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Internationalisation and Economic Institutions:Comparing the European Experience$
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Mark Thatcher

Print publication date: 2007

Print ISBN-13: 9780199245680

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780199245680.001.0001

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The Internationalisation of Securities Markets

The Internationalisation of Securities Markets

(p.37) 2 The Internationalisation of Securities Markets
Internationalisation and Economic Institutions:

Mark Thatcher (Contributor Webpage)

Oxford University Press

This chapter analyses how three sets of international factors revolutionised markets for securities trading from the mid-1960s onwards. Firstly, transnational technological and economic developments, such as computerisation, expansion of securities markets, higher cross-border flows, and growth of large corporate investors and suppliers that transformed financial markets are examined. The other two factors relate to reforms in the US between the late 1960s and early 1980s that influenced the world securities market and offered an example of new institutions; European Union (EU) sectoral regulation that grew from the late 1980s and established a legal framework that outlawed monopolies and aided competition. These three forms of internationalisation placed severe pressures on traditional European institutions for securities trading, notably the organisation of stock exchanges as clubs of individual brokers, monopolies over trading, and regulation by governments and brokers themselves. Subsequent chapters compare the impacts of these three forms of internationalisation across countries.

Keywords:   securities markets, economic internationalisation, US reforms, EU sectoral regulation, competition, monopolies

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