Prospects for Solving the Cyprus Problem and the Role of the European Union

Although the Cyprus problem is basically an international questionand a geopolitical issue, the problem's domestic aspects aredirectly related to its international dimension. Resolutionof the problem's domestic aspects, within the framework of afederal constitutional arrangement based on the high-level agreementsof 1977 and 1979, the relevant United Nations resolutions, andthe provisions of the European Union acquis communautaire isperhaps possible. A federal system is a compromise between aunitary state, as initially desired by the Greek Cypriot majority-community,and a confederation, as currently pursued by the Turkish Cypriotminority-community with the support of Turkey. Nevertheless,even though federation is the agreed framework for a solution,a sizable proportion of Greek Cypriots express misgivings abouta federal solution because they fear that what is actually beingdiscussed is a system lying between federation and confederation.A viable federal solution would create a pluralist democraticstate with a market-oriented economy in the Eastern Mediterranean.Given that the Republic of Cyprus is on its way to joining theEU, the EU could play a substantive role in promoting such anoutcome. From a geopolitical perspective, a united Cyprus, asa member of the EU, would be an asset to the EU and also contributeto stability and security in the Eastern Mediterranean.     

Foreign trading screens in the United States

The first 150 words of the full text of this article appear below. Key points

• Remote trading screens allow investors to trade onexchanges located in other jurisdictions. The Securities andExchange Commission (‘SEC’) has generally prohibitedthe placement of foreign trading screens in the United Statesunless the associated exchange complies with US regulatory requirements.While the SEC defends its position as an essential investorprotection, European officials complain that SEC requirementsconstitute an unfair barrier to trade.
• This article arguesthat technological advances have largely mooted this contro-versy.Current requirements do not protect US investors as much asthe SEC claims nor do they inhibit competition as much as theSEC's critics assert.
• To the extent that alternative tradingmechanisms already give US investors de facto access to unregulatedforeign exchanges, the SEC may well choose to revisit its positionon foreign trading screens, particularly as US and Europeanfinancial markets become more integrated and disclosure requirementson both sides of . . . [Full Text of this Article]