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9 U. Pa. J. Int'l Bus. L. 107 (1987)
Regulatory Problems in Internationalizing Trading Markets

handle is hein.journals/upjiel9 and id is 119 raw text is: PAPERS PRESENTED REGULATORY PROBLEMS IN INTERNATIONALIZING TRADING MARKETS FRIEDRICH KUBLER* 1. INTRODUCTION Regulatory problems arising from the internationalization of busi- ness activities tend to be complex. This appears to be particularly true for securities trading. Not only the national systems of securities regu- lation, but also the capital markets themselves are shaped by sometimes strikingly different needs, interests, traditions, and institutions. For this reason, a step-by-step analysis seems appropriate, even at the risk of repeating familiar aspects and well-known observations. 2. INTERNATIONALIZATION TRENDS: ASPECTS AND FACTORS 2.1 Aspects The internationalization of securities trading occurs in different forms which may raise different regulatory problems. A first and very fundamental observation relates to the fact that not only bonds but also stocks issued under specific national systems (and primarily traded do- mestically) are increasingly sold and traded in other countries, though no overall figures are available. Although one may assume that the real volume is in over-the-counter' trading (OTC), the general trend is clearly indicated by the steady increase in listings abroad. At the beginning of 1984, 46 foreign securities or American De- pository Receipts (ADRs) were listed on the New York Stock Ex- change (NYSE), 52 were listed on the American Stock Exchange * Professor and Director of the Institute of Banking Law, University of Frankfurt am Main; Professor of Law, University of Pennsylvania Law School; Member of the International Faculty for Corporate and Capital Market Law. The author is indebted for the critical comments and advice of Douglas W. Hawes, Esq., Dr. Klaus Kohler, Professor Morris Mendelson, Dean Robert H. Mundheim and Dr. Jurgen Than. This article was written in connection with the Singapore Conference. A complete compilation of that conference will be published by Butterworth. An over-the-counter transaction is one which does not utilize any of the na- tional exchanges. WORDS AND PHRASES 368 (1972). (107)

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