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Doctoral Thesis
DOI
10.11606/T.2.2016.tde-17122015-105852
Document
Author
Full name
Margareth Noda
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2015
Supervisor
Committee
Lucca, Newton de (President)
Coelho, Fabio Ulhoa
Parentoni, Leonardo Netto
Proença, José Marcelo Martins
Souza Junior, Francisco Satiro de
Title in Portuguese
Fragmentação do mercado secundário: desafios para a regulação do Brasil
Keywords in Portuguese
Direito comercial
Mercado de capitais
Abstract in Portuguese
O mercado de capitais, e especialmente o mercado secundário, está entre os setores da economia que reagem mais prontamente às inovações tecnológicas. Nos últimos anos, o desenvolvimento tecnológico e das telecomunicações alterou dramaticamente a configuração do mercado secundário: os pregões viva-voz desapareceram, dando lugar aos sistemas eletrônicos de negociação que executam negócios a velocidades imperceptíveis ao ser humano. Concomitantemente, alterações regulatórias visando ao aumento da concorrência nos mercados secundários proporcionaram a criação de ambientes de negociação com e sem transparência, gerando a fragmentação da liquidez. No Brasil, embora o mercado seja altamente eletronificado e o processo de alteração regulatória também tenha ocorrido, não se verificou o aumento da concorrência no mercado secundário de ações. A partir de uma análise comparativa com mercados fragmentados, este trabalho propõe algumas reformas na regulação brasileira com vistas a melhoraria da qualidade do mercado por meio da introdução de concorrência.
Title in English
Fragmentation in secondary markets: challenges for regulation in Brazil
Keywords in English
Fragmentation
Regulation
Secondary markets
Transparency
Abstract in English
Capital markets, and especially the secondary market, are among the sectors that react more quickly to technological innovations. In recent years, technological and telecommunication developments dramatically changed the structure of the secondary market: the open outcry sessions disappeared, giving way to electronic trading systems with execution speeds imperceptible to humans. At the same time, regulatory changes aimed at increasing competition in the secondary markets led to the creation of lit and dark trading venues, generating the fragmentation of liquidity. In Brazil, although the market is highly electronic and the regulatory change process has also occurred, there was no increased competition in the secondary stock market. From a comparative analysis with fragmented markets, this paper proposes some reforms in the Brazilian regulation in order to improve the quality of the market through the introduction of competition.
 
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Release Date
2017-12-16
Publishing Date
2016-01-21
 
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