The past decade has been one of enormous change in the securities trading industry. Automation of trading systems, led by the continental European exchanges and US "electronic communications networks" (ECNs), has resulted in significant declines in trading costs, massive increases in turnover,...

This paper applies an expected utility analysis to derive optimal contingent claims for hedging foreign exchange transaction exposures over the complete range of probabilities, as well the optimal forward and option hedge alternatives. Three utility functions are used, covering a wide range of...

The so-called "European model" of market integration has evolved over many decades. In particular, the original plan to integrate Europe economically via a progressive program of harmonizing national legislation has, particularly in the area of financial markets, given way to a radical...

When turmoil strikes world monetary and financial markets, leaders invariably call for 'a new Bretton Woods' to prevent catastrophic economic disorder and defuse political conflict. The name of the remote New Hampshire town where representatives of forty-four nations gathered in July 1944, in...

When turmoil strikes world monetary and financial markets, leaders invariably call for 'a new Bretton Woods' to prevent catastrophic economic disorder and defuse political conflict. The name of the remote New Hampshire town where representatives of forty-four nations gathered in July 1944, in...

[eng] Regulating for tomorrow’s equity markets . It is clear that thinking about « the right » market structure at the SEC and the European Commission has been profoundly shaped by the proliferation of continuous electronic auction market systems, operated both on and off exchanges, over the...

[eng] It is clear that thinking about « the right » market structure at the SEC and the European Commission has been profoundly shaped by the proliferation of continuous electronic auction market systems, operated both on and off exchanges, over the course of the last decade. The problem is...