Conflictos de intereses entre inversores e intermediarios de valoresGénesis, efectos y vías de solución

Abstract

This working paper assumes the empirical evidence of existing informative inefficiencies in capital and stock markets, and the validity of the hypothesis of two temporally asymmetric cyclic periods: the quotations' cycle and the economic cycle. The relationship between both cycles, their substantial quantitative and qualitative coincidence, their temporal difference and other propositions are also examined as a basis to affirm the argument of investor's segmentation. Professional inter - mediaries and private investors are contractually connected by legal agreements which current regulation does not prevent manipulation and other market abuses made by professionals. The origin of the abuses is the conflict of interest set on the intermediaries (brokers,analysts,stock retailers) who serve at once the interest of stock market issuers and big merchant banks and investment companies, and the interest of private investors. The consequence of systematic losses obtained by particular investors can only be avoided by adequate self-regulations and by the administrative implementation and supervision of independent advisors who publish periodically the situation of every issue and market contract taking into account the situation of the stock market cycle, which uses to be carefully hidden by issuers and stock sellers.