Research Handbook on Asian Financial Law
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Research Handbook on Asian Financial Law

Edited by Douglas W. Arner, Wai Yee Wan, Andrew Godwin, Wei Shen and Evan Gibson

This comprehensive Research Handbook provides an in-depth analysis of the different financial law approaches, legal systems and trends throughout Asia. It considers how reforms following the crises have been critical for the development and growth of the region and explores a broad range of post-crisis financial regulatory issues. This timely book also examines how inconsistent and divergent approaches to financial market regulation are curtailing the region’s potential.
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Chapter 6: Networked securities markets: from cross-listing to direct connection

David C. Donald


Securities markets can be linked by dual or cross-listings, international funds of funds, and direct connection between trade-matching platforms. The development of this networking process has been a product of changing technology, the shape of law and the profit incentives of leading broker-dealers. The relative value of different methods of linkage should be judged on the basis of the stage of technological development, market liquidity, efficiency and fairness to the constituencies using markets. Securities markets consist of three, main constituencies: issuers of securities, investors in securities, and broker-dealers trading in securities. Each of the linkage methods affect the balance of costs and benefits to these constituencies differently. This chapter examines the evolution of these three networking arrangements against technological change and in connection with such costs and benefits.

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