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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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7

Regulation Concepts

We have noted the trend for countries to copy one another on general issues of regulation. However, variations exist both among and within countries on the way regulations are conceived and implemented. We suggested that regulations in the United States are a hodgepodge of rules resulting from market scandals and crises.

In contrast, countries such as the United Kingdom and Canada have adopted an approach in which a periodic reevaluation of the financial markets results in a comprehensive set of laws that establish how the markets should operate. These two different approaches to regulation have come to be termed rules-based regulation versus principles-based regulation.

Figure 4.7 presents different approaches to regulation. ...

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