La regolamentazione delle Borse valori in Europa e negli USA agli inizi del Novecento

• DOI: 10.1410/7642
• Publication Date: 2002-01-01
• Authors: Giovanni Siciliano
• Keywords: Stock (firearms); Intermediary; Joint-stock company

This paper analyses the regulation of stock exchanges and broker-dealer activities in Italy, US main European countries at beginning twentieth century, taking as a reference document prepared by Bank Italy that can be date approximately around time. The shows how Italian on issued 1913 was largely similar to prevailing France (except for concentration principle - whereby any transaction listed securities had executed exchange -, absent regulation). consequence regulatory framework make trading industry very fragmented, although entry barriers individual brokers remained quite high. In fact, (so called agenti di cambio) were requested pay an extremely high initial cautionary deposit start their activity same time forbidden organize themselves joint limited liability companies, act principal kind or offer bank-like products. impact self-regulation imposed London Stock Exchange (LSE) its members effect statutory civil law tradition, sense role banks other financial intermediaries business marginal. contrast U.K. Germany), commercial most important New York (NYSE) until adoption Glass-Stegall Act 1933.