European ETF Trading Behemoth Begins Trading Bitcoin and Ethereum ETN

Flow Traders NV, Europe’s largest exchange-traded funds (ETF) trader has begun buying and selling Bitcoin and Ethereum exchange-traded notes (ETN).

Puts roll in L Brands Inc. In Trading Options at Expiration:

About OPTION

Journal of Financial Economics 3 () A) North-Holland Publishing Company OPTION PRICING WHEN UNDERLYING STOCK RETURNS ARE DISCONTINUOUS* Robert C. MERTON Massachusetts Institute of Technology, Cambridge, Mass. , U.S.A. Received May , revised version received July The validity of the classic Black-Scholes option .

For one thing, it is yet another investment vehicle that is right up the alley of institutional investors. Many analysts and commentators have identified the entry of institutional money into the cryptocurrency space as the next milestone in the growth of the industry. Investment products like futures, ETNs, and ETFs provide a much more viable option for these investors than the usual cryptocurrency trading market.

The market participants are much more professional than people think. Institutional investors are interested — we know they are because we get requests. As a high-frequency trader HFT , the company plans to hedge each trade as quickly as possible regardless of the direction of the Bitcoin and Ethereum price movements.

All of these, in theory, should lower slippage while increasing liquidity. According to Dijkstra, the approach holds immense benefits for the company. The fact that the Mazuries could not become members of the tribe, and therefore could not participate in the tribal government, does not alter our conclusion.

Mazurie is a landmark case. Indeed, a Subcommittee of the House Committee on the Judiciary proposed that this be done. But the Department of the Interior recommended against doing so.

Note that the Montana Court's example of 18 U. Confederated Tribes and Bands of the Yakima Indian Nation , [15] which was decided as an inherent authority case, is generally noted for its discussion of Montana Exceptions 1 and 2.

However, Brendale is also important for its acknowledgment of situations in which Congress has delegated authority to tribes. Justice White, who wrote the plurality opinion, commented that Brendale involved A no contention. The first citation is to the definition of Indian Country, 18 U. Justice White cited two parts of the Clean Water Act in Brendale as examples of congressional authorization to tribes.

Section does not expressly grant any power or approve any particular tribe's ordinance. Instead it sets up a process under which the EPA Administrator can approve tribal enactments that, upon approval, become enforceable against members and nonmembers alike.

The State of Montana used EPA's requirement that a tribe show its inherent authority as an opening to redetermine the scope of inherent authority. The major case on delegated authority with respect to air shed protection is Arizona Public Service Co. The Clean Air Act amendments refer to tribal jurisdiction in several places. Despite the delegations of authority in the amendments to the Clean Water Act and the Clean Air Act, Congress has not always delegated environmental authority to tribes.

While no court has adopted the A gold standard espoused by Judge Ginsberg to uphold delegations of authority to tribes, they may be reluctant to broadly construe statutes in favor of such delegations.

Such is the case in Backcountry Against Dumps v. However, EPA approved the tribal program. The court of appeals reversed, stating A [t]his is not what the statute says. The majority in Arizona Public Service Co. The question discussed in Arizona Public Service Co.

This ordinance is a form of zoning for cultural resource protection, as the buffer zone was enacted to protect the sacred, spiritual, and visual integrity of traditional tribal dance sites and the trail connecting them. Having exhausted tribal court remedies, [33] Bugenig filed suit in federal district court seeking declaratory judgment that the tribe lacks regulatory jurisdiction over her land and that the tribal court lacks subject matter jurisdiction over it as well.

The existing governing documents of the Hoopa Valley Tribe and the governing body established and elected thereunder, as heretofore recognized by the Secretary, are hereby ratified and confirmed.

It found no authority supporting Bugenig's contention that the phrase A ratified and confirmed was ambiguous:. The Court concludes that the plain meaning of A ratified and confirmed is to give every clause in the document being ratified the full force and effect of a congressional statute.

Nothing in the legislative history of the Act evinces a clearly expressed legislative intention to the contrary. Any alternative formulation must, on its face, represent a A pellucid delegation of the claimed authority, the panel held. Oral argument on the en banc rehearing has been heard, and a decision is pending. Environmental regulatory legislation adopted by Congress since about typically calls for preparation of implementation plans under state or other nonfederal law and submission of those plans to EPA for approval.

As noted above, a tribal implementation plan allows tribal enforcement and a reduced EPA role. As construed by EPA, during the period before recognition of the tribe as a State for purposes of implementation of that environmental regulatory program, this regulatory pattern makes EPA the environmental regulator on A Indian lands.

Similarly, under the Clean Water Act, the regulations recognize that in many cases states will A lack authority to regulate activities on Indian lands and that A EPA will administer the program on Indian lands if a State or Indian tribe does not seek or have authority to regulate activities on Indian lands.

We discuss a few of these cases below. This controversy has led to litigation between EPA and several States. The township is also subject to the requirements of Michigan environmental law. EPA held that because the discharges for these facilities are located within the boundaries of the reservation, EPA retains authority and responsibility to issue NPDES permits because Nebraska has not been authorized to issue such permits within the reservation, and the Omaha Tribe has not applied for or received authority to issue NPDES permits within its reservation.

The court concluded that EPA acted reasonably in asserting jurisdiction over the disputed lands under regulations providing for nonsubstantial UIC program revisions; that EPA could find that federal Indian Country status of lands was disputed despite prior state adjudications to the contrary; and that one of the land parcels at issue qualified as Indian Country.

Accordingly, direct federal implementation was sustained. States generally have very broad civil and criminal authority over nontribal members within Indian Country. As the Cohen treatise says:.

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Motortrend - Motor Trend Editors writer September 15,