Achieving market integration best execution, fragmentation and the free flow of capital
Best execution, market integration, and other major financial market issues have traditionally been dealt with as separate matters requiring individual solutions. In Achieving Market Integration the author demonstrates the interrelated nature of these and other imperative problems, and sensibly red...
| Autor principal: | |
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| Formato: | Libro electrónico |
| Idioma: | Inglés |
| Publicado: |
Oxford ; Burlington :
Butterworth-Heinemann
2004.
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| Edición: | 1st edition |
| Colección: | Global capital markets series.
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| Materias: | |
| Ver en Biblioteca Universitat Ramon Llull: | https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009627450606719 |
Tabla de Contenidos:
- Front Cover; Achieving Market Integration; Contents; Acknowledgements; Preface; Foreword; Chapter 1. Introduction; Part I: Best Execution; What is best execution - an introduction to the concept; Chapter 2. Is this Regulation Necessary?; 2.1 Why should best execution be regulated?; 2.2 State or self-regulation?; 2.3 The state as provider of standardisation; Conclusion; Chapter 3. Fundamental Issues; 3.1 To whom should the standards apply?; 3.2 Assessing execution; 3.3 The approach: "conceptual" or "prescriptive"?; 3.4 The scope: single or multiple markets?
- 3.5 The details: what factors constitute best execution?3.6 Price and non-price dimensions; 3.7 Speed of execution; 3.8 Certainty of execution; 3.9 Market impact; 3.10 Non-standard settlement; 3.11 Counterparty risk limits; 3.12 Other issues; Conclusion; Chapter 4. Putting it Together: Elements of a Sound Best Execution Policy; 4.1 Elements of an effective best execution policy; 4.2 The enforceability/flexibility dilemma; 4.3 Enforcement: visibility and clarity; 4.4 Determining the benchmark; 4.5 Calculating the benchmark; Conclusion; Chapter 5. Comparing Approaches; 5.1 Overview
- 5.2 Best execution in the US markets5.3 Best execution in the United Kingdom; 5.4 Introduction of a multiple exchange environment; 5.5 The "relevant market" condition; 5.6 Board Notice 542; 5.7 FSMA and the Conduct of Business Sourcebook; 5.8 The FSA's statutory requirements; 5.9 European Union regulation; Summary; Conclusion; Chapter 6. A Legal Approach; 6.1 Fiduciary responsibility and the "shingle theory"; 6.2 Cases and decisions; 6.3 ICE securities; 6.4 Limitations; 6.5 Competition issues; Conclusion; Chapter 7. Technological Considerations; 7.1 The best execution process; Conclusion
- Best Execution. ConclusionsPart II: Market Integration; Introduction; Chapter 8. Liquidity, Market Fragmentation and Price Formation; 8.1 What is liquidity?; 8.2 Liquidity begets liquidity; Conclusion; Chapter 9. Fragmentation and Concentration; 9.1 Concentration rules in Europe and the United States; 9.2 Alternative Trading Systems (ATSs); Conclusion; Chapter 10. Clearing and Settlement; 10.1 The nature of clearing and settlement arrangements; Conclusion; Chapter 11. Old Solutions to New Problems; 11 .I The integration of the US markets; 11.2 Rules; 11.3 Pan-European markets; Conclusion
- Chapter 12. Malting Integration Work: The European Case12.1 Treaty of Rome; 12.2 Constructing a market system; 12.3 Overcoming inertia - best execution as a necessary element of market integration; 12.4 Is a "super-regulatory" necessary?; Conclusion; Market Integration: Conclusions; Part III: Making Market Integration Work; Chapter 13. State vs Market - Who Regulates the Integrated Market?; Conclusion; Chapter 14. Conclusions; Appendix A. Selected Best Execution Terminology; Appendix B. Proposed Best Execution Policy; Further Reading; Selected Bibliography; Index
