This book is the first comprehensive study of the interplay between
the cutting-edge regulation of financial infrastructure and
international economic integration. It tackles a series of important
questions: How does the regulation of central counterparties interact
with international economic law? Is the WTO apt to deal with the
regulatory diversity endemic to countries' financial rulebooks? Do FTAs
foster deeper integration of financial infrastructure services? Can
competition law effectively tackle monopolisation and anti-competitive
conduct in financial infrastructure?
The book discusses how the liberalisation of financial market
infrastructure is achieved within the most prominent international
economic integration settings: the WTO, Economic Integration Agreements,
and EU competition law. It explores whether a more harmonious
relationship between financial regulation and economic integration is
feasible, and how it can be achieved. The book demonstrates the
existence of both structural barriers to trade and trade-facilitating
tools that can impede and foster the further integration of financial
market infrastructure. Measuring the depth of liberalisation of
financial market infrastructure services in more than 120 FTAs, as well
as surveying recent case law of the WTO, the Court of Justice of the
European Union, and the practice of the European Commission, the book
shows how the economic integration of financial market infrastructure
occurs.
An essential read for those seeking to understand how the cutting-edge
regulation of financial market infrastructure and transnational systems
of economic integration interact with one another.
