Exchange trading rules, surveillance and insider trading : [draft 15 oct 2013]

  • We examine the impact of stock exchange trading rules and surveillance on the frequency and severity of suspected insider trading cases in 22 stock exchanges around the world over the period January 2003 through June 2011. Using new indices for market manipulation, insider trading, and broker-agency conflict based on the specific provisions of the trading rules of each stock exchange, along with surveillance to detect non-compliance with such rules, we show that more detailed exchange trading rules and surveillance over time and across markets significantly reduce the number of cases, but increase the profits per case.

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Author:Michael Aitken, Douglas J. CummingORCiDGND, Feng Zhan
Parent Title (German):Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2013,15
Series (Serial Number):CFS working paper series (2013, 15)
Publisher:Center for Financial Studies
Place of publication:Frankfurt, M.
Document Type:Working Paper
Year of Completion:2013
Year of first Publication:2013
Publishing Institution:Universit├Ątsbibliothek Johann Christian Senckenberg
Release Date:2013/12/16
Tag:exchange trading rules; insider trading; law and finance; surveillance
Issue:draft 15 oct 2013
Page Number:55
Institutes:Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS)
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
Licence (German):License LogoDeutsches Urheberrecht