همگرايي و رقابت در بازارهاي بورس: تعارض حقوق رقابت و حقوق بازار بورس

COMPETITION AND INTEGRATION AMONG STOCK EXCHANGES: COMPETITION AND STOCK EXCHANGE LAW CONFLICT

Different aspects of competition in stock exchanges have been discussed in the literature from either a positive or normative perspective but this paper seeks to come up with an approach encompassing both positive and normative dimensions of competition in various aspects of stock exchangesʹ activities. As far as the positive nature of the securities market and industry is concerned, conflicting trends are emerging. The liberalization of securities markets and the disappearance of technical barriers have dismantled the monopoly of national stock exchanges but led to more consolidation. However, we are also witnessing a destabilizing and fragmenting effect of competition on these markets. Following an analysis of the importance of recognition of the normative/positive dichotomy in approaching competition in financial services, we discuss the centrality of information disclosure in creating competitive and stable financial markets. Disclosure of information, therefore, reinforces both competitive and prudential objectives alike. In further attempt, we discuss the tension between the principles of competition and prudence alongside the conflict between competition objectives and advantages in economies of scope and scale. While arguments in weighing the competition against economies of scope and scale are evenly balanced, the unique characteristics of such markets do not allow the absolute application of competition principles when it comes to prudential concerns.