Regulating High-Frequency Trading: The Case for Individual Criminal Liability

The popular imagination of securities trading is a chaotic, physical stock exchange—a busy floor with hurried traders yelling, “buy, buy, buy!” While this image is a Hollywood and media favorite, it is no longer accurate. In 2019, most securities trading is conducted electronically on digital markets. One type of trading strategy, high-frequency trading, utilizes algorithms, data centers, fiber optic cables, and supercomputers to obtain an edge in the market. High-frequency trading has leveraged advancements in technology to constitute over half of all trading volume in a given day. High-frequency trading, however, has come under scrutiny in recent years as it has increased market susceptibility to certain forms of criminal conduct. In 2017, the U.S. Court of Appeals for the Seventh Circuit upheld the first conviction of a high-frequency trader for spoofing, a type of trader misconduct that is made more susceptible by high-frequency trading. While scholars have debated whether high-frequency trading should be regulated more than other types of trading and if so, what the regulations might look like, no one has analyzed criminal law as a vehicle to regulate high-frequency trading. This Comment makes the case that individual criminal liability is an ideal tool to regulate misconduct in the high-frequency trading space. Two features of high-frequency trading make the strategy particularly challenging to regulate: 1) it is difficult to draw a line between legitimate and illegitimate behavior in high-frequency trading; and 2) it is difficult to pinpoint an exact definition of what high-frequency trading is. Criminal liability has several advantages over civil liability with respect to these challenges. First, the mens rea component and higher standard of proof required in criminal liability will ensure that high-frequency traders found criminally liable engaged in illegitimate behavior with a higher degree of certainty. Second, the threat of criminal prosecution will better serve the goal of deterring high-frequency trader misconduct. Within the context of criminal liability, individual criminal liability is preferable to corporate criminal liability because the former better furthers the goal of deterrence. The identity problem that corporate liability helps to solve—in some corporate contexts it is impossible to pinpoint culpability on any single individual—is not an issue in high-frequency trading; and individual criminal liability is socially more preferable as a matter of policy. Accordingly, the government should increase criminal enforcement of high-frequency traders to promote its goal of safeguarding market integrity

Response Surface Methodology: An Analytical Method for Locating Migrated Contaminant Sources

The use and storage of hazardous chemicals at U.S. military facilities often adversely affect the groundwater when contaminants infiltrate the subsurface as a result of leaks and accidental spills. These contaminants, if not located and remediated in a relatively short time, may move and settle unpredictably, essentially creating a source some distance from the original leak or spill. An example of this phenomenon is found with migrating dense nonaqueous phase liquid (DNAPL) contaminants. Although various methods for estimating the present day locations of these migrated contaminants are in use, accurately pinpointing the source of contaminants remains a difficult problem in current remediation technology. Response Surface Methodology (RSM) is a computer enhanced statistical technique for empirical model building and exploitation that supports a systematic approach to site characterization. The use of RSM techniques may result in better mathematical models of a site and may ultimately enhance a site\u27s conceptual model. This work demonstrates the use of RSM to pinpoint the statistically best locations of contaminant point sources that have migrated from their original location in several experiments, and outlines a process that has great potential for significantly reducing costs associated with site characterization and remediation

Promotion of dropwise condensation by silicones

Within this rather extensive field of study, transfer of heat through fluid films and heat transfer during the condensation process have been the subject of considerable thought and investigation both from a theoretical standpoint and with the aim of collecting data on specific systems to aid the design and construction of equipment in which heat transfer is involved…. The phenomenum of dropwise condensation has not become a common one in industrial practive for a number of reasons, namely, the difficulty in maintaining the activity of the promoter without frequent makeup because of impermanent attachment and volatility, the difficulty in finding substances which are extremely nonwettable by the condensing vapors in thin films and will form tenacious bonds with the tube surface, and the roughness of commercial heat exchange surfaces. The properties of silicone films plus their ease of application seem to point to them as one solution to the promoter phase of the problem. The sizable decrease in resistance to flow of heat (one tenth to one twentieth that of film) due to dropwise condensation, fully utilized by proper design of equipment, can effect considerable reductions in size and, hence, cost or equipment, and can accelerate the flow of heat in a given apparatus if this mode of condensation is maintained --Introduction, pages 1, 3

As implicações do consumo na preservação do ambiente

A sociedade pós-moderna é tendencialmente a sociedade do desperdício, em que coexistem a mais atroz miséria e a opulência mais ostensiva. A sociedade pós-moderna é marcada por profundas assimetrias sociais em que se contrapõem pungentes quadros de escassez a deprimentes situações de abundância, dominadas pelo supérfluo e pelo sumptuário. A sociedade pós-moderna aparta-se dos modelos de equilíbrio e dos quadros de racionalidade que deveriam constituir as coordenadas de um desenvolvimento económico e social sustentado. A concentração da riqueza em um escasso número amplia qual mancha ou nódoa a franja dos excluídos. Os níveis de consumo disparam em estratos determinados e comprimem-se nos mais desfavorecidos. O fenómeno é, porém, preocupante porque tais índices são dominados por estranhos factores de que as estratégias mercadológicas se socorrem no afã de se criarem necessidades artificiais e de se avolumar o desperdício. O consumo de produtos, em particular, tem sido dominado pela reprodução insaciável do número de produtos à disposição do público

Change From the Middle: A Grounded Theory Approach on Middle Manager-Initiated Organizational Change From a Southeast Asian Context

Prior studies on the strategic influencing done by middle managers emphasized on a unidirectional sensemaking and failed to explore how middle managers utilized discursive capabilities in engaging stakeholders in change projects. To forward this, we used the Leader-Member Exchange (LMX) theory as embedded within the power distant cultural norms of Philippine society. Using the LMX model as frame, we aimed to understand how middle managers position and navigate themselves to promote change upward in the organizational hierarchy. Respondents for this study were middle managers in small or mid- sized companies reporting to a business unit with subordinates working under them. Results showed middle managers utilized smooth interpersonal consultative relationships to strategically influence others, and paired this with the financial and output-focused language of their superiors. Communication, negotiation, and persuasion were considered essential leadership skills in working with peers and subordinates, while expectations of responsibility and autonomy helped initiate change. These findings open the discussion for leadership developmen

GÊNEROS DO DISCURSO, NARRATIVAS E AVALIAÇÃO NAS MUDANÇAS SOCIAIS: A ANÁLISE DE DISCURSO POSITIVA

Martin’s proposal (2004) of a Positive Discourse Analysis (PDA) is discussed in this article as a possible way of analyzing discourse from a systemic functional linguistics perspective. The narrative Amanhecer Esmeralda (Emerald Sunrise, my free translation) is analyzed from the genre and the appraisal perspective as a way of showing how narratives are a powerful tool in construing meaning and a possibility of using language to empower communities.Discute-se neste artigo a proposta de Martin (2004) de uma Análise de Discurso Positiva (ADP), uma modalidade de análise de discurso a partir da perspectiva sistêmico-funcional de linguagem. A narrativa Amanhecer Esmeralda (Ferréz, 2005a) é utilizada como modo de mostrar as possibilidades de análise propostas por Martin e como os gêneros do discurso, o sistema discursivo da avaliatividade e as narrativas são elementos poderosos de construção de sentidos e um modo de utilizar a linguagem e o discurso para empoderar comunidades

Resenha: Accessing Academic Discourse

Este texto tem por objetivo resenhar a coletânea Accessing Academic Discourse - Systemic Functional Linguistics and Legitimation Code Theory, organizada por James R. Martin, Karl Maton e Yaegan Doran, da editora Routledge, 315 páginas

Ensaio Sobre Os Nós Das Redes Logísticas

O objetivo deste ensaio é discutir, sob o prisma epistemológico e em alguns aspectos ontológicos, os nós das redes logísticas. Analisando-se a literatura técnica e a pratica relacionada a este tema nos últimos 70 anos percebe-se algumas mudanças de paradigmas na definição e na função destes nós. Nesta discussão são considerados três elementos indicativos de rupturas epistemológicas. Serão eles mudanças nos aspectos semióticos, nas relações causais e no contexto. Em termos semióticos, os pontos de término ou de início de um movimento de mercadorias e pessoas sempre foi objeto de estudo e de atenção dos acadêmicos e dos práticos da área de transportes e de logística. Diversas relações causais e modelos explicativos para entendimento e representação de operações logísticas tratam os nós das redes logísticas como componente essencial das cadeias de suprimentos e vem se alterando ao longo do tempo. Em termos de contexto duas são as grandes alterações que condicionam a logística e consequentemente os nós de suas redes. São elas: as diferentes eras econômicas e a alteração do objeto movimentado. Porto, aeroporto, terminal, centro logístico ou plataforma logística: Qual o termo mais adequado? Depende do contexto de sua utilização e do papel exercido pelos mesmos na rede logística, todos são pontos fixos das redes sócio técnica informacionais que garantem os fluxos locais e globais..104353