英国的不法交易规则研究

公司濒临破产时,股东的利益与债权人利益出现分野,董事如何行事即成为焦点之所在。英国的不法交易规则模式的适用要件、法律构造等均堪完备,为处理该问题的典型立法例,对于我国填补这方面的法律空白有重要的示范意义和可移植价值。并且,我国当前的制度架构具备引进该制度的现实条件,可考虑进行法律移植。     

对完善我国短线交易归入制度的法律思考

短线交易是内幕交易的一种典型形态。各国立法上对短线交易行为的控制主要是通过归入制度实现的。我国现行立法上对短线交易的规定非常匮乏且不尽合理。今后的改革途径应当是适当扩大短线交易规制主体的范围;从立法上明确规制主体的身份界定标准;完善公司管理者和大股东的持股报告制度以及有关部门的信息披露制度;完善短线交易归入制度中的豁免适用规定;明确短线交易归入制度中的利润计算方法等。     

Facilitating Local Economic Development through Efforts that Center on National Diplomatic Strategies

正Weifang City of Shandong Province is the birthplace of the kite,and is the City of Kite known across the world.In recent years,the city has been actively engaged in international exchanges.We kicked off these exchanges with activities related to kites and then expanded international economic and trade cooperation.Bearing in mind the national strategies     

Research on Pre－trade Transparency and Market Liquidity

The transparency of the securities market reveals the extent of transaction information transmission to traders. According to the relative trading position, it can be divided into pre-trade transparency and post-trade transparency. Using Shanghai Stock market high frequency trading data, this paper builds an econometric model and analyzes the market effect of two important changing pre－trading transparency events. The empirical result hows that the pre－trade transparency changing has no significant effect on market liquidity. The expansion from 3－layer bid－and－ask price to 5－layer obviously lifts the stock price, leading to the U－shape change in volatility and trading volume. However, the 5－layer bid－and－ask price expansion to 10－layer in level 2 shows no significant effect.     

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。     

Latency – Time for lawyers to get up to speed?

While latency issues have always existed in IT systems, it is only in recent years that latency has become a significant focal point for both IT suppliers and customers. This paper will provide an overview as to how latency arises in IT systems, why latency is becoming important across a variety of business sectors and then explores some of the prominent legal issues inherent in contracting for low-latency solutions.     

“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。     

Kyoto Mechanisms: Key Issues for Policy-makers for COP-6

This article provides an assessment of the "Kyoto mechanisms" – joint implementation, Clean Development Mechanism (CDM) and emissions trading established pursuant to Articles 6, 12 and 17 of the Kyoto Protocol. It focuses on significant policy issues raised by supplementarity, liability, equity and the design considerations relevant to operationalizing the mechanisms nationally and internationally.     

What is an algorithm? Financial regulation in the era of high-frequency trading

Abstract

In response to the flash crashes and market manipulations blamed on high-frequency trading (HFT), algorithms have been brought inside the regulatory perimeter. This paper focuses on the most ambitious regulation directed at the practice: the algorithm-tagging rule in the German High-Frequency Trading Act. Fifteen interviews with stakeholders in the Act’s implementation serve to reconstruct how regulators defined an algorithm and help pose the question of to what extent regulatory definitions and data need accurately to represent financial practices to be useful. Although tentative in its findings, the research suggests that the algorithm-tagging rule may be providing valuable signals in the noise to trade surveillance officers and having virtuous effects on the cultures of trading firms. The conclusion argues that sociologists of finance should adopt a more balanced approach when evaluating regulatory technologies and heed MacKenzie’s 2005 call to open up their black boxes.