Competition among Exchanges and Enforcement Policy

WP/13/37

Nopic
In this paper, we explore how competition among stock exchanges, operated as self-regulatory organizations (SROs), affects the design of their members' surveillance. We develop a model where two for-profit SROs compete for trading volume, while brokers execute transactions on behalf of the investors and may misreport the true cash flow. The SROs... READ MORE...

Publication date: February 2013
ISBN 9781475516784
$18.00

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Publication date: February 2013

English