Global Market Surveillance

45 Pages Posted: 19 Jul 2006 Last revised: 10 Sep 2008

See all articles by Sofia Johan

Sofia Johan

Florida Atlantic University - Finance; University of Aberdeen; Tilburg Law and Economics Center (TILEC)

Douglas J. Cumming

Florida Atlantic University; Birmingham Business School; European Corporate Governance Institute (ECGI)

Multiple version iconThere are 2 versions of this paper

Date Written: June 4, 2007


This paper provides evidence on market surveillance from stock exchanges and securities commissions from 25 jurisdictions in North, Central and South America, Western and Eastern Europe, Africa and Asia. Stock exchanges as SROs engage in a greater range of single-market surveillance of market manipulation than securities commissions, but the scope of cross-market surveillance activity is very similar among stock exchanges and securities commissions. Cross-market surveillance is more effective with information sharing arrangements, and securities commissions are more likely to engage in information sharing than stock exchanges. The scope of cross-market surveillance is highly positively correlated with trading activity, unlike the scope of single-market surveillance. The data also indicate that as at 2005, there is ample scope for jurisdictions to expand their cross-market surveillance and thereby stimulate investor confidence and trading activity.

Keywords: Market Manipulation, Surveillance, Microstructure, Law and Finance

JEL Classification: G12, G14, G18, K22

Suggested Citation

Johan, Sofia A. and Cumming, Douglas J., Global Market Surveillance (June 4, 2007). TILEC Discussion Paper No. 2008-002, American Law and Economics Review, Forthcoming, Available at SSRN:

Sofia A. Johan (Contact Author)

Florida Atlantic University - Finance ( email )

777 Glades Rd
Boca Raton, FL 33431
United States


University of Aberdeen ( email )

Dunbar Street
Aberdeen, Scotland AB24 3QY
United Kingdom

Tilburg Law and Economics Center (TILEC) ( email )

Warandelaan 2
Tilburg, 5000 LE

Douglas J. Cumming

Florida Atlantic University ( email )

777 Glades Rd
Boca Raton, FL 33431
United States


Birmingham Business School ( email )

Edgbaston Park Road
Birmingham, B15 2TY
United Kingdom

European Corporate Governance Institute (ECGI) ( email )

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

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