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Destructive Coordination
Year Of Publication: 2010
Month Of Publication: August
Pages: 34
Download Count: 5
View Count: 1693
Comment Num: 0
Language: English
Source: working paper
Who Can Read: Free
Date: 8-15-2010
Publisher: Administrator
Summary
An important goal of financial risk regulation is promoting coordination. Law’s coordinating function minimizes costly conflict and encourages greater uniformity among market participants. Likewise, privately developed market standards (for example, standard-form contracts and rules incorporated into widely-used vendor technology systems) help lower transaction costs, partly also by increasing coordination.Going forward, coordination’s benefits must be weighed against its costs, which are often less well understood. Expanding regulation’s scope beyond its focus on individual firms – by taking into account coordination’s collective impact on the financial markets – can help fill gaps in today’s regulatory frame-work. Financial regulators must also consider the role of market standards in promoting coordination, since individual firms are unlikely to have sufficient incentives (or information) to police them themselves.
This document is published in Cornell Law Review, volume 96,
Author(s)
Whitehead, Charles W. Sign in to follow this author
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