Investor Choice in Global Securities Markets

82 Pages Posted: 10 Oct 2017

See all articles by John Armour

John Armour

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

Martin Bengtzen

King’s College London

Luca Enriques

Bocconi University - Bocconi Law Department; 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, Oxford Legal Studies Research Paper No. 60/2017, Available at SSRN: https://ssrn.com/abstract=3047734 or http://dx.doi.org/10.2139/ssrn.3047734

John Armour

University of Oxford - Faculty of Law ( email )

St Cross Building
St Cross Road
Oxford, OX1 3UL
United Kingdom
+44 1865 281616 (Phone)

HOME PAGE: http://www.law.ox.ac.uk/people/john-armour

European Corporate Governance Institute (ECGI) ( email )

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

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

Martin Bengtzen

King’s College London ( email )

Strand
London, England WC2R 2LS
United Kingdom

Luca Enriques (Contact Author)

Bocconi University - Bocconi Law Department ( email )

Via Roentgen 1
Milan, MI MI 20136
Italy

University of Oxford - Faculty of Law ( email )

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

European Corporate Governance Institute (ECGI)

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
643
Abstract Views
3,414
Rank
85,815
PlumX Metrics