Regulated Exchanges
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Regulated Exchanges
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Author : Larry Harris
language : en
Publisher: Oxford University Press
Release Date : 2010-11-04
Regulated Exchanges written by Larry Harris and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-11-04 with Business & Economics categories.
Exchanges play an essential and central role in the world's economy. They epitomize transparency in the price-formation process, informing investors and disseminating vital information for the functioning of financial markets, and in so doing they represent an important source of capital for nascent and established companies alike. Even during the recent crisis, exchanges remained open and liquid in the face of extreme volatility-thus the trust investors place in regulated exchanges when confronted with uncertainty is beyond doubt. Since the inception of the World Federation of Exchanges in the 1960s, the operational and competitive landscape for organized exchanges has changed radically. Technology and globalization have allowed financial flows to move freely across borders, and burgeoning competition and lower regulatory barriers have spurred far-reaching transformations in the way securities are traded. Against this background, and on the occasion of the 50th anniversary of the World Federation of Exchanges, the WFE has partnered with Larry Harris and the Centre for European Policy Studies to produce a definitive volume of essays to take a look at the historic role exchanges have played in the global economy, highlighting pivotal innovations that shaped this role, and to lay out prospective ways in which exchanges will continue to shape the global economy in the future. Opening with key conceptual essays by leading academics, Regulated Exchanges examines the historical contribution of exchanges to the world's economic growth, exchanges' economic importance, and the regulatory characteristics of the space in which exchanges operate. The volume then presents essays on several defining milestones in the history of exchanges written by leading figures that took part in that very history, showing the interaction between the founding of exchanges, local cultures, and world financial markets. The book appropriately closes with a look forward, examining the competitive landscape and the exciting and promising future of regulated exchanges. Offering an unparalleled collection of perspectives from leading academics and practitioners involved in the history of exchanges, Regulated Exchanges sheds a brilliant and welcome light on how exchanges have influenced and fostered successful financial markets, and how they will do so for many years to come.
Conflicts Of Interest In Self Regulation
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Author : John W. Carson
language : en
Publisher: World Bank Publications
Release Date : 2003
Conflicts Of Interest In Self Regulation written by John W. Carson and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Stock companies categories.
The author examines the implications of demutualization of financial exchanges for their roles as self-regulatory organizations. Many regulators and exchanges believe that conflicts of interest increase when exchanges convert to for-profit businesses. Demutualization also changes the nature of an exchange's regulatory role as broker-dealers' ownership interests are reduced. These factors are leading to reduced regulatory roles for exchanges in many jurisdictions. The resulting changes have significant implications for regulation of financial markets, especially as exchanges are the only self-regulating organizations (SROs) in most countries. Major changes in the role of exchanges require a rethinking of the allocation of regulatory functions and the role of self-regulation, as well as stronger mechanisms to mitigate conflicts of interest. Carson looks at the views of both exchanges and regulators on these issues in Asian, European, and North American jurisdictions where major exchanges have converted to for-profit businesses. He finds that views on the conflicts of interest faced by demutualized exchanges vary widely. In addition, the tools and processes used by exchanges and regulators to manage conflicts also differ significantly across jurisdictions. The author concludes that new and greater conflicts result from demutualization and canvasses the regulatory responses in the jurisdictions examined.
The European Regulation Of Securities Exchanges E Book
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Author : GARGANTINI MATTEO
language : en
Publisher: G Giappichelli Editore
Release Date : 2021-05-28
The European Regulation Of Securities Exchanges E Book written by GARGANTINI MATTEO and has been published by G Giappichelli Editore this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-28 with Law categories.
Securities exchanges play a crucial role in the financial sector. They help issuers raise new capital and facilitate transactions among investors by providing liquidity. The book “The European Regulation of Securities Exchanges” addresses the EU regulatory framework on regulated markets from the point of view of their organisation as transactional platforms providing multiple services (listing, trading, data vending) to various user groups (such as issuers, institutional investors, algorithmic traders, and others). The book considers how technological developments and regulatory measures concerning each of these services and user groups affect all the others, sometimes delivering unexpected results. “The European Regulation of Securities Exchanges” is of interests to academics, regulators and practitioners. I mercati regolamentati di strumenti finanziari svolgono un ruolo fondamentale nel garantire liquidità agli investimenti e nel favorire la raccolta di capitali. La monografia “The European Regualtion of Securities Exchanges” affronta, con un’analisi svolta in lingua inglese, la disciplina europea dei mercati regolamentati dal punto di vista dell’economia delle piattaforme. Il volume esplora gli effetti delle diverse opzioni regolamentari sugli utenti (emittenti, investitori istituzionali, negoziatori ad alta frequenza, e altri) dei servizi prestati dai mercati regolamentati (quotazione, negoziazione e vendita dei dati di mercato), anche alla luce di alcuni recenti sviluppi tecnologici. La monografia è rivolta a studiosi, regolatori e operatori del settore.
The European Regulation Of Securities Exchanges Regulated Markets In An Evolving Technological And Legal Context
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Author : Matteo Gargantini
language : en
Publisher: G Giappichelli Editore
Release Date : 2021-01-01
The European Regulation Of Securities Exchanges Regulated Markets In An Evolving Technological And Legal Context written by Matteo Gargantini and has been published by G Giappichelli Editore this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-01-01 with Law categories.
Financial Markets Regulation
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Author : Alain Jeunemaître
language : en
Publisher: Springer
Release Date : 1997-10-13
Financial Markets Regulation written by Alain Jeunemaître and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-10-13 with Business & Economics categories.
What lies at the heart of financial regulation? Economic principles? Public interest motives? Bureaucratic procedures? Many academics have extensively written on financial regulation. Rarely, practitioners, and in particular European practitioners, have had their say, the opportunity to express their views on how financial regulation is and should be governed. The book attempts to fill that gap: heads of Securities Commissions, representatives of self-regulatory organizations and exchanges, lawyers, have debated on the different issues of regulation. They draw the lessons from their experience and their regulatory achievements.
Evolution Of The Exchange Industry
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Author : Manuela Geranio
language : en
Publisher: Springer
Release Date : 2016-04-08
Evolution Of The Exchange Industry written by Manuela Geranio and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-08 with Business & Economics categories.
This book describes the dramatic changes that have occurred in the exchange industry during the past two decades. The strategies adopted by major world exchanges during this period are explained and the roles of multilateral trading systems and over-the-counter (OTC) players are clearly described, highlighting their economics and their interconnections with traditional exchanges. Up-to-date, comprehensive comparisons are made of the performances of the main exchanges, and important governance issues are considered. In addition, threats and opportunities for major types of trading venue, deriving either from new regulatory approaches or from the surge in new markets, are presented and discussed with a view to forecasting future developments in the secondary market industry.The background to the book is the strong erosion in traditional profit drivers for exchanges produced by the progress in communications and trading technology. In many countries, regulation has reduced barriers to entry in the equity field, facilitating a surge in new players and a shift of liquidity toward alternative trading platforms and dark pools.
Chasing The Tape
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Author : Onnig H. Dombalagian
language : en
Publisher: MIT Press
Release Date : 2015-03-20
Chasing The Tape written by Onnig H. Dombalagian and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-03-20 with Business & Economics categories.
An examination of regulation and use of information in capital markets, offering comparisons across different jurisdictions, regulated entities, and financial instruments. Financial information is a both a public resource and a commodity that market participants produce and distribute in connection with other financial products and services. Legislators, regulators, and other policy makers must therefore balance the goal of making information transparent, accessible, and useful for the collective benefit of society against the need to maintain appropriate incentives for information originators and intermediaries. In Chasing the Tape, Onnig Dombalagian examines the policy objectives and regulatory tools that shape the information production chain in capital markets in the United States, the European Union, and other jurisdictions. His analysis offers a unique cross section of capital market infrastructure, spanning different countries, regulated entities, and financial instruments. Dombalagian uses four key categories of information—issuer information, market information, information used in credit analysis, and benchmarks—to survey the market forces and regulatory regimes that govern the flow of information in capital markets. He considers the similarities and differences in regulatory aims and strategies across categories, and discusses alternative approaches proposed or adopted by scholars and policy makers. Dombalagian argues that the long-term regulatory challenges raised by economic globalization and advanced information technology will require policy makers to decouple information policy in capital markets from increasingly arbitrary historical classifications and jurisdictional boundaries.
Competition Fragmentation And Transparency Providing The Regulatory Framework For Fair Efficient And Dynamic European Securities Markets Assessing The Isd Review
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Author : Mattias Levin
language : en
Publisher: Ceps
Release Date : 2003
Competition Fragmentation And Transparency Providing The Regulatory Framework For Fair Efficient And Dynamic European Securities Markets Assessing The Isd Review written by Mattias Levin and has been published by Ceps this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Securities categories.
Securities And Futures
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Author : United States. General Accounting Office
language : en
Publisher:
Release Date : 1986
Securities And Futures written by United States. General Accounting Office and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with Capital market categories.
Financial Markets And Exchanges Law
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Author : Michael C. Blair
language : en
Publisher:
Release Date : 2012
Financial Markets And Exchanges Law written by Michael C. Blair and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Financial services industry categories.