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What is an Exchange?Automation, Management, and Regulation of Financial Markets$
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Ruben Lee

Print publication date: 2000

Print ISBN-13: 9780198297048

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198297048.001.0001

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Classification and Governance: Policy 1

Classification and Governance: Policy 1

(p.279) 12 Classification and Governance: Policy1
What is an Exchange?

Ruben Lee

Oxford University Press

This chapter addresses the issue of how trading systems should be classified and governed. The chapter is composed of three sections. In the first, the criteria that the Securities and Exchange Commission (SEC) has historically used to identify whether a trading system should be classified as an exchange or a broker are evaluated. In the second, various flaws with the exchange/broker distinction are identified and discussed. In the third section, various alternative approaches to regulating exchanges and trading systems, including the newest suggestions by the SEC, are analyzed. A joint approach of separating the regulation of market structure from the regulation of other areas of public concern, and of employing competition policy to regulate market structure, is recommended as the best way of classifying and regulating trading systems.

Keywords:   trading systems regulation, exchange governance, Securities and Exchange Commission, securities regulation, competition policy, market structure

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