Inside brokers Weikai Li, Abhiroop Mukherjee, Rik Sen WHO SHOULD REGULATE INVESTMENT ADVISERS? Ben Charoenwong* National University of Singapore Alan Kwan Hong Kong University Tarik Umar Rice
instantly matched upon submission. Our data • Transaction-level trade data from SET that are categorized by investor types. • Retail investors (R), • Proprietary trading (securities companies and brokers) (P
• Interconnectedness • Naivety and inexperience of both exchange operators and investors Regulatory challenges • Assets are held on decentralized networks – Financial system is typically centralized, with regulations
. (ESMA, 2016) • Traders that hold inventory overnight are more likely to benefit institutional investors by providing more sustained liquidity. (Putnins and Barbara, 2020) High activities Low activities
found trading causes negative returns, yet investors continue to enter these bets. Excess trading is not the result of the same investors placing more trades, but new traders entering markets and
crypto traders (particularly high-risk individuals) take more risk after losses (particularly during downturn) Thai crypto (low-risk) individuals take more risk after paper losses, and less risk after
investors will have a convenient access to adequate and easy-to-understand information for their decision making. In this connection, risk profile of individual clients will be identified and products will be
alternative for investors and fund raisers with an efficient mechanism for investor empowerment and, in its capacity as a firm and fair regulator, assure integrity of the marketplace, intermediaries and
plan will put an emphasis on investor protection in the following areas: 3.1 Communications with investors: Improve prospectus by making it easy to understand, include risk information in the mutual
. Moreover, the daily trading volume increased from 18.9 billion baht to 20.5 billion baht. These results reflected the strengths of Thailand’s economic fundamentals and investors’ confidence in the prospects