Examining the adequacy of South African off-exchange equity securities trading regulation

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dc.contributor.advisorLeach, Jamesen_ZA
dc.contributor.advisorDe la Harpe, Richarden_ZA
dc.contributor.authorBisagaya, Andrewen_ZA
dc.date.accessioned2018-02-09T12:53:58Z
dc.date.available2018-02-09T12:53:58Z
dc.date.issued2017en_ZA
dc.description.abstractThe recent years have seen the recognition of Multilateral Trading Facilities and Alternative Trading avenues in the American and European stock markets. This was required as the markets had grown and regulators were left perpetually behind their needs. This paper looks at whether South Africa has any such facilities/avenues and whether they are adequately regulated. These facilities/avenues allow investors to trade in equity securities away from the exchange on which they are listed. With their increased use however, there are policy concerns that arise that revolve around; price discovery, investor protection, market fragmentation, fair competition and access. It is these concerns that regulators aim to address. The law in South Africa is clear that there are no other legally recognised avenues to trade listed equity securities other than on the exchange on which they are listed. The equities market in South Africa is also comparatively smaller compared to its international counterparts, therefore it is difficult to assess whether there are persons in the business of providing an infrastructure for trading listed securities away from the exchange. Furthermore, they would be doing so illegally thus making monitoring it harder. This paper analyses the laws in the United States and the United Kingdom and uses the work of various authors to examine the policy concerns that arise with the increased use of these trading avenues and how these concerns were addressed. Finally, the paper proposes that the South African regulators should make changes in line with the international counterparts as the market grows.en_ZA
dc.identifier.apacitationBisagaya, A. (2017). <i>Examining the adequacy of South African off-exchange equity securities trading regulation</i>. (Thesis). University of Cape Town ,Faculty of Law ,Department of Commercial Law. Retrieved from http://hdl.handle.net/11427/27489en_ZA
dc.identifier.chicagocitationBisagaya, Andrew. <i>"Examining the adequacy of South African off-exchange equity securities trading regulation."</i> Thesis., University of Cape Town ,Faculty of Law ,Department of Commercial Law, 2017. http://hdl.handle.net/11427/27489en_ZA
dc.identifier.citationBisagaya, A. 2017. Examining the adequacy of South African off-exchange equity securities trading regulation. University of Cape Town.en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Bisagaya, Andrew AB - The recent years have seen the recognition of Multilateral Trading Facilities and Alternative Trading avenues in the American and European stock markets. This was required as the markets had grown and regulators were left perpetually behind their needs. This paper looks at whether South Africa has any such facilities/avenues and whether they are adequately regulated. These facilities/avenues allow investors to trade in equity securities away from the exchange on which they are listed. With their increased use however, there are policy concerns that arise that revolve around; price discovery, investor protection, market fragmentation, fair competition and access. It is these concerns that regulators aim to address. The law in South Africa is clear that there are no other legally recognised avenues to trade listed equity securities other than on the exchange on which they are listed. The equities market in South Africa is also comparatively smaller compared to its international counterparts, therefore it is difficult to assess whether there are persons in the business of providing an infrastructure for trading listed securities away from the exchange. Furthermore, they would be doing so illegally thus making monitoring it harder. This paper analyses the laws in the United States and the United Kingdom and uses the work of various authors to examine the policy concerns that arise with the increased use of these trading avenues and how these concerns were addressed. Finally, the paper proposes that the South African regulators should make changes in line with the international counterparts as the market grows. DA - 2017 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 2017 T1 - Examining the adequacy of South African off-exchange equity securities trading regulation TI - Examining the adequacy of South African off-exchange equity securities trading regulation UR - http://hdl.handle.net/11427/27489 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/27489
dc.identifier.vancouvercitationBisagaya A. Examining the adequacy of South African off-exchange equity securities trading regulation. [Thesis]. University of Cape Town ,Faculty of Law ,Department of Commercial Law, 2017 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/27489en_ZA
dc.language.isoengen_ZA
dc.publisher.departmentDepartment of Commercial Lawen_ZA
dc.publisher.facultyFaculty of Lawen_ZA
dc.publisher.institutionUniversity of Cape Town
dc.subject.otherCommercial Lawen_ZA
dc.titleExamining the adequacy of South African off-exchange equity securities trading regulationen_ZA
dc.typeMaster Thesis
dc.type.qualificationlevelMasters
dc.type.qualificationnameLLMen_ZA
uct.type.filetypeText
uct.type.filetypeImage
uct.type.publicationResearchen_ZA
uct.type.resourceThesisen_ZA
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