Conflicts of Interest in Self-regulation

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Author :
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4./5 ( download)

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Book Synopsis Conflicts of Interest in Self-regulation by : John W. Carson

Download or read book Conflicts of Interest in Self-regulation written by John W. Carson and published by World Bank Publications. This book was released on 2003 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Demutualization of Stock Exchanges

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Publisher :
ISBN 13 :
Total Pages : 388 pages
Book Rating : 4.:/5 (8 download)

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Book Synopsis Demutualization of Stock Exchanges by : Shamshad Akhtar

Download or read book Demutualization of Stock Exchanges written by Shamshad Akhtar and published by . This book was released on 2002 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: This examination of the demutualization of stock exchanges outlines the process by which a nonprofit, member-owned mutual organization is transformed into a for-profit shareholder corporation. The general problems this process brings about and how they might be solved are detailed. In particular, this book looks at how regulatory oversight needs to be transferred to a government regulator.

The Economics of Demutualization

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Publisher : Springer Science & Business Media
ISBN 13 : 3835093118
Total Pages : 123 pages
Book Rating : 4.8/5 (35 download)

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Book Synopsis The Economics of Demutualization by : Felix Treptow

Download or read book The Economics of Demutualization written by Felix Treptow and published by Springer Science & Business Media. This book was released on 2007-11-03 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: Felix Treptow examines the changing relationship between exchanges and issuers, analyses the micro- and macroeconomic drivers of the demutualization decision, and investigates its impact on market liquidity. He presents a detailed analysis of both the determinants as well as the consequences of the demutualization of securities exchanges.

Financial Exchanges

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Publisher : Routledge
ISBN 13 : 1136651497
Total Pages : 321 pages
Book Rating : 4.1/5 (366 download)

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Book Synopsis Financial Exchanges by : Francis A Lees

Download or read book Financial Exchanges written by Francis A Lees and published by Routledge. This book was released on 2012-04-23 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent global economic crisis has drawn a spotlight on the world of finance. Financial exchanges are changing, and this insightful, new book examines the manner and reasons for these changes. Financial Exchanges: A Comparative Approach offers an in-depth analysis of this sector. Surveying thirty different financial exchanges, including stock, derivative, commodity and offshore exchanges, this book examines the challenges they face and the ways in which they are adapting. The book includes a pertinent chapter on the dominance of derivatives, examining a number of derivative exchanges in detail. Taking in a host of international exchange powerhouses, including those in Hong Kong, Shanghai, London, New York and the Persian Gulf, this book will benefit students taking courses on financial markets and institutions, as well as professionals interested in international financial markets.

Electronic Exchanges

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Publisher : Elsevier
ISBN 13 : 008092140X
Total Pages : 353 pages
Book Rating : 4.0/5 (89 download)

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Book Synopsis Electronic Exchanges by : Michael Gorham

Download or read book Electronic Exchanges written by Michael Gorham and published by Elsevier. This book was released on 2009-07-08 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: Anyone reading the business section of a newspaper lately knows that the financial exchanges--stock, bonds, FX, commodities, and so forth--are undergoing tremendous transformations. Fund managers, market makers, traders, exchange professionals, marekt data providers and analyzers, investors--anyone involved with the financial exchanges needs to understand the major forces pushing this transformation in order to position themselves and their institutions to the best advantage. In this book, veteran exchange expert Michael Gorham joins his twenty-five years of experience with CME and CBOT to the technical expertise of Nidhi Singh of Goldman Sachs to write a book that tells the story of this dramatic transformation. They chronicle the shift: --from floors to screens --from private clubs to public companies, and --from local and national to global competition. They analyze each of these shifts, identify the drivers behind them and look forward to the implications arising out of them for exchange business in the future. They also explore several key trends: --an increase in product innovation --the integration of markets from all over the world onto a single screen, --the rise of the modular exchange --the outsourcing of various exchange functions, and --the difficulty of transcending geography for regulatory purposes. So join Gorham and Singh in learning the story of this fundamental transformation. As old ways of working are being destroyed, entirely new types of jobs are being created, and new ways of working with exchanges. This book will help you chart the way forward to financial success. Gorham is an exchange expert and Singh is an electronic trading expert, they combine their expertise to reveal the inner workings of the exchanges and where they will go in the future Only book to point to new skills needed and new ways of making money for users of exchange services

The London Stock Exchange

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Publisher : OUP Oxford
ISBN 13 : 0191529346
Total Pages : 696 pages
Book Rating : 4.1/5 (915 download)

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Book Synopsis The London Stock Exchange by : Ranald Michie

Download or read book The London Stock Exchange written by Ranald Michie and published by OUP Oxford. This book was released on 2001-04-26 with total page 696 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2001, the London Stock Exchange will be 200 years old, though its origins go back a century before that. This book traces the history of the London Stock Exchange from its beginnings around 1700 to the present day, chronicling the challenges and opportunities it has faced, avoided, or exploited over the years. Throughout, the history seeks to blend an understanding of the London Stock Exchange as an institution with that of the securities market of which it was - and is - such an important component. One cannot be examined satisfactorily without the other. Without a knowledge of both, for example, the causes of the 'Big Bang' of 1986 would forever remain a mystery. However, the history of the London Stock Exchange is not just worthy of study for what it reveals about the interaction between institution and market. Such was the importance of the London Stock Exchange that its rise to world dominance before 1914, its decline thereafter, and its renaissance from the mid-1980s, explain a great deal about Britain's own economic performance and the working of the international economy. For the first time a British economic institution of foremost importance is studied throughout its entire history, with regard to the roles played and the constraints under which it operated, and the results evaluated against the background of world economic progress.

Private Equity in China

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Publisher : John Wiley & Sons
ISBN 13 : 0470826541
Total Pages : 326 pages
Book Rating : 4.4/5 (78 download)

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Book Synopsis Private Equity in China by : Kwek Ping Yong

Download or read book Private Equity in China written by Kwek Ping Yong and published by John Wiley & Sons. This book was released on 2012-01-12 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: Learn valuable lessons from the newly successful private equity players in China and explore the challenges and opportunities offered in Chinese markets The first book to deal with private equity finance in China, Private Equity in China: Challenges and Opportunities provides much-needed guidance on an investment concept that has so far proved elusive in Asia. Focusing on the opportunities that the Chinese finance market offers to private equity firms, the book shows how these firms can strategically position themselves in order to maximize success in this new marketplace. Private Equity in China includes in-depth case studies illustrating both successful and failed ventures by private equity firms operating in China, outlining the challenges faced by private equity firms in setting up new funds. It contains a collection of valuable experience and insights about acquiring companies and turning them around essential for any firm currently operating in, or considering entering, the Chinese market. Discusses the challenges faced by private equity firms in China including setting up the initial fund, fund raising, deal sourcing, deal execution, and monitoring and exit strategies Provides key insights drawn from keen observations and knowledge of the more mature private equity market in Western countries, analyzing the way forward for the Chinese private equity industry Discusses the role of renminbi-denominated funds in the development of the private equity industry in China Breaking new ground in exploring and explaining the private equity market in China, the book offers incredible new insight into how equity companies can thrive in the Chinese marketplace.

The Origins and Development of Financial Markets and Institutions

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Author :
Publisher : Cambridge University Press
ISBN 13 : 1139477048
Total Pages : 497 pages
Book Rating : 4.1/5 (394 download)

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Book Synopsis The Origins and Development of Financial Markets and Institutions by : Jeremy Atack

Download or read book The Origins and Development of Financial Markets and Institutions written by Jeremy Atack and published by Cambridge University Press. This book was released on 2009-03-16 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: Collectively, mankind has never had it so good despite periodic economic crises of which the current sub-prime crisis is merely the latest example. Much of this success is attributable to the increasing efficiency of the world's financial institutions as finance has proved to be one of the most important causal factors in economic performance. In a series of insightful essays, financial and economic historians examine how financial innovations from the seventeenth century to the present have continually challenged established institutional arrangements, forcing change and adaptation by governments, financial intermediaries, and financial markets. Where these have been successful, wealth creation and growth have followed. When they failed, growth slowed and sometimes economic decline has followed. These essays illustrate the difficulties of co-ordinating financial innovations in order to sustain their benefits for the wider economy, a theme that will be of interest to policy makers as well as economic historians.

Stock Market Liquidity in Chile

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1475554656
Total Pages : 29 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Stock Market Liquidity in Chile by : Mr.Luis Brandao-Marques

Download or read book Stock Market Liquidity in Chile written by Mr.Luis Brandao-Marques and published by International Monetary Fund. This book was released on 2016-11-16 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chile has a large but relatively illiquid stock market. Global factors such as global risk appetite and monetary policy in advanced economies are key cyclical determinants of liquidity in Chilean equities. Evidence from a cross-section of emerging markets suggests strong protection of minority shareholders can help improve stock market liquitidity. Currently, illiquid in Chilean may have to pay 31⁄2 percent more as cost of equity. Corporate governance should be improved, namely through the adoption of a stewardship code.

Handbook of Research on Stock Market Globalization

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Publisher : Edward Elgar Publishing
ISBN 13 : 0857938185
Total Pages : 329 pages
Book Rating : 4.8/5 (579 download)

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Book Synopsis Handbook of Research on Stock Market Globalization by : Geoffrey Poitras

Download or read book Handbook of Research on Stock Market Globalization written by Geoffrey Poitras and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: The stock market globalization process has produced historic changes in the structure of stock markets, the effects of which are evident throughout the world. Despite these transformations, there are relatively few sources examining the connections between the globalization process currently underway and previous periods of stock market globalization. This seminal volume fills that gap. The chapters in the first section look to previous globalization periods through the lens of the corporate economy, valuing equities and managed funds. Further chapters address current issues such as the social closure of the exchange, demutualization and mergers and acquisitions as well as cross-listing and liquidity. The final chapters consider the regulatory challenges posed by stock market globalization. These include the pressures on regulators from rent-seeking stock market participants, the demise of exchange trading floors and Latin America's stock market. Timely, multi-disciplinary and practical, this informative Handbook will be an essential reference for students and scholars of economics, finance and accounting, finance professionals and security market regulators.

Running the World's Markets

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Publisher : Princeton University Press
ISBN 13 : 1400836972
Total Pages : 471 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Running the World's Markets by : Ruben Lee

Download or read book Running the World's Markets written by Ruben Lee and published by Princeton University Press. This book was released on 2010-12-28 with total page 471 pages. Available in PDF, EPUB and Kindle. Book excerpt: The efficiency, safety, and soundness of financial markets depend on the operation of core infrastructure--exchanges, central counter-parties, and central securities depositories. How these institutions are governed critically affects their performance. Yet, despite their importance, there is little certainty, still less a global consensus, about their governance. Running the World's Markets examines how markets are, and should be, run. Utilizing a wide variety of arguments and examples from throughout the world, Ruben Lee identifies and evaluates the similarities and differences between exchanges, central counter-parties, and central securities depositories. Drawing on knowledge and experience from various disciplines, including business, economics, finance, law, politics, and regulation, Lee employs a range of methodologies to tackle different goals. Conceptual analysis is used to examine theoretical issues, survey evidence to describe key aspects of how market infrastructure institutions are governed and regulated globally, and case studies to detail the particular situations and decisions at specific institutions. The combination of these approaches provides a unique and rich foundation for evaluating the complex issues raised. Lee analyzes efficient forms of governance, how regulatory powers should be allocated, and whether regulatory intervention in governance is desirable. He presents guidelines for identifying the optimal governance model for any market infrastructure institution within the context of its specific environment. Running the World's Markets provides a definitive and peerless reference for how to govern and regulate financial markets.

Evolution of the Exchange Industry

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Author :
Publisher : Springer
ISBN 13 : 3319210270
Total Pages : 137 pages
Book Rating : 4.3/5 (192 download)

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Book Synopsis Evolution of the Exchange Industry by : Manuela Geranio

Download or read book Evolution of the Exchange Industry written by Manuela Geranio and published by Springer. This book was released on 2016-04-08 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Dark Pools

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Author :
Publisher : Crown Currency
ISBN 13 : 0307887197
Total Pages : 386 pages
Book Rating : 4.3/5 (78 download)

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Book Synopsis Dark Pools by : Scott Patterson

Download or read book Dark Pools written by Scott Patterson and published by Crown Currency. This book was released on 2012-06-12 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: A news-breaking account of the global stock market's subterranean battles, Dark Pools portrays the rise of the "bots"--artificially intelligent systems that execute trades in milliseconds and use the cover of darkness to out-maneuver the humans who've created them. In the beginning was Josh Levine, an idealistic programming genius who dreamed of wresting control of the market from the big exchanges that, again and again, gave the giant institutions an advantage over the little guy. Levine created a computerized trading hub named Island where small traders swapped stocks, and over time his invention morphed into a global electronic stock market that sent trillions in capital through a vast jungle of fiber-optic cables. By then, the market that Levine had sought to fix had turned upside down, birthing secretive exchanges called dark pools and a new species of trading machines that could think, and that seemed, ominously, to be slipping the control of their human masters. Dark Pools is the fascinating story of how global markets have been hijacked by trading robots--many so self-directed that humans can't predict what they'll do next.

What is an Exchange?

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Author :
Publisher : OUP Oxford
ISBN 13 : 0191584126
Total Pages : 429 pages
Book Rating : 4.1/5 (915 download)

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Book Synopsis What is an Exchange? by : Ruben Lee

Download or read book What is an Exchange? written by Ruben Lee and published by OUP Oxford. This book was released on 1998-11-12 with total page 429 pages. Available in PDF, EPUB and Kindle. Book excerpt: New technology has revolutionized the nature and threatened the existence of traditional stock and futures exchanges. This book analyses how they have responded to developments in automation,

Domestic Regulation and Service Trade Liberalization

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Author :
Publisher : World Bank Publications
ISBN 13 : 0821383434
Total Pages : 246 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Domestic Regulation and Service Trade Liberalization by : Pierre Sauve

Download or read book Domestic Regulation and Service Trade Liberalization written by Pierre Sauve and published by World Bank Publications. This book was released on 2003-08-29 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: Trade in services, far more than trade in goods, is affected by a variety of domestic regulations, ranging from qualification and licensing requirements in professional services to pro-competitive regulation in telecommunications services. Experience shows that the quality of regulation strongly influences the consequences of trade liberalization. WTO members have agreed that a central task in the ongoing services negotiations will be to develop a set of rules to ensure that domestic regulations support rather than impede trade liberalization. Since these rules are bound to have a profound impact on the evolution of policy, particularly in developing countries, it is important that they be conducive to economically rational policy-making. This book addresses two central questions: What impact can international trade rules on services have on the exercise of domestic regulatory sovereignty? And how can services negotiations be harnessed to promote and consolidate domestic policy reform across highly diverse sectors? The book, with contributions from several of the world's leading experts in the field, explores a range of rule-making challenges arising at this policy interface, in areas such as transparency, standards and the adoption of a necessity test for services trade. Contributions also provide an in-depth look at these issues in the key areas of accountancy, energy, finance, health, telecommunications and transportation services.

Markets On Trial

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Author :
Publisher : Emerald Group Publishing
ISBN 13 : 0857242083
Total Pages : 405 pages
Book Rating : 4.8/5 (572 download)

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Book Synopsis Markets On Trial by : Michael Lounsbury

Download or read book Markets On Trial written by Michael Lounsbury and published by Emerald Group Publishing. This book was released on 2010-07-07 with total page 405 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the mid-20th century, organizational theorists have increasingly distanced themselves from the study of core societal power centers and important policy issues of the day. This title addresses the global financial crisis debates and struggles around how to organize economies and societies around the world.

Dark Pools, Internalization, and Equity Market Quality

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Author :
Publisher :
ISBN 13 : 9780938367581
Total Pages : pages
Book Rating : 4.3/5 (675 download)

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Book Synopsis Dark Pools, Internalization, and Equity Market Quality by : Rhodri Preece

Download or read book Dark Pools, Internalization, and Equity Market Quality written by Rhodri Preece and published by . This book was released on 2012-10 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: