14.01 Most treatises and textbooks on financial or capital markets law discuss many subjects, but say surprisingly little about the regulation of the marketplaces themselves. The focus is regularly on the regulation of the marketed products, on the conduct of the issuers and operators, and, more recently, on the distribution of financial instruments. In contrast to this common practice and in line with the general approach of this textbook, this chapter puts an emphasis on the (oft-omitted) matter of the regulation of the marketplaces themselves. 14.02 The basic...
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