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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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How Should Market Infrastructure Institution Governance Be Regulated?

How Should Market Infrastructure Institution Governance Be Regulated?

Chapter:
(p.339) Chapter Ten How Should Market Infrastructure Institution Governance Be Regulated?
Source:
Running the World's Markets
Author(s):

Ruben Lee

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691133539.003.0011

This chapter explores what regulatory intervention in the governance of market infrastructure institutions is optimal. Attention is focused on how such intervention can enhance the realization of the three core objectives of securities markets regulation identified by International Organization of Securities Commissions (IOSCO), namely the protection of investors, ensuring that markets are fair, efficient, and transparent, and the reduction of systemic risk. The chapter is divided into five sections. In the first, some preliminary comments are presented. In the next three sections, the manner in which regulatory intervention in the governance of market infrastructure institutions may promote each of the IOSCO core objectives in turn is examined. The last section encapsulates these discussions and presents key lessons about how best to regulate the governance of market infrastructure institutions. In order to do so, 16 general propositions are articulated.

Keywords:   regulatory intervention, financial regulation, market infrastructure institutions, securities markets, International Organization of Securities Commissions, investor protection, fair markets, systemic risk reduction

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