Under which condition does the set of desirable uncertain prospects expand when wealth increases? We show that the decreasing concavity (DC) of the utility function u is necessary and sufficient in the α-maxmin expected utility model. In the smooth ambiguity aversion model with the ambiguity...

The European Securities Trading and Post-trading (Clearing and Settlement) Industries have recently experienced a vast movement of consolidation. This was encouraged by the European Commission, seeking to establish a single market for the trade of financialsecurities across the European Union,...

[eng] Economic challenges in the integration of post-trading industries in Europe . The European Commission decided in May 2006 the clearing and settlement industry, i. e. the industries that provide post-trading services, would comply with a Code of Conduct. This Code aims to address two main...