Analysis of Financial-Legal Dimensions of Competition Between Stock Exchanges Based on Comparative Study of Iran and the United States
Analysis of Financial-Legal Dimensions of Competition between Stock Exchanges Based on Comparative Study of Iran and the United States
Subject Areas : Financial Knowledge of Securities Analysis
saeed aghdam 1 , ebrahim dianatinasab 2 , Alireza Khalili 3
1 - finance and banking department, management and accounting faculty, Allameh Tabataba'i University, tehran iran
2 - Political Science and LawFaculty, Tehran University, Tehran, Iran
3 - Islamic Studies and Law, Imam Sadiq university, Tehran Iran
Keywords: American law, Comparative law, Competition law, Iranian law, Self-regulatory organization,
Abstract :
According to Iranian market law, exchanges as a self-regulatory organization are obliged to set and enforce regulations in their field of activity, while they are classified as for-profit companies through ownership, thus their activities may lead to competition. Recognition of competition requires investigation of the nature, function and duties of stock exchanges and capital market structure as a platform of stock exchange activity in terms of two legal rules means Conflict of public-commercial interests and the theory of separation of government’s authority (Act D’Autorite) and incumbency (Act D’Gestion) acts in the context of competition phenomenon. This is done by studying the laws and regulations, relevant documents and reports and analyzing the legal systems of the two countries based on an analytical-interpretive method and within the framework of comparative law. According to the research findings, competition between exchanges by regulators requires attention to several issues including recognition of commercial and public interests of each of the exchanges, determining the competent authority to recognize conflicts of interest and providing a solution for how to resolve conflicts. In terms of practice, according to the structure and conditions of the Iranian market, creating segmentation in the field of stock exchange activity is a right decision, and unlike the US capital market, there is no possibility of competition between the exchanges
