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Chasing the TapeInformation Law and Policy in Capital Markets$
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Onnig H. Dombalagian

Print publication date: 2015

Print ISBN-13: 9780262028622

Published to MIT Press Scholarship Online: September 2015

DOI: 10.7551/mitpress/9780262028622.001.0001

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Transparency and Access

Transparency and Access

(p.102) (p.103) 7 Transparency and Access
Chasing the Tape

Onnig H. Dombalagian

The MIT Press

This chapter discusses regulatory approaches to promoting the transparency and accessibility of information flows. It begins with a discussion of the reasons why issuers may underproduce or restrict the optimal dissemination of information: these include the inability to internalize benefits from a public good, the opportunity to engage in price discrimination, the benefits of selective disclosure to professional traders, and limiting civil liability. It then discusses the traditional criteria that policy makers consider when establishing mandatory transparency requirements (i.e., issuer size, offering size, investor sophistication) and ensuring fair disclosure and fair access to information (i.e., usage, type, depth, pricing, channels). It concludes with a discussion of alternative approaches to tiering transparency and access rules, including issuer-driven, investor-driven, and market-driven approaches.

Keywords:   Transparency, Access, Public goods, Price discrimination, Selective disclosure, Fair disclosure, Fair access, Professional traders

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