The global financial system is only as good as the infrastructure that supports it. And the smooth functioning of that system—and the confidence on which it depends—will be threatened if the infrastructure is unreliable—Sir AndrewLarge1 The financial turmoil that has unfolded over the last year has tested the ability of regulatory authorities to respond effectively to financial crises. It is evident that a number of countries need to revise and reform financial regulatory structures—Paul Volcker2 9.01 In recent years, securities trading and settlement volumes have...
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