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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).

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