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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.9) Chapter One Definitions
Running the World's Markets

Ruben Lee

Princeton University Press

For many people, the “infrastructure institutions” in financial markets are the exchanges, central counterparties (CCPs), and central securities depositories (CSDs) that provide the trading, clearing, settlement, and sometimes other core functions for cash and derivative markets. There are, however, also many reasons why the definitions of an infrastructure, an exchange, a CCP, and CSD are all quite opaque. This is important, as the identification of a particular organization as one of these types of institutions can have significant commercial, regulatory, and policy consequences. This chapter aims to provide some basic insights into the definitions and nature of an infrastructure, an exchange, a CCP, and a CSD; and explores the reasons why these concepts are sometimes ambiguous and controversial. The first section considers the meaning and nature of what is an infrastructure. The second provides some comments on the definitions and nature of exchanges, CCPs, and CSDs, and on the functions they deliver. Brief conclusions are offered in the last section.

Keywords:   infrastructure institutions, financial markets, central counterparties, infrastructure, central securities depositories, exchanges

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