The Exchange as Regulator

  title={The Exchange as Regulator},
  author={P. Mahoney},
  journal={Virginia Law Review},
  • P. Mahoney
  • Published 1997
  • Business
  • Virginia Law Review
A common debate among securities lawyers, regulators and professionals is whether and to what extent the internationalization of securities markets makes it difficult for state or national regulators to regulate effectively. This paper argues that an appropriate response to internationalization would be to devolve more regulatory authority to the exchanges themselves. It first notes that competing exchanges should have strong incentives to provide disclosure, antimanipulation and other investor… Expand
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