Список литературы

Adams, R. B., and D. Ferreira. 2005. A theory of friendly boards. ECGI Finance Working Paper No. 100/2005. October.

Advent Software Inc. 2006. The buyside and the three phase evolution of electronic trading.

Advisory Committee on Market Information. 2001. Report: a blueprint for responsible change. Prepared for US SEC. September 14.

Aggarwal, R. 2002. Demutualization and corporate governance of stock exchanges. Journal of Applied Corporate Finance 15 (1): 105–13. Spring.

Aggarwal, R., and S. Dahiya. 2006. Demutualization and public offerings of financial exchanges. Journal of Applied Corporate Finance 18 (3): 96–106. Summer.

Aggarwal, R., A. Ferrell, and J. Katz. 2006. U.S. securities regulation in a world of global exchanges. Harvard Law School, John M. Olin Discussion Paper Series No. 569. December.

Ahdieh, R. B. 2004. Law's signal: a cueing theory of law in market transition. Southern California Law Review 77 (2): 215–306.

Akerlof, G. A. 1970. The market for "lemons": quality uncertainty and the market mechanism. Quarterly Journal of Economics 84 (3): 488–500. August.

Alexander, I., and C. Mayer. 1997. Incentives on private infrastructure companies. Prepared for the Private Sector Development Department, Private Participation in Infrastructure Group, World Bank. January 1.

Allen, H., G. Christodoulou, and S. Millard. 2006. Financial infrastructure and corporate governance. Bank of England Working Paper No. 316. December.

Andersen, A. 2005. Essays on stock exchange competition and pricing. Dissertation, Helsinki School of Economics.

Anderson, J. 2003a. Spitzer: we're keeping an eye on governance at NYSE. New York Post. May 22.

Anderson, J. 2003a. 2003b. Target: Grasso — anti-management protest memo hits NYSE floor. New York Post. September 9.

Anderson, J. 2003a. 2004. Dick's new demand: $48m or apology. New York Post. May 10.

Anderson, J. 2003a. 2008. Stock exchange's ex-chief wins battle to keep pay. New York Times. July 2.

Angel, J. J. 1998. Consolidation in the global equity market: an historical perspective. Working paper, Georgetown University. February 19.

Angelides, P. (California State Treasurer). 2003. California treasurer Angelides, chiefs of California's pension funds, call on NYSE's chairman Grasso to resign. Press release. September 16.

Annesley, C. 2006a. Clearing house chief resigns in wake of debacle. Computerweekly.com. July 6.

Annesley, C. 2006b. Did lack of IT involvement at outset doom LCH.Clearnet's grand vision? Computerweekly.com. July 18.

Areeda, P., and L. Kaplow. 1999. Antitrust Analysis, Problems, Text, and Cases. New York: Aspen Publishing. 5th ed.

Associated Press. 2008. Borse Dubai completes planned sale of OMX to Nasdaq. February 27.

Associazione Bancaria Italiana. 2006. ABI comment on the European Commission issues paper "Competition in EU securities trading and post-trading". June.

Auditor General, Alberta (Canada). 2005. Report of the auditor general on the Alberta Securities Commission's enforcement system. October.

Australian Securities and Investments Commission. 2007. Competition for market services — trading in listed securities and related data. Consultation Paper 86. July.

Australian Stock Exchange. 2000. ASX's supervisory arrangements. Media release. November 9.

Australian Stock Exchange and Australian Securities and Investments Commission. 2004. Memorandum of understanding, Australian Securities and Investments Commission and Australian Stock Exchange Limited. ACN 008 624 691. June 30.

Authorities, The. 1995. Windsor Declaration. May 16–17.

Autorite des Marches Financiers (France). Undated. Creation of the Autorite des Marches Financiers.

Baarda, J. R. 2006. Current issues in cooperative finance and governance. Cooperative Programs, Rural Development, U.S. Department of Agriculture. April.

Bachelder, J. E., III. 2008. New York courts dismiss "Grasso" compensation case. New York Law Journal. August 27.

Badway, E. E., and J. M. Busch. 2005. Ending securities industry self-regulation as we know it. Rutgers Law Review 57 (4): 1351–76. Spring.

Baglioni, A. 2006. Entry into a network industry: consumers' expectations and firms' pricing policies. Universita Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE), Working Paper IEF-69. November.

Bainbridge, S. M. 2002. A critique of the NYSE's director independence listing standards. UCLA School of Law, Research Paper No. 02–15. June.

Balls, E. (Economic Secretary to the Treasury, UK). 2006a. Remarks. Chief Regu­latory Officers' International Symposium, Tokyo Stock Exchange. Novem­ber 6.

Balls, E. 2006b. The City as the global financial centre: risks and opportunities.

Bloomberg. June 14.

Bloomberg. 2006c. Financial services: a UK perspective. Speech at the Hong Kong General Chamber of Commerce and the British Chamber of Commerce. September 13.

Balsam, S., E. Bartov, and C. Marquardt. 2002. Accruals management, investor sophistication, and equity valuation: evidence from 10-Q filings. Journal of Accounting Research 40: 987–1012. September.

Bank for International Settlements. 1990. Report of the committee on interbank netting schemes of the central banks of the Group of Ten countries. Lamfalussy Report. November.

Bank of England. 2005. Payment systems oversight report 2004. Issue No. 1. January.

Banker, The. 2006. Tough IT challenge of forging a single European clearing house. August 7.

Banner, S. 1998. Anglo-American Securities Regulation: Cultural and Political Roots, 1690–1860. Cambridge: Cambridge University Press.

Bartram, S. M., and F. Fehle. 2006. Competition without fungibility: evidence from alternative market structures for derivatives. February 6.

Baumol, W. J., J. Panzer, and R. D. Willig. 1982. Contestable Markets and the Theory of Industry Structure. New York: Harcourt Brace Jovanovich.

Baysinger, B., and H. N. Butler. 1985. Corporate governance and the board of directors: performance effects of changes in board composition. Journal of Law, Economics, and Organization 1 (1): 101–24. Spring.

BBC News. 2000a. Analysis: a marriage of equals. May 3.

BBC News. 2000b. Doubts over market merger. May 17.

BBC News. 2000c. More trouble for Exchange merger. August 14.

BBC News. 2000d. Exchange of views. August 21.

BBC News. 2000e. German "threat" to stock market merger. August 25.

BBC News. 2000f. Boost for stock market merger plan. August 31.

BBC News. 2000h. Stock exchange head quits. September 15.

BBC News. 2001a. London exchange battle hots up. September 30.

BBC News. 2001b. Deutsche Börse "in Liffe bid." October 18.

BBC News. 2004. LSE rejects German takeover bid. December 13.

BBC News. 2005a. Euronext trumpets LSE bid savings. February 9.

BBC News. 2005b. Deutsche Börse ditches LSE bid plans. March 7.

BBC News. 2005c. LSE rejects "derisory" takeover. December 9.

BBC News. 2006a. Macquarie signals end to LSE bid. February 20.

BBC News. 2006b. Nasdaq hails "attractive" LSE bid. March 10.

BBC News. 2006c. Nasdaq withdraws LSE takeover bid. March 30.

BBC News. 2006d. Nasdaq snaps up 15% stake in LSE. April 11.

BBC News. 2006e. Nasdaq holding in LSE nears 25%. May 10.

BBC News. 2006f. LSE rejects £2.7bn Nasdaq offer. November 20.

BBC News. 2006g. Nasdaq unveils hostile LSE offer. December 12.

BBC News. 2006h. LSE dubs Nasdaq bid "inadequate." December 19.

BBC News. 2007a. Nasdaq bids $3.7bn for Nordic OMX. May 25.

BBC News. 2007b. Dubai in $4bn bid for Nordic OMX. August 17.

Bebchuk, L., and J. Fried. 2004. Pay without Performance: The Unfulfilled Promise of Executive Compensation. Cambridge, Mass.: Harvard University Press.

Beecher-Monas, E. 2007. Marrying diversity and independence in the boardroom: Just how far have you come, baby? Oregon Law Review 86 (2): 373–411.

Ben-Ner, A. 1986. Nonprofit organizations: Why do they exist in market economies? In The Economics of Nonprofit Institutions: Studies in Structure and Policy. Edited by S. Rose-Ackermann. Oxford: Oxford University Press.

Bhagat, S., and B. Black. 1999. The uncertain relationship between board composition and firm performance. Business Lawyer 54: 921–63.

Bhagat, S., and B. Black. 2002. The non-correlation between board independence and long-termfirm performance. Journal of Corporation Law 27: 231–74. Winter.

Bhagat, S., and B. Bolton. 2007. Corporate governance and firm performance. University of Colorado at Boulder, Department of Finance; and University of New Hampshire. June.

Black, B. S. 2001. The role of self-regulation in supporting Korea's securities markets. Self-Regulatory Institutions in the Korean Securities Markets, Korea Stock Exchange. Speech. December 7.

Black, J. 2001. Decentring regulation: understanding the role of regulation and self-regulation in a "post-regulatory" world. Current Legal Problems 54: 10346. November.

Black, J. 2002. Critical reflections on regulation. Discussion Paper No. 4, Centre for the Analysis of Risk and Regulation (CARR), London School of Economics. January.

Black, J. 2003. Mapping the contours of contemporary financial services regulation. Discussion Paper No. 17, Centre for the Analysis of Risk and Regulation (CARR), London School of Economics. October.

Black, J. 2005. Proceduralisation and polycentric regulation. Revista DireitoGV, Especial 1.

Blair, M. M. 2004 (1995). Ownership and control: rethinking corporate governance for the 21st century. In Theories of Corporate Governance: The Philosophical Foundations of Corporate Governance. Edited by T. Clarke, pp. 17488. London: Routledge.

Blair, M. M., and E. F. Gerding. 2009. Sometimes Too Great a Notional: Measuring the "Systemic Significance" of OTC Credit Derivatives. Working Paper No. 09–22. Vanderbilt University Law School, Law and Economics.

Blanc, R. D. 2007. Intermarket competition and monopoly power in the U.S. stock markets. Brooklyn Journal of Corporate, Financial and Commercial Law 1 (2): 273–300. Spring.

Bliss, R., and C. Papathanassiou. 2006. Derivatives clearing, central counterparties and novation: the economic implications. Working paper. March 8.

BNP Paribas Securities Services. 2004. Clearing and settlement in the European Union — the way forward. Contribution to the European Commission Communication to the Council and the European Parliament. September.

Boer, M. 2001. Clearstream shareholders push Euroclear deal. Wall Street Journal Europe. June 8.

Boozang, K. M. 2007. Does an independent board improve nonprofit corporate governance? Seton Hall Public Law Research Paper No. 1002421. July.

Bradley, C. 2002. Technology, demutualisation and stock exchanges: the case for co-regulation. Working paper, University of Miami School of Law. February 5.

Brandeis, L. D. 1914. Other People's Money and How the Bankers Use It. library.louisville.edu/law/brandeis/opm-ch5.html.

Brinker, I., and T. Loest. 2004. Essential Facility Doctrine and Intellectual Property Law: Where Does Europe Stand in the Aftermath of the IMS Health Case? Gleiss Lutz Rechtanwalte.

Brodie, S. 2006. Speedy clearance for Liddell to leap into LCH's top slot. Daily Telegraph. Business diary. July 21.

BTA Consulting. 2001. To be or not to be: demutualization survey. February.

Business Roundtable. 2005. Principles of corporate governance—2005.

Business Week. 2000. Deutsche Börse on the prowl: With the LSE deal dead, what will CEO Werner G. Seifert do next? September 25.

Cameron, A. 2002. Demystifying demutualization.

Canadian Depository for Securities Ltd., The. 2001. Response to ISSA's recommendations 2000. August.

Canadian Depository for Securities Ltd., The. 2002. CDS section 3.01, by-law No. 11: A by-law relating generally to the transaction of the business and affairs of the Canadian Depository for Securities. January 8.

Canadian Depository for Securities Ltd., The. 2005. Report on internal controls and safeguards. October 15.

Canadian Securities Administrators. 2001. National instrument 21–101—marketplace operation (NI 21–101). December 1.

Carson, J. W. 2003. Conflicts of interest in self-regulation: Can demutualized exchanges successfully manage them? World Bank Policy Research Working Paper 3183. December.

Central Banking. 2006. Europe's clearing needs better governance. July 13.

Cha, L. (Deputy Chair, Securities and Futures Commission, Hong Kong). 1999. Regulatory framework after the merger of the exchanges. HKSI Seminar. October 21.

Cha, L. (Deputy Chair, Securities and Futures Commission, Hong Kong). 2000. Securities markets reform: the Hong Kong experience. Speech, Commonwealth Club of California. June 6.

Chaddad, F. R., and M. L. Cook. 2003. The emergence of non-traditional cooperative structures: public and private policy issues. NCR-194 Research on Cooperatives Annual Meeting, Kansas City, Missouri. October 29.

Chambers, S., and C. A. Carter. 1990. US futures exchanges as nonprofit entities. Journal of Futures Markets 10 (1): 79–88. February.

Chen, J. 2004. The nature of the public utility: infrastructure, the market and the law. Northwestern University Law Review 98 (4): 1617–1708. Review essay.

Chesini, G. 2001. Changes in the ownership structure of stock exchanges: from demutualisation to self-listing. X International "Tor Vergata" Conference on Banking and Finance, Rome. December 5–6.

Chicago Mercantile Exchange Group Inc. 2007. Myths versus realities.

Chicago Mercantile Exchange Group Inc. 2008. CFTC and Federal Reserve Bank of New York determine CME Group meets regulatory requirements to clear credit default swaps — CME Group Risk Committee approves CDS clearing using combined guarantee pool. Chicago. Press release. December 23.

Chicago Mercantile Exchange Group Inc. 2009a. CME Group appoints Andrew Lamb to lead European clearing venture — experienced European clearing and risk management executive named CEO, CME Clearing Europe Limited. London. Press release. July 28.

Chicago Mercantile Exchange Group Inc. 2009b. CME Group opens credit default swaps initiative to additional partners and focuses solution on clearing services — buy and sell-side firms joining as founding members. Chicago. Press release. September 18.

Chi-X. 2007. Chi-X commences services with EMCF N.V. Trading Notice 0001. March 26.

Chi-X. 2009. Chi-X Europe to become first MTF to offer participants choice through CCP interoperability. London. February 3.

Chow, P. (CEO, HKEx). 2004. Implementation and enforcement in corporate governance — the case of Hong Kong. OECD—6th Asian Roundtable on Corporate Governance. November 2.

Citigroup. 2003a. Citigroup's response to ESCB-CESR consultative report on the standards for securities clearing and settlement systems in the European Union. Supporting document. October.

Citigroup. 2003b. Creating a safe and level playing field. White paper on issues relating to settlement of securities in Europe. July.

Citigroup. 2004. The optimal market structure for clearing and settlement in the EU. Citigroup Response to the Communication on Clearing and Settlement from the European Commission. July.

Citigroup. 2006. CCPs: a user's perspective. Joint Conference of the ECB and the FRBC on Issues related to Central Counterparty Clearing. Discussion paper. April.

Clarke, D. C. 2007. Three concepts of the independent director. Delaware Journal of Corporate Law 32 (1): 73–111.

Clarke, T., editor. 2004a. Theories of Corporate Governance: The Philosophical Foundations of Corporate Governance. London: Routledge.

Clarke, T., editor. 2004b. The stakeholder corporation: a business philosophy for the information age. In Theories of Corporate Governance: The Philosophical Foundations of Corporate Governance. Edited by T. Clarke, pp. 189–201. London: Routledge. Reprinted from Clarke 1998.

Clearnet and London Clearing House. 2003. Clearnet and LCH to merge to form the LCH.Clearnet Group, Europe's leading independent group of central counterparty clearing houses. Announcement. June 25.

Coase, R. H. 1937. The nature of the firm. Economica 4 (16): 386–405. November.

Coffee, J. C., Jr. 1999. The future as history: the prospects for global convergence in corporate governance and its implications. Northwestern University Law Review 93 (3): 641–708. Spring.

Coffee, J. C., Jr. 2002. Racing towards the top? the impact of cross-listings and stock market competition on international corporate governance. Columbia Law Review 102 (7): 1757–1831. November.

Coffee, J. C., Jr., and J. Seligman. 2003. Securities regulation: cases and materials. 9th ed., Foundation Press.

Cohen, N. 2006a. LCH.Clearnet: a relationship that causes some disquiet — a question of control. Financial Times. July 7.

Cohen, N. 2006b. Chairman resigns from LCH.Clearnet. Financial Times. May 13.

Cohen, N. 2007. LSE faces fresh bidding war. Financial Times. September 20.

Cohen, N., and C. Hughes. 2006. LCH.Clearnet chief resigns following rift with board. Financial Times. July 6.

Colyer, T. 2003. European clearing survey: double or nothing. GlobalInvestormagazine.com. July-August.

Committee of European Banking Supervisors. 2009. Report on the outcome of CEBS's call for evidence on custodian banks' internalisation of settlement and CCP-like activities. April 17.

Committee of European Securities Regulators and European System of Central Banks. 2004. Summary of responses on the European System of Central Banks (ESCB) and Committee of European Securities Regulators (CESR) joint consultation on standards for securities clearing and settlement systems in the European Union. January 12.

Committee of European Securities Regulators and European System of Central Banks. 2009. Recommendations for securities settlement systems and recommendations for central counterparties in the European Union. May.

Committee on Economic and Monetary Affairs (European Parliament). 2005. Clearing and settlement in the European Union. Final Report A6–0000/2005 (2004/2185 (INI)). Rapporteur — Piia-Noora Kauppi. May 24.

Committee on Payment and Settlement Systems, Bank for International Settlements. 1997. Clearing arrangements for exchange traded derivatives. March.

Committee on Payment and Settlement Systems, Bank for International Settlements, and Technical Committee, International Organization of Securities Commissions (CPSS and IOSCO). 2001a. Recommendations for securities settlement systems. Consultative report. January.

Committee on Payment and Settlement Systems, Bank for International Settlements, and Technical Committee, International Organization of Securities Commissions (CPSS and IOSCO). 2001b. Recommendations for securities settlement systems. Report of the CPSS IOSCO Joint Task Force on Securities Settlement Systems. November.

Committee on Payment and Settlement Systems, Bank for International Settlements, and Technical Committee, International Organization of Securities Commissions (CPSS and IOSCO). 2004. Recommendations for central counterparties. November.

Committee on the Governance of the Exchanges, Monetary Authority of Singapore. 1999. Report of the committee on governance of the exchanges. January 18.

Competition Commission (UK). 2005. Deutsche Börse AG, Euronext NV and London Stock Exchange plc. A report on the proposed acquisition of London Stock Exchange plc by Deutsche Börse AG or Euronext NV. November.

Computer Business Review. 2000. LSE courts public disaster. October 1.

Computerweekly.com. 2005. Rescue bid launched for City integration project. May 17.

Congressional Budget Office (US). 1983. Public works infrastructure: policy considerations for the 1980s. April.

Considine, J. (CEO/Chairman, DTCC). 2006. Remarks. Joint Conference of the European Central Bank / Federal Reserve Bank of Chicago, on Issues Related to Central Counterparty Clearing, Frankfurt. April 3–4.

Co-operative Action. Undated. Co-operative capital: a new approach to investment in co-operatives and other forms of social enterprise.

CooperativesUK — The Union of Co-Operative Enterprises. 2005a. Corporate Governance. Vol. 1: The Code of Best Practice. For Consumer Co-operative Societies in Membership of CooperativesUK. April.

CooperativesUK — The Union of Co-Operative Enterprises. 2005b. Corporate Governance. Vol. 2: Appendices to the Code of Best Practice. For Consumer Co-operative Societies in Membership of Co-operativesUK.

Corcoran, A. 2006. Self-regulation and operational controls: reflections on the oversight of exchange-traded derivatives. Revue d'Economie Financiere 82: 241–59 Special Edition on The Future of Financial Exchanges. April.

Cornforth, C. 2004. The governance of cooperatives and mutual associations: a paradox perspective. Annals of Public and Cooperative Economics 75 (1): 11–32. March.

Council of Institutional Investors. 2003. Private entity with a public purpose: governance of the New York Stock Exchange. An overview. July.

Cournot, A. 1838. Research into the Mathematical Principles of the Theory of Wealth.

Cox, J. D. 2000. Brands v. generics: self-regulation by competitors. Columbia Business Law Review 2000 (1): 15–22.

Cruickshank, D. (Chairman, LSE). 2002a. Clearing and settling European securities: where competition works (and where it doesn't). European Harmonisation of Cross-Border Settlement Conference. March 21.

Cruickshank, D. (Chairman, LSE). 2002b. The evolution of EU securities markets: next steps for clearing and settlement. World Federation of Exchanges Conference, Madrid. October 18.

Cuevas, C. E., and K. P. Fischer. 2006. Cooperative financial institutions: issues in governance, regulation, and supervision. World Bank Working Paper No. 82.

Dale, R. 1998. Risk management in U.S. derivative clearing houses. Essays in International Financial & Economic Law, No. 14, London Institute of International Banking, Finance & Development Law, in cooperation with International Financial Law Unit, Centre for Commercial Law Studies, Queen Mary & Westfield College, University of London, and SMU Institute of International Banking and Finance.

Dallas, L. L. 2001. Developments in U.S. boards of directors and the multiple roles of corporate boards. University of San Diego School of Law, Public Law and Legal Theory Research Paper No. 48 and Law and Economics Research Paper No. 1.

Dalton, D. R., C. M. Daily, A. E. Ellstrand, and J. L. Johnson. 1998. Meta-analytic reviews of board composition, leadership structure, and financial performance. Strategic Management Journal 19 (3): 269–90.

David, J., and J. Keaveny. 2004. Spitzer sues former NYSE head Grasso over pay. Reuters. May 24.

Davidson, J. P., III. 1994. Disintermediated, disaggregated and dissatisfied: a financial intermediary's perspective on unbundling. 17th Chicago Kent Conference, Chicago. November 3.

Davies, H. 2000a. Global markets, global regulation IOSCO Annual Conference Sydney. speech. May 17.

Davies, H. 2000b. Speech. London Chamber of Commerce Conference, London. June 13.

Davies, H. 2004. What's left for self-regulation? Speech, Hong Kong. March.

Davies, R., A. Dufour, and B. Scott-Quinn. 2006. The MiFID: Competition in a New European Equity Market Regulatory Structure. In Investor Protection in Europe Corporate Law Making, The MiFID and Beyond. Edited by G. Ferra- rini and E. Wymeersch. Oxford: Oxford University Press. Chap. 6.

Davis, J. H., F. D. Schoorman, and L. Donaldson. 1997. Toward a stewardship theory of management. Academy of Management Review 22 (1): 20–47. January.

De Bandt, O., and P. Hartmann. 2000. Systemic risk: a survey. European Central Bank, Working Paper Series, No. 35. November.

Deloitte Securities. 2003. Securities and banking update. November.

DeMarzo, P. M., M. J. Fishman, and K. M. Hagerty. 2005. Self-regulation and government oversight. Review of Economic Studies 72 (3): 687–706. July.

DeMott, D. A. 2005. The texture of loyalty. Duke Law School of Law, Legal Studies Research Paper Series, No. 64. March.

Depository Trust and Clearing Corporation (U.S.). 2006. Following a trade: a guide to DTCC's pivotal roles in how securities change hands.

Depository Trust and Clearing Corporation (U.S.). 2009. NYSE Euronext and DTCC to create joint venture for more efficient clearing of U.S. fixed income securities and derivatives. New York. Press release. June 18.

Depository Trust Corporation (US). 1998. A quarter century of trust: a short history of the Depository Trust Corporation.

Deutsche Bӧrse AG. 2003. Your IPO — a guide to your IPO and life as a public company.

Deutsche Bӧrse AG. 2005a. The European post-trade market: an introduction. White paper. February.

Deutsche Bӧrse AG. 2005b. Memorandum of Deutsche Börse in reply to the Competition Commission's letter of 29 March 2005 Reference to the Competition of the Possible Acquisition of the London Stock Exchange plc by Deutsche Börse AG. April 18.

Deutsche Bӧrse AG. 2006. Deutsche Börse AG's observations on the Commission's issues paper: Competition in EU securities trading and post-trading. June.

Deutsche Bӧrse AG. 2008. Just value: annual report 2007. March.

Deutsche Bӧrse AG. 2009a. Eurex Credit Clear successfully starts CDS clearing — first credit default swap transaction cleared on 30 July/Eurex Credit Clear major step to improve market safety and integrity for OTC derivatives. Press release. July 31.

Deutsche Bӧrse AG. 2009b. CFTC recognizes Eurex Clearing as Multilateral Clearing Organization (MCO) — CFTC order permits Eurex Clearing to expand its OTC facilities in the U.S. press release. August 4.

Deutsche Bӧrse AG. 2009c. The global derivatives market: a blueprint for market safety and integrity. White paper. September.

Deutsche Bӧrse AG (Germany), and London Stock Exchange. 2000. iX — international exchanges merger of Deutsche Börse and London Stock Exchange. Information document. May.

Devasabai, K. 2006. Hardy quits LCH.Clearnet International Custody and Fund Administration News. July 10.

Directorate General Competition Services, EU Commission (Financial services: banking and insurance). 2006. Competition in EU securities trading and posttrading: issues paper. Working document of the Commission Services. May 24.

Directorate General Internal Market and Services, EU Commission (Financial services). 2006a. Analysis of studies examining European post-trading costs. Annex 1 to Report: Draft Working Document on Post-Trading Services. Working document of the Commission Services, Work in Progress. May 23.

Directorate General Internal Market and Services, EU Commission (Financial services). 2006b. Draft working document on post-trading services. May 23.

Di Noia, C. 1999. The stock-exchange industry: network effects, implicit mergers, and corporate governance. Quaderni di Finanza, No. 33. CONSOB Commissione Nazionale per la Societa e la Borsa. March.

Dombalagian, O. H. 2005. Demythologizing the stock exchange: reconciling selfregulation and the national market system. University of Richmond Law Review 39 (4): 1069–1154. May.

Dombalagian, O. H. 2007. Self and self-regulation: resolving the SRO identity crisis. Brooklyn Journal of Corporate, Financial and Commercial Law 1 (2): 317–53. Spring.

Domowitz, I. 1993. A taxonomy of automated trade execution systems. Journal of International Money and Finance 12 (6): 607–31.

Domowitz, I. and R. Lee. 2001. On the Road to Reg ATS: A Critical History of the Regulation of Automated Trading Systems. International Finance 4 (2): 279–302, Summer.

Domowitz, I., and B. Steil. 1999. Automation, trading costs, and the structure of the securities trading industry. In Brookings-Wharton Papers on Financial Services 1999. Edited by R. E. Litan and A. M. Santomero, pp. 33–81. Washington, D.C.: Brookings Institution Press.

Domowitz, I., and B. Steil. 2002. Securities trading, in Technological Innovation and Economic Performance. Edited by B. Steil, D. G. Victor, and R. R. Nelson. Princeton: Princeton University Press. Chap. 12. A Council on Foreign Relations Book.

Donaldson, W. H. (Chairman, SEC). 2003. Letter to NYSE regarding NYSE executive compensation. September 2.

Donohue, C. S. (CEO, CME). 2006. Efficient clearing and settlement systems: a case for market-driven solutions. 10th European Financial Markets Convention, Zurich. June 8.

Douglas, W. O. 1940. Democracy and Finance. New Haven: Yale University Press.

Dow, J. 2000. What is systemic risk? Moral hazard, initial shocks, and propagation. Monetary and Economic Studies, Bank of Japan 18 (2): 1–24. December.

Dow Jones. 2000. European Sec Forum calls for single CCP body for Europe. June 19.

Dow Jones. 2001a. ESF ends plan to build own European central counterparty. July 17.

Dow Jones. 2001b. Clearstream takeover battle seen prolonged over price. December 6.

Dow Jones. 2002. Deutsche Börse Agrees to Buy Remaining 50% of Clearstream. February 3.

Drezner, D. W. 2002. Who rules? The regulation of globalization. University of Chicago. August.

Duchin, R., J. G. Matsusaka, and O. Ozbas. 2008. When are outside directors effective? USC Center in Law, Economics and Organization, Gould School of Law, Research Paper No. C07–13. February.

Economides, N. 1996. The economics of networks. International Journal of Industrial Organization 14 (6): 673–99. October.

Edwards, F. R. 1983. Futures markets in transition: the uneasy balance between government and self-regulation. Journal of Futures Markets 3 (2): 191–205.

El-Gazzar, S. M. 1998. Predisclosure information and institutional ownership: a cross-sectional examination of market revaluations during earnings announcement periods. Accounting Review 73 (1): 119–29. January.

Elliott, J. 2002. Demutualization of securities exchanges: a regulatory perspective. IMF Working Paper WP/02/119.

English, S. 2003a. Traders petition for Grasso to pay or go. Telegraph. September 12.

English, S. 2003b. Grasso forgoes $48m to quell storm. Telegraph. September 10.

Erickson, T. J. (Commissioner, CFTC). 2000. Futures exchange demutualization. Brooklyn Law School and New York Stock Exchange Breakfast Roundtable, New York. April 18.

Estache, A. 2004. Emerging infrastructure policy issues in developing countries: a survey of the recent economic literature. POVNET Infrastructure Working Group, Berlin. INFVP, World Bank. Background paper. October.

Estache, A., and A. Goicoechea. 2005. A "research" database on infrastructure economic performance. (INFVP) World Bank Policy Research Working Paper 3643. June.

EU Commission. 2004. Clearing and settlement in the European Union — the way forward. Communication from the Commission to the Council and the European Parliament. COM (2004) 312 final. April 28.

EU Commission. 2005a. EU clearing and settlement. CESAME, Definitions Sub-Group. I Meeting. January.

EU Commission. 2005b. EU clearing and settlement. CESAME, Definitions Sub-Group. I Meeting. MARKT/G2/SLG D (2005). May 11.

EU Commission. 2005c. Commission services working document on definitions of post-trading activities. Working document/MARKT/SLG/G2 (2005) D15283. CESAME Sub-Group on Definitions. October.

EU Commission. 2006. Better regulation — simply explained.

EU Commission. 2009a. Commission staff working paper accompanying the Commission Communication: Ensuring efficient, safe and sound derivatives markets [COM (2009) 332 final] [SEC (2009) 914 final]. SEC (2009) 905 final. Brussels. July 3.

EU Commission. 2009b. Ensuring efficient, safe and sound derivatives markets. Communication from the Commission, COM (2009) 332 final [SEC (2009) 905 final] [SEC (2009) 914 final], Brussels. July 3.

EU Commission. 2009c. Ensuring efficient, safe and sound derivatives markets: future policy actions. Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee, the Committee of the Regions and the European Central Bank. Brussels, COM (2009) 563/4 Provisional Version. October 20.

Eurex Clearing AG. 2008. We set the standards that make a stronger market. And keep them. C5E-001–0508.

EuroCCP. 2007. DTCC's European subsidiary chosen as clearance and settlement provider for Project Turquoise. Citi's global transaction services to serve as EuroCCP's settlement agent. Press release, London. April 18.

EuroCCP. 2008a. The clearing industry in Europe: cost comparison. July 1.

EuroCCP. 2008b. EuroCCP to launch clearing & settlement system Friday: will support Turquoise's limited live launch of trading platform. London. August 13.

EuroCCP. 2009a. EuroCCP proposes European convention on interoperability. Standard agreement would ensure transparency in risk management. London. June 17.

EuroCCP. 2009b. EuroCCP sets new low clearing price benchmark for European equity trades, with highest volume users to pay just 02. euro cents per side. London. September 15. Euroclear. 1999. The hub and spokes clearance and settlement model: the panEuropean settlement solution for efficient and competitive capital markets. May.

Euroclear. 2004. Clearing and settlement in the European Union: the way forward. Euroclear's response to the European Commission's communication. July.

Euroclear. 2005a. Internalisation of settlement. September.

Euroclear. 2005b. Euroclear response to London Economics report (February 2004). Addressed to Ms. Rosalind Buxton, DG Competition, European Commission. EU8209IKG65. June 29.

Euroclear. 2006a. Annual report 2005.

Euroclear. 2006b. Response to the issues paper of DG Competition. July.

Euroclear Bank. 2005. Offering circular for €300 million bond issue by Euroclear Finance 2 SA irrevocably guaranteed on a subordinated basis by Euroclear Bank SA/NV. June 8.

Euronext NV. 2005. Comments on the Competition Commission's provisional findings. Cleary Gottlieb Steen & Hamilton LLP. August 16.

European Banking Federation. 2006. Response: DG Competition issue paper— Competition in EU securities trading and post-trading. R6112EER, SF/DH. July 4.

European Central Bank, Eurosystem. 2007. Editorial. Target2-Securities Newsletter 1. June.

European Central Securities Depositories Association. 1997. Eurolinks: delivering the future.

European Central Securities Depositories Association. 2002. ECSDA cross-border settlement. Prepared by the ECSDA Working Group on cross-border settlement (WG3). Version 1.2. February.

European Central Securities Depositories Association. 2005. Survey on ECSDA members' services.

European Central Securities Depositories Association. 2006. ECSDA response to DG Competition issues paper "Competition in EU securities trading and post trading". July 1.

European Multilateral Clearing Facility N.V. 2009a. EMCF cuts UK clearing fees to 3 Euro cents. Amsterdam. April 7.

European Multilateral Clearing Facility N.V. 2009b. EMCF signs MOU with LCH Clearnet Ltd. on interoperability. Amsterdam. May 19.

European Parliamentary Financial Services Forum. 2006. Unblocking the plumbing — clearing and settlement. June 21.

European Securities Forum. 2000. EuroCCP: ESF's blueprint for a single panEuropean central counterparty. December 6.

Evans, G. H. (Director, Markets Division, FSA) 2004. Letter to chief executives of all recognised bodies (concerning corporate governance of recognised bodies). March 31.

Evening News, Scotland. 2001. LSE set to launch 400m pounds Liffe bid. July 31.

Evening Standard. 2007. LSE surges as Nasdaq sells stake. August 20.

Fairlamb, D. 2001. Commentary: Europe needs an independent settlement system. Business Week. June 4.

Fama, E. F. 1980. Agency problems and the theory of the firm. Journal of Political Economy 88 (2): 288–307. April.

Fama, E. F., and M. C. Jensen. 1983. Separation of ownership and control. Journal of Law and Economics 26 (2): 301–25. June.

Federation of European Securities Exchanges. 2006. Position paper on clearing and settlement. May 19.

Federation of European Securities Exchanges. 2009. European exchange report 2008. August.

Federation of European Securities Exchanges, European Association of Central Counterparty Clearing Houses, and European Central Securities Depositories Association. 2006. European code of conduct for clearing and settlement.

Fields, M. A., and P. Y. Keys. 2003. The emergence of corporate governance from Wall Street to Main Street: outside directors, board diversity, earnings management, and managerial incentives to bear risk. Financial Review 38 (1): 1–24. February.

Financial News. 2000a. LSE faces struggle to win merger support. August 28.

Financial News. 2000b. Liffe takes its first step towards IPO. October 2.

Financial News. 2000c. iX alliance provokes uncertainty. May 22.

Financial News. 2002. Top Cedel investors set to share e720m. February 4.

Financial Reporting Council (UK). 2008. The combined code on corporate governance. June.

Financial Services Authority (UK). 2000. The FSA's approach to regulation of the market infrastructure. January.

Financial Services Authority (UK), Bundesaufsichtsamt fur den Wertpapierhandel (Germany), and Hessisches Ministerium fur Wirtschaft, Verkehr und Landes- entwicklung (Germany). 2000. iX-international exchanges — joint statement. August 21.

Finansinspektionen (Sweden). 2007a. Finansinspektionen's decision. FI D No. 07–7095. August 23.

Finansinspektionen (Sweden). 2007b. Börse Dubai's press release was a public takeover bid. Press release. August 23.

Finextra. 2004. Merger-related IT costs eat into LCH.Clearnet gains. www.finextra.com. September 1.

Finextra. 2006. LCH.Clearnet ditches IT integration project. www.finextra.com. July 21.

Fisch, J. E. 2005. Institutional competition to regulate corporations: a comment on Macey. Case Western Reserve Law Review 55 (3): 617–25.

Fleckner, A. M. 2006. Stock exchanges at the crossroads. Fordham Law Review 74 (5): 2541–2620, April.

Fok, L. (Deputy CEO, Hong Kong Exchanges and Clearing Ltd). 2001. Demutualisation, merger and listing: the Hong Kong experience. APEC Financial Regulators Training Initiative, Regional Seminar — Demutualization of Exchanges, Asian Development Bank, Manila, Philippines. August 13–14.

Foucault, T., and A. Menkveld. 2006. Competition for order flow and smart order routing systems. Working paper, HEC School of Management, Paris, and Vrije Universiteit Amsterdam. January.

Foucault, T., and C. Parlour. 2004. Competition for listings. Rand Journal of Economics 35 (2): 329–55. Summer.

Freedberg, H. (Chief Executive, Euronext.LIFFE). 2006. Letter to Financial Times. Financial Times. November 9.

Freedberg, H. 2008. Horizontal model does not meet Liffe's needs. Ft.com. April 18.

Freiss, B., and S. Greenaway. 2006. Competition in EU trading and post-trading service markets. Competition Policy International 2 (1): 157–85. Spring.

French Association of Investment Firms, Italian Association of Financial Intermediaries, French Banking Federation, and London Investment Banking Association. 2006. Post-trading in Europe: calls for consolidation. February.

Frischmann, B. M. 2005. An economic theory of infrastructure and commons management. Minnesota Law Review 89: 917–1030, April.

Frye, T. 1997. Governing the Russian equities market. Post-Soviet Affairs 13 (4): 366–95. Working paper (August) published October 12.

Futures Industry Association, Global Task Force on Financial Integrity. 1995. Financial integrity recommendations for futures and options markets and market participants. June.

G7 Finance Ministers. 1998. Strengthening the architecture of the global financial system. Report of G7 Finance Ministers to G7 Heads of State or Government for their meeting in Birmingham. May 15.

Gadinis, S., and H. E. Jackson. 2007. Markets as regulators: a survey. Southern California Law Review 80 (6): 1239–1378. September.

Garfield, A. 2000. iX deal in disarray as OM Gruppen launches £822m hostile bid for LSE. Independent. August 30.

Gasparino, C. 2003. Grasso is NYSE's $10 million man — chairman's pay package in 2002 came amid slump in stocks, big board profit. Wall Street Journal. May 8.

Gasparino, C. 2007. King of the Club: Richard Grasso and the Survival of the New York Stock Exchange. New York: HarperCollins.

Gasparino, C., K. Kelly, and S. Craig. 2003. Dick Grasso is $10 million man for the NYSE, in terms of pay. Wall Street Journal. May 7.

General Accounting Office (US). 2002. Securities markets: competition and multiple regulators heighten concerns about self-regulation. GAO-02–362. May.

Georges, A., and P. Senkovic. Undated. Places de marche electronique B2B et droit de la concurrence Decideurs Juridiques et Financiers No. 21.

Gerardin, D. 2004. Limiting the scope of Article 82 of the EC Treaty: What can the EU learn from the U.S. Supreme Court's judgment in Trinko in the wake of Microsoft, IMS and Deutsche Telekom? Common Market Law Review 41: 1519–53.

Giovannini Group, The. 2001. Cross-border clearing and settlement arrangements in the European Union. November.

Giovannini Group, The. 2003. Second report on EU clearing and settlement arrangements. April.

Glass, A. W. 2009. The regulatory drive towards central counterparty clearing of OTC credit derivatives and the necessary limits on this. Capital Markets Law Journal 4 (S1): S79-S98.

Glassman, J. 2003. Grasso's greed is not the issue for the NYSE. Financial Times. September 16.

Glauber, R. (Chairman and CEO, NASD) 2006. Self-regulatory organizations: hearing before the Senate Committee on Banking, Housing and Urban Affairs. 109th Cong. testimony. March 9.

Global Custodian. 1989. The intermediary dilemma. December.

Global Investor Magazine. 2001. ESF acknowledges EuroCCP setback. July 1.

Godeffroy, J. — M. (Director General, Payment Systems and Market Infrastructure, ECB). 2006. Ten frequently asked questions about TARGET2-Securities. Speech, British Bankers Association, London. September 20.

Godeffroy, J. — M. (Director General, Payment Systems and Market Infrastructure, ECB), and M. Bayle (T2S Programme Manager, ECB). 2007. TARGET2-securities. Presentation, Tokyo. October 10.

Goldberg, L., J. Kambhu, J. M. Mahoney, L. Radecki, and A. Sarkar. 2002. Securities trading and settlement in Europe: issues and outlook. Federal Reserve Bank of New York, Current Issues in Economics and Finance 8 (4). April.

Gomez-Ibanez, J. A. 2003. Regulating Infrastructure, Monopoly, Contracts, and Discretion. Cambridge, Mass.: Harvard University Press.

Goodstein, J., K. Gautam, and W Boeker. 1994. The effects of board size and diversity on strategic change. Strategic Management Journal 15 (3): 241–50. March.

Gordon, J. N. 2007. The rise of independent directors in the United States, 19502005: Of shareholder value and stock market prices. Stanford Law Review 59 (6): 1465–1568. June.

Grainger, A. 2006. LCH-Clearnet loses CEO. FOW Futures and Options World. July 10.

Grajzl, P., and P. Murrell. 2007. Allocating lawmaking powers: self-regulation vs. government regulation. Journal of Comparative Economics 35 (3): 520–45.

Grant, J. 2006. Ex-SEC chief hits out at "turf protection." Financial Times. 1617. September.

Grasso, R. A. (Chairman and CEO, NYSE). 1999. Testimony. Senate Banking Committee: Hearing on Public Ownership of the U.S. Stock Markets. September 28.

Gray, D. M. 2007. The essential role of regulation in promoting equity market competition. Brooklyn Journal of Corporate, Financial and Commercial Law 1 (2): 395–407. Spring.

Greensted, R. 2000. It's my (counter) party and I'll cry if I want to. Scrip Issue. October 23.

Greensted, R. 2001. ESF needs to break vested interests. Financial News. December 10.

Greensted, R. 2002. ESF sell-out on Deutsche Böerse deal. February 4.

Greensted, R. 2003. DTCC needs to stay at home more. Financial News. June 1.

Gregory, H. J. 2002. International Comparison of Selected Corporate Governance Guidelines and Codes of Best Practice. New York: Weil, Gotshal & Manges.

Gross, M. (Senior Vice President and Regulatory Counsel, Bond Market Association) 2005. Letter to SEC re SRO governance and transparency proposal-file No. S7–39–04; SRO concept release-file No. S7–40–04 SEC. March 8.

Group of Thirty. 1989. Clearance and settlement in the world's securities markets.

Group of Thirty. 2003. Global clearing and settlement: a plan of action.

Handbook of World Stock, Derivative and Commodity Exchanges.1998. London: Mondo Visione.

Hansmann, H. B. 1980. The role of nonprofit enterprise. Yale Law Journal 89 (5): 835–901. April.

Hansmann, H. B. 1988. Ownership of the firm. Journal of Law, Economics and Organization 4 (2): 267–304. Fall.

Hansmann, H. B.. 1996. The Ownership of Enterprise. Cambridge, Mass.: Harvard University Press.

Hardy, D. (CEO, London Clearing House). 2001. CCP urgently needs co-operation. Financial News. August 20.

Hardy, D. (CEO, London Clearing House). (CEO, LCH.Clearnet). 2006. The need to remove structural barriers to consolidation of CCP clearing. Joint Conference of the European Central Bank/Federal Reserve Bank of Chicago, on Issues Related to Central Counterparty Clearing, Frankfurt. April 3–4.

Harris, L. 2003. Trading and Exchanges. Market Microstructure for Practitioners. Oxford: Oxford University Press.

Harris, L. 2006. Breaking the futures monopoly. Commentary. Forbes.com. June 11.

Hart, O. 1991. Incomplete contracts and the theory of the firm. In The Nature of the Firm: Origins, Evolution, and Development. Edited by O. Williamson and S. Winter. New York: Oxford University Press.

Hart, O., and J. Moore. 1996. The governance of exchanges: members' cooperatives versus outside ownership. Oxford Review of Economic Policy 12 (4): 53–69. Winter.

Harvard Law Review. Note. 2006. Beyond "independent" directors: a functional approach to board independence. Harvard Law Review 119 (5): 1553–75. March.

Hasan, I., and M. Malkamaki. 2001. Are expansions cost effective for stock exchanges? a global perspective. Journal of Banking and Finance 25 (12): 233966. December.

Hasbrouck, J. 1993. Assessing the quality of a security market: a new approach to transaction-cost measurement. Review of Financial Studies 6 (1): 191–212. Spring.

Hazarika, S. 2005. Governance change in stock exchanges. Working paper, Baruch College, City University of New York.

Hellenic Exchanges Holding S.A. 1999. Prospectus.

Henderson, K., V. Autheman, S. Elena, L. Ramirez-Daza, and C. Hinojosa. 2003. Judicial transparency checklist: key transparency issues and indicators to promote judicial independence and accountability reforms. International Foundation for Electoral Systems. Summer.

Henry, D. undated. Clarifying and settling access to clearing and settlement in the EU. Working paper, Institute for European Legal Studies, University of Liege, Belgium.

Hermalin, B. E., and M. S. Weisbach. 2003. Boards of directors as an endogenously determined institution: a survey of the economic literature. Federal Reserve Bank of New York, Economic Policy Review 9 (1): 7–26. April.

Hertig, G. 2005. On-going board reforms: one-size-fits-all and regulatory capture. Oxford Review of Economic Policy 21 (2): 269–82. Summer.

Hertig, G., and R. Lee. 2003. Four predictions about the future of EU securities regulation. Journal of Comparative Law Studies 3 (Part 2): 359–77. October.

Hertig, G., R. Lee, and J. A. McCahery. 2009. Empowering the ECB to Supervise Banks: A Choice-Based Approach. TILEC Discussion Paper No. 2009001, Amsterdam Center for Law & Economics Working Paper No. 2009–01. August.

Hilbers, P. (Deputy Division Chief, Financial Systems Surveillance I Division, Monetary and Exchange Affairs Department, IMF). 2001. The IMF/World Bank Financial Sector Assessment Program: economic perspectives. February.

Hillman, A. J., A. A. Cannella Jr., and R. L. Paetzold. 2000. The resource dependence role of corporate directors: strategic adaptation of board composition in response to environmental change. Journal of Management Studies 37 (2): 235–56. March.

Hills, B., D. Rule, S. Parkinson, and C. Young. 1999. Central counterparty clearing houses and financial stability. Financial Stability Review, Bank of England 6: 122–34. June.

Hilton, A., and D. Lascelles. 2000. iX: Better or just bigger? CSFI No. 46. August.

HM Treasury (UK). 2001. An independent and accountable FSA. Press Notice 144/01. December 13.

Ho, B. M. 2002. Demutualization of organized securities exchanges in Hong Kong: the great leap forward. Law and Policy in International Business 33 (2): 283–368. Winter.

Hobson, D. 1999a. Cedel's shotgun wedding. Global Custodian. Summer.

Hobson, D. 1999b. The French kiss-off. Global Custodian. Winter.

Hobson, D. 2000. Islands in the Clearstream. Global Custodian. Spring.

Hobson, D. 2001. Lussi falls. Global Custodian.Summer.

Hobson, D. 2003. Stench of the smoke-filled room lingers over LCH-Clearnet deal. Global Custodian. June 30.

Hobson, D. 2008. What is the right mechanism for governance in clearing and settlement? What is the role of public authorities in the post-trade arena? European Clearing & Settlement Conference, ICBI. May 20.

Hockey, J. (Minister for Financial Services and Regulation). 2000. Corporate watchdog to watch exchanges. Media release. November 9.

Hodson, D. 2002a. Governance: the board. Gresham Professor of Commerce, Lecture. October 9.

Hodson, D. 2002b. The non-executive director. Gresham Professor of Commerce, Lecture. December 14.

Holmstrom, B. 1999. Futures of cooperatives: a corporate perspective. Finnish Journal of Business Economics 48 (4): 404–17.

Holmstrom, B. R., and J. Tirole. 1989. The theory of the firm. In Handbook of Industrial Organization. Edited by R. Schmalansee and R. Willig. Amsterdam: North Holland.

Holthausen, C., and J. Tapking. 2004. Raising rival's costs in the securities settlement industry. ECB Working Paper Series No. 376. July.

Holthouse, D. 2002. Demutualization of exchanges — the conflicts of interest (an Australian perspective). In Demutualization of Stock Exchanges: Problems, Solutions and Case Studies. Edited by S. Akhtar. Asian Development Bank. Chap. 6.

Hong Kong Exchanges and Clearing Ltd. 2002. Consultation paper on proposed amendments to the listing rules relating to initial listing and continuing listing eligibility and cancellation of listing procedures. July.

Honore, A. M. 1961. Ownership. In Oxford Essays in Jurisprudence. Edited by A. G. Guest. Oxford: Clarendon Press.

House of Commons, Treasury Select Committee. 2002a. Memorandum submitted by the London Stock Exchange Minutes of Evidence. January 14.

House of Commons, Treasury Select Committee. 2002b. Letter from Sir Brian Williamson (chairman of LIFFE) and M. Jean Francois Theodore (chairman of the Managing Board of Euronext N. V. and CEO) and submission by LIFFE. Minutes of Evidence. January 11.

Huber, N. 2000. IT conversion costs hit exchange merger plans. Computerweekly.com. July 27.

Humphry, R. (Managing Director, Australian Stock Exchange). 1998. ASX demutualisation: cause and effect. Speech, Association of Superannuation Funds of Australia, Sydney. December 9.

Hunter, J. D. 2005. "No crying in baseball"—and no more crying in the stock markets: an alternate-hybrid approach to self-regulation. University of Cincinnati Law Review 74 (2): 639–62.

Hutter, B. M. 2006. The role of non-state actors in regulation. In Global Governance and The Role of Non State Actors. Edited by G. F. Schuppert, pp. 63–79. Berlin: Nomos Verlagsgesellschaft. Also discussion paper No. 37, Centre for Analysis of Risk and Regulation (CARR), London School of Economics. April 2006.

International Co-operative Alliance. 1995. Statement of co-operative identity.

International Council of Securities Associations. 2006. Best practices for self regulatory organizations. September.

International Council of Securities Associations, Secretariat. 2006. Self-regulation in financial markets: an exploratory survey. September.

International Council of Securities Associations, Working Group on the Governance of Market Infrastructures. 2006. Draft principles for the governance of market infrastructures. May.

International Monetary Fund. 2004a. France: financial system stability assessment, including reports on the observance of standards and codes on the following topics: monetary and financial policy transparency, banking supervision, securities regulation, insurance regulation, payment systems, securities settlement, and anti-money laundering and combating the financing of terrorism. IMF Country Report No. 04/344. November.

International Monetary Fund. 2004b. Philippines: Financial Sector Assessment Program — IOSCO objectives and principles of securities regulation assessment. IMF Country Report No. 04/62. March.

International Monetary Fund. 2005a. Bermuda: assessment of the supervision and regulation of the financial sector. Volume 2—detailed assessment of observance of standards and codes. January.

International Monetary Fund. 2005b. Cayman Islands: assessment of the supervision and regulation of the financial sector. Volume 2—detailed assessment of observance of standards and codes. March.

International Monetary Fund, Independent Evaluation Office. 2006. Report on the evaluation of the Financial Sector Assessment Program. January 5.

International Monetary Fund, Monetary and Capital Markets Department. 2006. Financial Sector Assessment Program Portugal. IOSCO objectives and principles of securities regulation: detailed assessment of observance. December.

International Monetary Fund, Monetary and Exchange Affairs Department. 2002. Financial Sector Assessment Program. FSAP: detailed assessment of observance of standards and codes. Sweden. July.

International Monetary Fund, Monetary and Exchange Affairs Department, and World Bank, Financial Sector Vice Presidency. 2001. Financial Sector Assessment Program Czech Republic. Volume III: assessment of observance with six key international standards and codes. July.

International Monetary Fund, Monetary and Exchange Affairs Department, and World Bank, Financial Sector Vice Presidency. 2002. Financial Sector Assessment Program Philippines. IOSCO objectives and principles of securities regulation. July.

International Monetary Fund and World Bank. 2002. Experience with the assessments of the IOSCO objectives and principles of securities regulation under the Financial Sector Assessment Program. April 18.

International Monetary Fund and World Bank. 2006. Implementation of the IOSCO principles. Internal document. May.

International Monetary Fund and World Bank Staff. 2003. Development issues in the FSAP. February 24.

International Monetary Fund and World Bank Staff. 2005. Financial Sector Assessment Program — review, lessons and issues going forward. Approved by Tomas J. T. Balino and Cesare Calari. February 22.

International Organization of Securities Commissions (IOSCO). 1990. Screen- based trading systems for derivative products. June.

International Organization of Securities Commissions (IOSCO). 2002a. Objectives and principles of securities regulation. February.

International Organization of Securities Commissions (IOSCO). 2002b. Multilateral memorandum of understanding concerning consultation and cooperation and the exchange of information. May.

International Organization of Securities Commissions (IOSCO). 2003a. Objectives and principles of securities regulation. May.

International Organization of Securities Commissions (IOSCO). 2003b. Methodology for assessing implementation of the IOSCO objectives and principles of securities regulation. Madrid. October.

International Organization of Securities Commissions (IOSCO), Emerging Markets Committee. 2005. Exchange demutualisation in emerging markets. April.

International Organization of Securities Commissions (IOSCO), SRO Consultative Committee. 2000. Model for effective regulation. May.

International Organization of Securities Commissions (IOSCO), Technical Committee. 2001. Issues paper on exchange demutualization. June.

International Organization of Securities Commissions (IOSCO), Technical Committee. 2006a. Regulatory issues arising from exchange evolution. Consultation report. March.

International Organization of Securities Commissions (IOSCO), Technical Committee. 2006b. Regulatory issues arising from exchange evolution. Final report. November.

International Organization of Securities Commissions (IOSCO), Technical Committee. 2007. Multi-jurisdictional information sharing for market oversight — final report. April.

International Securities Consultancy Ltd., Singapore, Aries Group Ltd., USA, and HB Consultants Ltd., Bangladesh. 2006. Demutualization and merger of the Dhaka and Chittagong stock exchanges. Final Report. Prepared for Finance Division, Ministry of Finance, Government of Bangladesh. Asian Development Bank Project on Preparing the Financial Markets Governance Program. Technical Assistance Number 4246-BAN. April.

Itkonen, R. 1996. My views on co-operative corporate governance. Review of International Co-operation 89 (4): 20–24.

Jackson, H. E. 2007. Variation in the intensity of financial regulation: preliminary evidence and potential implications. Yale Journal on Regulation 24 (2): 101–39. July.

Jacobson, C. D., and J. A. Tarr. 1995. Ownership and financing of infrastructure: historical perspectives. A background paper for the 1994 World Development Report. World Bank Policy Research Working Paper 1466. June.

Jandosov, O. (First Deputy Prime Minister, Republic of Kazakhstan). 1998. Development, prospects and challenges of financial system in Kazakhstan. Speech, International Conference in Honor of the Fifth Anniversary of the Kyrgyz Som: Challenges to Economies in Transition: Stabilization, Growth, and Governance. Cosponsors: Kyrgyz Republic and the IMF. May 27.

Jenkinson, N. (Executive Director, Financial Stability, Bank of England). 2007. Promoting financial system resilience in modern global capital markets: some issues. Conference on Law and Economics of Systemic Risk in Finance, University of St. Gallen, Switzerland. Speech. June 29.

Jensen, M. C., and W. H. Meckling. 1976. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3 (4): 305–60 October.

Jones, H. 2000. Europe's top banks seek one central counterparty. Reuters. June 19.

Jordan, C. 2005. The conundrum of corporate governance. Brooklyn Journal of International Law 30 (3): 983–1027.

Kahan, M. 1997. Some problems with stock exchange-based securities regulation: a comment on Mahoney "The exchange as regulator." Virginia Law Review 83 (7): 1509–19. October.

Kanter, E. M., and D. V. Summers. 1987. Doing well while doing good: dilemmas of performance measurement in nonprofit organizations and the need for a multiple-constituency approach. In The Nonprofit Sector: A Research Handbook. Edited by W. Powell. New Haven: Yale University Press.

Karmel, R. S. 2002. Turning seats into shares: causes and implications of demutualization of stock and futures exchanges Hastings Law Journal 53 (2): 367–430.

Karmel, R. S. 2003a. Reconciling federal and state interests in securities regulation in the United States and Europe. Brooklyn Journal of International Law 28 (2): 495–548.

Karmel, R. S. 2003b. Demutualization of exchanges as a strategy for capital market regulatory reform. In Focus on Capital: New Approaches to Developing Latin American Capital Markets. Edited by K. Dowers and P. Masci, pp. 269–94. Washington, D.C.: Inter-American Development Bank. Chap. 9.

Karmel, R. S. 2007. Is the Financial Industry Regulatory Authority a government agency? Brooklyn Law School, Legal Studies Paper No. 86. October 1.

Kaswell, S. 2004. Self-regulation and the securities market: a renewed effort. Futures Industry Magazine. January-February.

Kaufman, G. G., and K. E. Scott. 2003. What is systemic risk, and do bank regulators retard or contribute to it? Independent Review 7 (3): 371–91. Winter.

Kauko, K. 2002. Links between securities settlement systems: an oligopoly theoretic approach. Bank of Finland Discussion Papers No. 27–2002. October 22.

Kauko, K. 2005. Interlinking securities settlement systems: A strategic commitment? Bank of Finland. February.

Kazarian, E. 2006. Integration of the securities market infrastructure in the European Union: policy and regulatory issues. IMF Working Paper, Monetary and Capital Markets WP/06/241. October.

Keaveny, J. 2005. In defence of market self-regulation: an analysis of the history of futures regulation and the trend toward demutualization. Brooklyn Law Journal 70 (4): 1419–52. Summer.

Kennedy, S. 2006. London Stock Exchange short of options in fending off Nasdaq. MarketWatch. December 13.

Kentouris, C. 2000. Clearstream gets serious about merger. Securities Industry News. March 13.

Ketchum, R. G. (CEO, NYSE Regulation, Inc.). 2006. Self-regulation in the modern era. Chief Regulatory Officers International Symposium, Tokyo. Speech. November 6.

Klein, B., R. G. Crawford, and A. A. Alchian. 1978. Vertical integration, appropriable rents, and the competitive contracting process. Journal of Law and Economics 21 (2): 297–326. October.

Klemperer, P. 1995. Competition when consumers have switching costs. Review of Economic Studies 62 (4): 515–39. October.

Kobayashi, B. H. 2005. Does economics provide a reliable guide to regulating commodity bundling by firms? A survey of the economic literature. Journal of Competition Law & Economics 1 (4): 707–46. December.

Kondo, J. E. 2006. Self-regulation and enforcement in financial markets: evidence from investor-broker disputes at the NASD. Working paper, MIT Sloan School of Management. July 27.

Koppl, T. V., and C. Monnet. 2003. Guess what: it's the settlements! European Central Bank, Directorate General Research. November.

Koppl, T. V., and C. Monnet. 2006. Central counterparties. Working paper, Department of Economics, Queen's University, and DG Research, European Central Bank. March 10.

Korea Exchange. 2009. Business Report 2008.1.1–12.31.

Kotewall, R. G., and G.C.K. Kwong. 2002. Report of the panel of inquiry on the Penny Stock Incident ("PIPSI Report"). September.

Krishnamurti, C., J. M. Sequeira, and F. Fangjian. 2003. Stock exchange governance and market quality. Journal of Banking and Finance 27 (9): 1859–78. September.

Kroszner, R. S. 1999. Can the financial markets privately regulate risk? The development of derivatives clearinghouses and recent over-the-counter innovations. Part 2: The role of central banks in money and payments systems. Journal of Money, Credit and Banking 31 (3): 596–618. August.

Kroszner, R. S. (Governor, Federal Reserve Bank of Chicago). 2006. Central counterparty clearing: history, innovation, and regulation. European Central Bank and Federal Reserve Bank of Chicago Joint Conference on Issues related to Central Counterparty Clearing, Frankfurt. April 3.

Kuan, J. W., and S. F. Diamond. 2006. Ringing the bell on the NYSE: Might a nonprofit stock exchange have been efficient? bepress Legal Series Paper 1451, Santa Clara University School of Law. July 13.

Kwong, K. — C. 2002. Remarks. Press release by CEO of HKEx. July 31.

Kyodo News International. 2005. Murakami fund sells entire stake in OSE operator. Osaka. December 29.

Lackritz, M. E. (President, SIA). 2005. Testimony before the Committee on Banking, Housing and Urban Affairs. US Senate Hearing on "Regulation NMS and recent market developments." May 18.

Ladekarl, J. F. 2000. Electronic trading in the case of Denmark. In Futuro de la negociacion de valores, pp. 61–81. San Jose, Costa Rica: Superintendencia General de Valores (SUGEVAL).

Lamb, A. 2004. Speech. ISSA, Wolfsburg, Switzerland. June 17.

Lambert, E. 2008. Bearpit: inside the world's biggest financial exchange. Forbes.com. January.

Langevoort, D. C. 2000. The human nature of corporate boards: law, norms and the unintended consequences of independence and accountability. Georgetown University Law Center, 2000 Working Paper Series, Business, Economics, and Regulatory Law, Working Paper No. 241402. September 8.

LCH.Clearnet. 2003. Creating the central counterparty of choice.

LCH.Clearnet. 2005a. Report and consolidated financial statements 2004.

LCH.Clearnet. 2005b. Interim accounts. July 30.

LCH.Clearnet. 2005c. Clearing of transactions executed on MTS Italy, use of Cassa di Compensazione e Garanzia ("CC&G") as an allied clearing house. Instruction I.3–2, Notice No. 2005–0106. July 18.

LCH.Clearnet. 2006a. Competition in EU securities trading and post-trading, issues paper — response by LCH.Clearnet Group Ltd. June 30.

LCH.Clearnet. 2006b. LCH.Clearnet rationalises IT strategy. Press release. July 21.

LCH.Clearnet. 2006c. Report and consolidated financial statements.

LCH.Clearnet. 2007. LCH.Clearnet and Euronext announce repurchase by LCH.Clearnet of shares held by Euronext to more closely align customer and shareholder interests. Press release. March 12.

LCH.Clearnet. 2009a. LCH.Clearnet to launch Eurozone clearing of credit default swaps. Paris. February 13.

LCH.Clearnet. 2009b. LCH.Clearnet Ltd introduces 1p clearing fees on EquityClear. London. May 5.

LCH.Clearnet. 2009c. BATS Europe appoints LCH.Clearnet to clear UK and Swiss stocks. London. May 5.

LCH.Clearnet. 2009d. LCH.Clearnet signs MOU with Chi-X Europe to offer CCP services. London. May 6.

LCH.Clearnet. 2009e. LCH.Clearnet to clear for NYSE Arca Europe. London. May 6.

LCH.Clearnet. 2009f. LCH.Clearnet to clear for Turquoise. London. May 7.

LCH.Clearnet. 2009g. LCH.Clearnet signs MOU to launch clearing in cooperation with

EMCF. London. May 20.

EMCF. 2009h. LCH.Clearnet SA introduces €005. clearing fees on cash equity markets. Paris. September 15.

Lee, C. 2002. Remarks at the government press conference on market consultation relating to listing eligibility. July 28.

Lee, C., and M. Ready. 1991. Inferring trade direction from intraday data. Journal of Finance 46 (2): 733–46.

Lee, R. 1998. What Is an Exchange? The Automation, Management and Regulation of Financial Markets. Oxford: Oxford University Press.

Lee, R. 2000. London should sell at the highest price. Euromoney: 34. June.

Lee, R. 2001. Central counter-parties and the stock exchange industry. Oxford Finance Group, prepared for the International Federation of Stock Exchanges (FIBV). January 25.

Lee, R. 2002a. Capital markets that benefit investors: a survey of the evidence on fragmentation, internalisation and market transparency. Prepared by Oxford Finance Group for the Association of Private Client Investment Managers and Stockbrokers/European Association of Securities Dealers, British Bankers Association, Danish Securities Dealers Association, Futures and Options Association, International Primary Market Association, International Securities Market Association, International Swaps and Derivatives Association, London Investment Banking Association, Swedish Securities Dealers Association, and The Bond Market Association. September 30.

Lee, R. 2002b. The future of Securities Exchanges. In Brookings-Wharton Papers on Financial Services 2002. Edited by R. E. Litan and R. Herring, pp. 1–33. Washington, D.C.: Brookings Institution.

Lee, R. 2002c. Corporatisation of exchanges and central counterparties: the dark side will come. In Handbook of World Stock, Derivative and Commodity Exchanges. London: Mondo Visione.

Lee, R. 2003a. A poor deal for Europe's market users. Financial Times. September 2.

Lee, R. 2003b. Changing market structures, demutualization and the future of securities trading. In The Future of Domestic Capital Markets in Developing Countries. Edited by R. E. Litan, M. Pomerleano, and V. Sundararajan, pp. 283–303. Washington, D.C.: Brookings Institution. Chap. 10.

Lee, R. 2003c. Report on governance and block trading on the Macedonian stock exchange: international experience, domestic analysis and recommendations. USAID Contract No: PCE-I-00–99–00008–00, submitted to USAID/Skopje by Deloitte Touche Tohmatsu Emerging Markets, Ltd., Macedonia Financial Sector Strengthening Project, Report No. 2003–12. October 31.

Lee, R. 2007. Never mind the economics. The Banker: 50–51. January.

Lee, R. 2009. The Governance of Financial Market Infrastructure Institutions. Oxford Finance Group.

Leinonen, H. 2003. Restructuring securities systems processing — a blue print proposal for real-time/t+0 processing. Bank of Finland Discussion Papers 6/3/2003. July.

Leinonen, H., and K. Soramaki. 2003. Simulating interbank payment and securities settlement mechanisms with the BoF-PSS2 simulator. Research Department, Bank of Finland Discussion Paper 23–2003. October 1.

Levine, D. S. 2007. Secrecy and unaccountability: trade secrets in our public infrastructure. Florida Law Review 59: 135–93.

Levine, M. E., and J. L. Forrence. 1990. Regulatory capture, public interest, and the public agenda: toward a synthesis. Journal of Law, Economics, & Organization 6: 167–98. Special issue: papers from the Organization of Political Institutions conference.

Levrau, A., and L.A.A. Van den Berghe. 2007. Identifying key determinants of effective boards of directors. Universiteit Gent, Faculteit Economie en Bedrijf- skunde, Working Paper 2007/447. January.

Lim, J. Y., and C. G. Pascual. Undated. The detrimental role of biased policies: framework and case studies. The Political Economy of Corruption. Transparent and Accountable Governance. Study 3.

Linciano, N., G. Siciliano, and G. Trovatore. 2005. The clearing and settlement industry: structure, competition and regulatory issues. Quaderni de Finanza: Studi e Ricerche. CONSOB, N. 58. May.

Lipton, D. 1983. The SEC or the exchanges: Who should do what and when? A proposal to allocate regulatory responsibilities for securities markets. University of California Davis Law Review 16: 527–72, Spring.

Lloyd-Smith, J. 2000. Brokers demand more detail on iX regulation. The Independent. August 22. Lo Giudice, Salvatore. 2007. Settlement internalization: the production and distribution of services in the (clearing and) settlement industry. Journal of Financial Transformation 20: 127–41.

London Economics. 2005. Securities trading, clearing, central counterparties and securities settlement in EU 25—an overview of current arrangements. Report commissioned by the Competition Directorate General of the European Commission. June.

London Investment Banking Association (UK), French Association of Investment Firms, Italian Association of Financial Intermediaries, French Banking Federation, and Swedish Securities Dealers Association. 2005. Statement of principles to be applied to the consolidation of stock exchange and infrastructure providers in Europe. February 3.

London Stock Exchange. 2002a. A practical guide to listing.

London Stock Exchange. 2002b. Clearing and settlement in Europe: response to the first report of the Giovannini Group. February 7.

London Stock Exchange. 2006. London Stock Exchange agrees terms with SIS x-clear to offer customers choice of clearing provider. News release. May 24.

London Stock Exchange. 2007a. NASDAQ Stock Market, Inc. Final offers lapsed. RNS number: 0668R. February 12.

London Stock Exchange. 2007b. QIA invests in London Stock Exchange. Press release 18/07. September 20.

London Stock Exchange. 2008. London Stock Exchange group to promote dual CCP model for London market. Press release 27/08. September 24.

Lorsch, J. W., and E. MacIver. 1989. Pawns or Potentates: The Reality of America's Corporate Boards. Boston: Harvard Business School Press.

Loss, L., and J. Seligman. 1990. Securities Regulation. Boston: Little, Brown & Company. Vol. 6, 3rd ed.

Low, C. K. 2004. A framework for the delisting of penny stocks in Hong Kong. North Carolina Journal of International Law and Commercial Regulation 30 (1): 76–120, Fall.

Lublin, J. S. 2003. Where was the NYSE board? Wall Street Journal. September 11.

Mace, M. 1971. Directors: Myth and Reality. Boston: Harvard Business School Press.

Macey, J. R., and D. D. Haddock. 1985. Shirking at the Securities and Exchange Commission: the failure of the national market system. University of Illinois Law Review 2: 315–62.

Macey, J. R., and M. O'Hara. 1999a. Globalization, exchange governance, and the future of exchanges. In Brookings-Wharton Papers on Financial Services 1999. Edited by R. E. Litan and A. M. Santomero, pp. 1–23. Washington, D.C.: Brookings Institution.

Macey, J. R., and M. O'Hara. 1999b. Regulating exchanges and alternative trading systems: a law and economics perspective. Journal of Legal Studies 28 (1): 17–54. January.

Macey, J. R., and M. O'Hara. 2002. The economics of stock exchange listing fees and listing requirements. Journal of Financial Intermediation 11 (3): 297–319. July.

Macey, J. R., and M. O'Hara. 2005. From markets to venues: securities regulation in an evolving world. Stanford Law Review 58 (2): 563–600. November.

Macey, J. R., M. O'Hara, and D. Pompilio. 2005. Down and out in the stock market: the law and finance of the delisting process. Working paper. April.

Madhavan, A. 2000. Market microstructure: a survey. Journal of Financial Markets 3 (3): 205–58.

Magnusson, N., and W. McSheehy. 2007. Dubai to buy stakes in Nasdaq, LSE; strikes OMX deal. Bloomberg. September 20.

Maguire, F. 2001a. Virt-x shelves central counterparty. Financial News Online. September 24.

Maguire, F. 2001b. Clearing houses join forces. Financial News Online. August 6.

Mahoney, P. G. 1997. The exchange as regulator. Virginia Law Review 83 (7): 1453–1500. October.

Mahoney, P. G. 2001. The political economy of the Securities Act of 1933. Journal of Legal Studies 30 (1): 1–31. January.

Mahoney, P. G. 2003. Public and private rule making in securities markets. Policy Analysis No. 498, Cato Project on Corporate Governance, Audit, and Tax Reform. November 13.

Malkamaki, M. 1999. Are there economies of scale in stock exchange activities? Bank of Finland Discussion Papers 2/2003. March 31.

Malkamaki, M., and J. Topi. 1999. Strategic challenges for exchanges and securities settlement. Bank of Finland Discussion Papers, Research Dept. No. 21/99. December 31.

Manifest. 2006. Standards and guidance: no single approach to clearing and settlement to be imposed. Governance News. August 28.

Mann, B. 2003. "We didn't know" is no excuse. The Motley Fool. www.fool.com. September 17.

Marcus, S. 2000. Financial Sector Assessment Program: feedback from governments and lessons from the program. Presentation to Senior Banking Supervisors from Emerging Market Economies. October 16.

MarketWatch. (Chris Oliver). 2009. Tokyo Stock Exchange shelves IPO. March 24.

Markham, J. W. 1987. The History of Commodity Futures Trading and Its Regulation. New York: Praeger.

Markham, J. W. 2003. Super regulator: a comparative analysis of securities and derivatives regulation in the United States, the United Kingdom and Japan. Brooklyn Journal of International Law 28 (2): 319–410.

Markman, N. A. 2002. Regulation of a demutualized derivatives exchange (United States). In Demutualization of Stock Exchanges: Problems, Solutions and Case Studies. Edited by S. Akhtar. Asian Development Bank. Chap. 10.

Marley, T. (Vice President and Legal and Corporate Secretary, CDS). 2005. Letter to Cindy Petlock, manager, Market Regulation, Ontario Securities Commission. Ontario Securities Commission Bulletin 28: 3483, 3485. March 10.

Martin, W. M., Jr. 1971. The securities markets: a report with recommendations. Submitted to the Board of Governors of the New York Stock Exchange. August 5.

Mayhew, S., and V. Mihov. 2004. How do exchanges select stocks for option listing? Journal of Finance 59 (1): 447–71. February.

McCarthy, C. (Chairman, FSA). 2007. Financial regulation: myth and reality. British American Business London Insight Series and Financial Services Forum. Speech. February 13.

McCue, A. 2006. Failed IT project costs clearing house €47m: LCH.Clearnet system "not economically or technically viable". www.silicon.com. July 25.

McGhie, T. 2007. Nasdaq in talks over its LSE stake. Financial Mail. September 16.

McPartland, J. (Financial Markets Adviser). 2002. Open architecture clearing. Futures Industry Magazine Outlook 03: 18–23. March.

McPartland, J. (Financial Markets Adviser). 2005. Clearing and settlement demystified. Chicago Fed Letter, Essays on Issues, No. 210. January.

McTague, R. 2006. Panelists at AEI forum say SEC rule thwarts deregulation of market data. Securities Regulation and Law Report (BNA) 38: 610. April 10.

Mendiola, A., and M. O'Hara. 2004. Taking stock in stock markets: the changing governance of exchanges. Working paper, Johnson Graduate School of Management, Cornell University. March.

Miller, S. S. 1985. Self-regulation of the securities markets: a critical examination. Washington and Lee Law Review 42: 853–87.

Millman, G. J. 2002. ECN: A new force in the stock markets? (Global Securities). Financial Executive. May 1.

Millstein, I. M., and P. W. MacAvoy. 1998. The active board of directors and performance of the large publicly traded corporation. Columbia Law Review 98 (5): 1283–1322. June.

Milne, A. 2004. Competition and the rationalisation of European securities clearing and settlement. Working paper, Cass Business School. July.

Milne, A. 2005a. Standard setting, interoperability, and competition in securities settlement systems. June.

Milne, A. 2005b. Standard setting and competition in securities settlement. Bank of Finland Research Discussion Papers 23.

Mistry, H. B. 2007. Battle of the regulators: Is the U.S. system of securities regulation better provided for than that which operates in the United Kingdom? Journal of International Financial Markets 4: 137–42.

Mitchell, L. E. 2005. Structural holes, CEOs, and informational monopolies: the missing link in corporate governance. Brooklyn Law Review 70 (4): 1313–68. Summer.

Moiseiwitsch, J. 2003. The twilight regulator. CFO Asia. March.

Moloney, N. 2008. EC Securities Regulation. Oxford: Oxford University Press. 2nd ed.

Moore, J. 2000. Brokers fear raw deal on merger — Deutsche Börse. The Times. May 11.

Morck, R. 2004. Behavioral finance in corporate governance — independent directors and non-executive chairs. Harvard Institute of Economic Research, Discussion Paper No. 2037. May.

Morgan, B., and K. Yeung. 2007. An Introduction to Law and Regulation: Text and Materials. Cambridge: Cambridge University Press.

Moser, J. T. 1994. What is multilateral clearing and who cares? Chicago Fed Letter 87. November.

Moser, J. T. 1998. Contracting innovations and the evolution of clearing and settlement methods at futures exchanges. Federal Reserve Bank of Chicago Working Paper No. 1998–26.

Moskow, M. H. (President and CEO, Federal Reserve Bank of Chicago). 2006. Public policy and central counterparty clearing. Economic Perspectives 4Q: 46–50. Federal Reserve Bank of Chicago.

Moteff, J., and P. Parfomak. 2004. Critical infrastructure and key assets: definition and identification. Congressional Research Service, Resources, Science, and Industry Division. October 1.

Muth, M., and L. Donaldson. 1998. Stewardship theory and board structure: a contingency approach. Corporate Governance 6 (1): 5–28. January.

Nagy, D. M. 2005. Playing peekaboo with constitutional law: the PCAOB and its public/private status. Notre Dame Law Review 80 (3): 975–1071.

Na-Ranong, K. (CEO, Stock Exchange of Thailand). 2002. Demutualization. Regional Seminar on Non-Bank Financial Institution in East Asia: How Can NBFIs Play a Greater Role in a Bank-Based Economy? September 5.

NASDAQ. 2005. Letter to SEC "Re: Proposed Rulemaking on SRO Governance (File No. S7–39–04); Concept Release Concerning Self-Regulation (File No. S7–40–04)." Edward S. Knight, Executive Vice President and General Counsel. March 8.

NASDAQ. 2006. Announcement in response to public rejection by LSE. March 10.

NASDAQ. 2007a. NASDAQ with Börse Dubai and OMX takes leadership to create a unique global exchange platform. Press release. September 20.

NASDAQ. 2007b. NASDAQ obtains clearance from the Committee on Foreign Investment in the United States. Press release. December 31.

NASDAQ OMX. 2008. NASDAQ OMX Announces its intent to launch the NASDAQ Clearing Corporation. Equity Trader Alert No. 2008–116. October. 8.

NASDAQ OMX, EMCF, EuroCCP, and SIX x-clear. 2009. NASDAQ OMX announces timeline for competitive central counterparty clearing in Nordics. EMCF, EuroCCP and SIX x-clear agree on January 29th 2010 timeline for CCP interoperability on NASDAQ OMX Nordic markets. June 12.

National Association of Securities Dealers. 1995. Report of the NASD Select Committee on Structure and Governance to the NASD Board of Governors. September 15.

National Council on Public Works Improvement (US). 1988. Fragile foundations: a report on America's public works. Final Report to the President and Congress. Washington, D.C. February.

National Economic Research Associates. 2001. The role of market definition in monopoly and dominance inquiries. Economic Discussion Paper 2, Prepared for the Office of Fair Trading, OFT342. July.

New York Stock Exchange. 2003a. NYSE board to implement committee's recommendations to strengthen governance of exchange. Press release. June 5.

New York Stock Exchange. 2003b. NYSE announces new contract for Dick Grasso through May 2007. August 27.

New York Stock Exchange. 2006. Annual report 2005, form 10-K.

New York Stock Exchange LLC. 2007. Second amended and restated operating agreement of New York Stock Exchange LLC. April 4.

Niels, G., F. Barnes, and R. van Dijk. 2003. Unclear and unsettled: the debate on competition in the clearing and settlement of securities trades. European Competition Law Review 24 (12): 634–39.

Norman, P. 2007. Plumbers and Visionaries: Securities Settlement and Europe's Financial Market. Chichester: John Wiley & Sons.

NYSE Group. 2006. Prospectus. May 4.

Nystedt, J. 2004. Derivative market competition: OTC markets versus organized derivative exchanges. IMF Working Paper WP/04/61. April.

O'Hara, M. 2004. Searching for a new center: U.S. securities markets in transition. Federal Reserve Bank of Atlanta Economic Review 89 (4): 37–52. 4th quarter.

Oesterle, D. A., D. A. Winslow, and S. C. Anderson. 1992. The New York Stock Exchange and its outmoded specialist system: Can the exchange innovate to survive? Journal of Corporation Law 17: 223–311. Winter.

Office of Fair Trading. 2003. Statement on LCH.Clearnet merger. August 11.

Office of Fair Trading. 2004a. Market definition: understanding competition law. Competition Law Guideline OFT403. December.

Office of Fair Trading. 2004b. Assessment of market power: understanding competition law. Competition Law Guideline OFT415. December.

Office of Fair Trading. 2007. OFT clears NASDAQ's bid for the London Stock Exchange. Press release 10/07. January 18.

Ogus, A. 2000. Self-regulation. In Encyclopedia of Law and Economics. Vol. 1: The History and Methodology of Law and Economics. Edited by B. Bouckaert and G. De Geest. Cheltenham: Edward Elgar. Chap. 9400.

Oliver, J. J. (President & CEO, Investment Dealers Association of Canada). 2005. Reforming self-regulatory organizations: the impact on financial intermediaries and financial markets. ICSA 2005 Annual Meeting, Lugano, Switzerland. May 3.

Ontario Securities Commission. 2000a. OSC examination of the corporate governance and organizational structure of the Investment Dealers Association of Canada and review of the 1999 Member Regulation Self-Assessment. July.

Ontario Securities Commission. 2000b. In the Matter of the Securities Act, R.S.O. 1990, Chapter S. 21, As Amended (The "Act") and In the Matter of the Toronto Stock Exchange Inc. (TSE) 23 O.S.C.B. 2495. Panel: David Brown, Howard I. Wetston. April 3.

Organisation for Economic Co-operation and Development. 2004. OECD principles of corporate governance.

Organisation for Economic Co-operation and Development. 2005. OECD guidelines on corporate governance of state-owned enterprises.

Osaki, S. 2005. The implications of a recent attempt to acquire shares in Osaka Securities Exchange. Nomura Capital Market Review 8 (4): 2–12. Winter.

Osborne, G. 2006. The way to prevent American regulatory creep. Financial Times. October 12.

Oxford Economic Research Associates. 2004. Review of the impact of the Financial Services and Markets Act 2000 on competition. Stage 1: sifting methodology. Prepared for Office of Fair Trading, OFT 714. March.

Packel, I. 1970. The Law of the Organization and Operation of Cooperatives. Philadelphia: Joint Committee on Continuing Legal Education of the American Law Institute and the American Bar Association. 4th ed.

Pagano, M. 1989. Trading volume and asset liquidity. Quarterly Journal of Economics 104 (2): 255–74. April.

Pagano, M., and A. J. Padilla. 2005. The economics of cash trading: an overview. LECG — a report for Euronext. May 4.

Pagano, M., O. Randl, A. A. Roell, and J. Zechner. 2001. What makes stock exchanges succeed? Evidence from cross-listing decisions. European Economic Review 45 (4–6): 770–82. May.

Peake, J., and M. Mendelson. 1994. "Intermediaries or investors"—Whose market is it anyway? Journal of Corporation Law 19: 443. Spring.

Pearson, W. 2002. Demutualization of exchanges — the conflicts of interest (Hong Kong). In Demutualization of Stock Exchanges: Problems, Solutions and Case Studies. Edited by S. Akhtar. Asian Development Bank. Chap. 5.

Pellervo (Confederation of Finnish Cooperatives). 2000. Corporate governance and management control in cooperatives. November.

Perrin, S. 2006. Nasdaq bid raises Sarbox fears. www.financialdirector.co.uk. March 30.

Peston, R. 2007. LSE: fight for independence. BBC Blog. February 1.

Petrella, G. 2009. Securities markets regulation and competition across trading venues in Europe and United States. Working paper, Catholic University, Milan. January 13.

Pfeffer, J., and G. R. Salancik. 1978. The External Control of Organizations: A Resource Dependence Perspective. New York: Harper & Row.

Pirrong, C. 2000. A theory of financial exchange organization. Journal of Law and Economics 43 (2): 437–71. October.

Pirrong, C. 2005. Bund for glory, or it's a long way to tip a market. Working paper, University of Houston. March 8.

Pirrong, C. 2007a. The industrial organization of execution, clearing and settlement in financial markets. Working paper, Bauer College of Business, University of Houston. October 9.

Pirrong, C. 2007b. Color me skeptical. The professor @ 857: am. streetwiseprofessor.com/?m=200705. May 24.

Pistor, K., D. M. Berkowitz, and J. — F. Richard. 1999. Economic development, legality and the transplant effect. November.

Pitofsky, R., D. Patterson, and J. Hooks. 2002. The essential facilities doctrine under U.S. antitrust law. Antitrust Law Journal 70: 443–62.

Porter, P. K., and G. W. Scully. 1987. Economic efficiency in cooperatives. Journal of Law and Economics 30 (2): 489–512. October.

Posner, E. 2006. The new transatlantic regulatory relations in financial services. 1st Annual GARNET Conference on Global Financial and Monetary Governance, the EU and Emerging Market Economies. September.

Prentice, R. A. 2002. Whither securities regulation? Some behavioral observations regarding proposals for its future. Duke Law Journal 51 (5): 1397–1511. March.

Prentice, R. A. 2005. Regulatory competition in securities law: a dream (that should be) deferred. Ohio State Law Journal 66 (6): 1155–1230.

Prentice, R. A. 2006. The inevitability of a strong SEC. Cornell Law Review 91 (4): 775–840. May.

Pritchard, A. C. 2003. Self-regulation and securities markets. Regulation 26 (1): 32–39. Spring.

Quinn, J. 2007. Nasdaq cosies up to Turquoise banks. Telegraph. February 2.

Rajan, R. G., and L. Zingales. 2001. The great reversals: the politics of financial development in the twentieth century. NBER Working Paper No. 8178.

Ramos, S. B. 2006. Why do stock exchanges demutualize and go public? Swiss Finance Institute, Research Paper Series No. 06–10.

Ramphal, N. R. 2007. The role of public and private litigation in the enforcement of securities laws in the United States. Dissertation, Pardee Rand Graduate School. August.

Ranson, A. 2005. Euronext N.V.: the fight for LIFFE. Arthur W. Page Society Journal: 18–29. Case Study Competition in Corporate Communications.

Reece, M. 2001. Infrastructure organizations and IPOs. Journal of Financial Transformation 2: 106–7. August.

Reiffen, D., and M. Robe. 2007. Ownership structure and enforcement incentives at self-regulatory financial exchanges. Working paper, CFTC & Kogod School of Business, American University. May 31.

Reiser, D. B. 2007. Director independence in the independent sector. Fordham Law Review 76 (2): 795–832.

Reuters. 1999. Cedel, Deutsche Böerse create clearing giant. May 14.

Reuters. 2000a. Tokyo bourse talks with NYSE, others on global market. June 7.

Reuters. 2000b. Euronext seen launching bid for LSE. September 11.

Reuters. 2001. Nationality of buyer unimportant in LIFFE. October 20.

Reuters. 2004. Grasso refusing to return NYSE payout. February 27.

Reuters. 2007. Markets watchdog urges Russian exchanges to merge. 1106: pm. February 6.

Reuters. 2008. Grasso case "over" as court dismisses claims. July 1.

Review Committee on the Canadian Depository for Securities. 1974. Report. September.

Rochet, J. — C., and J. Tirole. 2003. Platform competition in two-sided markets. Journal of the European Economic Association 1 (4): 990–1029. June.

Rochet, J. 2005. Two-sided markets: a progress report. Working paper. November 29.

Rodrigues, U. 2007. The fetishization of independence. University of Georgia Law School, UGA Legal Studies Research Paper No. 07–007. March.

Roe, M. 2003. Legal origins and modern stock markets. CIFRA TI finance seminars. September 27.

Roe, M. 2005. Delaware's politics. Harvard Law Review 118 (8): 2491–2543. June.

Romano, R. 1998. Empowering investors: a market approach to securities regulation. Yale Law Journal 107: 2359–2430.

Rosenstein, S., and J. G. Wyatt. 1997. Inside directors, board effectiveness, and shareholder wealth. Journal of Financial Economics 44 (2): 229–48. May.

Rubin, B. L., and C. J. Cannon. 2006. The house that the regulators built (revisited): an analysis of whether respondents should litigate against NASD. Securities Regulation & Law Report 38 (19): 810–17. May 8.

Russo, D., T. L. Hart, M. C. Malaguti, and C. Papathanassiou. 2004. Governance of securities clearing and settlement systems. European Central Bank, Occasional Paper Series No. 21. October.

Russo, D., T. L. Hart, and A. Schonenberger. 2002. The evolution of clearing and central counterparty services for exchange-traded derivatives in the United States and Europe: a comparison. European Central Bank Occasional Paper No. 5. September.

Russo, T. A., and W.K.S. Wang. 1972. The structure of the securities market — past and future. Fordham Law Review 41: 1–42.

Sale, H. 2006. Federal fiduciary duties for directors. Law and Economics Workshop, University of California, Berkeley, Paper 7.

Salman, T. K. (Chairman, Investment Dealers Association of Canada). 2003. Selfregulation works best by putting the public interest first. Annual Meeting & Conference, St. Andrew's by-the-Sea, New Brunswick. June 23.

Schaper, T. 2009. Organizing Equity Exchanges. Goethe-University Frankfurt, efinancelab, Discussion Paper 22/2009. 15th Americas Conference on Information Systems, San Francisco. August 6.

Schlag, P. 2007. The de-differentiation problem. University of Colorado Law School, Working Paper no. 07–09, Legal Studies Research Paper series. August 6.

Schmiedel, H. 2001. Technological development and concentration of stock exchanges in Europe. Bank of Finland Discussion Paper No. 21. August 10.

Schmiedel, H., M. Malkamaki, and J. Tarkka. 2006. Economies of scale and technological development in securities depository and settlement systems. Journal of Banking and Finance 30 (6): 1783–1806.

Schmiedel, H., and A. Schonenberger. 2005. Integration of securities market infrastructures in the euro area. European Central Bank Occasional Paper Series No. 33. July.

Schooner, H. M., and M. Taylor. 2003. United Kingdom and United States responses to the regulatory challenges of modern financial markets. Texas International Law Journal 38 (2): 317–46. Spring.

Schrader, L. F. 1989. Equity capital and restructuring of cooperatives as investor- oriented firms. Journal of Agricultural Cooperation 4: 41–53. July.

Schwarcz, S. L. 2008. Systemic risk. Georgetown Law Journal 97 (1): 193–249.

Schwartz, R. A., and M. S. Pagano. 2005. On exchange consolidation and competition. A comment letter to the Competition Commission in connection with the London Stock Exchange inquiry. May 31.

Scott, C. 2004. Regulation in the age of governance: the rise of the post-regulatory state. In The Politics of Regulation: Institutions and Regulatory Reforms for the Age of Governance. Edited by J. Jordana and D. Levi-Faur, pp. 145–74. Cheltenham: Edward Elgar. Also National Europe Centre Paper No. 100, Australian National University. June 6, 2003.

Securities and Exchange Board of India. 2003. Corporatisation and demutualisation of stock exchanges in India. SMD/POLICY/Cir No. 3/03. January 30.

Securities and Exchange Board of India. 2005. Order under section 4B (6) read with section 4B (7) of the Securities Contracts (Regulation) Act, 1956 in the matter of the BSE (corporatisation and demutualisation) scheme, 2005. Mumbai F. No. SEBI/MRD/40967/2005. May 20.

Securities and Exchange Commission. 1980. Regulation of clearing agencies. (Standards release.) Release No. 16900. June 17.

Securities and Exchange Commission. 1988. Intermarket Clearing Corporation — Order granting temporary registration as a clearing agency. Release No. 26154. October 3.

Securities and Exchange Commission. 1989a. Order granting Delta Government Options Corporation temporary registration as a clearing agency. Release No. 26450. January 12.

Securities and Exchange Commission. 1989b. Order granting the Participants Trust Company temporary registration as a clearing agency. Release No. 26671. March 28.

Securities and Exchange Commission. 1996. Report pursuant to section 21 (a) of the Securities Exchange Act of 1934 regarding the NASD and the NASDAQ market. Release No. 37542. August 8.

Securities and Exchange Commission. 1998a. Self-regulatory organizations; Emerging Markets Clearing Corporation; order granting temporary registration as a clearing agency. Release No. 39661. February 13.

Securities and Exchange Commission. 1998b. Regulation of exchanges and alternative trading systems. Release No. 40760. December 8.

Securities and Exchange Commission. 2004a. Self-regulatory organizations; order approving proposed rule change and amendment No. 1 thereto and notice of filing and order granting accelerated approval to amendments No. 2 and 3 to proposed rule change by the Boston Stock Exchange, Inc. relating to the creation of the Boston Options Exchange Regulation, LLC. Release No. 49065. January 13.

Securities and Exchange Commission. 2004b. Self-regulatory organizations; Philadelphia Stock Exchange, Inc.; order approving proposed rule change and notice of filing and order granting accelerated approval of amendment No. 3 thereto relating to the demutualization of the Philadelphia Stock Exchange, Inc. Release No. 49098. January 16.

Securities and Exchange Commission. 2004c Self-regulatory organizations; Pacific Exchange, Inc.; order approving proposed rule change and notice of filing and order granting accelerated approval of amendment No. 1 thereto relating to the demutualization of the Pacific Exchange, Inc. Release No. 49718. May 17.

Securities and Exchange Commission. 2004d Self-regulatory organizations; order approving proposed rule change and amendment nos. 1, 2, and 3 thereto and notice of filing and order granting accelerated approval to amendment nos. 4 and 6 to the proposed rule change by the American Stock Exchange LLC relating to the National Association of Securities Dealers, Inc.'s sale of its interest in the American Stock Exchange LLC to the Amex Membership Corporation. Release No. 50927. December 23.

Securities and Exchange Commission. 2004e. Fair administration and governance of self-regulatory organizations; disclosure and regulatory reporting by self-regulatory organizations; recordkeeping requirements for self-regulatory organizations; ownership and voting limitations for members of self-regulatory organizations; ownership reporting requirements for members of self-regulatory organizations; listing and trading of affiliated securities by a self-regulatory organization. Release No. 50699. November 18.

Securities and Exchange Commission. 2004f. Concept release concerning self-regulation. Release No. 50700. November 18.

Securities and Exchange Commission. 2005. In the Matter of the New York Stock Exchange, Inc., Respondent: Order instituting public administrative proceedings pursuant to Section 19 (h) 1 and 21C of the Securities Exchange Act of 1934, making findings, ordering compliance with undertakings, and imposing a censure and a cease-and-desist order. Release No. 51524. April 12.

Securities and Exchange Commission, Division of Market Regulation. 1994. Market 2000: an examination of current equity market developments. January.

Securities and Exchange Commission of Pakistan, Expert Committee. 2004. Demutualization and integration/transformation of stock exchanges. Report. September 2.

Securities and Futures Commission. 2002a. Quality of markets and the case for more effective delisting mechanism. Corporate Finance Division and Research Department. Press release. July 25.

Securities and Futures Commission. 2002b. Quality of markets and the case for more effective delisting mechanism. SFC Quarterly Bulletin. Corporate Finance Division and Research Department. Summer.

Securities Industry Association. 2003. Re-inventing self-regulation. White paper for the Securities Industry Association (05/01/2000). Updated by SIA staff. October 14.

Securities Industry Association. 2005. Letter to SEC re SRO governance and transparency proposal — file No. S7–39–03, SRO concept release — file No. S7–40–04. From Marc Lackritz, President. March 9.

Sedo, K. J. 1987. Cooperative mergers and consolidations: a consideration of the legal and tax issues. North Dakota Law Review 63: 377–403.

Seifert, W. 2001. Managing growth in the securities process chain. Finance Foundation News 1: 7–29. October.

Seligman, J. 2003. The Transformation of Wall Street: A History of the Securities and Exchange Commission and Modern Corporate Finance. New York: Aspen Publishers. 3rd ed.

Seligman, J. 2004. Cautious evolution or perennial irresolution: stock market selfregulation during the first seventy years of the Securities and Exchange Commission. Business Lawyer 59 (4): 1347–87. August.

Serifsoy, B. 2007. Stock exchange business models and their operative performance — empirical evidence. Journal of Banking and Finance 31 (10): 29783012. October.

Serifsoy, B. 2008. Demutualization, outsider ownership, and stock exchange performance — empirical evidence. Economics of Governance 9 (4): 305–39. October.

Shah, A., and S. Thomas. 2000. David and Goliath: displacing a primary market. Journal of Global Financial Markets 1 (1): 14–23. Spring.

Shah, A., and S. Thomas. 2001. Policy issues in the Indian securities market. Working paper. July 13.

Shaw, L. 2006. Overview of corporate governance issues for co-operatives. Discussion paper, Commissioned by the Global Corporate Governance Forum. November.

Shin, D. undated. Die "Essential-Facilities"-Doktrin im europaischen Kartell- recht. Dissertion zur Erlangung des Grades eines Doktors der Rechte des Fach- bereichs Rechts- und Wirtschaftswissenschaften der Johannes Gutenberg-Uni- versitat Mainz.

Shivdasani, A., and D. Yermack. 1999. CEO involvement in the selection of new board members: an empirical analysis. Journal of Finance 54 (5): 1829–53. October.

Shy, O. 2001. The Economics of Network Industries. Cambridge: Cambridge University Press.

SIS x-Clear. 2006. Competition in EU clearing services. Letter to EU Commission, Sean Greenaway. June 26.

SIS x-Clear. 2008. SIX x-clear introduces a new pricing model and reduces its prices. December 5.

SIS x-Clear. 2009a. EuroCCP and SIX x-clear sign agreement on interoperability — Turquoise first platform to benefit. London. May 7.

SIS x-Clear. 2009b. SIX x-clear Ltd to provide competitive clearing for QUOTE MTF. Zurich. August 24.

SIX x-clear and European Multilateral Clearing Facility. 2009. EMCF and SIX x-clear forge link in triumph for interoperability. London. February 3.

Squam Lake Working Group on Financial Regulation. 2009. Credit default swaps, clearinghouses, and exchanges. Working paper. July.

State Street. 2006. Response to DG Internal Market "Draft working document on post-trading" and DG Competition "Issues paper — competition in EU securities trading and post-trading". June 30.

Steil, B. 1996. Equity trading I: the evolution of European trading systems. In The European Equity Markets: The State of the Union and an Agenda for the Millennium. Edited by B. Steil ECMI & RIIA. Chap. 1.

Steil, B. 2001. Creating securities markets in developing countries: a new approach for the age of automated trading. International Finance 4 (2): 257–78. Summer.

Steil, B. 2002a. Changes in the ownership and governance of securities exchanges: causes and consequences. In Brookings-Wharton Papers on Financial Services 2002. Edited by R. E. Litan and R. Herring, pp. 61–82. Washington, D.C.: Brookings Institution.

Steil, B. 2002b. Building a transatlantic securities market. Council on Foreign Relations. December.

Steil, B. 2003. Comment letter on NYSE governance to Messrs. H. Carl McCall and Leon Panetta, co-chairs, Special Committee on Governance of the NYSE. July 1

Steil, B. 2005. Europe's securities markets need new plumbing. Financial Times. August 11.

Steil, B. 2007. Turquoise promise: to unclog European trading. Financial Times. May 8.

Strickberger, M. 2002. EuroCCP closes; a victim to low-trading activity. Operations Management. September 16.

Stuchfield, N. (Managing Director, Stuchfield Consultancy). 2005. Is exchange liquidity contestable? In Handbook of World Stock, Derivative and Commodity Exchanges. London: Mondo Visione.

Sundaramurthy, C., and M. Lewis. 2003. Control and collaboration: paradoxes of governance. Academy of Management Review 28 (3): 397–415.

Sunday Telegraph. 2001. LSE in talks with LIFFE on forming an alliance. May 27.

Sunday Times. 2001a. Garban will bid for Liffe. June 3.

Sunday Times. 2001b. Euronext to bid for LIFFE in competition with LSE. September 30.

Sutcliffe, C., J. Board, and S. Wells. 2002. Transparency and Fragmentation: Financial Market Regulation in a Dynamic Environment. Basingstoke: Palgrave Macmillan.

Swan MP, the Hon. Wayne, Treasurer (Australia) & Hon. Chris Bowen MP, Minister for Human Services, Minister for Financial Services, Superannuation and Corporate Law (Australia). 2009. Reforms to the Supervision of Australia's Financial Markets. Joint media release. August 24.

SWX, SIS x-clear, and LCH.Clearnet. 2006. SWX central counterparty service— service overview. News release. April.

Sydney Futures Exchange. 2000. Information memorandum. June 19.

Tafara, E., and R. J. Peterson. 2007. A blueprint for cross-border access to U.S. investors: a new international framework. Harvard International Law Journal 48 (1): 31–68. Winter.

Tapking, J., and J. Yang. 2004. Horizontal and vertical integration in securities trading and settlement. European Central Bank, Working Paper Series, No. 387. August.

Temple Lang, J. 1994. Defining legitimate competition: companies' duties to supply competitors, and access to essential facilities. Fordham International Law Journal 18, 437–524.

Temple Lang, J. 2005. The application of the essential facility doctrine to intellectual property rights under European competition law, Antitrust and Patent Copyright. In Antitrust, Patents, and Copyright: EU and US Perspectives. Edited by F. Leveque and H. Shelanski. Cheltenham, UK: Edward Elgar. Chap. 3.

Tessler, J. 2006. TARGET2: prospects and challenges for the clearing and settlement of securities. Euro Finance Week. November 9.

Thain, J. 2004. The quest for the right balance. Wall Street Journal, A14. December 21.

Thomas Murray. 1999. Thomas Murray CSD Guide. Thomas Murray Publications.

Thomson Reuters. 2009. Thomson Reuters addresses equity market liquidity fragmentation and price competition in Japan. Jul 21.

Tiner, J. (CEO, FSA). 2006. Keynote address at the enforcement law conference. June 16.

Tonello, M. 2006. Revisiting stock market short-termism. Corporate/Investor Summit Series, The Conference Board Research Report No. R-1386–06-RR. April.

Toronto Stock Exchange. 2006. TSX Group: history at a glance. Media release. August 15.

Trade News, The. 2007. Chi-X ATS starts clearing and settling European equities trades. April 16.

Trade News, The. 2009a. Regulatory concerns halt LCH's interoperability deals. October 27.

Trade News, The. 2009b. Nasdaq OMX abandons US CCP plans. October 30.

Treptow, F. 2006. The Economics of Demutualization: An Empirical Analysis of the Securities Exchange Industry.Munich: Deutscher Universitats-Verlag. Innovation und Entrepreneurship. Gabler Edition Wissenschaft.

Trombly, M. 2007. Asia report: competition looms. Waters Magazine. July 1.

Tumpel-Gugerell, G. (Member, Executive Board of the ECB). 2006. TARGET2- securities: from vision to reality. The eurosystem's contribution to an integrated securities market. EU Commission's Conference on the EU's New Regime for Clearing and Settlement in Europe, Brussels. Speech. November 30.

Tumpel-Gugerell, G. (Member, Executive Board of the ECB). 2007. TARGET2- Securities: a big win for European integration. Journal of Financial Transformation dinner, London. Speech. September 27.

Turnbull, S. 2000. The competitive advantages of stakeholder mutuals. International Institute for Self-Governance; University of Sydney, Department of Government and International Relations. September 20.

Turney, J. 2005. Defining the limits of the EU essential facilities doctrine on intellectual property rights: the primacy of securing optimal innovation. Northwestern Journal of Technology and Intellectual Property 3 (2): 179–202. Spring.

U.S. Department of Justice. 2007. Statement of the Department of Justice Antitrust Division on its decision to close its investigation of Chicago Mercantile Exchange Holdings Inc.'s acquisition of CBOT Holdings Inc: Investigation finds that combination not likely to substantially reduce competition. June 11.

U.S. Department of Justice. 2008. Comments on "Review of the regulatory structure associated with financial institutions," Department of the Treasury TREAS-DO-2007–0018 (17/10/2007). January 31.

U.S. Senate. 1975. Senate Report No. 94–75 (1975) accompanying S. 249, 94th Congress, 1st Session.

U.S. Senate Subcommittee on Securities, Committee on Banking Housing and Urban Affairs. 1973. Securities industry study. S. Rep. No. 13, 93d Cong., 1st Sess. April 6.

U.S. Treasury. 2009. Administration's regulatory reform agenda reaches new milestone: final piece of legislative language delivered to Capitol Hill. Press Release TG-261. August 11.

Van Cauwenberge, S. 2003. New structure for clearing and settlement systems in the EU. Financial Stability Review, National Bank of Belgium: 83–104.

Van Cayseele, P. 2004. Competition and the organisation of the clearing and settlement industry. Discussion paper, C.E.S., K. U. Leuven.

Van Cayseele, P., and C. Wuyts. 2005. Cost efficiency in the European securities settlement and safekeeping industry. Working paper, K. U. Leuven, Department of Economics, and Universiteit van Amsterdam. July 18.

Vaughan, R., and R. Pollard. 1984. Rebuilding America. Vol. 1: Planning and Managing Public Works in the 1980s. Washington, D.C.: Council of State Planning Agencies.

Venkataraman, K. 2001. Automated versus floor trading — an analysis of execution costs on the Paris and New York exchanges. Journal of Finance 56 (4): 1445–85.

virt-x. 2003. virt-x, LCH and SIS x-clear launch first pan-European CCP structure. Media release. May 6.

virt-x. 2005. LSE merger inquiry — new remedy option — interoperable central counterparties. Letter to Competition Commission. London. VTX–MCO- COR-20050425/E. September 13.

virt-x, SIS x-clear, and LCH.Clearnet. 2004. virt-x central counterparty service— members' service description. The cross-border exchange. May.

Voth, H.– J. 2005. Competition from OTC cash equity trading and the pricing behaviour of stock exchanges. Submission to Competition Commission regarding potential takeover of London Stock Exchange by Deutsche Börse and Euronext.

Waller, S. W., and B. M. Frischmann. 2006. Essential facilities, infrastructure and open access. Working Paper. November 2.

Waller, S. W., and B. M. Frischmann. 2007. The essential nature of infrastructure or the infrastructural nature of essential facilities. Working Paper. February 6.

Walsh, F. 2006a. Furse to meet Nasdaq chief after share swoop. The Guardian. April 13.

Walsh, F. 2006b. LSE rejects £2.7bn Nasdaq bid. The Guardian. November 20.

Walther, B. R. 1997. Investor sophistication and market earnings expectations. Journal of Accounting Research 35 (2): 157–79. Autumn.

Waters magazine. 2006. Clearing the air. Waters Profile. February 1.

Webb, D. M. 2002. The delisting fiasco. webb-site.com/articles/delisting. asp. July 29.

Weber, B. W. 2006. Adoption of electronic trading at the international securities exchange. Decision Support Systems 41: 728–46.

White, B. 2003. Grasso handpicked pay panel — structure at NYSE called unusual. Washington Post. September 12.

Williamson, O. E. 1975. Markets and Hierarchies: Analysis and Antitrust Implications. New York: Free Press.

Williamson, O. E. 1979. Transaction-cost economics: the governance of contractual relations. Journal of Law and Economics 22 (2): 233–61. October.

Williamson, O. E. 1985. The Economic Institutions of Capitalism. New York: Free Press.

Williamson, O. E. 1990. The firm as a nexus of treaties: an introduction. In The Firm as a Nexus of Treaties. Edited by M. Aoki, B. Gustafson, and O. E. Williamson. London: Sage.

Williamson, O. E. 1996. The Mechanisms of Governance. Oxford: Oxford University Press.

World Bank and International Monetary Fund. 2005. Financial Sector Assessment: A Handbook. Washington, DC.

World Bank, Independent Evaluation Group. 2006. Financial Sector Assessment Program: IEG review of the joint World Bank and IMF initiative.

World Federation of Exchanges. 2005. Regulation of markets survey 2004. With the collaboration of Roberta S. Karmel. January.

World Federation of Exchanges. 2006. Cost and revenue survey 2005. September.

World Federation of Exchanges. 2008. 2007 Cost and revenue survey. December.

Wright, W. 2000. Unease over iX voting structure. Financial News. July 24.

Wright, W. 2001. Euroclear lobbies Cedel shareholders. Financial News. May 28.

Wright, W. 2006. A step forward in clearing. Financial News. July 10.

Xu, C., and K. Pistor. 2005. Enforcement failure under incomplete law: theory and evidence from financial market regulation. Working paper, London School of Economics and Columbia Law School. December.

Yartey, C. A., and C. K. Adjasi. 2007. Stock market development in sub-Saharan Africa: critical issues and challenges. IMF Working Paper, African Department WP/07/209. August.

Yiu, E. 2002. Stock exchange chief says he will stand down next April. South China Morning Post. November 14.

Zenina, Z. A. 2001. Case study: merger of the London and Frankfurt Stock Exchanges. Harvard Law School, International Finance Seminar. May 14.

Zhang, Y. (President & CEO, Shenzhen Stock Exchange). 2001. The PRC securities markets: an overview of its regulatory capability and efficiency. Conference on Financial Sector Reform in China. September 11–13.