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
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
Business for Licensed Derivatives Brokers dated 3 August 2009; (18) The Notification of the Capital Market Supervisory Board No. Tor Thor. 2/2553 Re: Rules on Undertaking of Derivatives Business for Licensed
translation is strictly for reference. Notification of the Capital Market Supervisory Board No. Tor Thor. 80/2552 Re: Criteria for Undertaking Derivatives Business for Licensed Derivatives Brokers
reference. Notification of the Capital Market Supervisory Board No. TorThor. 84/2552 Re: Custody of Assets of Clients by Licensed Derivatives Brokers _____________ By virtue of Section 18, Section 33 and
• 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