scholarly journals Competitive Investorism: Governance of Market Infrastructure Institutions and their Social Responsibility

2015 ◽  
Vol 2 (1) ◽  
Author(s):  
K. V. Bhanu Murthy
Keyword(s):  
Financial Markets ◽  
Stock Markets ◽  
Market Discipline ◽  
Regulatory Control ◽  
Necessary Condition ◽  
Stock Exchanges ◽  
For Profit ◽  
Cross Listing ◽  
Economic Understanding ◽  
Market Infrastructure

There has been an on-going debate over the Market Infrastructure Institutions (MIIs): their number and growth, as well as, the need for regulation and governance of MIIs, including stock exchanges (Lee (2010)). This paper raises a set of questions: (i) What is the economic understanding of governance of MIIs?, (ii) What is its role in developing competitive financial markets?, and (iii) What are the implications for investors? The Bimal Jalan Committee (2010) for the reform of MIIs fails to recognise the real issues in bringing about stock market reforms. It ignores the need for competition and dynamics amongst the MIIs. Apart from such a need, there is the larger interest that stock markets should serve: that of investors. A necessary condition for ‘competitive investorism’ to happen is the establishment of new Market Infrastructure Institutions, especially stock exchanges that are for-profit and are cross-listed. Cross-listing brings market discipline and may go beyond regulatory control by doing well for stock markets and investors alike. It makes stock markets competitive and efficient and passes on these benefits to the investors.

Review of top five financial markets during the pandemic times

2021 ◽  
pp. 2131001
Author(s):  
Tahir Mumtaz Awan ◽  
Jamal Maqsood
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Market News ◽  
Stock Markets ◽  
Stock Exchanges ◽  
Future Market ◽  
Virus Origin ◽  
The World ◽  
Global Stock Markets ◽  
Global Stock

The purpose of this paper is to jot down the devastating impacts of COVID-19 towards the top five financial markets of the world and to see how they reacted back in different phases of COVID-19 from start till July 2020. The review is based on the financial market news, blogs, the governmental, and other financial bodies’ websites. The effects of the pandemic are like the damage never seen before in a much shorter time, vanishing a quarter portion of wealth in about a month and creating continuous uncertainties for investors throughout. China despite being the virus origin still performed well and better among all top markets whereas the rest all the stock exchanges remained inconsistent. This paper is the first of its kind to review the COVID-19 effects on the top five global stock markets and the governmental responses towards them. The study along with contributing to the existing literature is also assisting investors, analysts, specialists, and authorities to analyze their opinions w.r.t. stock markets performances, government responses, and their future market-related decisions.

scholarly journals From Complementary to Competitive: The London and U.K. Provincial Stock Markets

2020 ◽  
Vol 80 (2) ◽  
pp. 501-530
Author(s):  
Meeghan Rogers ◽  
Gareth Campbell ◽  
John Turner
Keyword(s):  
Stock Markets ◽  
Stock Exchanges ◽  
Industrial Composition ◽  
Cross Listing ◽  
Over Time

For many decades, there were stock exchanges operating in provincial cities across Britain. We analyze why companies listed on these markets and how this changed over time. We find that the provincial exchanges had traditionally been complementary to London, providing a trading venue for smaller regional companies. However, they gradually lost their uniqueness and were increasingly competing with London by listing similar stocks. Much of this change can be explained by shifts in industrial composition, leading to more companies being headquartered and listed in the capital and many of the remaining regional firms cross-listing in London to achieve certification.

scholarly journals Co-integration of Karachi Stock Exchange with major South Asian Stock Exchanges

2014 ◽  
Vol 4 (1) ◽  
pp. 106
Author(s):  
Salleh Nawaz Khan ◽  
Mohamad Saad Aslam
Keyword(s):  
Stock Market ◽  
South Asia ◽  
South Asian ◽  
Stock Markets ◽  
Stock Exchange ◽  
Stock Exchanges ◽  
Cross Listing ◽  
The World ◽  
The Subject ◽  
China And Japan

International cross  listing have   amplified  the interest of  academics   and  investors  to the subject  of  co movement among  the  stock  markets of  the world . This  study  investigates the co integration of  Pakistan stock exchange (KSE 100 index) with  major stock exchanges of south Asia . The results reveals that there is no co integration  of  Pakistan’s stock  market  (KSE100  index)  with china and  Japan stock markets.  However   there  is co integration of Pakistan’s stock market (KSE 100 index) with the stock market of India, Indonesia, Malaysia and Singapore. 

scholarly journals STOCK MARKET LINKAGES AND CAUSAL RELATIONSHIPS: EMPIRICAL INVESTIGATION OF EM7 ECONOMIES

2021 ◽  
Vol 9 (09) ◽  
pp. 252-261
Author(s):  
Mearaj Ud Din Dar ◽  
◽  
Khursheed Ahmad Butt ◽  
Keyword(s):  
Financial Markets ◽  
Emerging Economies ◽  
Stock Markets ◽  
Descriptive Analysis ◽  
Stock Exchanges ◽  
Technological Advancement ◽  
Causality Test ◽  
Fund Managers ◽  
Diffusion Of Information ◽  
Monthly Return

Diffusion of information in the present era has become very fast, whether it is related to natural phenomena or human activities. Due to the technological advancement and fast face globalisation and liberalisation, events happening in financial markets are no exception, especially due to electronic stock exchanges and free flow of capital and financial information across borders. The present study aims to examine return patterns and find inter linkages/integration among the stock markets of seven largest emerging economies popularly known as EM7 (India, China, Russia, Brazil, Indonesia, Mexico and Turkey) by examining the monthly return data from Jan 2010 to Dec 2019. The study used descriptive analysis, correlation analysis, regression analysis and causality test to attain its objectives. The results indicate that EM7 stock markets are not interlinked, suggesting markets are quite segmented and there is scope for fund managers and both international and domestic investors to reap the advantages of portfolio diversification and mitigate the risks associated with their investments.

Running the World's Markets

2011 ◽  
Author(s):  
Ruben Lee
Keyword(s):  
Financial Markets ◽  
Business Economics ◽  
Global Consensus ◽  
Governance Model ◽  
Finance Law ◽  
Key Aspects ◽  
Regulatory Powers ◽  
Market Infrastructure ◽  
Theoretical Issues ◽  
Central Securities Depositories

The efficiency, safety, and soundness of financial markets depend on the operation of core infrastructure—exchanges, central counter-parties, and central securities depositories. How these institutions are governed critically affects their performance. Yet, despite their importance, there is little certainty, still less a global consensus, about their governance. This book examines how markets are, and should be, run. Utilizing a wide variety of arguments and examples from throughout the world, the book identifies and evaluates the similarities and differences between exchanges, central counter-parties, and central securities depositories. Drawing on knowledge and experience from various disciplines, including business, economics, finance, law, politics, and regulation, the book employs a range of methodologies to tackle different goals. Conceptual analysis is used to examine theoretical issues, survey evidence to describe key aspects of how market infrastructure institutions are governed and regulated globally, and case studies to detail the particular situations and decisions at specific institutions. The combination of these approaches provides a unique and rich foundation for evaluating the complex issues raised. The book analyzes efficient forms of governance, how regulatory powers should be allocated, and whether regulatory intervention in governance is desirable. It presents guidelines for identifying the optimal governance model for any market infrastructure institution within the context of its specific environment. The book provides a definitive and peerless reference for how to govern and regulate financial markets.

COVID -19 and Indian Financial Markets: A Review

2020 ◽  
Vol 16 (02) ◽  
pp. 1-8
Author(s):  
Kamaldeep Kaur Sarna
Keyword(s):  
Financial Markets ◽  
Financial Institutions ◽  
Financial Services ◽  
Stock Markets ◽  
Global Economy ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
Negative Impact ◽  
Management Strategies ◽  
The Impact

COVID-19 is aptly stated as a Black Swan event that has stifled the global economy. As coronavirus wreaked havoc, Gross Domestic Product (GDP) contracted globally, unemployment rate soared high, and economic recovery still seems a far-fetched dream. Most importantly, the pandemic has set up turbulence in the global financial markets and resulted in heightened risk elements (market risk, credit risk, bank runs etc.) across the globe. Such uncertainty and volatility has not been witnessed since the Global Financial Crisis of 2008. The spread of COVID-19 has largely eroded investors’ confidence as the stock markets neared lifetimes lows, bad loans spiked and investment values degraded. Due to this, many turned their backs on the risk-reward trade off and carted their money towards traditionally safer investments like gold. While the banking sector remains particularly vulnerable, central banks have provided extensive loan moratoriums and interest waivers. Overall, COVID-19 resulted in a short term negative impact on the financial markets in India, though it is making a way towards V-shaped recovery. In this context, the present paper attempts to identify and evaluate the impact of the pandemic on the financial markets in India. Relying on rich literature and live illustrations, the influence of COVID-19 is studied on the stock markets, banking and financial institutions, private equities, and debt funds. The paper covers several recommendations so as to bring stability in the financial markets. The suggestions include, but are not limited to, methods to regularly monitor results, establishing a robust mechanism for risk management, strategies to reduce Non-Performing Assets, continuous assessment of stress and crisis readiness of the financial institutions etc. The paper also emphasizes on enhancing the role of technology (Artificial Intelligence and Virtual/Augmented Reality) in the financial services sector to optimize the outcomes and set the path towards recovery.

Financial Markets and Exchanges Law

2021 ◽  
Keyword(s):  
Financial Markets ◽  
New Technology ◽  
Payment Systems ◽  
Regulation Of Financial Markets ◽  
Market Location ◽  
Clearing And Settlement ◽  
The Uk ◽  
Securities Trading ◽  
Market Infrastructure ◽  
Financial Technology

The book provides a comprehensive and authoritative analysis on the regulation of financial markets and market infrastructure. It focuses on stock markets and exchanges, associated trading, clearing, and settlement, and on payment systems, set in their historical and current contexts. This new edition addresses a number of major developments that have impacted the UK, wider European and international financial markets, such as within the UK, the PRA, the FCA and the Bank of England have become established financial regulators, each with its distinguishing responsibilities; MiFID has been substantially revised and strengthened through new directly applicable EU regulation; MiFID 2 also addresses the challenges posed by the use of fast-technology such as high frequency and algorithmic trading; and new technology is beginning to make an impact on the infrastructure of financial markets. This new edition includes updated content on the growing importance of financial technology with two new chapters on the emerging impact of financial technology on markets and on the regulation of markets. There is also a new chapter on MiFID 2 and MiFIR – the new securities trading architecture that will see the introduction of a new trading venue as well as significant changes to and the pre- and post-trade transparency and reporting regime. The introduction of mandatory trading of derivatives on trading venues is addressed together with the related post-EMIR regime for the mandatory clearing of certain classes of derivatives. Chapters on the role of the European Commission and ESMA have been updated, and consideration is given to the possible implications of Brexit for market location and access

scholarly journals Influence of world stock markets on the development of the stock market in Ukraine

2021 ◽  
Vol 18 (4) ◽  
pp. 223-240
Author(s):  
Inna Shkolnyk ◽  
Serhiy Frolov ◽  
Volodymyr Orlov ◽  
Viktoriia Dziuba ◽  
Yevgen Balatskyi
Keyword(s):  
Stock Market ◽  
Stock Markets ◽  
Mutual Influence ◽  
Stock Exchanges ◽  
World Federation ◽  
Pairwise Correlation ◽  
Stock Market Performance ◽  
The Us ◽  
The World ◽  
Global Stock Markets

Viewing the development of the stock market in Ukraine, the economy, which world financial organizations characterize as small and open, is largely determined by the trends formed by the global stock markets and leading stock exchanges. Therefore, the study aims to analyze Ukraine’s stock market, the world stock market, stock markets in the regions, and to assess their mutual influence. The study uses the data of the World Federation of Exchanges and National Securities and Stock Market Commission (Ukraine) from 2015 to 2020. Stock market performance forecasts are built using triple exponential smoothing. Based on pairwise correlation coefficients, the existence of a significant dependence in the development of the world stock market on the development of the American stock market was determined. Regarding the Ukrainian stock exchanges, only SE “PFTS” demonstrated its dependence on the US stock market. The results of the regression model based on an exponentially smoothed series of trading volumes in all markets showed that variations in the volume of trading on the world stock market are due to the situation on the US stock markets. Trading volume dynamics on Ukrainian stock exchanges such as SE “PFTS” and SE “Perspektiva” is almost 50% determined by the development of stock markets in the American region. Although Ukraine is geographically located in Europe, the results show a lack of significant links and the impacts of stock markets in this region on the major Ukrainian stock exchanges and the stock market as a whole.

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