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An Introduction to Trading in the Financial Markets: Global Markets, Risk, Compliance, and Regulation by R. Tee Williams

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6

Types of Regulation

As we have suggested, most evolved markets generally have regulations aimed at each major constituency (i.e., type of entity) within the trading markets. In this chapter, we describe the features of three types of regulations (see Figure 4.6). First, we describe regulation based on the type of entity, specifically the buy side, sell side, and banks engaged in the trading markets. Next, we consider regulation of the trading process, which also involves entities (i.e., exchanges, ECNs, and MTFs), but the focus of the regulation is more directed at the way trading occurs rather than how the entities are registered. Finally, we look at supporting activities, where again the focus is on the structure of the process and the responsibilities ...

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