ادغام فرامرزی بازارهای بورس سهام و اوراق بهادار: توهّم یا واقعیت؟

نوع مقاله: علمی - ترویجی

نویسنده

مدرس دانشگاه و پژوهشگر حقوق بین‌الملل.

چکیده

بازار بورس سهام و اوراق بهادار اصولاً چارچوبی ملی دارد، به این معنا که سهام شرکتهای داخلی در چنین بازاری مورد معامله قرار می‌گیرد. با وجود این جهانی‌شدن، ائتلاف و یکپارچگی در سطح بین‌المللی، همچنین پیشرفتهای فناورانه، انگیزه‌هایی مختلف برای ادغام بورسهای ملی سهام و تشکیل بورسهایی فراملی فراهم ‌آورده ‌است. بر این اساس لازم است تا فهرستی از بورسهای سهامی ادغامی، شرایط عمومی اوراق بهادار مانند نقدینگی و نحوه مبادلات آنها به منظور اطمینان از رعایت حداقل استاندارهای بین‌المللی تنظیم و مورد توجه قرار گیرد.
از حیث حقوق رقابت، ادغام بورسهای سهامی از یکسو می‌تواند به افزایش هزینه‌ها، دیجیتالی شدن بازار سهام و یکدستی آن بینجامد و در مقابل گاه کاهش کارایی سرویسهای ادغامی را به همراه خواهد داشت. در این مقاله ضمن اذعان به مسائل متعدد مطرح در این زمینه، عمدتاً بر ایده ضرورت توجه به تحقق یک بازار جهانی بورس، چالشها و راهکارهای قابل طرح، از جمله پیش‌شرطهای لازم برای ادغام، ظرفیتهای مورد نظر و نتایج و پیامدهای این امر، به اختصار نظر خواهیم ‌افکند. 

کلیدواژه‌ها


عنوان مقاله [English]

Cross-Border Stock Exchange Mergers: an Illusion or a Reality?

نویسنده [English]

  • Aramesh Shahbazi
چکیده [English]

Globalization, internationalization, integration, deregulation, as well as technological advances have provided the impetus for mergers of stock exchanges to facilitate crosspborder; trading; In particular, a stock exchange facilitates investment in a company by multiple investors as opposed to a single investor, Regarding the issue of potential competition between cross-border stock exchanges, the issue of liquidity makes the establishment of a new stock exchange in the home country of another. Thus, the effects of a cross-border stock exchange merger on competition are not likely to be singnificantly adverse. In this article we will analysis the possibilities and consider the different aspects and results of the stock-exchange merger in realm of international law.

کلیدواژه‌ها [English]

  • Stock Exchange Merger
  • Liqudity
  • Competition Investment
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