The capital adequacy regulation of US broker-dealers: a comparative analysis

Dale, R. (1994) The capital adequacy regulation of US broker-dealers: a comparative analysis. Southampton, UK, University of Southampton, 51pp. (Discussion Papers in Accounting and Management Science, 94-91).


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The regulation of securities firms has become a topic of increasing concern to policy-makers worldwide. This concern reflects both the increasing potential for financial shocks to be transmitted across borders, due to the globalisation of financial markets, and the fact that disparities between national regulatory regimes can be the cause of important competitive distortions. However, attempts to reach agreement on common capital adequacy standards for securities firms have so far failed due in part to fundamental differences of view between US and European securities regulators. This paper seeks to clarify some of the policy issues arising from recent convergence initiatives by examining the US capital adequacy rules for investment firms ("broker-dealers" in US parlance) and contrasting the US approach with European securities regulation as formulated by the relevant EU Directives

Item Type: Monograph (Discussion Paper)
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Subjects: H Social Sciences > HG Finance
J Political Science > JZ International relations
Divisions : University Structure - Pre August 2011 > School of Management
ePrint ID: 36058
Accepted Date and Publication Date:
Date Deposited: 03 May 2007
Last Modified: 31 Mar 2016 12:04

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