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Articles 1 - 2 of 2
Full-Text Articles in Law
Investment Treaties, Investor-State Dispute Settlement, And Inequality: How International Investment Treaties Exacerbate Domestic Disparities, Lise Johnson, Lisa E. Sachs
Investment Treaties, Investor-State Dispute Settlement, And Inequality: How International Investment Treaties Exacerbate Domestic Disparities, Lise Johnson, Lisa E. Sachs
Columbia Center on Sustainable Investment Staff Publications
Over roughly the past four decades, government officials from around the world have been erecting a framework of economic governance with major – but under-appreciated – implications for intra-national inequality. The components of this framework are thousands of bilateral and multilateral treaties designed to protect international investment. In many jurisdictions, the treaties have been concluded without public awareness or scrutiny or even much discussion or analysis by government officials – including those officials responsible for negotiating the agreements(Poulsen 2015) – and without an adequate understanding of how these agreements could affect intra-national inequality. Long imperceptible, the size and power of …
Dark Trading At The Midpoint: Does Sec Enforcement Policy Encourage Direct Feed Arbitrage?, Robert P. Bartlett Iii, Justin Mccrary
Dark Trading At The Midpoint: Does Sec Enforcement Policy Encourage Direct Feed Arbitrage?, Robert P. Bartlett Iii, Justin Mccrary
Faculty Scholarship
Prevailing research in market microstructure posits that liquidity providers bypass queue lines on exchanges by offering liquidity in dark venues with de minimis sub-penny price improvement, thus exploiting an exception to the penny quote rule. We show that (a) the SEC enforces the quote rule to prevent sub-penny queuejumping in dark pools unless trades are “pegged” to the NBBO midpoint and (b) the documented increase in dark trading due to investor queue-jumping stems from increased midpoint trading. Although encouraging pegged midpoint orders can subject traders to direct feed arbitrage, we estimate that less than 2% of shares traded per year …