The impact on financial market liquidity of the markets in financial instruments directive (MiFID).

The Markets in Financial Instruments Directive (MiFID), which entered into force on 1 November 2007, implies the abolition of the concentration rule regarding equity transactions so far in force in France. This rule, which was applied to varying degrees across Europe, resulted in the vast majority of order flow being concentrated in regulated markets, and notably in Euronext Paris for shares listed on the French stock exchange. Over the coming years, order flow will become fragmented de facto as a result of being able to execute client orders on regulated markets as well as on multilateral trading facilities (MTFs), and by use of systematic internalisers (SIs), which act as counterparties for transactions in the same way as market makers on price-driven markets such as the London Stock Exchange (LSE) or Nasdaq. The competition between trading venues, which will be enhanced at the European level, has steadily been increasing since the 1970s. Since then, alternating series of regulations and technological progress have gradually weakened the monopolistic position of national regulated markets. The impact of this phenomenon has been a continuous fall in transaction costs, benefi ting investors and issuers of securities through a drop in the cost of capital. However, the fragmentation of order fl ow stemming from a proliferation of trading venues may raise concern about a reduction in market liquidity and a slowdown in the decline in transaction costs, which would run counter to the competitive effect between systems sought by the European regulatory authorities. Although the most conservative medium-term scenarios point to continued dominance by regulated markets, we estimate that in the case of France, a very signifi cant share of order fl ow may rapidly be executed on alternative trading systems. Here, we focus on the impact on “wholesale” transactions, i.e. transactions of at least EUR 50,000, which we attribute to institutional investors. In particular, we identify the portion of these trades currently executed outside the order book. According to our estimates, these transactions constitute roughly 10% of the traded volume on CAC 40 shares and that may be lost to the regulated market each year. This volume, which would more or less equally be distributed between SIs and MTFs operating crossing systems, only constitutes a fraction of the total volume of the wholesale market.

Actions infinit\'esimales dans la correspondance de Langlands locale p-adique

Let V be a two-dimensional absolutely irreducible p-adic Galois representation and let Pi be the p-adic Banach space representation associated to V via Colmez's p-adic Langlands correspondence. We establish a link between the infinitesimal action of GL_2(Q_p) on the locally analytic vectors of Pi, the differential equation associated to V via the theory of Fontaine and Berger, and the Sen polynomial of V. This answers a question of Harris and gives a new proof of a theorem of Colmez: Pi has nonzero locally algebraic vectors if and only if V is potentially semi-stable with distinct Hodge-Tate weights.Comment: Completely revised version, to appear in Math. Annale

Socio-Emotional Competencies and School Performance in Adolescence: What Role for School Adjustment?

There is growing evidence in the literature of positive relationships between socio-emotional competencies and school performance. Several hypotheses have been used to explain how these variables may be related to school performance. In this paper, we explored the role of various school adjustment variables in the relationship between interpersonal socio-emotional competencies and school grades, using a weighted network approach. This network approach allowed us to analyze the structure of interrelations between each variable, pointing to both central and mediatory school and socio-emotional variables within the network. Self-reported data from around 3,400 French vocational high school students were examined. This data included a set of interpersonal socio-emotional competencies (cognitive and affective empathy, socio-emotional behaviors and collective orientation), school adjustment measures (adaptation to the institution, school anxiety, self-regulation at school, and self-perceived competence at school) as well as grades in mathematics and French language. The results showed that self-regulation at school weighted the most strongly on the whole network, and was the most important mediatory pathway. More specifically, self-regulation mediated the relationships between interpersonal socio-emotional competencies and school grades

Evaluation de parametres dans le modele lineaire gaussien de la structure par termes des taux d'interet : application empirique des methodes d'induction a partir de donnees du marche francais des produits derives de taux d'interet

SIGLEAvailable at INIST (FR), Document Supply Service, under shelf-number : DO 2335 (8) / INIST-CNRS - Institut de l'Information Scientifique et TechniqueFRFranc

Chemosensitization by erythropoietin through inhibition of the NF-κB rescue pathway

Two cell lines that exemplify erythropoietin (EPO) receptor-positive tumors, human renal carcinoma cell lines RCC and the myelomonocytic leukemia cell line U937, were investigated for the apoptosis-modulatory potential of EPO. Cells cultured in the presence of EPO exhibited an elevated apoptotic response to cancer chemotherapeutic agents such as daunorubicin (Dauno) and vinblastine (VBL). Chemosensitization by EPO did not involve an increase in p53 activation, yet correlated with enhanced Bax/Bak-dependent mitochondrial membrane perturbation and caspase maturation. In vitro monotherapy with Dauno or VBL induced the degradation of IκBα, provoked the translocation of NF-κB p65/50 to the nucleus and stimulated the expression of an NF-κB-activatable reporter gene. All these signs of NF-κB activation were perturbed in the presence of EPO. Inhibition of JAK2, one of the receptor-proximal elements of EPO-mediated signal transduction, greatly diminished the EPO-mediated chemosensitization and NF-κB inhibition. EPO lost its death-facilitating effects in the presence of an NF-κB inhibitor, underscoring the cause-effect relationship between EPO-mediated chemosensitization and NF-κB inhibition. Altogether, these results suggest that, at least in a specific subset of tumors, EPO receptor agonists can prevent activation of the NF-κB pathway, thereby enhancing the propensity of EPO receptor-positive tumor cells to undergo apoptosis

In vivo-targeted gene delivery using antibody-based nonviral vector.

Item does not contain fulltextTissue-specific gene transfer remains one of the main challenges to deliver genes into designated and/or disseminated cells. We have previously shown successful gene transfer with a nonviral gene delivery system based on the simple chemical conjugation of plasmid DNA with antibody. However, this approach was hampered by low efficiency due to the poor translocation rate of DNA to the nucleus. To improve this approach, we have modified our vector by introducing noncovalent binding between the antibody and DNA, allowing the possibility to introduce different important molecules. The noncovalent association was achieved with neutravidin and biotinylated components: (1) biotinylated antibodies; (2) a biotinylated hemagglutinin fusogenic peptide of influenza virus to favor endosomal escape; and (3) biotinylated histone H1 to compact, protect, and associate DNA to the complex. We report here that this delivery system can be internalized by tumor cells targeted by a specific monoclonal antibody, permits the protection of the transfected DNA, and allows its subsequent transfer into the nucleus after escape from the endosomal compartment. We also demonstrate that, in vitro, gene transfer with this vector showed much higher reporter activity in cells (15 vs. 0.5%) and a stronger production of murine interleukin 2 as compared with our previous vector. In vivo, a single intravenous injection of the vector containing an antibody directed to the G250 renal cell carcinoma-associated antigen led to beta-galactosidase expression in engrafted tumor bearing G250 but not in G250-negative tumor or in other tissues. Altogether, these results indicate that our antibody-based vector is suitable to promote gene delivery in vitro and in vivo in tumor cells