The Justification of Financial Futures Exchanges.

Law School

Keywords

derivatives futures regulation law legitimacy trading

Research output: Contribution in Book/Report/Proceedings - With ISBN/ISSN › Chapter

Published

Standard

The Justification of Financial Futures Exchanges. / Campbell, David; Picciotto, Salomone.
Modern Financial Techniques, Derivatives and Law. ed. / A. Hudson. 16. ed. The Hague ; Boston: Kluwer Law International, 2000. p. 121-133 (International banking, finance, and economic law).

Research output: Contribution in Book/Report/Proceedings - With ISBN/ISSN › Chapter

Harvard

Campbell, D & Picciotto, S 2000, The Justification of Financial Futures Exchanges. in A Hudson (ed.), Modern Financial Techniques, Derivatives and Law. 16 edn, International banking, finance, and economic law, Kluwer Law International, The Hague ; Boston, pp. 121-133.

APA

Campbell, D., & Picciotto, S. (2000). The Justification of Financial Futures Exchanges. In A. Hudson (Ed.), Modern Financial Techniques, Derivatives and Law (16 ed., pp. 121-133). (International banking, finance, and economic law). Kluwer Law International.

Vancouver

Campbell D, Picciotto S. The Justification of Financial Futures Exchanges. In Hudson A, editor, Modern Financial Techniques, Derivatives and Law. 16 ed. The Hague ; Boston: Kluwer Law International. 2000. p. 121-133. (International banking, finance, and economic law).

Author

Campbell, David ; Picciotto, Salomone. / The Justification of Financial Futures Exchanges. Modern Financial Techniques, Derivatives and Law. editor / A. Hudson. 16. ed. The Hague ; Boston : Kluwer Law International, 2000. pp. 121-133 (International banking, finance, and economic law).

Bibtex

@inbook{583a9eb9aa304c76a36297bbe7ac84e0,

title = "The Justification of Financial Futures Exchanges.",

abstract = "The invention of exchange-traded financial futures by commodity exchanges has been justified by Chicagoan financial economics and law and economics on the basis of the unrealistic assumption that trading is costless. Acceptance of this quite circular argument has led to the delegation of extensive powers of self-regulation as public authorities have abnegated their responsibility to evaluate the regulation of derivatives trading, including matters such as the development of new financial products and the governance of exchanges, in welfare-economic terms. Instead of a prejudice toward market {\^a}��freedom{\^a}��, there should be stronger public consideration of the optimal public-private mix of regulatory governance structures. This paper proposes criteria for the evaluation of the functional justification of exchange-traded futures as a guide for public policy aimed at reducing the volatility of financial markets.",

keywords = "derivatives futures regulation law legitimacy trading",

author = "David Campbell and Salomone Picciotto",

year = "2000",

language = "English",

isbn = "9041197818",

series = "International banking, finance, and economic law",

publisher = "Kluwer Law International",

pages = "121--133",

editor = "A. Hudson",

booktitle = "Modern Financial Techniques, Derivatives and Law",

edition = "16",

}

RIS

TY - CHAP

T1 - The Justification of Financial Futures Exchanges.

AU - Campbell, David

AU - Picciotto, Salomone

PY - 2000

Y1 - 2000

N2 - The invention of exchange-traded financial futures by commodity exchanges has been justified by Chicagoan financial economics and law and economics on the basis of the unrealistic assumption that trading is costless. Acceptance of this quite circular argument has led to the delegation of extensive powers of self-regulation as public authorities have abnegated their responsibility to evaluate the regulation of derivatives trading, including matters such as the development of new financial products and the governance of exchanges, in welfare-economic terms. Instead of a prejudice toward market â��freedomâ��, there should be stronger public consideration of the optimal public-private mix of regulatory governance structures. This paper proposes criteria for the evaluation of the functional justification of exchange-traded futures as a guide for public policy aimed at reducing the volatility of financial markets.

AB - The invention of exchange-traded financial futures by commodity exchanges has been justified by Chicagoan financial economics and law and economics on the basis of the unrealistic assumption that trading is costless. Acceptance of this quite circular argument has led to the delegation of extensive powers of self-regulation as public authorities have abnegated their responsibility to evaluate the regulation of derivatives trading, including matters such as the development of new financial products and the governance of exchanges, in welfare-economic terms. Instead of a prejudice toward market â��freedomâ��, there should be stronger public consideration of the optimal public-private mix of regulatory governance structures. This paper proposes criteria for the evaluation of the functional justification of exchange-traded futures as a guide for public policy aimed at reducing the volatility of financial markets.

KW - derivatives futures regulation law legitimacy trading

M3 - Chapter

SN - 9041197818

T3 - International banking, finance, and economic law

SP - 121

EP - 133

BT - Modern Financial Techniques, Derivatives and Law

A2 - Hudson, A.

PB - Kluwer Law International

CY - The Hague ; Boston

ER -

Research

Keywords