The existence and nature of exchanges used not to be controversial; they were easily identified and characterized. New technology, however, has led to the development of new exchanges and trading systems, posing problems for those concerned with the regulation of trading markets. Ruben Lee examines the question of what an exchange is, using arguments from both financial economics and law, and sets out a view of how exchanges might be regulated.
The existence and nature of exchanges used not to be controversial; they were easily identified and characterized. New technology, however, has led to...
The efficiency, safety, and soundness of financial markets depend on the operation of core infrastructure--exchanges, central counter-parties, and central securities depositories. How these institutions are governed critically affects their performance. Yet, despite their importance, there is little certainty, still less a global consensus, about their governance. Running the World's Markets examines how markets are, and should be, run.
Utilizing a wide variety of arguments and examples from throughout the world, Ruben Lee identifies and evaluates the similarities and...
The efficiency, safety, and soundness of financial markets depend on the operation of core infrastructure--exchanges, central counter-parties, and ...
