The IRMA Community
Newsletters
Research IRM
Click a keyword to search titles using our InfoSci-OnDemand powered search:
|
Laws and Regulations on Proprietary Trading System (PTS) in Japan: Japanese Alternative Trading System (ATS)
Abstract
In order to improve convenience for investors through competition among stock exchanges, operation of Proprietary Trading Systems (PTS) was authorized as a form of securities business under the Securities and Exchange Act. The Japanese PTS is equivalent to ATS (Alternative Trading System), ECN (Electronic Communications Network) in the United States and MTF (Multilateral Trading Facilities) under MiFID in the EU. In 1998, ATS and ECN had already started in the United States and Japan’s PTS followed the U.S. model. Telecommunication and information technologies and computer technologies made PTS possible, and PTS makes the border between the market and brokers ambiguous. Traditional regulations on broker-dealers and stock exchanges will inevitably be reviewed and regulations on securities markets will have to be reformed.
Related Content
Emrah Arğın.
© 2022.
16 pages.
|
Ebru Gülbuğ Erol, Mustafa Gülsün.
© 2022.
17 pages.
|
Yeşim Şener.
© 2022.
18 pages.
|
Salim Kurnaz, Deimantė Žilinskienė.
© 2022.
20 pages.
|
Dorothea Maria Bowyer, Walid El Hamad, Ciorstan Smark, Greg Evan Jones, Claire Beattie, Ying Deng.
© 2022.
29 pages.
|
Savas S. Ates, Vildan Durmaz.
© 2022.
24 pages.
|
Nusret Erceylan, Gaye Atilla.
© 2022.
20 pages.
|
|
|