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Part I Financial Markets, 2 Exchange Review, Regulation, and Evolution

George Walker

From: Financial Markets and Exchanges Law (2nd Edition)

Edited By: Michael Blair, George Walker, Stuart Willey

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 03 October 2023

Stock market and exchanges — Issue and trading of securities — Primary market — Secondary market — Prospectus — Listing — Shares — International Organisation of Securities Commissions (IOSCO) — Committee on Payment and Settlement Systems (CPSS) — Securities settlement system — Total return swap (TRS) — Credit default swap (CDS) — Eurobond — Securities and Exchange Commission (SEC) — World Bank — International Swaps and Derivatives Association (ISDA) — UK Prudential Regulation Authority (PRA) — UK Financial Services Authority (FSA) — European Banking Authority (EBA) — Bank of England — Market Abuse Directive (MAD) — Market abuse — Financial Services and Markets Act 2000 — Bank for International Settlement (BIS) — Central counterparty (CCP) — Securities settlement system (SSS)
2.01 Exchanges have expanded rapidly since the early 1990s. This has occurred as part of a larger transformation in the nature of international financial markets, which have increasingly moved towards tradable-securities-based financing. The volume of international bank-based debt had already fallen by a factor of four between 1975 and 1985, while the international bond market expanded by a corresponding factor. Since then, stock markets and exchanges have assumed an even more fundamental role in the conduct and development of international finance. 2.02 The...
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