《FINANCIAL MARKETS REGULATION》

ⅠThe assessment of financial regulation Introduction3

Financial regulation： From economic analysis to practical experience Herve Dumez and Alain Jeunemaitre3

1. The assessment of financial regulation from a regulator’s perspective Michael Blair25

2. Financial regulation as the safeguard of balances in a global context Pierre Fleuriot33

3. Financial markets regulation： The role of a separate competition authority Christopher Wright40

ⅡFinancial innovation and markets regulation75

4. The assessment of financial markets regulation Patrick Stephan75

5. Facing new regulatory challenges： The case of proprietary trading systems Francois Champarnaud84

6. Regulatory efficiency： A market assessment Nick Weinreb92

7. Efficiency and stability considerations in the design of prudential ratios： Some reflections Christian de Boissieu103

ⅢSelf regulatory issues119

8. The emergence of a moral code of practice： The case of the Takeover Panel T. Peter Lee119

9. SFA’s approach to regulation of investment business in the UK equity markets Rosalind Wright129

ⅣFraud issues139

10. Self-regulation and financial fraud Jacques Loubert139

11. Legal aspects of financial fraud Paul Mitchard155

ⅤThe European perspective173

12. Regulatory arbitrage， harmonization and financial innovation Christopher Cruickshank173

13. Experiencing regulatory harmonization： The UK implementation of the investment services directive Alistair Alcock179

14. Some aspects of the Italian financial market and its regulation Maria Armanno192

ⅥAn American perspective217

15. The Securities and Exchange Commission and the publicly-held company： An overview of the US regulatory system Harvey L. Pitt217

Index241