Exchange and Regulation in European Capital Markets

by Lederer, Markus

• ISBN13: 9783825869540
• ISBN10: 3825869547
• Format: Paperback
• Copyright: 2003-08-21
• Publisher: Lit Verlag

Summary

This book explores how the wild beast of finance can be better understood and controlled. Using the framework of exchange and regulation, European capital markets are analyzed and it is shown that a common European area of financial exchange has developed. Concerning financial regulation, one can see that the EU has become the most dominant rule setter and the regulation established can be interpreted as being of a statutory kind. Showing the shortcomings of this process, the set-up of a more transparent mega-regulator to control all financial market segments and financial agents is proposed.

Table of Contents

Acknowledgements	ix
Introduction	1	(1)
The question: how to control finance?	1	(2)
The topic: capital markets	3	(1)
The framework: exchange and regulation	4	(3)
The case: the EU	7	(2)
The arguments	9	(4)
The relevance	13	(6)
I. FRAMING FINANCE: EXCHANGE AND REGULATION, INSTEAD OF STATES AND MARKETS	19	(42)
States and Markets - The Traditional Baseline	21	(18)
The bias of separateness	24	(4)
The structural bias	28	(3)
The national bias	31	(4)
The liberal bias of separating public and private	35	(4)
Summary	38	(1)
Exchange and Regulation - A New Framework	39	(22)
What is exchange?	40	(4)
What is regulation?	44	(17)
Summary	59	(2)
II. FINANCIAL EXCHANGE: MARKETS AND AGENTS IN THE EU	61	(90)
Financial Exchange on Markets	65	(44)
What are (international) financial markets?	66	(21)
Why do (international) financial markets exist?	87	(5)
The situation in the EU	92	(17)
Summary	106	(3)
Financial Exchange By Agents	109	(42)
Banks	110	(4)
Institutional investors	114	(4)
Financial conglomerates	118	(2)
Stock exchanges	120	(12)
Clearing and settlement systems	132	(7)
Electronic networks	139	(12)
Summary	147	(4)
III. FINANCIAL REGULATION: RULES FOR A COMMON MARKET	151	(98)
What is (International) Financial Regulation?	153	(18)
Why should financial exchange be regulated?	153	(11)
International financial regulation	164	(3)
Costs of (international) financial regulation	167	(4)
Summary	169	(2)
Financial Regulation in the EU	171	(42)
The dominance of European financial regulation	172	(18)
The nature of European financial regulation	190	(14)
The future of European financial regulation	204	(9)
Summary	209	(4)
Competing and/or Supporting Explanations	213	(36)
The influence of societal actors	214	(10)
The influence of state actors	224	(17)
The role of the US and the question of hegemony	241	(8)
Summary	245	(4)
Conclusion	249	(10)
List of Abbreviations	259	(4)
Bibliography	263