Running the world's markets : the governance of financial infrastructure / Ruben Lee.

Format:

Book

Author/Creator:

Lee, Ruben.

Language:

English

Subjects (All):

Stock exchanges--Management.

Stock exchanges.

Financial management.

Physical Description:

1 online resource (471 p.)

Edition:

Course Book

Place of Publication:

Princeton : Princeton University Press, 2011.

Language Note:

English

Summary:

The efficiency, safety, and soundness of financial markets depend on the operation of core infrastructure--exchanges, central counter-parties, and central securities depositories. How these institutions are governed critically affects their performance. Yet, despite their importance, there is little certainty, still less a global consensus, about their governance. Running the World's Markets examines how markets are, and should be, run. Utilizing a wide variety of arguments and examples from throughout the world, Ruben Lee identifies and evaluates the similarities and differences between exchanges, central counter-parties, and central securities depositories. Drawing on knowledge and experience from various disciplines, including business, economics, finance, law, politics, and regulation, Lee employs a range of methodologies to tackle different goals. Conceptual analysis is used to examine theoretical issues, survey evidence to describe key aspects of how market infrastructure institutions are governed and regulated globally, and case studies to detail the particular situations and decisions at specific institutions. The combination of these approaches provides a unique and rich foundation for evaluating the complex issues raised. Lee analyzes efficient forms of governance, how regulatory powers should be allocated, and whether regulatory intervention in governance is desirable. He presents guidelines for identifying the optimal governance model for any market infrastructure institution within the context of its specific environment. Running the World's Markets provides a definitive and peerless reference for how to govern and regulate financial markets.

Contents:

Definitions

Market power

The allocation of regulatory powers over securities markets

Regulation and governance of market infrastructure institutions : global perspective

Governance of market infrastructure institutions : a snapshot

Exchanges

CCPs and CSDs

What is the most efficient governance structure?

Who should regulate what?

How should market infrastructure institution governance be regulated?.

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

ISBN:

9786612964565

9781282964563

1282964569

9781400836970

1400836972

OCLC:

707925225