内幕交易、中国壁垒和经纪佣金:现代证券市场信息流监管的起源

S. Dolgopolov
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引用次数: 3

摘要

本文考察了20世纪60年代和70年代初以限制内幕交易和金融中介机构内部中国墙的形式出现的现代证券市场信息流监管。有人认为,这些监管的发展可以追溯到纽约证券交易所和其他国家证券交易所的固定经纪佣金制度的消亡,以及经纪人相应地使用内幕信息作为竞争经纪收入的手段。事实上,导致内幕交易监管和“中国墙”创建的SEC的整体执行计划,受到固定经纪佣金制度的存在以及对金融机构在公司董事会中代表性的相关担忧的强烈影响。本文还考察了英国和日本固定经纪佣金制度的演变,并认为这种价格控制强烈影响了这些国家的内幕交易行为和信息流监管的出现。
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Insider Trading, Chinese Walls, and Brokerage Commissions: The Origins of Modern Regulation of Information Flows in Securities Markets
This Article examines the emergence of modern regulation of information flows in securities markets in the form of restrictions on insider trading and Chinese Walls within financial intermediaries during the 1960s and early 1970s. It is argued that these regulatory developments can be traced to the demise of the fixed brokerage commissions regime on the New York Stock Exchange and other national securities exchanges and the corresponding use of inside information by brokers as a means of competing for brokerage revenues. In fact, the overall enforcement program of the SEC, which led to insider trading regulation and the creation of Chinese Walls, was strongly influenced by the existence of the fixed brokerage commissions regime and the related concern about the representation of financial institutions on corporate boards. This Article also examines the evolution of the fixed brokerage commissions regimes in the United Kingdom and Japan and argues that such price controls strongly influenced insider trading practices and the emergence of the regulation of information flows in these countries.
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