The Library
Some issues on cross-border stock exchange mergers
Tools
Kokkoris, Ioannis and Olivares-Caminal, Rodrigo (2007) Some issues on cross-border stock exchange mergers. University of Pennsylvania. Journal of International Economic Law, Volume 29 (Number 2). pp. 455-526. ISSN 1086-7872.
Research output not available from this repository.
Request-a-Copy directly from author or use local Library Get it For Me service.
Official URL: http://scholarship.law.upenn.edu/jil/vol29/iss2/4
Abstract
Globalization, internationalization, integration, deregulation, as well as technological advances have provided the impetus for mergers of stock exchanges to facilitate cross-border listings and trading. Cross-border mergers trigger a series of different issues to be analyzed. The focus of our analysis will be on regulatory and competition law issues arising from cross-border stock exchange mergers.
From a competition law standpoint, stock exchange mergers may have a severe impact on the competition among stock exchanges and thus lead to higher fees or lower quality of service. The focus will be on horizontal issues arising from such mergers. Thus, this Article will provide an analysis of the following issues: (1) the provision of primary listing services to domestic companies; (2) the provision of secondary listing services and primary listing services to companies seeking listings outside their domestic market, (3) the provision of on-book equities trading services; (4) markets for bonds and derivatives trading, and (5) markets for information services as well as information technology services.
Some permutations of cross-border stock exchange mergers may induce competitive harm that leads to a post-merger market characterized by a lower degree of competition, and thus a lower degree of innovation and improvement in exchange services. The burden falls on competition authorities to ensure that effective and sufficient competition remains after any consolidation in the stock exchange industry.
It should be emphasized that sound and effective regulation is the key to the development and integration of stock exchanges in the global market. Effective regulation will provide confidence and attract investors, allowing stock exchanges to grow and interact. However, there is no single regulation structure that will be suitable to all countries.
Item Type: | Journal Article | ||||
---|---|---|---|---|---|
Subjects: | K Law [LC] | ||||
Divisions: | Faculty of Social Sciences > School of Law | ||||
Journal or Publication Title: | University of Pennsylvania. Journal of International Economic Law | ||||
Publisher: | University of Pennsylvania | ||||
ISSN: | 1086-7872 | ||||
Official Date: | 2007 | ||||
Dates: |
|
||||
Volume: | Volume 29 | ||||
Number: | Number 2 | ||||
Number of Pages: | 72 | ||||
Page Range: | pp. 455-526 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published |
Data sourced from Thomson Reuters' Web of Knowledge
Request changes or add full text files to a record
Repository staff actions (login required)
View Item |