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Examining the adequacy of South African off-exchange equity securities trading regulation
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 a...
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| Format: | Thesis |
| Language: | English |
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Department of Commercial Law
2018
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| _version_ | 1867613326208401408 |
|---|---|
| access_status_str | Open Access |
| author | Bisagaya, Andrew |
| author2 | Leach, James |
| author_browse | Bisagaya, Andrew Leach, James |
| author_facet | Leach, James Bisagaya, Andrew |
| author_sort | Bisagaya, Andrew |
| collection | Thesis |
| description | 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. |
| format | Thesis |
| id | oai:open.uct.ac.za:11427/27489 |
| institution | University of Cape Town (South Africa) |
| language | eng |
| last_indexed | 2026-06-10T12:34:20.437Z |
| license_str | Not specified — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UCTD — University of Cape Town Open Access Repository |
| publishDate | 2018 |
| publishDateRange | 2018 |
| publishDateSort | 2018 |
| publisher | Department of Commercial Law |
| publisherStr | Department of Commercial Law |
| record_format | dspace |
| source_str | UCTD — University of Cape Town Open Access Repository |
| spelling | oai:open.uct.ac.za:11427/27489 Examining the adequacy of South African off-exchange equity securities trading regulation Bisagaya, Andrew Leach, James De la Harpe, Richard Commercial Law 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. 2018-02-09T12:53:58Z 2018-02-09T12:53:58Z 2017 Master Thesis Masters LLM http://hdl.handle.net/11427/27489 eng application/pdf Department of Commercial Law Faculty of Law University of Cape Town |
| spellingShingle | Commercial Law Bisagaya, Andrew Examining the adequacy of South African off-exchange equity securities trading regulation |
| thesis_degree_str | Master's |
| title | Examining the adequacy of South African off-exchange equity securities trading regulation |
| title_full | Examining the adequacy of South African off-exchange equity securities trading regulation |
| title_fullStr | Examining the adequacy of South African off-exchange equity securities trading regulation |
| title_full_unstemmed | Examining the adequacy of South African off-exchange equity securities trading regulation |
| title_short | Examining the adequacy of South African off-exchange equity securities trading regulation |
| title_sort | examining the adequacy of south african off exchange equity securities trading regulation |
| topic | Commercial Law |
| url | http://hdl.handle.net/11427/27489 |
| work_keys_str_mv | AT bisagayaandrew examiningtheadequacyofsouthafricanoffexchangeequitysecuritiestradingregulation |