Globalisation from the Securities Market

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 Globalisation of the Securities Market Essay



Seminar within the Globalisation of Securities



16 Aug 1999



Worldwide financial market segments have, over the last two decades, recently been transferred by a number of important developments which will, for government bodies, have asked significant challenges to their classic notions of jurisdiction, legislation and observance. The most notable of these developments is the rise of Electronic Commerce, catalysed by the globalisation of financial markets. E-commerce has become a important regulatory concern of the late 90's because of the magnitude of economic transactions which might be now becoming conducted over the internet. To evaluate this value; the number of Aussie households, with internet access is growing from 4 percent in 1996 to 13 percent in late 1998, and over 1 / 3rd of homes now use a home computer. The aim of this paper is to provide a brief overview of ASIC's regulating responses to developments and outline some of its recent endeavours relating to the financial services market. This evening Let me briefly talk about: • • • • • A global Market; The expansion of Ecommerce; Current international regulatory activity; Regional initiatives; and Intercontinental enforcement.

The Global Market

The globalisation of the securities market is reflected in several ways including: 1 . the expansion of cross-border and mix exchange investments transactions; installment payments on your the number of secondary listings of companies about overseas exchanges; 3. the emergence of multinational securities firms maintenance the business by offices around the world; and 5. the elevating number of ideal alliances and other connections between regulated economical markets in different parts of the world. A global financial market now crosses borders and jurisdictional areas, directly and via the Internet. Improvements in technology and the a result of electronic commerce will essentially change the basis of competition among markets for different financial products. This kind of increase in competition will require the introduction of entirely new strategies for performing. The elevating internationalisation of markets as well as the increasingly global nature of companies themselves, is exemplified by the volume of foreign entries on the Share


Exchange. As of 03 1999, the ASX was a secondary real estate for seventy four foreign businesses and was the house exchange to get 130 businesses also shown on various other stock exchanges around the globe. Let me discuss the other problems in turn, but actually will start with a lot of reflections for the exchange forces issue, if only because of its topicality in light of the rejection by the ACCC in the proposed combination between the ASX and the SFE. Needless to say I actually do not intend to canvass the merits of the ACCC's decision; one very clear outcome in the Wallis report was that they have to retain the responsibility for competition regulation in the securities marketplace, while all of us assumed the consumer protection role for the financial sector. My feedback are consequently not to end up being read while an acted or explicit criticism from the ACCC's judgment, finally determined last Friday. I would like in any event to target not only the domestic mergers, although there are lots of them ongoing - in america with NASDAQ and the American Stock Exchange, in Hong Kong and Singapore within our region. My personal concern today is with the growing tendency towards get across border forces, the most prominent of which is the London The netherlands alliance released in Sept. 2010 last year, now expanded to incorporate almost all the major markets of Western European countries. It seems in my experience that these complicite have not but led to virtually any seamless combination border trading platform of the kind which may have been completely expected simply by some when they were announced, but of course it may have been misreading the intentions of their marketers to have thought that that...