Securities and Derivatives Exchanges in the United States: Market and Ownership Structures

Jens-Hinrich Binder & Paolo Saguato (eds.), Financial Market Infrastructure: Law and Regulation (OUP, forthcoming 2021)

Tulane Public Law Research Paper No. 20-14

24 Pages Posted: 20 Nov 2020

Date Written: 2020

Abstract

This chapter, which is to be published in Jens-Hinrich Binder & Paolo Saguato (eds), Financial Market Infrastructure: Law and Regulation (OUP, forthcoming 2021), discusses the role of securities and derivatives exchanges in US national market structure, in light of their historical development, their core regulatory responsibilities, and the competing interests of exchange constituencies. The chapter discusses several policy questions raised by the path-dependent evolution of US exchanges: What continues to distinguish exchanges and other self-regulatory market centers from private trading venues, such as alternative trading systems and market maker trading systems? Are the continuing privileges exercised by registered exchanges justified by the public obligations they undertake? Are the membership and governance structures of exchanges and their affiliates adequate to ensure that the exchanges’ exercise of regulatory authority is responsive to issuers, market participants and the public interest?

Keywords: stock exchanges, securities exchanges, futures exchanges, financial market infrastructure

JEL Classification: K22

Suggested Citation

Dombalagian, Onnig Hatchig, Securities and Derivatives Exchanges in the United States: Market and Ownership Structures (2020). Jens-Hinrich Binder & Paolo Saguato (eds.), Financial Market Infrastructure: Law and Regulation (OUP, forthcoming 2021) , Tulane Public Law Research Paper No. 20-14, Available at SSRN: https://ssrn.com/abstract=3733854

Onnig Hatchig Dombalagian (Contact Author)

Tulane Law School ( email )

6329 Freret Street
New Orleans, LA 70118
United States

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