Regulating transatlantic stock exchanges

Abstract

This paper examines the regulatory questions surrounding transatlantic stock exchange consolidation. Underlying these questions is, in essence, a problem of fit between, on the one hand, the market space and, on the other hand, the regulatory space. Legislation which has predominantly a domestic focus is outdated in view of the increasingly global focus of financial market actors. High-profile mergers such as NYSE Euronext have brought the problem of the regulation of transatlantic or indeed global stock exchanges to the fore. Which national securities laws apply? What consequences does technological integration have for the regulatory position of exchanges and financial market actors? What are the extraterritorial implications? This article takes these questions as a starting point for investigating the problems of, and solutions to, transatlantic stock exchange consolidation.