SSRN Home Search and Download Papers Browse Abstract and Paper Submission Subscribe to Networks View Briefcase Top Papers Top Authors Top Institutions

 

Abstract

 
 

References (8)

Beta

 


 


Download | Share | Email | Add to Briefcase | Buy Hard Copy

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 Katz
Independent



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.

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

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

Accepted Paper Series

Date posted: December 11, 2006 ; Last revised: November 04, 2008

Suggested Citation

Aggarwal, Reena, Ferrell, Allen and Katz, Jonathan, 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


Export to: Export Citation What's this?

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://www.msb.edu/faculty/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 Katz
Independent
No Address Available United States
Feedback to SSRN (Beta)


Paper statistics
Abstract Views: 2,423
Downloads: 1,001
Download Rank: 4,909
References: 8

© 2009 Social Science Electronic Publishing, Inc. All Rights Reserved. Terms of Use  Privacy Policy
This page was served by apollo3 in 0.156 seconds.