Securities Law Commons^™

What Exactly Is Market Integrity? An Analysis Of One Of The Core Objectives Of Securities Regulation, Janet Austin

William & Mary Business Law Review

One of the main objectives of securities regulation around the world is to protect the integrity or fairness of the markets. This, together with protecting investors, improving the efficiency of markets, and protecting the markets from systemic risk, form the four fundamental goals of securities regulation.

However, what exactly is envisaged by this concept of market integrity or fairness? Are these simply norms of behaviour incapable of further definition? Despite their importance, relatively little attention has been given to these concepts in the literature. Do they, for example, require securities regulators to just work towards eliminating dishonest trading practices such …

Collateral Damage: The Legal And Regulatory Protections For Customer Margin In The U.S. Derivatives Markets, Christian Chamorro-Courtland

William & Mary Business Law Review

This Article provides a detailed analysis ofthe laws and regulations that apply to margin posted by customers entering into futures and cleared swaps contracts in the United States. It describes the types ofmargin accounts used by Futures Commission Merchants (“FCM”) and Central Counterparties (“CCPs”). It analyzes the rights of customers upon the insolvency of their FCM.

First, this Article explains why futures customers currently receive a lower level of protection under the Commodity Exchange Act than that received by cleared swaps customers under the Dodd-Frank Act. On the one hand, futures customers currently share risk as co-owners for margin that …

Superior Supererogation: Why Credit Default Swaps Are Securities Under The Investment Advisers Act Of 1940, J. Tyler Kirk

William & Mary Business Law Review

No abstract provided.

Insider Trading, Informed Trading, And Market Making: Liquidity Of Securities Markets In The Zero-Sum Game, Stanislav Dolgopolov

William & Mary Business Law Review

This Article reexamines the nexus of relationships among informed transactions, information asymmetry, and liquidity of securities markets in the context of public policy debates about insider trading and its regulation.The Article analyzes this nexus, with the emphasis on recent empirical studies and developments in the securities industry, from a variety of perspectives and considers the validity of the alleged link between insider trading—as opposed to other forms of informed trading—and market liquidity as a justification for the existence of regulation.