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Full-Text Articles in Securities Law
Oversight Failure In Securities Markets, Yesha Yadav
Oversight Failure In Securities Markets, Yesha Yadav
Cornell Law Review
According to statute, securities exchanges play an essential role in ensuring compliance with applicable laws and industry standards. Long imagined as unique in their institutional capacity to bring traders together, collect information and exclude problem participants from the marketplace, exchanges have offered an efficient source of private discipline for public regulators. The classic conception of the exchange, however, no longer holds true in today's markets. Rather than concentrate activity within a handful of exchanges, equity markets are fragmented across a network of thirteen exchanges and around forty lightly regulated, off-exchange alternative venues (colloquially, "dark pools"). This Article shows that the …