This book exposes and comments on the consequences of Reg NMS and MiFID on market microstructure. It covers changes in market design, electronic trading, and investor and trader behaviors. The emergence of high frequency trading and critical events like the'Flash Crash' of 2010 are also analyzed in depth.Using a quantitative viewpoint, this book explains how an attrition of liquidity and regulatory changes can impact the whole microstructure of financial markets. A mathematical Appendix details the quantitative tools and indicators used through the book, allowing the reader to go further independently.This book is written by practitioners and theoretical experts and covers practical aspects (like the optimal infrastructure needed to trade electronically in modern markets) and abstract analyses (like the use on entropy measurements to understand the progress of market fragmentation).As market microstructure is a recent academic field, students will benefit from the book's overview of the current state of microstructure and will use the Appendix to understand important methodologies. Policy makers and regulators will use this book to access theoretical analyses on real cases. For readers who are practitioners, this book delivers data analysis and basic processes like the designs of Smart Order Routing and trade scheduling algorithms.In this second edition, the authors have added a large section on orderbook dynamics, showing how liquidity can predict future price moves, and how High Frequency Traders can profit from it. The section on market impact has also been updated to show how buying or selling pressure moves prices not only for a few hours, but even for days, and how prices relax (or not) after a period of intense pressure.Further, this edition includes pages on Dark Pools, Circuit Breakers and added information outside of Equity Trading, because MiFID 2 is likely to push fixed income markets towards more electronification. The authors explore what is to be expected from this change in microstructure. The appendix has also been augmented to include the propagator models (for intraday price impact), a simple version of Kyle's model (1985) for daily market impact, and a more sophisticated optimal trading framework, to support the design of trading algorithms.
After the final collapse of the Soviet Union, the so-called 'last empire', in 1991, the countries of Central Asia - Kazakhstan, Kyrgyzstan, Uzbekistan, Tajikistan, Turkmenistan - and of the Caucasus - Armenia, Azerbaijan, Georgia - became independent nations. These countries, previously production centres under the socialist planning system of the Soviet Union, have made enormous economic adjustments in order to develop - or attempt to develop - along capitalist lines. As this study will show, however, inequality in Central Asia and the Caucasus is widening, as the Soviet systems of healthcare and state provisions disappear. Rejecting the Cold War-era East/West paradigm often used to analyse the development of these nations, this study analyses development along the North-South lines which characterise the migration patterns and poverty levels of much of the rest of the developed world. This opens up new avenues of research, and helps us understand why it is, for instance, that this region is better characterised as a 'new South' - as skilled workers flood out of the territories and into Russia and Western Europe. Development in Central Asia and the Caucasus draws together detailed analyses of the development of migration economics as the region's oil wealth further enhances its strategic and economic importance to Russia, the US, the Middle East and to the EU.
How could a person portrayed as a terrorist by the Tajik state also be seen as a mujahid fighter in Islam and be a cousin all at the same time? Is this just a matter of perspective and conceptualization? To believe in the protection of concepts to safeguard groups and individuals from the uncertain character of the world, is to deny the existence of chance and the contradictions in life. This book uses approaches from existential anthropology to enquire into the question of how concepts and experiences relate. The focus is on the way the notions jihad, mujahid and terrorism were used during a military intervention in Tajikistan in 2010. The book includes long-term ethnographic material, popular pamphlets on Islam and an internet analysis of the conflict, offering new insights into how concepts and experiences relate. Since the end of the Soviet Union, the people from the republic Tajikistan have struggled to find a place in the larger Muslim world, a painful process unfolding in relation to global events, discourses and politics. The primary readership for the book will come from academia and policy makers. The book presents novel material on a fascinating and highly important topic, the nature of ostensibly Islamist political violence against the state in Tajikistan. John Heathershaw
Principles of French Law offers a comprehensive introduction to French law and the French legal system in terms which a common lawyer can understand. The authors give an explanation of the institutions, rules and techniques that characterize the major branches of French law. The chapters provide the reader with a clear sense of the questions that French lawyers see as important and how they would answer them. In the ten years since the publication of the first edition, French law has changed in significant ways. European Union law and the European Convention on Human Rights have had a significant impact, especially on procedural law and family law. There has been a new Commercial Code, major legislation on divorce, succession and criminal law, as well as significant developments in the Constitution. In addition, there have been considerable developments in the case-law and a much discussed proposal for reform of major areas of the law of obligations. The chapters present not only the rules of law, but, where appropriate, the principles and values underlying the system. Considerable use is made of juristic literature and of examples from French case law. The book is designed for students studying French law at both undergraduate and postgraduate level, and as preliminary reading for students about to study in France. It will also serve as an initial point of reference for scholars embarking on a study of French law.
Mademoiselle de Montpensier: Writings, Châteaux, and Female Self-Construction in Early Modern France examines questions of self-construction in the works of Anne-Marie-Louise d’Orléans, Duchesse de Montpensier (1627-1693), the wealthiest unmarried woman in Europe at the time, a pro-women advocate, author of memoirs, letters and novels, and the commissioner of four châteaux and other buildings throughout France, including Saint-Fargeau, Champigny-sur-Veude, Eu, and Choisy-le-roi. An NEH-funded project, this study explores the interplay between writing and the symbolic import of châteaux to examine Montpensier’s strategies to establish herself as a woman with autonomy and power in early modern France.
Fait historique ou d'actualité, récit contemporain ou fantastique, c'est avec humour ou spleen que La Ritournelle nous présente son univers, à travers ce recueil mêlant les genres (poésie, conte, nouvelle, théâtre, cinéma).La particularité de sa démarche? Rassembler, sans rien y modifier, les textes de ses années d'étude, dont trois déjà primés en poésie, nouvelle et cinéma, et ce, malgré sa méconnaissance du genre.Autodidacte par nature, ayant achevé récemment sa licence en arts du spectacle, et parce qu'on ne commence qu'avec ce qu'on a... La Ritournelle reste sur sa mouvance, appliquant de fait la citation: "connaître le chemin ne dispense pas du parcours" (Anonyme).Mais les mots auront-ils, ici, la force des premiers pas?
La 4e de couverture ndique : "Écrire la frontière consiste d'abord à représenter une zone - souvent équivoque car elle est à la fois séparation et contact -, mais c'est aussi circonscrire l'œuvre et simultanément s'interroger sur la pertinence des limites génériques et des normes poétiques. Des spécialistes de littérature mais aussi d'histoire et d'art contemporain, proposent un parcours diachronique explorant le déploiement du concept à travers des œuvres variées, qui malgré leurs dissemblances apparentes, semblent souvent se répondre. Toutes confirment une même constitution de l'identité des sujets représentés, des auteurs, de l'œuvre elle-même en tant qu'objet autour de cette idée de frontière, que celle-ci soit revendiquée ou rejetée, comme si l'individuation mais aussi l'inscription dans une communauté, ou la sortie de cette communauté, dépendait avant tout de repères spatiaux qu'il importe de pouvoir tracer. Espace à préserver, à surveiller, et, simultanément, appel irrésistible au franchissement, la frontière pose des limites et invite à leur brouillage : écrire la frontière, n'est-ce pas finalement dessiner un éternel palimpseste qui s'enrichit au fil de lectures croisées et de déchiffrements singuliers, traçant la carte d'identités souvent conflictuelles, mais qui toutes se font écho ?
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