Regulating Competition In Stock Markets

Author : Lawrence R. Klein,Viktoria Dalko,Michael H. Wang
Publisher : John Wiley & Sons
Page : 403 pages
File Size : 46,8 Mb
Release : 2012-04-25
Category : Business & Economics
ISBN : 9781118236864

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Regulating Competition in Stock Markets by Lawrence R. Klein,Viktoria Dalko,Michael H. Wang Pdf

A guide to curbing monopoly power in stock markets Engaging and informative, Regulating Competition in Stock Markets skillfully analyzes the impact of the recent global financial crisis on health and happiness, and uses this opportunity to put regulatory systems in perspective. Happiness is lost because of emotional and physical health deterioration resulting from the crisis. Therefore, the authors conclude that financial crisis prevention should be the focus of public policy. This book is the most comprehensive study so far on potential risks to the stock market, especially various forms of market manipulation that lead to mania and eventual crisis. Based on litigation cases from international stock markets, and borrowing multidisciplinary findings in the fields of finance, economics, accounting, media studies, criminology, legal studies, psychology, and medicine, this book is the first to provide thorough micro-level regulatory proposals rooted in financial reality. By focusing on securities trading, they apply antitrust measures to limiting monopolistic power that is used for the manipulation of investors' perception and monopolistic profit. These proposals are quantifiable, adjustable, inexpensive, and can be easily implemented by any securities regulating agency for real-time oversight and daily operations. The recommendations found here are intended to improve the fairness and transparency of the financial markets, thereby perfecting the market competition, protecting investors, stabilizing the market, and preventing crises Explores how avoiding crises can to contribute to a more scientific, health aware, and civilized economic and social development Written by a team of authors who have extensive experience in this dynamic field, including Nobel Laureate Lawrence R. Klein Since the founding of the first, organized stock exchange in Amsterdam 400 years ago, no systematic economic research results on stock markets have been implemented in stock market regulation around the world. Regulating Competition in Stock Markets aims to fill this void.

Author : Anonim
Publisher : Unknown
Page : 334 pages
File Size : 40,7 Mb
Release : 2012
Category : Competition
ISBN : 111920271X

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Regulating Competition in Stock Markets by Anonim Pdf

A guide to curbing monopoly power in stock markets Engaging and informative, Regulating Competition in Stock Markets skillfully analyzes the impact of the recent global financial crisis on health and happiness, and uses this opportunity to put regulatory systems in perspective. Happiness is lost because of emotional and physical health deterioration resulting from the crisis. Therefore, the authors conclude that financial crisis prevention should be the focus of public policy. This book is the most comprehensive study so far on potential risks to the stock market, especially various forms of m.

Author : Richard J. Hillman
Publisher : DIANE Publishing
Page : 52 pages
File Size : 40,6 Mb
Release : 2002-09
Category : Electronic
ISBN : 0756726581

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Securities Markets by Richard J. Hillman Pdf

As competition among markets has increased, so have some market participants' concerns about the inherent conflicts of interest that securities self-regulatory organizations (SRO) face in their dual roles as market operators & regulators. This report describes how the SEC, the NASD, & the NYSE have been addressing concerns about: the impact of increased competition, including demutualization, on the ability of SROs to effectively regulate members with which they compete, & possible regulator inefficiencies associated with broker-dealer membership in multiple SROs. Describes alternative approaches that some securities market participants have discusses as a means of addressing concerns about the current self-regulatory structure.

Author : Barbara Gabor
Publisher : Edward Elgar Pub
Page : 331 pages
File Size : 54,6 Mb
Release : 2013
Category : Law
ISBN : 1781003378

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Regulatory Competition in the Internal Market by Barbara Gabor Pdf

'Barbara Gabor's masterful overview of regulatory competition issues as they relate to the European Union is a must read; political scientists, economists, and lawyers will find value in this comprehensive and thoughtful work by an able young scholar.' - Daniel Rubinfeld, University of California, Berkeley, US

Author : Robert Alan Schwartz
Publisher : Irwin Professional Publishing
Page : 544 pages
File Size : 46,8 Mb
Release : 1995
Category : Business & Economics
ISBN : UCSD:31822018940247

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Global Equity Markets by Robert Alan Schwartz Pdf

The global equity market structure faces constant change and development. This timely resource is for financial professionals who want to understand the full scope of these changes, as well as the range of challenges they pose. In this book, noted regulators, scholars, and other professionals assess the current state of major and emerging global securities markets and the forces that move them.

Author : Anonim
Publisher : Unknown
Page : 450 pages
File Size : 52,6 Mb
Release : 1992
Category : Investments
ISBN : UVA:X002181825

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International Regulatory Competition and the Securities Laws by Anonim Pdf

Author : Reto Francioni,Robert A. Schwartz
Publisher : Springer
Page : 612 pages
File Size : 54,9 Mb
Release : 2017-01-17
Category : Business & Economics
ISBN : 9783319458489

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Equity Markets in Transition by Reto Francioni,Robert A. Schwartz Pdf

This book underscores the complexity of the equity markets, the challenges they face, and the fact that they are still a work in process. Three interacting forces drive market change: competition, technology change, and regulatory change. The markets have one major objective in particular to achieve: the delivery of accurate price discovery for both traders and the broader market. Are we getting it? Are competition, technology, and regulation acting together to improve market quality, or are they adding to the complexity of the markets and making accurate price discovery harder to achieve? The difficulty of addressing these issues and reaching a consensus regarding public policy is reflected in the diverse opinions expressed in this book. From an institutional perspective, the volume’s contributors highlight the interconnectedness of all aspects of the internal and external environment within which exchange organizations act. Equity Markets in Transition underscores how technological evolution and recent regulatory changes have influenced the business, and how these developments have opened new possibilities for exchange organizations and for equity markets as a whole, including such issues as the impact of equity markets on job creation. The book combines both a theoretical and a practical approach. Part I presents a theoretical overview of the international equity market business, including an overall description of the value chain of stock trading that includes deep dives on every decisive step. Part II contains contributions from various business specialists who have specific practical and academic knowledge of the different steps. Equity Markets in Transition represents a unique combination of theoretical and practical analysis that offers first-hand insights on all relevant interactions and interrelations among the various parts of the exchange business, with an emphasis on facilitating analysis of the status quo and of emerging trends regarding business models, regulation, and the development of the competitor, customer and investor sides.

Author : Jean-Baptiste Zufferey,Margaret Tschanz-Norton
Publisher : Springer
Page : 360 pages
File Size : 54,8 Mb
Release : 1997-07-23
Category : Law
ISBN : UOM:35112202263259

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Regulation of Trading Systems on Financial Markets by Jean-Baptiste Zufferey,Margaret Tschanz-Norton Pdf

Profound changes in the financial markets have caused many lawmakers to modernise their legislation. This work provides a fundamental analysis of the questions raised by the laws ruling trading systems. In doing so, it defines such terms as: stock exchange analogous system protection of investors protection of the market function It also offers answers to questions such as: What trading rules do the financial intermediaries (banks) have to observe? What objectives should be pursued by lawmakers? What role is to be left to competition? What should be left to self-regulation? This work takes both a critical and comparative approach, looking in particular at Anglo-Saxon, Continental, and European legislation. it provides a comparative analysis of each subject covered, including the advantages and disadvantages that exist in the diverse legal solutions envisaged, As well as the current state of the various controversies in the existing doctrine.

Author : Eilís Ferran,Charles Albert Eric Goodhart
Publisher : Hart Publishing
Page : 357 pages
File Size : 43,7 Mb
Release : 2001-09-11
Category : Law
ISBN : 9781841132792

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Regulating Financial Services and Markets in the 21st Century by Eilís Ferran,Charles Albert Eric Goodhart Pdf

The essays in this work offer a high-level examination of the most important issues facing financial services regulation,and the far-reaching effects of the Financial Services and Markets Act 2000 on the UK financial sector in the context of rapid global change. Taking an interdisciplinary approach the book includes contributions by many distinguished academic authorities on the law and economics of regulation, and also some of the most influential practitioners, regulators and policymakers. As such it provides an authoritative analysis of the underlying issues affecting the broad development of financial services regulation: the objectives of regulation, the responsibilities of the regulated community, the accountability of regulators, the regulation of electronic financial markets and the impact of stock market mergers, regional regulation within Europe, and the development of global financial regulation.

Author : Sebastian Eyre,Michael G. Pollitt
Publisher : Unknown
Page : 0 pages
File Size : 48,8 Mb
Release : 2016
Category : Competition
ISBN : 1783479779

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Competition and Regulation in Electricity Markets by Sebastian Eyre,Michael G. Pollitt Pdf

Featuring an original introduction by the editors, these carefully-selected essays explore the main issues surrounding competition and regulation in electricity markets. The industry is experiencing irresistible forces of change, driven by energy policy objectives; a reassessment of market regulation in the face of high-energy prices; and the response to consumer pressure to agree on what constitutes a fair price for energy. This volume identifies the key articles that underpin the debate across the industries supply chain (generation, supply and networks) from a regulatory perspective (including market power and incentive regulation). The collection then considers the overall impact of liberalisation and future developments.

Author : United States. Securities and Exchange Commission. Division of Market Regulation
Publisher : Unknown
Page : 462 pages
File Size : 48,8 Mb
Release : 1994
Category : Securities
ISBN : HARVARD:32044066193301

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Market 2000 by United States. Securities and Exchange Commission. Division of Market Regulation Pdf

Author : Deniz Ozenbas
Publisher : Springer Nature
Page : 111 pages
File Size : 52,9 Mb
Release : 2022
Category : Business enterprises
ISBN : 9783030748173

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Liquidity, Markets and Trading in Action by Deniz Ozenbas Pdf

This open access book addresses four standard business school subjects: microeconomics, macroeconomics, finance and information systems as they relate to trading, liquidity, and market structure. It provides a detailed examination of the impact of trading costs and other impediments of trading that the authors call rictions It also presents an interactive simulation model of equity market trading, TraderEx, that enables students to implement trading decisions in different market scenarios and structures. Addressing these topics shines a bright light on how a real-world financial market operates, and the simulation provides students with an experiential learning opportunity that is informative and fun. Each of the chapters is designed so that it can be used as a stand-alone module in an existing economics, finance, or information science course. Instructor resources such as discussion questions, Powerpoint slides and TraderEx exercises are available online.

Author : Jan Krämer
Publisher : Centre on Regulation in Europe (CERRE)
Page : 104 pages
File Size : 45,9 Mb
Release : 2020-11-18
Category : Law
ISBN : 8210379456XXX

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Digital markets and online platforms: new perspectives on regulation and competition law by Jan Krämer Pdf

Across the world, regulators and policy makers are grappling with how to establish a competitive, safe and fair online environment that also safeguards users’ fundamental rights as citizens. Ahead of the European Commission’s Digital Markets Act (DMA), this book “Digital markets and online platforms: new perspectives on regulation and competition law“, presents CERRE’s latest contribution to the debate with concrete policy recommendations. Together, the policy recommendations in this book present a roadmap that should be pursued for EU policy makers to safeguard competition and innovation in digital platform markets. They can be organised into three key areas for action: (i) More effective enforcement, (ii) increased transparency and switching easiness, and (iii) providing access to key innovation capabilities. “The need to safeguard fair and vibrant competition, which is also seen as an important driving factor for innovation, is nothing new for policy makers. However, the characteristics and complexities of digital markets have challenged some of the traditional approaches.” – Jan Krämer, editor of the book and CERRE Academic Co-Director The book’s recommendations highlight that platform transparency and associated data collection by authorities, as well as data sharing by platforms (initiated through consumers or authorities), are the two most important overarching policy measures for platform markets in the near future. They facilitate enforcement, consumer choice, and innovation capabilities in the digital economy. The contents of this book were presented and debated during a CERRE live debate with guest speakers Anne Yvrande-Billon (Arcep’s Director of Economic, Market and Digital Affairs), MEP Stéphanie Yon-Courtin (Vice-President of the European Parliament’s Committee on Economic and Monetary Affairs) and Javier Espinoza (Financial Times’ EU Correspondent covering competition and digital policy).

Author : Barbara Gabor
Publisher : Edward Elgar Publishing
Page : 349 pages
File Size : 46,6 Mb
Release : 2013-01-01
Category : Law
ISBN : 9781781003381

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Regulatory Competition in the Internal Market by Barbara Gabor Pdf

"Regulatory competition within Europe and internationally, operates in several fields with different outcomes. This book offers a comparative legal and economic analysis of corporate, securities and competition law, exploring the reasons behind such differences. The books conceptual framework covers the most relevant drivers of competition, including legal actors incentives, channels of competition and governance design. It shows how the different drivers and institutional designs are shaping competitive interactions, drawing relevant conclusions for both general and field specific regulatory policy. Providing a comparative analysis of regulatory competition in three legal fields, this book will be a valuable resource for researchers and academics in law, economics and political science, as well as policymakers legislator, regulator, judiciary at both national and European levels."--Publisher

Author : Ms.Cecilia Caglio,Mr.Andrea Pescatori
Publisher : International Monetary Fund
Page : 31 pages
File Size : 55,8 Mb
Release : 2013-02-01
Category : Business & Economics
ISBN : 9781475520002

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Competition among Exchanges and Enforcement Policy by Ms.Cecilia Caglio,Mr.Andrea Pescatori Pdf

In this paper, we explore how competition among stock exchanges, operated as self-regulatory organizations (SROs), affects the design of their members' surveillance. We develop a model where two for-profit SROs compete for trading volume, while brokers execute transactions on behalf of the investors and may misreport the true cash flow. The SROs can deter a fraud by announcing an investigation and imposing a monetary penalty.The success of the investigation depends upon both the amount of resources devoted to monitoring and the efficiency of monitoring technologies. We show that when contracts are incomplete and investors do not have perfect information about the monitoring efficiency, competition among exchanges induces a race to the bottom in enforcement policy and a reduction in total welfare, compared to the case of a monopolist SRO.