorities and the Financial Conduct Authority (FCA) intervened with binding guidelines on outsourcing and a strengthened regulatory framework applicable to outsourcing, covering the pre-outsourcing phase and extending from day-to-day monitoring. This paper aims to provide a pragmatic overview on certain best practices designed to ensure effective monitoring of outsourced functions and sustainable operational resilience. A first section shall focus on the notion of outsourcing and shall identify the main regulatory framework(s) affected by outsourcing rules. The following section will focus on the impact of outsourcing in the investment services industry, with a particular emphasis on asset managers, credit and financial institutions and investment service providers, without looking at the insurance sector. A third section will provide a five-step guidance on building an effective outsourcing monitoring model with a particular focus on small-medium enterprises, while the following section will focus on exit strategies. Before drawing the conclusions of the analysis carried out earlier, a final section will identify what the authors believe being the ultimate goal of ensuring effective third-party outsourcing monitoring, namely the creation of a sustainable control environment designed to deliver operational resilience in the long term.
A corporate real estate practitioner’s guide to establishing a sustainable AI programme
Authors: Gill Tony , Chick Edward
Published: July 2024

Real estate professionals have always relied on a few predictable metrics to give structure and provide the basis for decision making. Today, artificial intelligence (AI) is permeating all economic sectors, and its impact will be transformational. Much has been written about AI, and pundits are weighing in on how it will affect corporate real estate (CRE) in fundamental ways. Within the industry, there is an ever-expanding range of case studies highlighting individual applications and how their adoption will dramatically increase efficiency and insight, but from a macro perspective, how can the concept of AI be explained in straightforward terms to a practitioner? In this paper, the author, who in 2014 contributed a piece to Corporate Real Estate Journal about the mounting influence of performance metrics,3 elevates the discussion by explaining how these pockets of data can be algorithmically synthesised to create greater levels of insight. It becomes the basis upon how organisations can create a plan for integrating AI by explaining the basic concepts, outlining the components of a data strategy, explaining the need to maximise user experience and discuss the rapid expansion of the Internet of Things (IoT). Given the pace at which this transformation is unfolding, it is critical that real estate professionals consider something like AI not as much as a ‘buzzword’ but part of a core strategy to enhance the way decisions within their own sub-sectors of the industry are made.
The vulnerabilities of the power-grid system: Renewable microgrids as an alternative source of energy
Authors: Meyer Victor , Myres Charles , Bakshi Nitin
Published: July 2024

The objective of this paper is to analyse the vulnerabilities of current power-grid systems and to propose alternatives to using fossil fuel power generation and infrastructure solutions in the form of microgrids, particularly those from renewable energy sources. One of the key potential benefits of microgrids, apart from their inherent sustainability and ecological advantages, is increased resilience. The analysis is targeted towards the context of business process outsourcing in India. However, much of the research on vulnerabilities has been derived from the USA and as such many of the examples cite vulnerabilities in the USA and other developed economies. Nevertheless, the vulnerabilities noted are to a degree common to all grid systems, and so the analysis may be more broadly applicable.
To keep or not to keep: Automating appraisal and selection at the National Archives of Australia
Authors: Antsoupova Tatiana
Published: July 2024

This paper outlines the approaches tested and implemented by the National Archives of Australia to use technology to automate the traditional archival process of appraisal and selection. The Archives is investigating how retention and disposal schedules can be implemented by business information systems with no, or limited, involvement by records creators and users. In 2014, an automated approach was employed in a whole-of-government system. The system is fully compliant with ISO 16175 and automatically applies decisions to select permanent records for transfer to the Archives and temporary records for destruction. The paper describes the history of the system and its functionalities with particular emphasis on appraisal and selection of records.
A primer in the European Commission’s proposed new prudential rules for investment firms
Authors: Kelly Ian
Published: July 2024

This paper considers the European Banking Authority (EBA) and European Commission proposals for a new prudential rulebook for investment firms. It is relevant to staff in finance, risk and compliance functions at asset management, securities trading and broker-dealer firms and their advisers. The paper opens by considering the EBA’s objectives in proposing a new prudential regime for investment firms. It then goes on to consider the European Commission’s proposal for new legislation that would give effect to these new requirements. It examines the scope of the new rules and the new categorisation of investment firms. The following requirements of the new rules are considered in detail: capital requirements, internal risk management processes, reporting to regulators, disclosure to the market and the minimum liquid assets buffer. The reader will glean an elementary understanding of the new rule requirements on each of these areas. For readers in the UK, there is an assessment of how changes in the UK’s future relationship with the European Union may have an impact on the introduction of this proposed legislation. Finally, the paper considers the most likely practical impact of the new rules on different types of investment firms.
Margins and financial collateral for derivatives contracts: How to deal with procyclical implications in a financial crisis
Authors: Tambucci Martina
Published: July 2024

One of the lessons to be learned from the financial crisis is that the mechanics of initial margins and collateral haircuts, applied to manage counterparty credit risk and market risk out of an outstanding position in derivatives, may cause significant perverse effects on the financial system by exacerbating the credit crunch and the volatility of financial markets. Conservative haircuts and margins are deemed, by regulators and academics, to preserve the stability of central counterparties (CCPs) and other relevant financial counterparties whereas no tools are envisaged to activate — via the use of such measures of mitigation of the risk borne in connection to derivatives exposures — virtuous devices to ‘overcome’ those phases of the financial markets characterised by high volatility in the prices of assets and liquidity shortage. After some notes on the state of the art in the relevant literature and a review of most recent international attempts to regulate the field of over-the-counter (OTC) derivatives, this paper aims to suggest some adjustments to the classical mechanisms used to manage derivatives credit and market risks, aimed at getting over part of the procyclical implications of their use. Building on the generally agreed assumption that margins on derivatives need to be conservative and stable through the cycle, the models and simulations presented in this work argue that a pre-set add-on to the basic margin is not the optimal solution to the problem of procyclicality. Instead, a flexible add-on to the initial margin, as well as a flexible haircut to apply to collateral, could represent a preferable approach, although it is not completely immune from drawbacks. Such results are deemed to have some relevance in the context of derivatives contracts at a time when different efforts are being undertaken to regulate the field with the aim of remedying the shortcomings evidenced by the outcome of the financial crisis.
How to increase response by triggering hardwired human behaviours
Authors: Harhut Nancy
Published: July 2024

Marketers constantly seek ways to optimise engagement and response rates. Yet they often overlook the scientific evidence that reveals how people actually make decisions. Research shows that although people think they know why they do what they do, very often there are other factors at play that influence their decisions — factors that customers and prospects are unaware of. This paper demonstrates how marketers can take advantage of this phenomenon by embedding proven triggers of human behaviour into marketing strategy and execution. By using behavioural science principles such as autonomy bias, reciprocity and loss aversion, marketers can prompt decision defaults and considerably increase the chance that people engage with and respond to their communications.
The silent revolution: Clearing and settlement in the future
Authors: De Vidts Godfried
Published: July 2024

In order to create a single European capital market the clearing and settlement infrastructure of Europe, which has grown out of national markets, must be modernised and streamlined to operate effectively across borders. A number of key changes are required to improve the quality and safety of the infrastructure that supports the wholesale OTC markets which are crucial to the functioning of the financial system. These include the wider adoption of central counterparty mechanisms and netting of transactions. Initiatives being pursued by the authorities in Europe need to be followed by global initiatives to upgrade market infrastructure.
Review of recommendation on Southwest Airlines’ request for expansion of federal inspection facilities at William P. Hobby Airport and the impact of dividing international service between two airports
Authors: Lewis Carol Abel , Glass Charles R. , Green Veronica
Published: July 2024

The entry of low-cost air carriers (LCCs) several decades ago reshaped the airline travel market by reducing costs, resulting in more air travel by moderate income earners. Originally, these carriers served shorter-distance trips in regional markets. As time progressed, these LCCs extended trip lengths and entered more markets, providing solid competition to legacy airlines. The potential to expand geographic coverage to international markets became an issue in the Houston metropolitan area as Southwest Airlines sought approval from the City of Houston to begin international service from William P. Hobby Airport to select cities in the Caribbean, Mexico and central and northern South America. These markets from Houston were served principally by legacy carrier United Airlines from George H. W. Bush Intercontinental Airport with a few daily trips by other airlines. United Airlines vigorously opposed the expansion, citing a negative impact on the market that would result in higher fares, lesser service and job loss. The City of Houston's Mayor and City Council faced the challenging task of deliberating the potential benefits and disadvantages of approving Southwest Airlines’ request to begin international service from William P. Hobby Airport.
Blue–green social place-making: Infrastructures for sustainable cities
Authors: Dreiseitl Herbert
Published: July 2024

The research of natural river systems reveals constant transformation, and a permanent tendency for change, which in itself brings resilience and beauty. But in our cities today urban waterways and associated green spaces are often inflexibly planned, unattractive and poorly treated. Without the proper management of water systems and green structures there is no basis for long term sustainability. Traditional engineering fails most frequently in cities in arid regions that have the highest risks, yet most successful modern cities have, through an integrated approach, managed to keep and develop their blue–green infrastructures to their benefit. A new language and awareness regarding blue–green issues needs to be developed with holistic and integrated approaches to all planning processes and urban developments. Through a range of global case studies, Herbert Dreiseitl explores the need to develop blue–green understanding and expertise, to engage urban landscape professionals from the earliest stages of planning, and to adopt strategic policy-making tools and good governance structures including public engagement and societal development.
Data services and the librarian: Supporting early career researchers and online learners via the library
Authors: Szkirpan Elizabeth
Published: July 2024

Library aid in research data creation and usage is an important component in preparing researchers for ethical careers. Librarians as research guides, curators and advocates for open access information have been a long-established practice for some academic libraries, and while the topic of data in libraries is frequently discussed, libraries are often without guidance on how to launch these services. This paper explores data services available to online learners offered by R1 and R2 university libraries that academic libraries investigating the inclusion of data services may consider for their own research communities. While the investigator is unable to identify a common framework among these research institutions, study results demonstrate a higher proportion of services and information available in online formats by R1 institutions over R2 institutions.
Does socio-demography affect preferences and concerns towards cashless payment? Evidence from the north-eastern region of India
Authors: Murari Krishna , Bhatt Vimal , Kumar Prabhat
Published: July 2024

Using primary data from respondents in Sikkim, in the north-eastern region of India, this study investigates the relationship between the sociodemographic characteristics of consumers and their preference for cashless payment instruments. The results show that debit/credit cards, online banking and payment apps are the preferred instruments for making cashless payments, irrespective of sociodemographic category, while the least preferred instrument is the e-wallet. Study subjects reported that being motivated to adopt cashless payment for a number of reasons, including convenience, financial incentives and promotional offers, reluctance to adopt cashless payment instruments was informed by security concerns, poor internet coverage, low acceptance levels among merchants, transaction costs and lack of technical know-how. The results also suggest that while people’s preferences towards cashless payment systems are significantly associated with gender, age, education, occupation and income, reluctance to adopt is significantly associated with occupation.
‘Serve well’: San Francisco International Airport’s staff engagement approach to providing meaningful, empathy-based service
Authors: Birch Christopher
Published: July 2024

Despite not having large customer-facing staff, airports can develop and realise a distinct service culture and identity via active engagement with tenants and creation of meaningful, relevant training modules delivered with essential service principles in mind — personalised, customised and genuine. After recognising potential barriers to buy-in, it is possible to transcend individual tenant priorities and work collaboratively towards understanding customers to deliver compassionate, thoughtful service. Employees and managers can stay engaged and support the airport’s overall goals if they see the value in regular exposure to service principles and initiatives that move the entire community forward.
The synergy needed for business resilience
Authors: Kachgal Julie A.
Published: July 2024

This paper discusses best practices on where to strategically connect risk management, business continuity, disaster recovery, crisis management, crisis communications, physical security, cyber security and emergency planning within the organisation.
Feeling fine! Harmonisation and inconsistency in EU supervisory authority administrative fines
Authors: Schreiber Arye
Published: July 2024

GDPR has a stated goal of harmonisation in general, and of penalties in particular. This article demonstrates that under GDPR penalties, and especially fines, are inconsistently applied across EU member states, and that GDPR has left many of the most important topics relating to fines to member state legislation. The article starts by showing that the One-Stop Shop mechanism actually incentivises forum-shopping. Next, it is shown that the method of calculating fines is inconsistent and unsettled. Different language versions of GDPR lead to different conclusions as to how to calculate an undertaking’s revenue, and the meaning of an undertaking is neither entirely consistent within GDPR itself, nor across member states. The role of regulators is likewise unclear, and in some member states the regulators do not even have the power to impose an administrative fine under GDPR. The role of non-regulators, such as data subjects and representatives of classes of data subjects similarly lacks consistency across member states. Public bodies are another area of disharmony between member states: the scope of applicability of GDPR to public bodies is a matter for member state legislation, and the outcomes are in fact different across member states. Additional areas discussed include: the responsibility and liability of directors and officers of a company; the enforceability of a contract for insurances against GDPR fines; choice of law clauses as governing data being processed under GDPR; and issuance of warnings prior to imposition of fines. In all these areas, GDPR itself and member state law is inconsistent and is far from harmonised. Finally, the role of the economic model of the infringing party in calculation of the applicable fine is unsettled, and is left to member states, and is therefore similarly at odds with a goal of harmonisation.