Market Darwinism vs. Market Creationism: Adaptability and Fairness in the Design of Greenhouse Gas Trading Mechanisms

International rule-making and compliance routines with respect to the Kyoto Protocol are evolving rapidly. This paper examines potential designs of emissions-trading programs by comparing the emissions credit trading (ECT) and cap-and-trade models for achieving cost-effective reductions in atmospheric greenhouse-gas (GHG) loading in terms of their adaptability and fairness. Adaptability is a valuable attribute when markets and their governing institutions are evolving rapidly or when regulated entities do not yet have well-established and predictable compliance routines. Fairness in both procedures and outcomes is central to efforts to establish and maintain institutions of international governance. The key difference concerns the awarding of tradable emission rights, which occurs at the launch of a cap-and-trade program but following when firms reduce emissions below baselines in an ECT scheme. Implications of this difference are explored in terms of institutional adaptability and fairness during program-design stages. By not locking in emission rights at the outset, and by being amenable to incremental roll-out, ECT appears to have superior adaptive and fairness qualities during periods of rapid institutional evolution.     

俄白哈关税同盟的发展及其影响（英文）

In recent years, the Eurasian Economic Community has developed rapidly. Because of the special relationship between the SCO and the Customs Because Customs Union, the latter will inevitably exert some influence on the development of the former, but they are not fundamentally contradictory. Since the of the establishment of the Customs Union, the trade between China and the Customs Union members grows steadily.     

论“光大证券事件”中的期货内幕交易

光大证券在期货市场的交易行为是否构成内幕交易值得深究。从解释论的角度看,证监会的处罚没有说明为何光大证券属于内幕知情人,通过对《期货交易管理条例》第82条第12项的解释,应当认为光大证券作为期货投资者,不属于期货内幕知情人,因而不构成期货内幕交易;从英、美两国的规定看,无论是通过对期货内幕人范围的限定还是规定相应的抗辩事由,比较法上的经验都说明了并非利用重大非公开的信息都可构成内幕交易;分析期货市场的特殊性,可以发现期货市场的主要功能是套期保值,而套期保值者相比于投机者具有不可避免的市场信息优势,为了实现套期保值与市场的流动性,利用信息优势进行期货交易属于期货市场的惯常做法;"光大证券乌龙指事件"给资本市场造成了很大的冲击,但在我国期货监管机构以及交易所对该种异常情形缺乏规定的情况下,其利用信息优势进行套期保值,仍然属于该惯常做法的范围内;若监管机构拟对这类行为进行规制,应该事先制定例外规则,对特定类型的做空交易进行限制。     

内幕交易侵权责任的因果关系

证券内幕交易侵权责任因果关系的研究,需要借助因果关系理论的发展并重新审视内幕交易的行为本质。投资者因内幕交易而致权益被侵害是完全被动的,"比较优势论"有助于实现对内幕交易行为及其侵权责任的整体认知。内幕交易侵害其交易对手——"善意同时反向交易者"之"以信息对称为核心的公平交易法益",而非投资者的"知情法益"。内幕交易行为提升了投资者亏损发生的客观可能性,二者之间具有事实上的因果关联。依托以原因力、有责性、公平性等若干要素为中心的理论与价值判断体系,并贯彻侵权法之填补及预防损害的补偿性功能,经论证可知内幕交易侵权行为引致的损失限定为对手"交易损失的一半",但应以相当于内幕交易人非法获利(包括所获收益或避免的损失)的投资者损失额为限。     

我国证券市场内幕交易的新趋势及其对策

近年来,我国证券市场内幕交易案件频发,呈现出内幕交易地域场所扩大化、内幕信息窃取手段科技化、内幕交易行为方式复杂化等新趋势。究其原因,实为证券法条文过于笼统,期货内幕交易规定尚属立法空白所致。对此,应建立证券法上的惩罚性赔偿制度,构建多主体间的连带法律责任制度,尽快出台具体可行的内幕交易司法解释,由内幕交易行为人设置专项赔偿基金。     

Insurgent capitalism: Island,bricolage and the re-making of finance

Abstract

Drawing on recent discussions of the material cultures of markets and of financial innovation as bricolage, this paper explores the development of Island, a new share-trading venue set up in 1995. We examine Island's roots in a very specific conflict in the US financial markets and in the information libertarianism of ‘hacker culture’, and examine the material bricolage involved in Island's construction. The paper also outlines the processes that led to a dramatic ‘Latourian’ change of scale: Island was originally a ‘micro’ development on the fringes of US markets, but within little more than a decade key features of Island became close to compulsory, as the nature of North American and Western European share trading changed utterly.     

High-frequency trading: networks of wealth and the concentration of power

The development of high-frequency trading (HFT) – automated trading of stocks, as well as bonds, options, and other investment instruments – provides a signal example of the political effects of computerization on a discrete social sphere. Despite the widespread rhetoric that computerization inherently democratizes, the consequences of the introduction of HFT are widely acknowledged to be new concentrations of wealth and power, opacity rather than transparency of information flows, and structural resistance to democratic oversight and control. Even as computerized tools undoubtedly provide individual investors with more power relative to what they had before, they also provide powerful actors with relatively more power as well, in some cases effectively excluding the majority of individuals from insight or meaningful participation whatsoever, especially with regard to the political impacts of market activities. Reports on recent financial crises, and the 2011 film Margin Call provide narrow windows into the operations of HFT and the challenges it poses to democracy; these in turn raise significant problems for the view that computerization inherently democratizes.     

Sci-Tech

正Commercial 4G Starts on December 18 China launched commercial4G mobile communications services on December 18,bringing the most advanced telecommunications technology to the country’s more than one billion mobile users.China Mobile,the country’s biggest mobile operator with over 700 million users,started4G services on that date with a new brand He,meaning     

Criminal Behavior: A Real Option Approach With an Application to Restricting Illegal Insider Trading

Traditionally, criminal behavior is analyzed within an expected utility framework. This paper offers an alternative model to analyze criminal behavior based on real option models. It is shown that all criminal decisions can be analyzed as real options, in a sense that they confer the possibility but not the obligation to commit a crime in the future. The criminal option model is a richer model compared to conventional economic models of crime, because it takes into account four additional variables. As such, the conventional economic analysis of crime is a special case of criminal option models. The criminal option model is then applied to the enforcement of illegal insider trading. Based on the six value-drivers of criminal options, an active management strategy can be developed for the criminal as well as for the legislator.     

Kyoto,Europe?—An Economic Evaluation of the European Emission Trading Directive

To meet its obligations accepted in the Kyoto Protocol cost effectively, the European Union introduces a scheme of Greenhouse Gas Allowance Trading for its member states. This paper evaluates the cost effectiveness, ecological accuracy and dynamic incentives of this approach.The EU-emissions trading constitutes an important shift in the paradigm of environmental policy, from command and control to a market based approach. Still, the EU-system does not fully realize the economic potential of the transferable discharge permit policy. Especially, the limited scope of trading regarding geography, pollutants, sectors and activities reduces the quality of the system. Moreover, the EU-Directive is unspecific in many respects and it leaves many decisions defining the rules of the game to the individual member state. Uncertainty and heterogeneity increase transaction cost and thereby hamper the effectiveness of the system.JEL Classification: Q54, Q58, K32