.
   47. See 13, р.37.
   48. Axilrod S. The Japanese Capital Markets. - University of Pennsylvania Journal of International Business Law, 1991, v.12, n.4, p.481.
   Hale D. The economic consequences of global capital market integration or A new explanation for the Anglo-Japanese financial market excesses of the 1980s. - University of Pennsylvania Journal of International Business Law, 1991, v.12, n.4, p.485.
   49. Информация о центральной дилерской системе внебиржевой торговли ценными бумагами Акционерного общества "Центральный депозитарий" - Киев, Украинская ассоциация торговцев ценными бумагами, 1994, с. 1-2.
   50. De Bel J. Automated trading systems and the concept of an "Exchange" in an international context propriatory systems: a regulatory headache! — University of Pennsylvania Journal of International Business Law, 1993, v.14, n.2, p.173.
   51. Ibid, p. 174.
   52. Ibid.
   53. Moony C.Jr., Kinami A. Transfer, pledge, clearence and settlement in the Japanese and United States government securities markets. - University of Pennsylvania Journal of International Business Law, 1991, v.12, n.4, p.520.
   54. Ibid.
  
   ГЛАВА 4
   1. Requette A. New development relating to the internationalization of the capital markets: a comparison of legislative reforms in the United States, the European Community, and Germany. - University of Pennsylvania Journal of International Business Law, 1994, v.14, n.4, p.518.
   2. Journal du Droit International, 1979, n.3, p.705.
   3. Pergaam A. Exemptions for institutional Investors or concepts of non-public offerings: a comparative study. - University of Pennsylvania Journal of International Business Law, 1993, v.13, n.4, p.474.
   4. Tridimas P. Movement of capital and the law relating to companies and trade in securities. -International and Compaarative Law Quaterly,

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