Legal Aspects of Globalization and Integration of the Financial Markets – Case Study of Serbia

Sovilj, Ranko (2019) Legal Aspects of Globalization and Integration of the Financial Markets – Case Study of Serbia. In: Towards a better future : democracy, EU integration and criminal justice : conference proceedings. Volume II. "St. Kliment Ohridski" University, Faculty of law - Kicevo, Bitola, pp. 160-170. ISBN 978-608-4670-05-6 (V. 2)

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Abstract

In recent years, in the market-oriented economies in the world, carried out powerful transformational processes in the financial markets. The initiators of these processes are given as follows: globalization, liberalization, integration of financial markets, deregulation of financial markets, institutional changes, trade in financial derivatives, increasing competitiveness on the market, concentration and centralization of capital, with the continuous development of information technology and the Internet. Deregulation resulted in the absence of legal regulation and adequate control of financial markets. On the other hand, the globalization of financial markets has contributed to the creation of a new, international financial regulation, and the deletion of clear boundaries between national legal systems. Harmonization promoted by international financial organizations and the EU directive did not give the expected results in terms of financial markets in the region. The experiences of young capital markets in the region, including the Serbian capital market, are aimed at preserving financial stability rather than the competitiveness of the market. Therefore, the paper points out how the implementation of international standards contributes to the enhancement of the stability and security of financial markets in Serbia, through the efficient control of the operation of market participants, increasing the transparency of their business, in the context of the response to the conduct of supervision and mandatory disclosure of business results.

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