Hastings International and Comparative Law Review


Mitsuo Sato


This Article analyzes the possibility of twenty-four hour trading from a market regulator's perspective. The author proposes four alternative patterns on which to base a twenty-four hour securities market and concludes that linking exchanges in different time zones, along the lines of the foreign exchange market, represents the most realistic possibility. The author warns, however, that current trends towards standardization do not necessarily represent the creation of a global market or even the desire for one. The competitive nature of stock exchanges must be recognized by market regulators in striving towards this goal.