Unit 10: Global Securities Markets
10.1 Overview of Global Securities Markets
The world’s map (by name, the exam’s tour): the US markets (the NYSE-and-Nasdaq duopoly — the depth-and-liquidity benchmark), Europe’s (the LSE, Euronext, Deutsche Boerse — the consolidated-exchange era), Asia’s giants (Tokyo, Hong Kong, Shanghai-Shenzhen, Singapore — the listing-scale races), the emerging markets (India’s NSE-BSE scale-and-digitisation — the UPI-era retail wonder; the ASEAN-and-Gulf exchanges), and the bond-and-derivatives layers (the global fixed-income-and-OTC-derivatives markets — the ISDA world). The structural trends: the demutualization-and-listing of the exchanges themselves (Nepal’s own path’s context — Unit 2.8), the consolidation (the mergers-of-exchanges era), the technology’s arms-race (the algo-and-low-latency world), and the retail democratisation’s waves.
10.2 Cross-Border Securities Offerings and Trading
The cross-border faces (the exam’s list): the multi-jurisdiction offerings (the issuer’s home filing + the host markets’ passports — the prospectus’ mutual-recognition regimes), the depositary receipts (the GDR/ADR structures — the home shares’ foreign trading), the cross-listing-and-secondary listings, the foreign-investor access (the QFI-and-portfolio-investment routes — Nepal’s own FDI-vs-portfolio gates: the FITTA 2075’s faces and the foreign-investors-in-the-secondary-market debates — the long-pending opening), and the tax-and-treaty layer (the withholding-and-capital-gains questions — the Tom Kristian Larsen case’s cluster, Unit 11’s list: the foreign investor’s tax dispute as the cross-border illustration).
10.3 International Regulatory Frameworks and Cooperation
The framework’s architecture (by name): IOSCO — the securities regulators’ international organisation (the standard-setting’s core: the Objectives and Principles of Securities Regulation — the three pillars: investor protection, fair-efficient-transparent markets, systemic-risk reduction; the Multilateral MoU — the cross-border enforcement cooperation’s instrument); the Financial Stability Board-and-the-standard-setters’ network
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