Operating Mechanism Of Cross-border Securities Transactions And The Evolution Of The Stock Exchange Of Globalization,

The main target for this paper is to discuss the mechanism of cross border trading and its' impact on the evolution of stock exchanges.Starting from a study in the generation of cross border trading and its latest development, this paper examined its' trading, clearing and settlement mechanism. And discussed the cross border regulation framework, esp. on information disclosure.The thesis has 7chapters, 120, 000 words, and can be divided into three parts. The first part is the chapter 1 of guiding discussion and chapter 2, introduce the concept, evolution and impact factors of cross border trading. The second part, from chapter 3 to 4, explores the role of cross border trading in global financial market. The third part, from chapter 5 to 7, analyzes regulatory arbitrage phenomenon. Prisoner' s dilemma model and information asymmetry theory from the Game Theory are used to analyze the causes and predict the nonexistence of global unique stock market. For countermeasures, systematic policy suggestions are brought forward from perspectives of the establishment of cross border trading mechanism in China, equivalent IPO globally for SOEs, etc.