https://search.dev.ndltd.org/etd/qu-belfast/oai:pure.qub.ac.uk/portal:studenttheses/ef76b3ea-e926-4635-8fe2-73a179e6e722
type: CreativeWork
name: The architecture of the stock market accessibility and operational framework: what can an emerging market economy learn from the ‘international standards’ and the ‘best practice’ models of the US and UK?
description: Since the development of global stock markets has become standardised and increasingly linked to the philosophy of free markets, the top international private providers of equity indices (e.g. FTSE Russell, MSCI and S&P) have been working with market authorities to regularly determine the classification of stock markets across their entire index universe as an ‘objective’ ranking of markets as ‘frontier’, ‘emerging’, or‘ developed’. These classifications criteria have created uniform international market standardisations which are designed around a small number of international institutional investor communities in developed and rich countries. A hectic race to adopt these international market standards and increasing regulatory convergence with ‘pioneer’ and liberalised markets are deeply entrenched in the agenda of the majority of the policymakers in the emerging market economies, including the Gulf Cooperation Council (GCC) states. A question arises as to whether emerging stock markets ought to adopt this regulatory approach. Following numerous global financial crises, a scepticism and significant debate on the development of stock market regulations, best practices, standards and standardisation, structures and infrastructures are prompted. It is not self-evident that stock markets classification and market standardisation ensure better-run corporate activities and efficient, effective and fair markets. The purpose of this thesis is to critically examine the efficiency, effectiveness and fairness of the attempts to modernise the policies and regulations concerning the Dubai Financial Market’s (DFM) accessibility and operational framework to conform with international standards and the best practice models of the US and UK. This thesis sets out a comparative analysis approach between three jurisdictions, Dubai, the US and UK and is further explored by conducting in-depth expert interviews. It builds on the theoretical expectations derived from policy learning and…
abstract: Since the development of global stock markets has become standardised and increasingly linked to the philosophy of free markets, the top international private providers of equity indices (e.g. FTSE Russell, MSCI and S&P) have been working with market authorities to regularly determine the classification of stock markets across their entire index universe as an ‘objective’ ranking of markets as ‘frontier’, ‘emerging’, or‘ developed’. These classifications criteria have created uniform international market standardisations which are designed around a small number of international institutional investor communities in developed and rich countries. A hectic race to adopt these international market standards and increasing regulatory convergence with ‘pioneer’ and liberalised markets are deeply entrenched in the agenda of the majority of the policymakers in the emerging market economies, including the Gulf Cooperation Council (GCC) states. A question arises as to whether emerging stock markets ought to adopt this regulatory approach. Following numerous global financial crises, a scepticism and significant debate on the development of stock market regulations, best practices, standards and standardisation, structures and infrastructures are prompted. It is not self-evident that stock markets classification and market standardisation ensure better-run corporate activities and efficient, effective and fair markets. The purpose of this thesis is to critically examine the efficiency, effectiveness and fairness of the attempts to modernise the policies and regulations concerning the Dubai Financial Market’s (DFM) accessibility and operational framework to conform with international standards and the best practice models of the US and UK. This thesis sets out a comparative analysis approach between three jurisdictions, Dubai, the US and UK and is further explored by conducting in-depth expert interviews. It builds on the theoretical expectations derived from policy learning and…
author: Alrayes , Saad Almohammed
language: eng
keywords: Stock market classification, market development, equity indices providers, emerging stock market, developed stock market, standardisations market, International Standards, regulatory convergence, regulatory divergence, policy convergence, policy learning, Gulf Cooperation Council (GCC), market accessibility, market operational framework, market infrastructure, evolutionary theory, market structure, ownership structure, regulatory evolution, market evolution, Standards-Setter Bodies, market authorities, policymakers, Darwinian Natural Selection, role change, market Evolve, Free Market, market efficiency, best practice models, best practice, FTSE Russell, MSCI, S&P, one-size-fits-all’ approach, disparate ownership, IOSCO, ICMA, WFE, US Market, UK Market, meme, market governance, COVID-19 Pandemic, foreign investments, law and finance, law, finance and market development, stock market architecture, market-based orthodoxy, institutional theory
date published: 2021-7
date modified: 2026-07-24T03:55:58Z
provider: Queen's University Belfast
publisher: Networked Digital Library of Theses and Dissertations
type: WebPage
source organization: Queen's University Belfast