International Linkages Between Securities Markets: “A Ring of Dinosaurs Joining Hands and Dancing Together”?

Thursday, January 1st, 1987 at 12:00 am by Richard P. Bernard
Richard P. Bernard, International Linkages Between Securities Markets: “A Ring of Dinosaurs Joining Hands and Dancing Together”?, 1987 Colum. Bus. L. Rev. 321

The ingenuity and self-interest that Professor Werner prescribed for the development of the National Market System are thriving in the international arena. Nowhere is the ingenuity and self-interest of the parties—particularly the multi-national investment banking firms, led by the United States houses—having more success than in creating an international clearing and settlement system. They have taken a long step towards international clearing and settlement by the simple expedient of literally exporting the United States systems. In the case of the world’s exchanges, however, the story is quite different. In particular, attempts to establish cross-border linkages have been modest both in the targets they have set for themselves and in the success they have achieved. These modest accomplishments are entirely in keeping with the National Market System and ITS experiences.

Author Information

Mr. Bernard is a member of Milbank, Tweed, Hadley & McCloy, New York. His practice centers on representing the New York Stock Exchange.