August 2013
Intermediate to advanced
544 pages
20h 13m
English
Content preview from Market Microstructure in Emerging and Developed MarketsBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.
CHAPTER 6
The Architecture of Securities Market Supervision before and after the Crisis
DONATO MASCIANDARO
Full Professor of Economics, Chair in Economics of Financial Regulation, Department of Economics and Paolo Baffi Centre, Bocconi University and SUERF
MARC QUINTYN
Division Chief, Institute for Capacity Development, International Monetary Fund
INTRODUCTION
What is the current state of the securities market supervision architectures? The financial crisis of 2007–2008 shows the financial services markets are deeply integrated, suggesting a corresponding integrated supervisory approach. Market integration calls for supervisory integration were obvious even before the crisis, particularly in the European Union (EU) setting (Hertig and Lee 2003; Jovanic 2006; Avgouleas 2007).
Securities supervision and regulation has three core goals: (1) protecting investors, (2) ensuring efficiency and transparency in the markets, and (3) reducing systemic risk (IOSCO 1998). The effectiveness in pursuing these three goals relies on the capacity of collecting and producing information. In fact, national securities supervisors have progressively moved away from securities regulation (Carvajal and Elliot 2007). The supervisor's role is to ensure that markets are given full, timely, and accurate information, while the regulation is even more defined in international fora.
During the past three decades, the need for information gathering has taken place against the backdrop of fundamental changes ...
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Read now
Unlock full access
More than 5,000 organizations count on O’Reilly
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.