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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 © 2008 Promontory Financial Group, LLC. All rights reserved. February 1, 2008
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