透明性と分裂:変動下の金融市場規制<br>Transparency and Fragmentation : Financial Market Regulation in a Dynamic Environment

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透明性と分裂:変動下の金融市場規制
Transparency and Fragmentation : Financial Market Regulation in a Dynamic Environment

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  • 製本 Hardcover:ハードカバー版/ページ数 272 p.
  • 言語 ENG
  • 商品コード 9780333986349
  • DDC分類 332.64241

基本説明

A YBP Library Services Bestselling Professional Titles, 1st quarter 2003. About the effects of increased transparency on financial markets.

Full Description


This is the first major treatment of the effects of increased transparency on financial markets: an important and highly controversial issue for both traders and regulators. Focussing on three main themes - market transparency, the consolidation-fragmentation of trading systems, and the scope of regulation (i.e. which markets, and which traders within those markets, should be subject to regulation), the book highlights the importance of these issues to all markets throughout the world. The book draws on research from eight UK based investment exchanges, Deutsche Borse in Frankfurt and documentary evidence from the US markets and their regulators enabling the identification and documentation of the current situation and consideration of what fresh regulatory approaches are required for this new and fast evolving situation.

Table of Contents

        List of Figures and Tables                 x
Foreword xi
Michael Foot
Acknowledgements xiii
List of Abbreviations xiv
Executive Summary and Policy Implications 1 (4)
Fragmentation 1 (1)
Best execution 2 (1)
Market access 2 (1)
Manipulation 2 (1)
Transparency 3 (1)
The future 3 (2)
Introduction and Overview 5 (28)
Introduction and scope of UK market 5 (3)
regulation
Fragmentation, convergence and divergence 8 (4)
Regulatory options in diffuse markets 12 (9)
Regulatory issues in fragmented markets 21 (4)
Transparency 25 (2)
OTC markets 27 (6)
The Recognised Investment Exchanges 33 (18)
Critical features of orderly markets 34 (2)
RIE structures 36 (1)
ATSs 36 (1)
Summary and analysis of RIE results 37 (9)
Conclusions for UK RIEs 46 (5)
Fragmentation and Consolidation 51 (50)
Introduction 51 (1)
Securities market structure 52 (9)
Fragmentation 61 (3)
Forces for the consolidation of markets 64 (10)
Forces against market consolidation 74 (5)
Effects of fragmentation 79 (22)
Evidence on Trading Mechanisms 101 (40)
Owain ap Gwilym
Trading mechanisms 102 (14)
Spreads 116 (12)
Cross-listing 128 (13)
Policy Responses to Fragmentation 141 (38)
Recapitulation 141 (4)
Policy responses to fragmentation 145 (21)
Conclusions 166 (13)
Theory and Results on Transparency 179 (28)
Introduction 179 (1)
Market microstructure and natural 180 (2)
transparency
Theoretical models 182 (5)
Empirical evidence from the London Stock 187 (11)
Exchange
Empirical evidence from non-UK equity 198 (4)
markets
Experimental evidence 202 (2)
Evidence from non-equity markets 204 (3)
The Regulation of Transparency 207 (33)
The policy dimensions of transparency 209 (2)
Alleged benefits of increased transparency 211 (3)
Alleged costs of increased transparency 214 (4)
Access and transparency 218 (5)
The interaction between OTC markets and 223 (2)
exchanges
Cost-benefit analysis of transparency 225 (2)
Empirical evidence -- demonstrable harm? 227 (1)
Summarising the arguments 228 (2)
Policy formulation 230 (10)
Over the Counter (OTC) Markets 240 (14)
Background on OTC markets 240 (2)
The size of OTC markets 242 (1)
The interaction between exchanges and OTC 242 (1)
markets
Consequences of OTC markets and exchanges 243 (2)
forming a single market
OTC markets and trade reporting 245 (2)
OTC markets and regulation 247 (3)
Policies on trade reporting and transparency 250 (4)
A New Regulatory Framework 254 (8)
Investor protection 254 (1)
Barriers to entry 255 (1)
Implementing transparency 256 (2)
Regulation of OTC trading 258 (1)
Summary of the regime 259 (3)
The Evolving Regulation of Financial Networks 262 (17)
James J. Angel
Introduction 262 (1)
Trends in the financial markets 263 (5)
Why do we have stock exchanges in the first 268 (3)
place? Stock markets as financial networks
Implications for the evolution of financial 271 (6)
regulation
Summary 277 (2)
References 279 (14)
Index 293