Publisher's Synopsis
The financial markets have undergone profound changes, causing many law-makers to modernize their legislation. This work provides a fundamental analysis of the questions raised by the laws ruling trading systems. What is a stock exchange? What is an analogous system? What trading rules do the financial intermediaries (banks) have to observe? What objectives should be pursued by law-makers? What is the meaning of terms such as "protection of investors" and "protection of the market function"? What role is to be left to competition? What should be left to self-regulation? And finally, how should problems arising from conflicts of regulation be solved? The approach is both critical and comparative looking in particular at Anglo-Saxon, Continental and European legislation. This approach also permits a comparative analysis of each subject covered, including the advantages and disadvantages that exist in the diverse legal solutions envisaged, as well as the current state of the various controversies in the existing doctrine.
