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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.

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Here, Ruben Lee examines the question of what an exchange is using arguments from both financial economics and law, and sets out a view of how exchanges might be regulated.

Stock exchanges --- Futures market --- Management. --- Law and legislation.

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The first major epic in the oeuvre of Lav Diaz (b. 1958) is a powerful contemporary portrait of the Filipino diaspora in New York and New Jersey: A Filipino-born detective investigates the murder of Hanzel Harana, a Filipino teenager, and must plod along with tenacity to break through the wall of silence surrounding the boy's death. The trail of the designer drug "shabu" runs through the film like a bloody trickle, but Diaz delegates the accounts of crime, domestic violence, and the discontent in the souls of his characters to the background for the most part, instead relying on the hypnotic portrait of a decaying life as a symbol of alienation from home. The more we learn about the protagonists, the more complex, intangible, and contradictory our image of them becomes.