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Creating Securities Markets in Developing Countries: A New Approach for the Age of Automated Trading

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  • Benn Steil

Abstract

The past decade has been one of enormous change in the securities trading industry. Automation of trading systems, led by the continental European exchanges and US ‘electronic communications networks’ (ECNs), has resulted in significant declines in trading costs, massive increases in turnover, internationalization of trading and settlement system operations, and major reforms in exchange governance. Yet the policy advice given to developing country governments looking to create or expand securitized finance in their markets has been largely unaffected by these developments. This is unfortunate, as developing countries now have the opportunity to leapfrog the evolving infrastructure of the mature markets and to define the global efficient frontier in trading technology, exchange governance, investor access and market structure regulation. This paper analyses the technological and economic forces driving change in the securities trading industry, and examines the implications for developing markets.

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  • Benn Steil, 2001. "Creating Securities Markets in Developing Countries: A New Approach for the Age of Automated Trading," International Finance, Wiley Blackwell, vol. 4(2), pages 257-278.
    • Handle: RePEc:bla:intfin:v:4:y:2001:i:2:p:257-278
    DOI: 10.1111/1468-2362.00073
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    Cited by:

    1. Stijn Claessens & Daniela Kingebiel & Sergio L. Schmukler, 2002. "Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres," WIDER Working Paper Series DP2002-94, World Institute for Development Economic Research (UNU-WIDER).
    2. Ian Goldin & Kenneth Reinert, 2005. "Global capital flows and development: A Survey," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 14(4), pages 453-481.
    3. Cécile Carpentier & Jean-François L'Her & Jean-Marc Suret, 2004. "Competition Among Securities Markets: Can the Canadian Market Survive?," CIRANO Working Papers 2004s-50, CIRANO.
    4. Bee-Hoong Tay & Pei-Tha Gan, 2016. "The Determinants of Investment Rewards: Evidence for Selected Developed and Developing Countries," International Journal of Economics and Financial Issues, Econjournals, vol. 6(3), pages 1180-1188.
    5. M. Kabir Hassan & Jung Suk-Yu, 2007. "Stock Exchange Alliances in Organization of Islamic Conferences (OIC) Countries," NFI Working Papers 2007-WP-18, Indiana State University, Scott College of Business, Networks Financial Institute.
    6. Wachtel, Paul, 2001. "Growth and Finance: What Do We Know and How Do We Know It?," International Finance, Wiley Blackwell, vol. 4(3), pages 335-362, Winter.

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