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28 November 2006

IOSCO final report on regulatory issues on exchange evolution

IOSCO issued its final report on regulatory issues arising from exchange evolution. The report describes the regulatory role of exchanges and the issues raised for that role by demutualization and the conversion to for-profit business models in combination with the competitive environment existing around them. It then describes the various ways in which securities regulatory authorities have addressed these issues.

Finally, the report recommends among others that :

  • Regulatory authorities should have adequate arrangements to enable them to keep the changing market environment under review and to identify emerging issues in a timely fashion.
  • Securities regulatory authorities should be prepared to share relevant information concerning cross-border activity.
  • Regulatory authorities should consider competition issues that may arise in connection with the evolution of exchanges as discussed above where such evolution impacts market integrity, efficiency or investor protection.

    Full report

    © IOSCO

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