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The Global Financial Crisis (GFC) has graphically demonstrated how interconnected capital markets are worldwide. The GFC did not start in the international capital markets, but these markets became the purveyors of risk and financial calamity around the world. This subject will provide an understanding of the development of international capital markets, the most burning current issues in developed and developing economies and the regulatory responses. Associate Professor Jordan is a widely recognised expert on international capital markets.
This subject looks at the historical development of and major trends in international capital markets from a regulatory perspective.
Principal topics will include:
- Development of regulatory techniques to address international securities transactions, such as mutual recognition, harmonisation etc.
- The changing role of stock markets
- The interplay between regulated and unregulated markets
- The operation of the Euromarkets and recent attempts to create a pan-European and trans-Atlantic capital market
- United States regulatory initiatives, including Regulation S, Rule 144A, American Depositary Receipts and the Multijurisdictional Disclosure System
- The role of international financial institutions such as the World Bank and the International Monetary Fund (IMF), and initiatives such as the Financial Sector Assessment Programs
- The role of the International Organization of Securities Commissions and the creation of international standards
- Developments in developing and transitional markets (e.g. China, Brazil etc.)
- Islamic finance.
The subject may include case studies of recent transactions in the international markets.
Intended learning outcomes
A student who has successfully completed this subject should:
- Understand the role and significance of United States securities law in international capital markets and its impact on the development of international standards and other domestic systems
- Understand particular issues relevant to the regulation of cross-border capital markets such as the European Union
- Understand the trends and issues in capital market development in emerging markets
- Understand the basic principles of Islamic finance and its implications for international capital markets.
Last updated: 3 November 2022