Markets can be defined by the instruments that are traded on them: oil, gold, foreign exchange, interest rates. But they are also defined by the people who use them. A marketplace brings together people who, by virtue of trading with each other, share common interests. It forms a community. And as for all communities, the protection of each of its members against potential abuse by others requires appropriate governance. This raises a particular issue for those markets that extend across national borders. It is that issue which forms the topic of my remarks. 1. The benefits of cross-border markets Cross-border ... (full story)