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Investor Choice in Global Securities Markets

82 Pages Posted: 10 Oct 2017  

John Armour

University of Oxford - Faculty of Law; University of Oxford - Said Business School; European Corporate Governance Institute (ECGI)

Martin Bengtzen

London School of Economics - Law Department; University of Oxford, Faculty of Law

Luca Enriques

University of Oxford Faculty of Law; European Corporate Governance Institute (ECGI)

Date Written: July 1, 2017

Abstract

This paper, which forms part of the first phase of the New Special Study of the Securities Markets Project, explores how globalization has affected the operation of securities markets and the challenges this poses for their regulation. In Part I, we discuss how three secular trends – liberalization, institutionalization, and technologization – have contributed to unprecedented levels of cross-border activity in securities markets in recent decades and offer a framework for understanding cross-border issues in securities regulation policymaking. Against this background, we review the state of international regulatory cooperation and offer some conjectures as to its likely future trajectory. In Part II, we analyze regulatory aspects of cross-border equity investment in four areas: capital raising (primary markets), trading (secondary markets), intermediaries, and supervision and enforcement. In so doing, we highlight, by way of contrast, some areas where other countries have taken a notably different regulatory approach from the US. We conclude by identifying issues where further research may usefully inform the future design of US securities regulation.

Keywords: Brexit, Capital Markets, Cross-Border Transactions, Cross-Listing, Enforcement, Extraterritoriality, Globalization, International Regulatory Coordination, International Securities Regulation, Institutionalization, Intermediaries, Liberalization, Mifid 2, Primary Markets, Securities Regulation

JEL Classification: G18, G28, G38, K22, K33

Suggested Citation

Armour, John and Bengtzen, Martin and Enriques, Luca, Investor Choice in Global Securities Markets (July 1, 2017). European Corporate Governance Institute (ECGI) - Law Working Paper No. 371/2017. Available at SSRN: https://ssrn.com/abstract=3047734

John Armour

University of Oxford - Faculty of Law ( email )

Oriel College
Oxford, OX1 4EW
United Kingdom
+44 1865 286544 (Phone)

University of Oxford - Said Business School ( email )

Park End Street
Oxford, OX1 1HP
Great Britain

European Corporate Governance Institute (ECGI) ( email )

c/o ECARES ULB CP 114
B-1050 Brussels
Belgium

HOME PAGE: http://www.ecgi.org

Martin Bengtzen

London School of Economics - Law Department

Houghton Street
London WC2A 2AE, WC2A 2AE
United Kingdom

University of Oxford, Faculty of Law ( email )

Oxford
United Kingdom

Luca Enriques (Contact Author)

University of Oxford Faculty of Law ( email )

St Cross Building
St Cross Road
Oxford, OX1 3UL
United Kingdom

European Corporate Governance Institute (ECGI)

c/o ECARES ULB CP 114
B-1050 Brussels
Belgium

HOME PAGE: http:/www.ecgi.org

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