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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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Regulation and Governance of Market Infrastructure: Global Perspective

Regulation and Governance of Market Infrastructure: Global Perspective

(p.117) Chapter Four Regulation and Governance of Market Infrastructure: Global Perspective
Running the World's Markets

Ruben Lee

Princeton University Press

This chapter examines a unique set of assessments of securities markets and their regulation, from countries around the world, in order to provide a global perspective on policymakers' viewpoints about the regulation and governance of market infrastructure institutions. The assessments were undertaken as part of an initiative called the Financial Sector Assessment Program (FSAP), implemented jointly by the International Monetary Fund and the World Bank. Each assessment evaluates the extent to which a country's securities markets regulatory regime reflects internationally recognized standards. The assessments prepared for the FSAP since its inception in 1999 up until 2006 are analyzed. Together they provide insights on three topics: how exchanges, central counterparties, and central securities depositories are regulated and governed globally; official perceptions on the optimal way of regulating markets and market infrastructure institutions; and the assumptions that are often made when examining the governance and regulation of market infrastructure institutions.

Keywords:   securities markets, financial regulation, financial markets, market infrastructure institutions, central counterparties, central securities depositories, Financial Sector Assessment Program

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