We think you have liked this presentation. If you wish to download it, please recommend it to your friends in any social system. Share buttons are a little bit lower. Thank you!
Presentation is loading. Please wait.
Published byReynaldo Curvin
Modified over 2 years ago
Cooperative Arrangements Among Capital Markets Presented to South Asian Federation of Exchanges Conference in Dhaka, Bangladesh February 1, 2008 © 2008 Promontory Financial Group, LLC. All rights reserved. February 1, 2008
Introduction Honor to speak in the home of last year’s Nobel Peace laureate Cooperation among markets and regulators is an enthusiasm; no jurisdiction has a monopoly on solutions Agenda: Forms of cooperation Conditions for successful cooperation © 2008 Promontory Financial Group, LLC. All rights reserved. February 1, 2008
Forms of Cooperation By degree of combination or integration © 2008 Promontory Financial Group, LLC. All rights reserved. February 1, 2008
Mentoring, Dialogues, MOUs Means to share technology Means to understand each other’s markets Means to enhance networks Means to enhance surveillance techniques Prelude to deeper arrangements Can reinforce or help establish regulatory brand © 2008 Promontory Financial Group, LLC. All rights reserved. February 1, 2008
Franchising technology Outsource or insource You develop it They buy it You service it OR Vice versa Requires service level/governance agreements Means of deepening relationships Means of establishing transaction cost lowering efficiencies Enhances flexibility, access to best of breed, updating © 2008 Promontory Financial Group, LLC. All rights reserved. February 1, 2008
Hosting Provides platform and trading oversight (i.e., self-regulatory/regulatory framework) to jurisdiction that wants secondary market but does not want to develop it or does not have sufficient domestic infra-structure Requires stringent access/security controls, appropriate information sharing, agreed disclosure levels, local permissions, and clearing and settlement protocols © 2008 Promontory Financial Group, LLC. All rights reserved. February 1, 2008
Cross-Listing Common views on appropriate disclosure and transparency; facilitated by international standards or benchmarks Timing of halts; treatment of continuing disclosure Sharing of surveillance information related to potential market abuses Raises questions as to the interest of the issuer © 2008 Promontory Financial Group, LLC. All rights reserved. February 1, 2008
Links/Cross Access Clearing, settlement, trading Usually require one entity to become a special member of the other Require agreement on rules that govern the system (in electronic markets many are within the system itself) Require robust legal support; risk management Likely require local approvals and political support as well © 2008 Promontory Financial Group, LLC. All rights reserved. February 1, 2008
Combinations—Federal Model Combines entities horizontally under an umbrella holding company Retains national regulatory structure, oversight and licenses/authorizations of the subsidiary exchange entities Uses agreements at commercial, regulatory, and national levels Requires consensus on which rules are necessary to harmonize Requires consensus on the sharing (or not) of access and the conditions of same Requires a governance structure for addressing the development of business and oversight of markets Requires information sharing and agreement on the scope of each national participant regulator’s jurisdictional interest Integration of systems requires governance/SLAs/security, etc. © 2008 Promontory Financial Group, LLC. All rights reserved. February 1, 2008
An Example of the Federal Model © 2008 Promontory Financial Group, LLC. All rights reserved. February 1, 2008
Projected Savings Euronext Model © 2008 Promontory Financial Group, LLC. All rights reserved. February 1, 2008
Combinations—Merger Model Requires decision on location Requires resolution of issues related to owners of each entity (M and A issues) Requires decision as to the regulatory locus of the business Requires various levels of approvals Must not result in anti-competitive structure May be prohibitive tax or other issues © 2008 Promontory Financial Group, LLC. All rights reserved. February 1, 2008
Regional Arrangements Existed in history Hanseatic League Currency arrangements Exist now Europe (EU) US and Canada for Disclosure Asian Bond Market Initiative (ABMI) Caribbean Single Market and Economy (CSME) Raise special integration issues © 2008 Promontory Financial Group, LLC. All rights reserved. February 1, 2008
Technical Assistance/Funding Inter-American Development Bank has grants for regional public goods, including harmonization of stock markets in Latin America UNCTAD—South/south trade, Africa © 2008 Promontory Financial Group, LLC. All rights reserved. February 1, 2008
Some Conditions—Using the EU Example Determining equivalent levels of competition Desiring what should be harmonized at minimum and maximum levels Information sharing and notification provisions Deconstructing home and host interests in cross border transactions EU built on the pre-existing rule of law, including conflicts law, using treaties and Directives and the Lamfalussy process Comparable to the Federal example © 2008 Promontory Financial Group, LLC. All rights reserved. February 1, 2008
At the Regulatory Level Mutual recognition Substituted compliance Information-sharing pre-conditions Standard-adherence pre-conditions Inability to end-run the domestic system © 2008 Promontory Financial Group, LLC. All rights reserved. February 1, 2008
Presented by Andrea M. Corcoran Promontory Financial Group, LLC www.promontory.com © 2008 Promontory Financial Group, LLC. All rights reserved. February 1, 2008
Harmonizing Legal and Regulatory Frameworks to Facilitate Regional Domestic Bond Market Development “The East African Community Experience” Presentation.
OUTLINE Introduction Background of Securities Regulation Objective of Securities Regulation Violations under the Securities Industry Law The Securities.
ISSUES SURROUNDING THE DEVELOPMENT OF MUNICIPAL AND CORPORATE BOND MARKETS IN ZAMBIA “DEVELOPING GOVERNMENT BOND MARKETS IN SUB-SAHARAN AFRICA” WORKSHOP.
2 Regulated Exchange of EU. Cyprus has joined the EU since May Cyprus has joined the Eurozone as of January Cyprus, as an EU Member.
The Sixth Annual African Consumer Protection Dialogue Conference
Report on ASEAN Initiatives Presentation to 25th AOSEF General Assembly Taipei, Taiwan April 15, 2006.
PIPELINE FINANCING: LEGAL AND CONTRACTUAL ISSUES 9th Africa Oil and Gas, Trade and Finance Conference and Exhibition Héctor O. FARINA Lawyer Maputo, Mozambique.
Foreign Holding Structures for Indian Outbound Investments
Sourcing Equity Globally
1. WHAT MiFID MEANS FOR LJUBLJANA STOCK EXCHANGE? Jana Morela LL.M Management Board Adviser Ljubljana Stock Exchange June 2007.
Yukiko Ko Binding Corporate Rules – Global Implications Conference on Cross Border Data Flows and Privacy October 16, 2007.
Indian Depository Receipts (IDR). What is Depository Receipts? A Depository Receipts (DR) is a type of negotiable (transferable) financial security that.
Self-Regulatory Organizations Principles and Issues Anjali Kumar World Bank.
Update on ECSDA Activities San Salvador March 2006 European Central Securities Depositories Association ECSDA.
SUPERVISION FRAMEWORK FOR CLEARING AND SETTLEMENT SYSTEMS: MAIN ELEMENTS AND SOME ISSUES TO INCLUDE IN THE OVERSIGHT OF THE SYSTEMS Global Payments Week.
Business Law and the Regulation of Business Chapter 47: International Business Law By Richard A. Mann & Barry S. Roberts.
The Role of Peer Review in a Multilateral Framework on Competition Policy Andrea Bruce Investment Trade Policy UNCTAD Regional Seminar for Latin America.
Dr Panayotis Alexakis, President Athens Stock Exchange & Athens Derivatives Exchange Bucharest, September FIRST SOUTH EAST EUROPE CORPORATE GOVERNANCE.
Capital Markets : Best Practices India CFO Summit 2005 – Mumbai 25 Nov Alok Misra, Group CFO MphasiS BFL.
Undertakings for collective investment in transferable securities (UCITS) Worldbank Global Development Learning Network The Advanced Program in Accounting.
1 Competition policy in WTO sectoral agreements Dr. Pierre Arhel Counsellor (competition policy) Intellectual Property Division Sao Paulo, April.
Capital Markets Authority September 20, 2013 Turkish-Arab Capital Markets Forum 1.
Promoting the Regulatory Recognition Approach to Accelerate Regional Financial Integration APFF Seattle 2014 July 7, 2014.
Legal Aspects of Finance Slide Set 4 The Single European Financial Market Free Movements and Basics of Regulation The Supervisory Bodies Matti Rudanko.
1 African Capital Markets and the Global Partnership for Development Abdoulie Janneh UN Under Secretary-General and Executive Secretary of ECA UN Regional.
Chapter 7 The Legal Environment of International Trade Twomey, Business Law and the Regulatory Environment (14th Ed.)
Albanian power market Sokol RAMADANI Chairman ERE- Albania 1 FEBRUARY 2012 Electricity market design and regulatory issues in Albania and South East Europe.
1. 2 Learning Outcomes Chapter 3 Describe the role that financial markets play in improving the standard of living in an economy. Describe how various.
Ekrem M. Sarper International Policy Advisor, NAIC Vice Chair, Implementation Committee, IAIS November 19, 2014 Supervisory Cooperation and Coordination.
Institute for Eastern Studies & National Institute for Strategic Studies Second Europe-Ukraine Forum February 27-29, 2008 Kyiv, Ukraine Opportunities and.
Stakeholders’ Workshop, The Sarova Stanley Tuesday, 24 November 2009.
“The overall mandate of Securities &Exchange Commissions in Zimbabwe and Globally” The Securities Commission S e c of Zimbabwe.
1 Historic Challenges and Opportunities for Developing Asian Bond Market Shanghai, China November 2005 ZHU Guangyao Director-General International Department.
Value Propositions Wan Abdul Rahim Kamil Consultant, Islamic Capital Market Securities Commission Malaysia.
Reorganizing and Evolving Corporate Structures of Market Infrastructures: Case Studies within ACSDA Amarílis Prado Sardenberg CBLC Chief Operating Officer.
Corporate Bond Issuance in Euroclear International Securities Services Philippe Laurensy, Euroclear Euroclear Collateral Conference May 2014.
Chapter 12 Internationalization of Mutual Funds Viewing recommendations for Windows: Use the Arial TrueType font and set your screen area to at least 800.
Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall 3-1 Managing.
Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education 3-1 Global Management.
Greg Tanzer Secretary General IOSCO Presentation to staff of the IFSRA Dublin, 24 April 2008 Global Markets and the Recent Turmoil: Lessons Learned Presentation.
Compliance with IOSCO requirements AMEDA Leadership Forum Alexandria Egypt Monday 27 th April 2009 by Dr. Ashraf EL Sharkawy Senior Advisor to the CMA.
Moving Forward With the African Dialogue Cross-Border Principles By Mary Gurure Manager, Legal Services and Compliance COMESA Competition Commission Lilongwe,
“Equal and open access to the market in terms of economic integration and increased competition ” Astana Forum, 24 May 2013 Presented by Hassan Qaqaya,
© 2011 South-Western | Cengage Learning Global Financial Activities Financing Global Business Operations Global Financial Institutions.
OVERVIEW OF CAPITAL MARKET DEVELOPMENT IN THE LAC REGION Carolin A. Crabbe Infrastructure and Financial Markets Division INTER-AMERICAN DEVELOPMENT BANK.
1 SECURITIES REGULATION: TRENDS AND CHALLENGES Washington D.C., April, 15 th 2003 Dr. Doğan CANSIZLAR Chairman of the Capital Markets Board of Turkey Chairman.
Additional Services to Investors Alternative market Speaker Giedrius Bacevicius Title OMX VSE Market Surveillance June 2007.
Essentials Of Business Law Chapter 31 International Business Law McGraw-Hill/Irwin Copyright © 2007 The McGraw-Hill Companies, Inc. All rights reserved.
Financial Conglomerates, What are the Inherent Risks? 2006 CIAB Conference Port-of-Spain, Trinidad & Tobago November 16, 2006 Thordur Olafsson, CARTAC.
Portorož, 17 November 2006Mitja Gaspari Portorož Business Conference BoS adjustments for Eurosystem operations.
© 2017 SlidePlayer.com Inc. All rights reserved.