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)
24 Pages Posted: 20 Nov 2020
Date Written: 2020
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: Suggested Citation