Financial markets perform two major functions. The first is the provision of liquidity in order to facilitate direct investment, hedging and diversification; the second is to ensure the efficient price discovery required in order to direct resources to where they can be best utilised within an economy. How well financial markets perform these functions is critical to the financial welfare of every individual in modern economies. As an example, retirement savings across the world are mostly invested in capital markets. Hence, the functioning of financial markets is linked to the standard of living of individuals. Technological advancements and new market regulations have in recent times significantly impacted how financial markets function, with no period in history having witnessed a more rapid pace of change than the last decade. Financial markets have become very complex, with most of the order execution now done by computer algorithms. New high-tech trading venues, such as dark pools, also now play outsized roles in financial markets. A lot of the impacts of these developments are poorly understood. In the EU particularly, the introduction of the Markets in Financial Instruments Directive (MiFID) and advancements in technology have combined to unleash a dramatic transformation of European capital markets. In order to better understand the role of high-tech trading venues in the modern financial markets' trading environment generally and in the UK in particular, I conduct three studies investigating questions linked to the three major developments in financial markets over the past decade; these are algorithmic/high-frequency trading, market fragmentation and dark trading. In the first study, I examine the changing relationship between the price impact of block trades and informed trading, by considering this phenomenon within a high-frequency trading environment on intraday and inter-day bases. I find that the price impact of block trades is stronger during the first hour of trading; this is consistent with the hypothesis that information accumulates overnight during non-trading hours. Furthermore, private information is gradually incorporated into prices despite heightened trading frequency. Evidence suggests that informed traders exploit superior information across trading days, and stocks with lower transparency exhibit stronger information diffusion effects when traded in blocks, thus informed block trading facilitates price discovery. The second study exploits the regulatory differences between the US and the EU to examine the impact of market fragmentation on dimensions of market quality. Unlike the US's Regulation National Market System, the EU's MiFID does not impose a formal exchange trading linkage or guarantee a best execution price. This has raised concerns about consolidated market quality in increasingly fragmented European markets. The second study therefore investigates the impact of visible trading fragmentation on the quality of the London equity market and find a quadratic relationship between fragmentation and adverse selection costs. At low levels of fragmentation, order flow competition reduces adverse selection costs, improves market transparency and enhances market efficiency by reducing arbitrage opportunities. However, high levels of fragmentation increase adverse selection costs. The final study compares the impact of lit and dark venues' liquidity on market liquidity. I find that compared with lit venues, dark venues proportionally contribute more liquidity to the aggregate market. This is because dark pools facilitate trades that otherwise might not easily have occurred in lit venues when the spread widens and the limit order queue builds up. I also find that informed and algorithmic trading hinder liquidity creation in lit and dark venues, while evidence also suggests that stocks exhibiting low levels of informed trading across the aggregate market drive dark venues' liquidity contribution.

En tant qu’organisation qui a vocation à réguler les échanges commerciaux mondiaux et qui promeut le libre-échange, l’OMC désigne naturellement l’une des principales, voire l’unique, structure internationale capable d’incarner l’approche multilatérale qui s’impose devant la mondialisation des pratiques anticoncurrentielles et des opérations de concentration. Les règles de concurrence présentes dans son corpus juridique, ainsi que la jurisprudence issue de leur mise en œuvre, grâce notamment à l’existence d’un mécanisme contraignant de règlement des différends, forment un droit primaire de la concurrence. Toutefois, un tel droit ne régit que les comportements des acteurs étatiques et n’appréhende les agissements des particuliers que de manière indirecte. Par conséquent, il nécessite d’être complété et adapté aux nouvelles réalités procédant de la mondialisation des économies, ce par le biais d’une adoption d’un accord multilatéral portant sur la concurrence. Le système de règlement des litiges devrait aussi subir une mutation, en renforçant ses techniques de sanction et en s’ouvrant aux personnes privées / As an organization which goal is to regulate international trade exchanges and to promote free trade, the World Trade Organization refers naturally to one of the main international structures or even the only one which can embody the multilateral approach needed to face the globalization of anti-competitive practices and concentration operations. The competition rules mentioned in its legal corpus as well as the case law from their implementation, are a primary competition law thanks to the existence of a coercing mechanism to solve problems in particular. However, a such rule only governs the states actors’ behaviours and is not directly apprehensive of the acting of the individuals. Therefore, it needs to be completed and adapted to the new realities of the situation by proceeding the globalization of the economies by means of the adoption of an multilateral agreement over the competition. The settlement of dispute system would need some change, by strengthening its technical punishments and by opening its gates to the private individuals

冷戰之後，前蘇聯地區出現了一系列新獨立的共和國。哈薩克、烏茲別克、土庫曼、吉爾及斯和塔吉克脫離蘇聯徹底獨立，並加入聯合國；宣告了中亞地區在歐亞大陸腹地的重新崛起，並改變了歐亞大陸的地緣政治格局。 中共為了強化與俄羅斯、哈薩克、吉爾吉斯、和塔吉克四國的邊境安全和相互信心，於是創建了「上海五國」會晤機制。之後逐年召開會晤，2001年，更將「上海五國」機制改為「上海合作組織」之正式組織。該組織是第一個中國作為創始國的區域性合作國際組織，其順利發展和有效發揮職能不僅對維護中共周邊環境的穩定、擴大中共對外經濟活動空間有重大的現實意義，而且對於中共加入經濟全球化的進程的影響不容忽視。維護地區安全和加強經濟合作是「上海合作組織」的基本宗旨，推動「多邊外交」是其主要的任務。 本論文以中共在「上海合作組織」的多邊外交與合作為研究主題，主要探討的目的有1. 中共多邊外交的發展。2. 「上海合作組織」多邊合作形成的背景，演進的歷程與內容。3. 胡錦濤時期中共在「上海合作組織」中「多邊外交」的實踐對未來區域發展可能的影響進行研究評估，並針對該組織未來的可能發展與限制提出結論與建議。

L’objectif principal de cette thèse est l’analyse des configurations du lien social naissant au sein de systèmes alternatifs d’échange local, afin d’y retrouver la trace du « don maussien ». L’enquête porte sur un échange de biens, parallèle à l’échange marchand et localement accompli dans le contexte d’un monde globalisé, perspective qui inscrit la recherche dans le champ de l’anthropologie économique des mondes contemporains. Le phénomène de la mondialisation, associé au progrès des techniques de communication, permettant d’observer des procédés analogues, engendrés par des causes communes dans différentes parties du monde, le terrain, tel que défini ci-dessus, fut réalisé sur deux sites socio-culturellement différents puisque implantés en Colombie pour l’un, et en France, pour l’autre. Ces deux sites furent traités comme un seul terrain multi-local dont le croisement des données recueillies a enrichi l’analyse. Avant de passer à la partie descriptive des ethnographies réalisées, le travail évoque des théories et des expériences antérieures qui ont permis de reconnaître la différence entre les expérimentations monétaires et les systèmes d’échange multilatéral ou dispositifs comptables centralisés employant une unité de compte pour faciliter les échanges. La production et la consommation sont stimulées par un type de monnaie qui joue un rôle complémentaire à la devise officielle et permet des transactions multilatérales. Devant la diversité des systèmes alternatifs à l’échange marchand, un choix s’imposait pour déterminer ceux qui seraient l’objet de l’enquête de terrain. Les initiatives sélectionnées pour une observation directe furent les foires de multi-troc colombiennes et les systèmes d’échange local (SEL) français. Les deux monographies décrivent le déroulement des investigations en Colombie et en France, ainsi que les constats qui s’imposèrent à leur issue. Il apparaît qu’au-delà de la raison économique d’échanger biens et services sans se soumettre à l’usage de l’argent comme fin en soi, les adhérents à ces expériences de micro-économie y trouvent un milieu propice à cultiver de nouvelles relations sociales. Les raisons de participer sont multiples mais s’alignent souvent sur des valeurs communes telles que la confiance, l’entraide, le respect de l’autre, la tolérance ou la solidarité, autant de logiques qui font de ces groupements, des espaces de création de liens sociaux favorables à l’émergence du don moderne. Tel qu’il a été développé et actualisé par Jacques T. Godbout, Alain Caillé et les exposants du Mouvement Anti-Utilitariste dans les Sciences Sociales –M.A.U.S.S.- . /ABSTRACT The main objective of this thesis is the analysis of configurations of the social link emerging within alternate systems of local exchange, in order to find traces of the “maussian gift”. The investigation covers the exchange of property which is parallel to trade exchange and is locally accomplished in the context of a global world, a perspective which integrates our research within the field of economic anthropology of contemporary worlds. The phenomenon of the globalization, coupled with advances in communication technology, allows us to observe similar processes around the world, engendered by common causes. The fieldwork, as mentioned above, was realized on two socio - culturally different sites, one in Colombia, the other one in France. These two sites were treated as a single multi-local fieldwork, and their combined information enriched our analysis. Before proceeding to the descriptive part of the conducted ethnographic research, the document evokes theories and previous experiences which allowed us to recognize the difference between monetary experiments and multilateral trading systems or devices using a centralized accounting unit to facilitate the exchanges. The production and the consumption are stimulated by a type of exchange that is complementary to the official currency and allows multilateral transactions. Considering the variety of alternative systems in the exchange market, a choice was necessary to determine, who would be the object of the fieldwork. The initiatives selected for direct observation were the Colombian multi-barter fairs and the French systems of local exchange (SEL). Both monographs describe the progress of investigations in Colombia and in France, as well as the resulting reports. It seems that, apart from the economic reason for exchanging goods and services without being subject to the use of money, which is an end in itself, those who take part in such experiences of microeconomics find a convenient environment to cultivate new social relationships. The reasons for participating are numerous, but often aligned on common values such as trust, mutual aid, respect for the others, tolerance or solidarity, which all contribute to transform these gatherings into spaces mean to create social links favourable to the emergence of the modern gift. This theory was developed and updated by Jacques T. Godbout, Alain Caillé and the members of the Anti-Utilitarian Movement in Social Science -M.A.U.S.S.-.

<p>This research paper pays particular attention to the EAC because of its unique composition of four LDCs46 and 1 DC47 and the fact that three of these countries are landlocked least developed countries (LLDCs).48 The EAC was notified as a RTA to the WTO under the Enabling Clause on 9 October 2000 and registered as a Custom Union49 under WT/COMTD/N/14.50 The notification of the EAC under the Enabling Clause is due to the nature of composition of members therein and to the fact that the Enabling Clause does not require regional trading arrangements to cover substantially all trade, or to achieve free trade in the bloc within ten years after notification. Additionally, it provides an avenue for giving special consideration to the LDCs through making concessions and contributions,51 allows automatic exemptions from MFN (non-discrimination) treatment in favour of DCs,52 and thus allows other WTO members to accord more favourable treatment to DCs in many cases without according the same treatment to other WTO members.53.</p>

<p>The rapid growth in the number of regional trade agreements (RTAs) has led to concern about the weakening of the multilateral trading system. This thesis examines the spread of such agreement and the extent to which they pose a threat to the multilateral system. Regionalism and multilateralism are complimentary as shown in the case study of the East African Community. The current regional trade agreement management rules are weak and ambiguous and possible amendments for these rules are proposed</p>

<p>This research paper pays particular attention to the EAC because of its unique composition of four LDCs46 and 1 DC47 and the fact that three of these countries are landlocked least developed countries (LLDCs).48 The EAC was notified as a RTA to the WTO under the Enabling Clause on 9 October 2000 and registered as a Custom Union49 under WT/COMTD/N/14.50 The notification of the EAC under the Enabling Clause is due to the nature of composition of members therein and to the fact that the Enabling Clause does not require regional trading arrangements to cover substantially all trade, or to achieve free trade in the bloc within ten years after notification. Additionally, it provides an avenue for giving special consideration to the LDCs through making concessions and contributions,51 allows automatic exemptions from MFN (non-discrimination) treatment in favour of DCs,52 and thus allows other WTO members to accord more favourable treatment to DCs in many cases without according the same treatment to other WTO members.53.</p>

<p>The rapid growth in the number of regional trade agreements (RTAs) has led to concern about the weakening of the multilateral trading system. This thesis examines the spread of such agreement and the extent to which they pose a threat to the multilateral system. Regionalism and multilateralism are complimentary as shown in the case study of the East African Community. The current regional trade agreement management rules are weak and ambiguous and possible amendments for these rules are proposed</p>

La tesi si incentra sulle questioni legate alla distribuzione degli aiuti multilaterali allo sviluppo; in particolare due temi sono affrontati: la selettività degli aiuti e la qualità della governance. L’elaborato si basa sulla letteratura concernente l’efficacia e la distribuzione degli aiuti ed unisce quest’ultima alla letteratura sulla political economy delle organizzazioni internazionali e sulla good governance. Attraverso un’analisi econometrica si intende capire se le organizzazioni multilaterali hanno a cuore la qualità della governance del paese ricevente al momento dell’allocazione degli aiuti. Con un modello GMM-Diff che adopera sia strumenti interni che esterni, si evidenzia come l’interesse per la governance da parte delle istituzioni multilaterali non sia solo retorica, come invece appare da uno studio preliminare. Inoltre, attraverso l’analisi di un panel a tre dimensioni, la tesi monitora l’applicazione della selettività degli aiuti. Viene rigettata l’ipotesi di un aumento della selettività e si evidenziano margini per un miglioramento dell’efficacia allocativa degli aiuti. Le agenzie multilaterali devono cercare di distribuire gli aiuti con criteri diversi da quelli di natura geopolitica. / The thesis examines the allocation of multilateral aid flows with respect to two current issues of the development agenda: the selectivity of aid and the quality of governance. The dissertation brings together three strands of the relevant literature: firstly, the reference literature relating to aid effectiveness and aid allocation, which is then followed by the literature on good governance and, lastly, on the political economy of international organizations. We carry out an econometric study to understand whether international organizations care about the recipients’ performance on governance. With a GMM-Diff methodology using both internal and external instruments we show that the focus on governance by multilateral bodies is not only rhetoric, as it appears at first glance. Moreover, we explore how the selectivity of multilateral aid varies over time by employing a three-dimensional panel. Our analysis rejects the hypothesis of increasing selectivity and confirms that there is room to improve on the allocation of aid. Multilateral institutions need to strengthen their efforts to allocate aid on criteria other than political-strategic ones.

A tese aborda os novos regionalismos no âmbito da política externa de Angola, com ênfase em duas perspectivas estratégicas da inserção internacional do país. A primeira abordagem refere-se à política externa de Angola para o desenrolar das possibilidades integrativas regionais da África Subsaariana, nominalmente a Comunidade Econômica dos Estados da África Central (CEEAC) e a Comunidade de Desenvolvimento da África Austral (SADC, sigla em inglês para Southern African Development Community); a segunda acompanha o processo da política externa de Angola para o Brasil. As duas abordagens estão patentes no processo de desenvolvimento do conceito da concertação diplomática regional, suas práticas, ajudaram a entender aspectos da construção da Zona de Paz e Cooperação do Atlântico Sul (ZOPACAS) – alguns seus desenvolvimentos, metodologia que se reflete no contexto da diplomacia angolana na construção de um novo cenário, a Comissão do Golfo da Guiné (CGG). Nas duas estruturas regionais, as variáveis paz e segurança são fatores preponderantes. Na ZOPACAS, a ideia de segurança diz respeito à criação de uma Zona de Paz no Atlântico Sul; na CGG, a noção de segurança refere-se à garantia de interesses econômicos e políticos dos Estados-membros. Ela serve, inclusive, de auxílio à nova configuração da Comunidade Econômica dos Estados da África Central (CEEAC), evidenciando a produção petrolífera como um dos principais eixos da relação. No desenvolvimento da nossa pesquisa e do trabalho esforçamo-nos a mostrar relações diretas e indiretas entre a política interna e a política externa do país. Do ponto de vista teórico, nosso esforço foi no sentido de explicar os fatos políticos internacionais, a partir dos objetivos de Angola desde a independência aos novos marcos de regionalismos e aos cálculos estratégicos do governo para alcançar o interesse nacional. A análise do discurso diplomático angolano serviu para avaliar a inserção internacional do país, identificando a integração regional e a cooperação Sul-Sul como seus principais objetivos. / The thesis discusses the new regionalism in the context of Angola´s policy, focusing on two strategic perspectives of the country´s international insertion. The first approach refers to the foreign policy of Angola to the development of integrative possibilities of regional sub-Saharan Africa, namely the Economic Community of Central African States (ECCAS) and the African Development Community (SADC, the acronym for Southern African Development Community), the second follows the process of foreign policy of Angola to Brazil. The two approaches are evident in the process of developing the concep t of regional diplomatic agreement, their practices, helped us understand aspects of the construction of a Zone of Peace and Cooperation of the South Atlantic (ZPCSA) - some of its developments, a methodology that is reflected in the context of diplomacy Angola in the construction of a new scenario, the Gulf of Guinea Commission (CGG). In two regional structures, variables peace and security are important factors. In ZPCSA, the idea of security concerns the creation of a Zone of Peace in the South Atlantic in CGG, the concept of security refers to the guarantee of economic and political interests of the Member States. It serves, including aid to the new configuration of the Economic Community of Central African States (ECCAS), showing the oil production as a major axis of the relationship. In developing our research and work we strive to show direct and indirect relations between domestic politics and foreign policy. From a theoretical perspective, our effort was made to explain the international political events, from the goals of Angola since independence to the new frameworks for regionalism and strategic calculations of the government to achieve the national interest. The Angolan diplomatic discourse analysis was used to assess the country's international insertion, identifying regional integration and South-South cooperation as its main goals.