Part IV Market Institutions And International Capital Markets, 11 Stock Exchanges—An Endangered Species

2021 ◽  
Author(s):  
Jordan Cally
Keyword(s):  
Capital Markets ◽  
Public Interest ◽  
Financial Stability ◽  
Stock Exchanges ◽  
International Capital ◽  
Market Institutions ◽  
International Capital Markets ◽  
Dark Pools ◽  
The Waves

This chapter explores stock exchanges, which are the most visible and vocal among capital market institutions. Despite the waves of demutualization and consolidation, exchanges remain idiosyncratic institutions. Even where similar structural reorganizations have occurred, the underlying factors prompting such moves, and potentially the on-going operations of the exchanges, are often quite different. As capital markets grew in importance, the role of exchanges extended beyond that of a trading venue. The modern exchange also serves political masters, acting as a national symbol in some cases, and thus eliciting regulatory responses not based on market considerations alone. More importantly, exchanges are imbued, implicitly or explicitly, with a ‘public interest’ due to their impact on the related issues of economic growth, systemic financial stability, and investor protection. The chapter then considers high frequency trading, which drove institutional investors off the exchanges and into the ‘dark pools’, creating concerns over exchange liquidity, transparency, and price-discovery.

Part I International Capital Markets in Context, 3 International Organizations and the Capital Markets

2021 ◽  
Author(s):  
Jordan Cally
Keyword(s):  
Financial Crisis ◽  
Capital Markets ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Focal Point ◽  
International Capital ◽  
International Capital Markets ◽  
The World Bank ◽  
The Global Financial Crisis ◽  
The International Monetary Fund

This chapter examines the International Organization of Securities Commissions (IOSCO). Over the nearly four decades of its existence, as its composition and roles evolved, and in the absence of any other body, IOSCO became a focal point for oversight of international capital markets. Crises, first the regional Asian financial crisis of 1997–98 and then the global financial crisis, have dramatically changed IOSCO. Crises have also thrust capital markets into the international limelight, and led to the appearance of new international institutions, including the Financial Stability Forum (FSF) and the Financial Stability Board (FSB). Unlike IOSCO, both the FSF and the FSB were political initiatives. As such, they also drew into their orbit formal treaty organizations such as the International Monetary Fund (IMF) and The World Bank, among others. The chapter then looks at international financial institutions and the Financial Sector Assessment Program (FSAP).

scholarly journals The New Role for the World Bank

2016 ◽  
Vol 30 (1) ◽  
pp. 53-76 ◽  
Author(s):  
Michael A. Clemens ◽  
Michael Kremer
Keyword(s):  
World Bank ◽  
Capital Markets ◽  
Private Capital ◽  
International Capital ◽  
International Capital Markets ◽  
Global Capital ◽  
The World Bank ◽  
The World ◽  
Private Capital Flows

The World Bank was founded to address what we would today call imperfections in international capital markets. Its founders thought that countries would borrow from the Bank temporarily until they grew enough to borrow commercially. Some critiques and analyses of the Bank are based on the assumption that this continues to be its role. For example, some argue that the growth of private capital flows to the developing world has rendered the Bank irrelevant. However, we will argue that modern analyses should proceed from the premise that the World Bank’s central goal is and should be to reduce extreme poverty, and that addressing failures in global capital markets is now of subsidiary importance. In this paper, we discuss what the Bank does: how it spends money, how it influences policy, and how it presents its mission. We argue that the role of the Bank is now best understood as facilitating international agreements to reduce poverty, and we examine implications of this perspective.

Theoretical and Methodological Approaches to Attracting Financial Resources from the Capital Market to the Corporate Sector

2020 ◽  
Vol 5 (6) ◽  
pp. 29-34 ◽  
Author(s):  
Khasanov Khayrullo
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Financial Resources ◽  
External Financing ◽  
International Capital ◽  
Corporate Sector ◽  
International Capital Markets ◽  
Methodological Approaches ◽  
Market Relations

The article analyzes the theoretical views on capital markets, and provides an overview of the increasing need of the corporate sector to rely on external financing in the context of market relations. The author reflects on the role of national and international capital markets, segmenting the financial instruments of the financial market.

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