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Global Market Surveillance

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Author Info
Sofia Johan
Abstract

This paper provides evidence on market surveillance from exchanges and securities commissions from twenty-five jurisdictions in North, Central and South America, Western and Eastern Europe, Africa, and Asia. Exchanges as SROs engage in a greater range of single-market surveillance of market manipulative practices than securities commissions, but the scope of cross-market surveillance activity is very similar among exchanges and securities commissions. Cross-market surveillance is more effective with information-sharing arrangements, and securities commissions are more likely to engage in information sharing than exchanges are. Relative to the scope of single-market surveillance, the scope of cross-market surveillance shows a stronger positive association with trading velocity, the number of listed companies, and market capitalization. The data also indicate that as at 2005, there is ample scope for jurisdictions to expand their cross-market surveillance and thereby stimulate investor confidence and trading activity. Copyright 2008, Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/aler/ahn009
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Publisher Info
Article provided by Oxford University Press in its journal American Law and Economics Review.

Volume (Year): 10 (2008)
Issue (Month): 2 ()
Pages: 454-506
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:oup:amlawe:v:10:y:2008:i:2:p:454-506

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  2. Rafael La porta & Florencio Lopez-De-Silanes & Andrei Shleifer & Robert Vishny, 2002. "Investor Protection and Corporate Valuation," Journal of Finance, American Finance Association, vol. 57(3), pages 1147-1170, 06. [Downloadable!] (restricted)
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  3. Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," Harvard Institute of Economic Research Working Papers 1788, Harvard - Institute of Economic Research.
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  4. Felixson, Karl & Pelli, Anders, 1999. "Day end returns--stock price manipulation," Journal of Multinational Financial Management, Elsevier, vol. 9(2), pages 95-127, March. [Downloadable!] (restricted)
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  6. Carole Comerton-Forde & James Rydge, 2006. "Market Integrity and Surveillance Effort," Journal of Financial Services Research, Springer, vol. 29(2), pages 149-172, April. [Downloadable!] (restricted)
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  8. Pirrong, Craig, 1999. "The organization of financial exchange markets: Theory and evidence," Journal of Financial Markets, Elsevier, vol. 2(4), pages 329-357, November. [Downloadable!] (restricted)
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  12. Easterbrook, Frank H, 1986. "Monopoly, Manipulation, and the Regulation of Futures Markets," Journal of Business, University of Chicago Press, vol. 59(2), pages S103-27, April. [Downloadable!] (restricted)
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  19. Kumar, Praveen & Seppi, Duane J, 1992. " Futures Manipulation with "Cash Settlement."," Journal of Finance, American Finance Association, vol. 47(4), pages 1485-502, September. [Downloadable!] (restricted)
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