- 1 1.1 1
1.2 2
1 front running 2 integrity fiduciary duties 3 1.3 3
4
1.4 60 80 60 Q 80 80 90 reregulation 5
1 2 3 ECN ECN ECN 6
ECN ECN ECN ECN 2 2.1 2.1.1 7
2.1.2 8
20 90 1990 1993 1999 IOSCO 54 15 14 15 PTS ATS InstinetITG Posit Statte Street Lattice Trading Tradepoint OptiMark 2.1.3 1 9
1 2 3 1999 Nasdaq/Amex NASDAQ 2 10
3 10 20 Nasdaq 6 6 80 60 4 11
5 2.2 2.2.1 1 1 12
2 2 13
3 1 ATS 2 3 4 14
3 3.1 1 2 3 4 1 15
1 6 2 3 60 4 3 5 6 6 28 28 28 28 7 8 7 9 compliance officer 16
2 1 2 3 4 5 6 3.2 1 2 17
1 2 3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 18
1 2 3 4 1 2 3 4 19
1 2 3 1 2 CEO 20
3 30 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 21
2 1 24 1 2 3 22
4 3 1 2 23
10 3 3.3 24
SEATScan ASIC ASICASIC 3.4 marking the colse 25
ramping warehousing ASAM 800000 80000 30000 1 2 3 4 26
4 4.1 27
4.2 1 2 28
5% 2000 10 15% 5%3 4 2000 11 ASX 1 2 3 4 ASIC ASIC ASIC ASX ASIC 29
3 7 3 4.3 1 NASD 30
NASDA 2 3 4 5 6 31
5 1 32
2 1 2 3 4 Anthony I. Ogus, 1994, Regulation: Legal Form and Economic Theory, Clarendon Press, Oxford Anthony Ogus, 1997, Self-regulation, University of Manchester, Copyright 1997 Anthony Ogus Barry M. Mitnick, 1980, The Political Economy of Regulation, Columbia University 33
Press, New York David P. Doherty, Arthur S. Okun, Steven F. Korostoff, James A. Nofi, 1991, The Enforcement Role of the New York Stock Exchange, Northwestern University Law Review Hong Kong Securities and Future Commission, 2000, Demutualisation: Does This Affect an Exchange s Ability to Self-Regulate?, Discussion Paper, June, 2000 IOSCO, 2000, Discussion Paper on Stock Exchange Demutualization, Dec., 2000 IOSCO, 2000, Model for Effective Regulation, Discussion Paper, May, 2000 James Q. Wilson, 1980, The Politics of Regulation, Basic Books, Inc., Publishers New York Zhang, Bin, 2000, The Evolution of Stock Exchange s Self-Regulatory Roles, Dissertation Paper, London School of Economics 1998 3 1998 5 2000 2000 1998 11 1998 12 34