Disruptive Technology and Securities Regulation
Disruptive Technology and Securities Regulation
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颠覆性技术和证券监管
DOI：
10.2139/ssrn.2546930
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发表时间：
2015
期刊：
影响因子：
--
通讯作者：
C. Brummer
中科院分区：
文献类型：
--
作者：
C. Brummer
颠覆性技术对金融服务业的影响最为深远--然而，学者和政策制定者对这一现象缺乏连贯的理论，更不用说一套连贯的监管处方了。部分挑战在于创新颠覆市场惯例的各种渠道。人们普遍认为，证券监管是在交易所、经纪自营商和清算系统等稳定的市场守门人的背景下运作的，这一普遍假设也潜伏着问题--在21世纪的资本市场，这一事实场景越来越不同步。这一条解释了技术创新如何不仅“扰乱”资本市场-而且还扰乱监管和监督的行使。它提供了第一个跟踪技术在当今证券基础设施多个领域迁移的理论账户，并认为一系列技术创新正在促进可以被理解为传统看门人的非中介化，监管机构自20世纪30年代以来一直依赖（和监管）投资者保护和市场诚信。因此，有效的证券监管必须升级，以适应计算机化（通常是虚拟的）市场微观结构，这种微观结构会加速变化。为了提供背景，本文考察了破坏性创新的两个关键来源：1）正在改变市场流动性的含义和运作的自动化金融服务; 2）私人市场-特别是暗池，ECN，144 A交易平台和众筹网站-正在为证券发行和交易创造一系列不断扩大的替代品。
Nowhere has disruptive technology had a more profound impact than in financial services — and yet nowhere more do academics and policymakers lack a coherent theory of the phenomenon, much less a coherent set of regulatory prescriptions. Part of the challenge lies in the varied channels through which innovation upends market practices. Problems also lurk in the popular assumption that securities regulation operates against the backdrop of stable market gatekeepers like exchanges, broker-dealers and clearing systems — a fact scenario increasingly out of sync in 21st century capital markets. This Article explains how technological innovation not only “disrupts” capital markets — but also the exercise of regulatory supervision and oversight. It provides the first theoretical account tracking the migration of technology across multiple domains of today’s securities infrastructure and argues that an array of technological innovations are facilitating what can be understood as the disintermediation of the traditional gatekeepers that regulatory authorities have relied on (and regulated) since the 1930s for investor protection and market integrity. Effective securities regulation will thus have to be upgraded to account for a computerized (and often virtual) market microstructure that is subject to accelerating change. To provide context, the paper examines two key sources of disruptive innovation: 1) the automated financial services that are transforming the meaning and operation of market liquidity and 2) the private markets — specifically, the dark pools, ECNs, 144A trading platforms, and crowdfunding websites — that are creating an ever-expanding array of alternatives for both securities issuances and trading.