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Running the World's MarketsThe Governance of Financial Infrastructure$
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Ruben Lee

Print publication date: 2011

Print ISBN-13: 9780691133539

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691133539.001.0001

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Who Should Regulate What?

Who Should Regulate What?

Chapter:
(p.301) Chapter Nine Who Should Regulate What?
Source:
Running the World's Markets
Author(s):

Ruben Lee

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691133539.003.0010

The question of what regulatory authority over securities markets should be assigned to exchanges, central counterparties, and central securities depositories has long been controversial. This chapter explores this issue in the broader context of examining how regulatory powers should be allocated between government regulators, self-regulatory organizations, and other types of regulatory institutions. The chapter is composed of three sections. In the first, the complexity of the decision as to how to allocate regulatory powers in a jurisdiction is discussed. The second section lists and analyzes crucial factors and constraints that affect the relative merits of allocating regulatory powers to different types of institutions. The last section encapsulates these discussions and presents in a simple and accessible manner key lessons about how best to allocate regulatory powers in the securities markets. In order to do so, nine general propositions are articulated.

Keywords:   central counterparties, central securities depositories, regulatory authority, securities markets, regulatory power allocation, jurisdiction, financial regulation

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