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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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(p.1) Introduction
Running the World's Markets

Ruben Lee

Princeton University Press

This introductory chapter begins with a discussion of the nature of governance. It then sets out the book's purpose, namely to analyze how market infrastructure institutions are governed and how they should be governed. The central thesis presented here is that there is no single global answer either to the question of how market infrastructure institutions are governed, or to the question of how market infrastructure institutions should be governed. Instead, the answers to these questions are specific to the contexts in which they are raised. This argument contradicts the notion promoted in many other analyses of financial markets, that standardization, harmonization, and the creation of an international consensus are critical. A key aim of the book is to provide insight into the governance of market infrastructure institutions for a wide range of situations globally. Much of the analysis is therefore presented in an abstract and general way so as to be useful across different types of institutions, jurisdictions, and contexts. An overview of the subsequent chapters is also presented.

Keywords:   governance, market infrastructure institutions, financial markets, financial regulation, standardization, harmoniztion

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