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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.

International finance --- Finance --- Stock exchanges --- Management. --- AA / International- internationaal --- 333.600 --- Financiële markten. Kapitaalmarkten (algemeenheden). --- Bulls and bears --- Commercial corners --- Corners, Commercial --- Equity markets --- Exchanges, Securities --- Exchanges, Stock --- Securities exchanges --- Stock-exchange --- Stock markets --- Capital market --- Efficient market theory --- Speculation --- Funding --- Funds --- Economics --- Currency question --- Management --- Financiële markten. Kapitaalmarkten (algemeenheden) --- E-books --- Financial management. --- Canadian Depository for Securities. --- Clearstream International. --- Depository Trust and Clearing Corporation. --- Deutsche Brse. --- Euroclear. --- European Central Counterparty Limited. --- Financial Sector Assessment Program. --- Hong Kong Exchanges and Clearing. --- International Council of Securities Associations. --- International Organization of Securities Commissions. --- LCH.Clearnet. --- London International Financial Futures and Options Exchange. --- London Stock Exchange. --- Murakami Fund. --- NASDAQ. --- New York Stock Exchange. --- Osaka Securities Exchange. --- World Federation of Exchanges. --- board composition. --- cash equity markets. --- central counter-parties. --- central counterparties. --- central securities depositories. --- central securities. --- clearing institutions. --- exchanges. --- fair markets. --- financial markets. --- financial regulation. --- governance model. --- governance. --- harmoniztion. --- industry structure. --- infrastructure institutions. --- infrastructure. --- investor protection. --- jurisdiction. --- jurisdictions. --- market infrastructure institutions. --- market infrastructure. --- market power. --- ownership structure. --- profit mandate. --- regulatory authority. --- regulatory intervention. --- regulatory power allocation. --- regulatory powers. --- securities markets. --- settlement entities. --- standardization. --- systemic risk reduction.