IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

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

Listed author(s):
  • Steil, Benn
Registered author(s):

    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. Copyright 2001 by Blackwell Publishers Ltd.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    File Function: link to full text
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

    Article provided by Wiley Blackwell in its journal International Finance.

    Volume (Year): 4 (2001)
    Issue (Month): 2 (Summer)
    Pages: 257-278

    in new window

    Handle: RePEc:bla:intfin:v:4:y:2001:i:2:p:257-78
    Contact details of provider: Web page:

    Order Information: Web:

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:bla:intfin:v:4:y:2001:i:2:p:257-78. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing)

    or (Christopher F. Baum)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.