Creating a Global Stock Exchange: Does the Present National System Have a Future?

Autor/in	Warner-Allen, Charles
Titel	Creating a Global Stock Exchange: Does the Present National System Have a Future?
Quelle	(1996), (7 Seiten) PDF als Volltext kostenfreie Datei Verfügbarkeit
Sprache	englisch
Dokumenttyp	gedruckt; online; Monographie
Schlagwörter	Business; Finance Occupations; Foreign Countries; Global Approach; Information Technology; International Organizations; International Relations; Investment; Technological Advancement; World Affairs + Suchen Sie Ihr Suchwort? Business studies; Wirtschaft; Betriebswirtschaft; Finanzbuchhalter; Ausland; Globales Denken; Informationstechnologie; International organisation; International organisations; International organization; Internationale Organisation; Internationale Beziehungen; Investments; Geldanlage; Investiton; Technological development; Technologische Entwicklung; Weltpolitik
Abstract	Sovereignty and national pride throw up potentially the biggest obstacles in the path of a global stock exchange, being all the more insurmountable because of their bases in emotional politics as opposed to economic logic. A global stock exchange could come about if New York, London and Tokyo could consolidate their current baton-passing activity into a more formal, integrated arrangement--possibly creating a new super exchange on top of their existing domestic operations. There would need to be a single regulatory regime, with one set of trading rules dominating over those of individual nations. One of the Big Three could come to dominate globally. Thirdly, an existing smaller exchange could start to compete aggressively in the international market, taking advantage of technological developments, its existing domestic expertise and a supportive regulatory environment. Finally, then, businesses could create a completely new institution, along the lines of the screen-based international currency dealing operations of Reuters or Dow Jones Telerate. Technologically, a global stock exchange could happen now; the networks and computing power are available and there is already screen-based global trading in other markets--notably currency. Institutionally, it almost does happen now, through the activities of the Big Three--although this is not a single international operation. Politically, the trend towards the necessary relinquishment of national sovereignty that would be a prerequisite for a supra-national market is detectable. All three of these prerequisites--the technology, the institution and the political will--would need to be firmly in place before a global stock exchange actually came about. (AEF)
Erfasst von	ERIC (Education Resources Information Center), Washington, DC