Abstract

http://ssrn.com/abstract=950530
 
 

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U.S. Securities Regulation in a World of Global Exchanges


Reena Aggarwal


Georgetown University - Robert Emmett McDonough School of Business

Allen Ferrell


Harvard Law School; European Corporate Governance Institute (ECGI)

Jonathan G. Katz


U.S. Securities and Exchange Commission

December 2006

Exchanges: Challenges and Implications, Euromoney, 2007
Harvard Law and Economics Discussion Paper No. 569
ECGI - Finance Working Paper No. 146/2007

Abstract:     
Recently there has been a dramatic change in the organizational structure of exchanges as they have demutualized and converted into for-profit entities. This has been accompanied by a public listing of shares on the exchange itself. These changes have been driven by technological and competitive forces and have resulted in a new paradigm for the governance of exchanges. The new organizational structure has raised several regulatory issues. At the same time that exchanges have themselves become public companies, there have also been major changes in the governance requirements of listed companies that trade on exchanges. Many of these changes have been prompted by the Sarbanes-Oxley legislation, new exchange regulations, and changes mandated by the SEC. The new requirements have impacted the capital raising process globally and the choice of listing venue. These developments have in turn intensified competition among exchanges and may lead to a wave of cross-border consolidations. Globalization of exchanges will create challenges for nation-based regulation and we offer some suggestions for resolving the regulatory impediments.

Number of Pages in PDF File: 36

Keywords: stock exchange mergers, NYSE, Euronext, Sarbanes-Oxley, cross-listing, demutualization, stock exchanges, SRO

JEL Classification: D40, D23, G10, G20, G28, G32, G38, K22, L10

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Date posted: December 11, 2006  

Suggested Citation

Aggarwal, Reena and Ferrell, Allen and Katz, Jonathan G., U.S. Securities Regulation in a World of Global Exchanges (December 2006). Exchanges: Challenges and Implications, Euromoney, 2007; Harvard Law and Economics Discussion Paper No. 569; ECGI - Finance Working Paper No. 146/2007. Available at SSRN: http://ssrn.com/abstract=950530

Contact Information

Reena Aggarwal (Contact Author)
Georgetown University - Robert Emmett McDonough School of Business ( email )
3700 O Street, NW
Washington, DC 20057
United States
202-687-3784 (Phone)
202-687-0798 (Fax)
HOME PAGE: http://explore.georgetown.edu/people/aggarwal/

Allen Ferrell
Harvard Law School ( email )
Griswold 303 1525 Massachusetts Avenue
Cambridge, MA 02138
United States
(617) 495-8961 (Phone)
(617) 495-1110 (Fax)
European Corporate Governance Institute (ECGI)
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
HOME PAGE: http://www.ecgi.org
Jonathan G. Katz
U.S. Securities and Exchange Commission ( email )
9106 Drumaldry Drive
Bethesda, MD 20817
United States
301 466 6209 (Phone)
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