İstanbul Menkul Kıymetler Borsası (İMKB) has become a member of the Intermarket Surveillance Group (ISG).
Founded in 1980’s with the participation of securities exchanges and capital markets regulators, ISG membership is open to all exchanges, in consideration of criteria such as market surveillance capacity, right to information arrangements, and freedom of sharing information with other exchanges.
Once again, the world’s equity markets are witnessing a period of dramatic change. Driven by advances in technology, changes in regulatory and competition policy, and the evolution of exchanges from mutual to publicly traded, for-profit entities, we are seeing the simultaneous consolidation of exchange markets and the concurrent proliferation of alternative trading venues. A spectrum of market operators, traders and investors has raised concerns about these developments and their implications for transparency and market fragmentation.
The business of financial intermediation – bringing capital to new endeavours, securing a well-regulated set of investment choices for savers, and enabling risks to be laid off or assumed – has been one of the world’s great growth industries. Regulated securities and futures’ exchanges have stood at the apex of the burgeoning business of financial intermediation. Were we not so used to it, we would be startled that a single type of business could be so prominent that its street address would serve as short-hand for the entire economy, and an index of its prices a key barometer of economic outlook. Wall Street, Threadneedle Street, Hang Sen, Sensex, CAC40: these and other such names have become accepted barometers for economic wellbeing or otherwise.
Much has been said of the need for greater cross-market cooperation between regulators in light of recent events. Whilst this is not a new issue, it has been given greater focus since the financial crisis that led to a number of governments around the world providing financial support to key institutions. Furthermore with debate raging in both the US and Europe over the extent to which markets
Trade reporting and market transparency in the U.S. fixed income OTC market will expand substantially this year as trade reporting encompasses entire new classes of debt. Two initiatives by the Financial Industry Regulatory Authority (FINRA) would more than double the percentage of the U.S. debt market subject to FINRA data collection.