Global Exchanges in the HFT Nexus

Meyer, David R.; Guernsey, George

doi:10.1016/b978-0-12-802205-4.00011-7

Cited by 3 publications

(1 citation statement)

References 4 publications

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“…While more prevalent in Indian markets, authorities have also been eager to regulate HFT for instance by introducing a transaction tax on trading or speed bumps (Mellow, 2014; Meyer and Guernsey, 2015: 180–181). The regulators are sanctioning non-compliance (Business Standard, 2020) and, especially since the emergence of a corruption scandal around HFT at NSE, regulatory scrutiny on HFT has further increased (Narayan, 2021).…”

Section: Comparative Analysis Of Bricss Capital Marketsmentioning

confidence: 99%

State capitalism and capital markets: Comparing securities exchanges in emerging markets

2021

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Finance plays a major role in discussions about state capitalism in emerging markets, but the focus has so far been on banks. Capital markets have been neglected. Moreover, findings from the growing literature on financialization in emerging markets indicate that in some cases there is increasing state involvement in the development and functioning of capital markets. Hence, the relationship between the state and finance in these economies may be fundamentally different from the picture provided by liberal Western-centric perspectives. Instead of looking at capital markets as uniform entities, we propose to analyse them as variegated – while characterized by common financialization processes, they can be informed by different institutional logics, leading to very different market dynamics and outcomes. We explore to what extent these differences exist and how state-capitalist economies facilitate capital market development. Our comparative institutional analysis of securities exchanges as central parts of capital markets in six increasingly financialized emerging market economies – Brazil, China, India, Russia, South Africa and South Korea – focuses on the degree to which capital markets are integrated into state-capitalist institutions. Instead of mere platforms on which market transactions take place, we analyse exchanges as powerful actors which actively shape capital markets. While in most advanced economies exchanges are situated within an institutional setting informed by neoliberal institutional logic, we demonstrate that exchanges in emerging markets often organize capital markets to facilitate state objectives.

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Section: Comparative Analysis Of Bricss Capital Marketsmentioning

confidence: 99%

State capitalism and capital markets: Comparing securities exchanges in emerging markets

2021

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Hong Kong and Singapore exchanges confront high frequency trading

Meyer¹,

Guernsey²

2016

Asia Pacific Business Review

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Will financiers change their network behaviour?

Meyer

2023

The Networked Financier

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Interviews with experienced financiers in global financial centres reveal the strategic network behaviour they employ to access social capital, thus enhancing their performance. While the interview results match many theoretical expectations, the findings also raise intriguing questions for future research. Financiers’ cohesive networks are open networks because each member has external network ties. The small-world phenomena of financiers’ networks is extraordinary. Experienced financiers reach targeted contacts across global financial centres with, at most, one referral. The significance of trust to financiers’ network behaviour is succinctly captured by the phrase ‘It’s all about trust.’ The deep-seated feelings about trust need more research. Neither telecommunications technologies nor adjustments to workplace or long-distance travel will alter the fundamental behavioural principles of financiers’ network behaviour. Fintech mostly impacts their business indirectly. Senior financiers, similar to those interviewed for this book, will continue to operate from the pivotal global financial centres as networked financiers.

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Global Exchanges in the HFT Nexus

Cited by 3 publications

References 4 publications

State capitalism and capital markets: Comparing securities exchanges in emerging markets

State capitalism and capital markets: Comparing securities exchanges in emerging markets

Hong Kong and Singapore exchanges confront high frequency trading

Will financiers change their network behaviour?

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