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On the Legal System of Alternative Trading Systems Regulation

Author: ZengGuan
Tutor: LiRenZhen
School: Wuhan University
Course: International Law
Keywords: Alternative Trading System securities regulation legal system
CLC: D996
Type: Master's thesis
Year: 2005
Downloads: 94
Quote: 4
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Abstract


Securities transaction on internet is an important sector of network finance. From 1990’s, as an automatic network trading system, Alternative Trading Systems (ATSs) grow rapidly for its low cost and high efficiency. On behalf of the developing trend of securities market and the model of securities exchange, while impacted on the traditional exchange and the intermediary organs, and challenged the traditional securities regulation, ATSs have modified the structure and operation of securities market. How to regulate the ATSs and reasonably guide its development through legal means is a serious task which the national and territorial financial regulators faced. This thesis relative systematically studies the legal system of ATS regulation in order to provide a theoretic reference for establishment of regulation system in our country.This thesis divides into four chapters. Chapter Ⅰ elaborate the definitions of ATS from legislations and policies of many different jurisdiction, and analyze the conceptions and characteristics of ATS, and expound the occurrence and development as well as market risks and legal impact of ATSs. Chapter Ⅱ expatiate the legal systems of ATS regulation in the USA and in European Union (including its member countries), point out the practices that the USA and EU regulate ATSs as exchanges or broker-dealers according to the different circumstances. Chapter Ⅲ discusses and sets forth the objectives and the basic principles of ATSs regulation as well as the model and specific measures associating with a series of documents of IOSCO and international practices. Chapters Ⅳ indicates that we should enact new laws or modify the existing legislations in China for permitting curb exchange and establishing ATSs, and suggests the establishment of legal system of ATSs regulation in China.The thesis indicates that ATS, as a financial innovation, is an electronic trading system based on the internet, automatically brings together and matches multiple securities orders of buyers and sellers according non-discretionary rules, and is the product of computerization of securities exchange, and belongs to the category of curb exchange. Compared with the traditional securities exchange, ATS has morereasonable governance structure and different relationship with the investors, and trades more categories of securities, and because the transaction is finished all through internet, ATS has low cost without the intermediary. However, ATSs increase the market risks, challenge the traditional securities regulation. In reference to the documents of IOSCO and regulation systems and practices of the USA and the EU, this thesis indicates that, no matter what regulation model is adopted, we should regulate ATSs with objectives of prompting the development of securities transaction on internet, maintaining the integrity, efficiency, and transparency of securities market, reducing the market risks and protecting the investors, sticking to the principles of fairness, equity and open, neutrality, flexibility, cultivating innovation, international cooperation, adopting the measures, at lowest, including the requirements of fair and reasonable internal trading rules and procedures, transparency, systematic capacity, internal monitoring and inspection, technology, reporting and recordkeeping.This thesis proposes that China should enact new laws or modify existing legislation permitting curb exchange, fostering innovation, establishing ATS, advocating transformation of exchanges into company governance, and establish specific ATS regulation system based on the objectives and principles discussed above, endowing the ATSs with the option of registration to be exchanges or broker-dealer, adopting those measures analyzed above.

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