International Review of Equity Market Structure Regulation
114 Pages Posted: 20 Oct 2020
Date Written: October 8, 2019
The research staff of the Program on International Financial Systems (“PIFS”) has reviewed and summarized the regulation of equity market structure in the People’s Republic of China (including both the Mainland market and the Hong Kong Special Administrative Region), the European Union, Japan and the United States. The purpose of our study is to inform the public as to key similarities and differences among the regulatory regimes in these five jurisdictions that collectively represent approximately 90% of global stock trading. A review of our key findings as to the following regulatory issues is below: (1) regulation of trading venues; (2) pre- and post-trade transparency; (3) regulation of broker dealers; (4) regulation of exchange fees; (5) tick-size regimes; (6) algorithmic and high-frequency trading; and (7) volatility controls. Chapters two through six go into further detail on these topics for each jurisdiction.
Keywords: Equity Market Structure Regulation, Financial Systems
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