Investor choice in global securities markets
This paper, which forms part of the first phase of the New Special Study of the Securities Markets Project, explores how globalization has affected the operation of securities markets and the challenges this poses for their regulation. In Part I, we discuss how three secular trends – liberalization,...
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| Format: | Journal article |
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European Corporate Governance Institute
2017
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| _version_ | 1826263747863248896 |
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| author | Armour, J Bengtzen, M Enriques, L |
| author_facet | Armour, J Bengtzen, M Enriques, L |
| author_sort | Armour, J |
| collection | OXFORD |
| description | This paper, which forms part of the first phase of the New Special Study of the Securities Markets Project, explores how globalization has affected the operation of securities markets and the challenges this poses for their regulation. In Part I, we discuss how three secular trends – liberalization, institutionalization, and technologization – have contributed to unprecedented levels of cross-border activity in securities markets in recent decades and offer a framework for understanding cross-border issues in securities regulation policymaking. Against this background, we review the state of international regulatory cooperation and offer some conjectures as to its likely future trajectory. In Part II, we analyze regulatory aspects of cross-border equity investment in four areas: capital raising (primary markets), trading (secondary markets), intermediaries, and supervision and enforcement. In so doing, we highlight, by way of contrast, some areas where other countries have taken a notably different regulatory approach from the US. We conclude by identifying issues where further research may usefully inform the future design of US securities regulation. |
| first_indexed | 2024-03-06T19:56:45Z |
| format | Journal article |
| id | oxford-uuid:25df157b-4428-46bf-a55a-1ce6986b00ea |
| institution | University of Oxford |
| last_indexed | 2024-03-06T19:56:45Z |
| publishDate | 2017 |
| publisher | European Corporate Governance Institute |
| record_format | dspace |
| spelling | oxford-uuid:25df157b-4428-46bf-a55a-1ce6986b00ea2022-03-26T11:57:58ZInvestor choice in global securities marketsJournal articlehttp://purl.org/coar/resource_type/c_dcae04bcuuid:25df157b-4428-46bf-a55a-1ce6986b00eaSymplectic Elements at OxfordEuropean Corporate Governance Institute2017Armour, JBengtzen, MEnriques, LThis paper, which forms part of the first phase of the New Special Study of the Securities Markets Project, explores how globalization has affected the operation of securities markets and the challenges this poses for their regulation. In Part I, we discuss how three secular trends – liberalization, institutionalization, and technologization – have contributed to unprecedented levels of cross-border activity in securities markets in recent decades and offer a framework for understanding cross-border issues in securities regulation policymaking. Against this background, we review the state of international regulatory cooperation and offer some conjectures as to its likely future trajectory. In Part II, we analyze regulatory aspects of cross-border equity investment in four areas: capital raising (primary markets), trading (secondary markets), intermediaries, and supervision and enforcement. In so doing, we highlight, by way of contrast, some areas where other countries have taken a notably different regulatory approach from the US. We conclude by identifying issues where further research may usefully inform the future design of US securities regulation. |
| spellingShingle | Armour, J Bengtzen, M Enriques, L Investor choice in global securities markets |
| title | Investor choice in global securities markets |
| title_full | Investor choice in global securities markets |
| title_fullStr | Investor choice in global securities markets |
| title_full_unstemmed | Investor choice in global securities markets |
| title_short | Investor choice in global securities markets |
| title_sort | investor choice in global securities markets |
| work_keys_str_mv | AT armourj investorchoiceinglobalsecuritiesmarkets AT bengtzenm investorchoiceinglobalsecuritiesmarkets AT enriquesl investorchoiceinglobalsecuritiesmarkets |