美国证券市场高频交易的最新法律监管动向——兼论“光大8·16事件”的防范

"光大8·16事件"是我国证券市场首例与高频交易有关的典型乌龙案例,其产生原因及严重后果引人深思。乌龙并不可怕,但一旦与高频交易相结合,其破坏力往往超乎想象。高频交易错误在计算机技术发达的美国早已不是什么新闻,特别是随着高频交易在美国的盛行,类似错误近期频发。为此,美国推出了综合审计追踪、市场数据信息分析系统、涨跌停板机制、全市场熔断机制等新举措,并酝酿推出全新的断路开关机制,以加强对证券市场高频交易的法律监管。这些最新动向中有不少值得我们借鉴,我们也应尽快明确对高频交易的监管,加快定义制定和数据收集工作,并适时推出监管"组合拳"。     

Sowing the Seeds of Colombia

正COLOMBIAN to the core,Carmenza Jaramillo became the first Latin American woman to serve as an ambassador to China,two decades after her post as consul general of Colombia in Hong Kong.With her usual ease,she talked to China Today about the current state of relations between the two countries.     

Bracing for Cold Peace. US-Russia Relations after Ukraine

Despite rising back to prominence during the global economic turmoil, the International Monetary Fund remains under severe pressure over its lack of legitimacy and effectiveness. It is surrounded by increasingly vibrant and potentially competing systems of regional financial arrangements. But while it is feared that regional arrangements can undermine the global financial order, they can also help buttress the multilateral institutions that are struggling to manage an increasingly complex global economy. The purpose of this article is to draw on trade, exploring the decades-long efforts to ensure compatibilities between regional trade agreements and the multilateral trading system, to offer lessons to financial policymakers.     

Does the Government Selection Process Promote or Hinder Pluralism? Exploring the Characteristics of Voluntary Organizations Invited to Public Consultations

To what extent does the government selection process practised in public consultations promote or hinder pluralism in the policy-making process? This article addresses this question by exploring and analysing the characteristics of voluntary organizations invited to public consultations. Evidence is drawn from the formerly corporatist Scandinavian country of Sweden and the policy-making process referred to as the ‘remiss procedure’. The article shows that the government selection process encourages a multitude of organizations to participate. Consistent with recent studies on Scandinavian corporatism, this study provides weak support of corporatist practices in the Swedish policy process. However, and without challenging the seemingly pluralistic nature of the remiss procedure, voluntary organizations with ‘insider status’ in the policy process are more frequently invited to formal decision-making arenas such as the remiss procedure. It is argued that the policy network literature and the theory of political opportunity structures may further the understanding of the government selection process practised in public consultations.     

REDD+ and the global climate policy negotiating regimes: Challenges and opportunities for Africa

Prior to developments in Copenhagen in 2009 and Cancun in 2010, global climate policy negotiations seldom culminated in concrete decisions concerning ways in which Reducing Emissions from Deforestation and Forest Degradation (REDD) could be linked to sustainable development and carbon markets in developing countries, such as those in some parts of Africa.That changed with the expansion of the REDD initiative, to REDD+. Key arguments in the discussions have concerned contested methodologies for measuring, reporting and verifying carbon stocks; ensuring adequate technology transfer; and rectifying the shortage of local experts to deal with REDD+. However, there has been no contestation on the fact that REDD+ creates financial value for carbon stored in forests, an aspect that would encourage developing countries to reduce emissions from deforestation and degradation of forested lands and to invest in low-carbon growth paths. This article sheds light on how REDD+ has developed in global climate negotiations and how African governments have and should engage with REDD+. The conclusion is that since the Bali Action Plan of 2007, there has been significant progress in creating enabling global architecture with regard to REDD+, and African governments should now grasp the opportunities offered by REDD+ while advocating for a fair, legally binding and ethical arrangement to engage over the forests which are so key to many of their economies.     

论我国商会制度的源起、演变与现状

在"工商食官"与国家对工商业实施严格控制的古代中国,商人组织经历了从市坊、商行制度到会馆、公所制度的演变,直至近代,在晚清改制修律的大背景下,才有仿行西制、具现代意义之商会制度的出现。由于政治体制方面的原因,我国目前已形成了以中华全国工商业联合会为载体的中国民间商会、以中国国际贸易促进委员会为组织形式的中国国际商会、以全国性行业协会为主体的行业商会这一三足分立、多元多层的商会制度格局。改革和完善我国商会制度,变现行的准行政性商会制度为社会自治性商会制度,将是我国未来几年政治体制改革与市场经济建设的一项重要课题。     

“WTO中-美欧墨原材料贸易案”解读与思考

全球化的发展使得资源和环境逐渐被纳入国家主权的范畴,随之而来的是自由贸易与资源、环境、主权的冲突。随着资源竞争的日益激烈,原材料贸易与资源主权、原材料贸易与环境保护的矛盾日益凸显,现行多边贸易体制的改革也面临决择。     

论我国融资融券交易担保机制的法律构造——以最高额质押为视点的框架分析

融资融券交易对推动我国证券市场全面发展有重大意义。担保机制是融资融券交易制度构建的基石。信托关系、让与担保和账户质押等并不足以型构我国融资融券担保交易机制。在我国现行体制下,应建立以最高额质押为基础的融资融券交易担保法律制度,促进我国融资融券交易健康稳定发展。     

论特定物债权与债权人撤销权的行使

关于特定物债权人得否于债务人尚未陷于无资力时,行使撤销权,学说判例存在不同见解,有肯定说和限制肯定说。这两种学说均有走向极端的嫌疑,肯定说承认特定物债权人享有撤销权,有欠妥当;限制肯定说否认其享有撤销权,也存在理论上的矛盾,有时甚至导致不公。正确的做法是寻求折中的方案,即原则上仅允许不可替代特定物的债权人行使撤销权。     

归入权制度的主要法律问题研究

归入权(全称为“短线交易收益归入权”)制度是国际通行的一种内幕交易预防制度,由于该制度具有适用简便、可操作性强等优点,被各国视为一件铲除内幕交易的利器。我国的相关立法对归入权制度也作了规定,但是这些规定过于简陋,相关制度之间相互冲突,导致该制度在法律实践中鲜有适用。应当运用比较分析、法律经济分析、实证分析等方法,对归入权制度的规制对象、短线交易的标的、收益的计算方法以及司法实施机制等该制度的主要问题进行相对深入的研究。