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date: 25 February 2021

Abstract and Keywords

This article focuses on the particular challenges and risks raised by the regulation of financial services and markets. It reviews the traditional rationales for regulation and how regulation has experienced repeated reforms which are becoming increasingly transformative in their ambition. It suggests that what marks out this regulatory area is the significant level of risk involved in the regulatory project. It also considers how regulatory tools can be fine-tuned to mitigate the evolving risks of intervention. It considers the expanding domain of regulation as domestic markets have become closely inter-connected, the related risks, and the nature of the regulatory response. The traditional rationale for financial services and markets regulation is the correction of market failures related to asymmetric information and to externalities, notably systemic risks, in order to support market efficiency and efficient resource allocation.

Keywords: financial services, markets, regulation, market failures, systemic risks

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