EU membership of the WTO: international trade disputes and judicial protection of individuals by EU Courts

The European Union (EU) is embedded in a pluralistic legal context because of the EU and its Member States’ treaty memberships and domestic laws. Where EU conduct has implications for both the EU’s international trade relations and the legal position of individual traders, it possibly affects EU and its Member States’ obligations under the law of the World Trade Organization (WTO law) as well as the Union’s own multi-layered constitutional legal order. The present paper analyses the way in which the European Court of Justice (ECJ) accommodates WTO and EU law in the context of international trade disputes triggered by the EU. Given the ECJ’s denial of direct effect of WTO law in principle, the paper focuses on the protection of rights and remedies conferred by EU law. It assesses the implications of the WTO Dispute Settlement Understanding (DSU) – which tolerates the acceptance of retaliatory measures constraining traders’ activities in sectors different from those subject to the original trade dispute (Bananas and Hormones cases) – for the protection of ‘retaliation victims’. The paper concludes that governmental discretion conferred by WTO law has not affected the applicability of EU constitutional law but possibly shapes the actual scope of EU rights and remedies where such discretion is exercised in the EU’s general interest.

Typification of four North American club-chollas: the names of four Engelmannian species from Mexico and Southwestern United States

The names Opuntia bulbispina, O. clavata, O. emoryi and O. grahamii, originally proposed by George Engelmann between 1848 and 1856, are reviewed and typified after new findings of previously unknown voucher specimens. Original materials collected by some of the collaborators employed by Engelmann during the Mexican Boundary Survey were discovered in a loan from the Torrey Herbarium at the New York Botanical Garden (NY). Many of the materials include fragments of stems and fruits, and others include only sectioned flowers and some seeds. Particularly good descriptions of the species here concerned were published in Engelmann’s “Synopsis of the Cactaceae” in 1857, and exceptional illustrations were produced by Paulus Roetter and printed in “Cactaceae of the Boundary” in 1859. The problems surrounding some previous typifications of these names range from typification of joint lectotypes to illegitimate typifications of illustrations when original material was known to exist. The materials selected for typification were collected by the Mexican Boundary Survey and are lodged at the herbaria of the Missouri Botanical Garden (MO) and the New York Botanical Garden (NY); some are illustrations published by Engelmann.

American option valuation: implied calibration of GARCH pricing models

This study analyzes the issue of American option valuation when the underlying exhibits a GARCH-type volatility process. We propose the usage of Rubinstein's Edgeworth binomial tree (EBT) in contrast to simulation-based methods being considered in previous studies. The EBT-based valuation approach makes an implied calibration of the pricing model feasible. By empirically analyzing the pricing performance of American index and equity options, we illustrate the superiority of the proposed approach.