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目次

Orderly Markets: A Summary of the Arguments Orderly Markets: Summary Summary and Conclusions The Recognised Investment Exchanges Fragmentation and Consolidation The Regulation of Transparency Over the Counter (OTC) Markets Appendix 1: RIE Results Appendix 2: Fragmentation and Consolidation Appendix 3: Trading Systems: Theoretical and Empirical Literature Appendix 4: Theory and Results of Transparency Appendix 5: Bid-Ask Spreads under Different Market Structures Appendix 6: Cross-Listing: Empirical Evidence SUMMARY AND CONCLUSIONS Introduction and Terms of Reference Objectives and Scope of Market Regulation Regulatory Risks Convergence and Divergence The UK RIEs Emergence of Contestability The Investment Chain Consequences of the Investment Chain Approach Regulatory Challenges in Fragmented Markets Specific Regulatory Challenges in Fragmented Markets New Regulatory Framework Summary of the Regime Notes