Edited by Iris H.-Y. Chiu, Professor of Corporate Law and Financial Regulation, University College London and Iain G. MacNeil, Alexander Stone Professor of Commercial Law, University of Glasgow, UK

• Contents:IntroductionPART I LAW AND REGULATION OF GLOBAL MARKETS1 A law-and-finance perspective on capital markets 12Mathias Siems2 Technology, fintech and capital markets: the EU experience with digitaltransformation 26Ross P. Buckley, Douglas W. Arner, Dirk A. Zetzsche, Rolf H. Weber and MiaTrzecinski3 SME financing and European capital markets: understanding therationale for reform 42Jonathan McCarthy and Mary DonnellyPART II BUSINESS FINANCING AND ISSUERS4 Private equity and venture capital: a critical assessment of their growthand self-regulation 58Lin Lin5 The future of the UK IPO 77Jennifer Payne and Clara Martins Pereira6 Finding an alternative to IPOs: direct listing and SPACs 94Maria Lucia Passador7 Equity finance for social enterprises 107Dana Brakman Reiser and Anne Tucker8 Capital market development in emerging economies 124Judith E. TysonPART III MARKET STRUCTURE, INTEGRITY AND GOVERNANCE9 The quest to improve stability and efficiency in securities post-tradingthrough technology: recent trends 142Thomas Droll and Andrea Minto10 Global central counterparties 157Pierre Schammo11 Regulating issuers’ disclosure of inside information: the divergingapproaches in the European Union and the United States 172Chiara Mosca and Chiara Picciau12 Regulating market integrity: an offshore perspective 190Andrew James Perkins13 Regulating automated trading 204Carsten Gerner-BeuerlePART IV EVOLUTION AND TRANSFORMATION IN SECURITIES PRODUCTS14 The global derivatives market 220Steven L. Schwarcz15 Sustainable finance in global capital markets 236Stephen Kim Park16 Impact investing 251Charlotte Villiers and Ida Levine17 Islamic capital markets and products 269Hossein AskariPART V INVESTORS, INTERMEDIARIES AND GATEKEEPERS18 Institutional investors: at the crossroads of intermediation and corporategovernance 286Ramon Callis and Cally Jordan19 Charting the indefatigable rise of public regulation of the investmentmanagement industry 301Iris H.-Y. Chiu20 Exchange-traded funds, capital market efficiency and systemic risk 318Jay Cullen21 Bond markets and credit rating agencies 334Andrea Miglionico22 Regulation of ESG accounting 349Julia MorleyPART VI COMPARATIVE AND CROSS-CUTTING PERSPECTIVES23 Capital markets and corporate governance standards 371Iain G. MacNeil and Irene-marié Esser24 A critical review of the development of capital markets in India 386Akshaya Kamalnath25 The little market that could: facilitating cross-listing through unilateralregulatory recognition 400Amir N. LichtIndex 416

Edited by Iris H.-Y. Chiu, Professor of Corporate Law and Financial Regulation, University College London and Iain G. MacNeil, Alexander Stone Professor of Commercial Law, University of Glasgow, UK

• Contents:IntroductionPART I LAW AND REGULATION OF GLOBAL MARKETS1 A law-and-finance perspective on capital markets 12Mathias Siems2 Technology, fintech and capital markets: the EU experience with digitaltransformation 26Ross P. Buckley, Douglas W. Arner, Dirk A. Zetzsche, Rolf H. Weber and MiaTrzecinski3 SME financing and European capital markets: understanding therationale for reform 42Jonathan McCarthy and Mary DonnellyPART II BUSINESS FINANCING AND ISSUERS4 Private equity and venture capital: a critical assessment of their growthand self-regulation 58Lin Lin5 The future of the UK IPO 77Jennifer Payne and Clara Martins Pereira6 Finding an alternative to IPOs: direct listing and SPACs 94Maria Lucia Passador7 Equity finance for social enterprises 107Dana Brakman Reiser and Anne Tucker8 Capital market development in emerging economies 124Judith E. TysonPART III MARKET STRUCTURE, INTEGRITY AND GOVERNANCE9 The quest to improve stability and efficiency in securities post-tradingthrough technology: recent trends 142Thomas Droll and Andrea Minto10 Global central counterparties 157Pierre Schammo11 Regulating issuers’ disclosure of inside information: the divergingapproaches in the European Union and the United States 172Chiara Mosca and Chiara Picciau12 Regulating market integrity: an offshore perspective 190Andrew James Perkins13 Regulating automated trading 204Carsten Gerner-BeuerlePART IV EVOLUTION AND TRANSFORMATION IN SECURITIES PRODUCTS14 The global derivatives market 220Steven L. Schwarcz15 Sustainable finance in global capital markets 236Stephen Kim Park16 Impact investing 251Charlotte Villiers and Ida Levine17 Islamic capital markets and products 269Hossein AskariPART V INVESTORS, INTERMEDIARIES AND GATEKEEPERS18 Institutional investors: at the crossroads of intermediation and corporategovernance 286Ramon Callis and Cally Jordan19 Charting the indefatigable rise of public regulation of the investmentmanagement industry 301Iris H.-Y. Chiu20 Exchange-traded funds, capital market efficiency and systemic risk 318Jay Cullen21 Bond markets and credit rating agencies 334Andrea Miglionico22 Regulation of ESG accounting 349Julia MorleyPART VI COMPARATIVE AND CROSS-CUTTING PERSPECTIVES23 Capital markets and corporate governance standards 371Iain G. MacNeil and Irene-marié Esser24 A critical review of the development of capital markets in India 386Akshaya Kamalnath25 The little market that could: facilitating cross-listing through unilateralregulatory recognition 400Amir N. LichtIndex 416

Edited by Iris H.-Y. Chiu, Professor of Corporate Law and Financial Regulation, University College London and Iain G. MacNeil, Alexander Stone Professor of Commercial Law, University of Glasgow, UK

• Contents:IntroductionPART I LAW AND REGULATION OF GLOBAL MARKETS1 A law-and-finance perspective on capital markets 12Mathias Siems2 Technology, fintech and capital markets: the EU experience with digitaltransformation 26Ross P. Buckley, Douglas W. Arner, Dirk A. Zetzsche, Rolf H. Weber and MiaTrzecinski3 SME financing and European capital markets: understanding therationale for reform 42Jonathan McCarthy and Mary DonnellyPART II BUSINESS FINANCING AND ISSUERS4 Private equity and venture capital: a critical assessment of their growthand self-regulation 58Lin Lin5 The future of the UK IPO 77Jennifer Payne and Clara Martins Pereira6 Finding an alternative to IPOs: direct listing and SPACs 94Maria Lucia Passador7 Equity finance for social enterprises 107Dana Brakman Reiser and Anne Tucker8 Capital market development in emerging economies 124Judith E. TysonPART III MARKET STRUCTURE, INTEGRITY AND GOVERNANCE9 The quest to improve stability and efficiency in securities post-tradingthrough technology: recent trends 142Thomas Droll and Andrea Minto10 Global central counterparties 157Pierre Schammo11 Regulating issuers’ disclosure of inside information: the divergingapproaches in the European Union and the United States 172Chiara Mosca and Chiara Picciau12 Regulating market integrity: an offshore perspective 190Andrew James Perkins13 Regulating automated trading 204Carsten Gerner-BeuerlePART IV EVOLUTION AND TRANSFORMATION IN SECURITIES PRODUCTS14 The global derivatives market 220Steven L. Schwarcz15 Sustainable finance in global capital markets 236Stephen Kim Park16 Impact investing 251Charlotte Villiers and Ida Levine17 Islamic capital markets and products 269Hossein AskariPART V INVESTORS, INTERMEDIARIES AND GATEKEEPERS18 Institutional investors: at the crossroads of intermediation and corporategovernance 286Ramon Callis and Cally Jordan19 Charting the indefatigable rise of public regulation of the investmentmanagement industry 301Iris H.-Y. Chiu20 Exchange-traded funds, capital market efficiency and systemic risk 318Jay Cullen21 Bond markets and credit rating agencies 334Andrea Miglionico22 Regulation of ESG accounting 349Julia MorleyPART VI COMPARATIVE AND CROSS-CUTTING PERSPECTIVES23 Capital markets and corporate governance standards 371Iain G. MacNeil and Irene-marié Esser24 A critical review of the development of capital markets in India 386Akshaya Kamalnath25 The little market that could: facilitating cross-listing through unilateralregulatory recognition 400Amir N. LichtIndex 416