Global Market Surveillance

Douglas Cumming, Sofia Johan

Research output: Contribution to journalArticlepeer-review

61 Citations (Scopus)


This paper provides evidence on market surveillance from exchanges and securities commissions from twenty-five jurisdictions in North, Central and South America, Western and Eastern Europe, Africa, and Asia. Exchanges as SROs engage in a greater range of single-market surveillance of market manipulative practices than securities commissions, but the scope of cross-market surveillance activity is very similar among exchanges and securities commissions. Cross-market surveillance is more effective with information-sharing arrangements, and securities commissions are more likely to engage in information sharing than exchanges are. Relative to the scope of single-
market surveillance, the scope of cross-market surveillance shows a stronger positive association with trading velocity, the number of listed companies, capitalization. The data also indicate that as at 2005, there is ample scope for jurisdictions to expand their cross-market surveillance and thereby stimulate investor confidence and trading act
Original languageEnglish
Pages (from-to)454-506
JournalAmerican Law and Economics Review
Issue number2
Publication statusPublished - 2008


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