Realising Justice: the Role of Written Standards

David Rouch ()

Chapter 5 in The Social Licence for Financial Markets, 2020, pp 163-220 from Springer

Abstract: Abstract Behaviour in financial markets ultimately turns not on written rules but on how market relationships are lived and felt. Yet one of the most common ways in which humans seek to regulate behaviour is to create written standards and enforce them: laws, regulations, contracts, codes of conduct and so on. Recognition of a social licence for financial markets goes beyond written standards to the desires and beliefs that animate relationships. Nonetheless, it connects with them in various ways. This chapter considers how it does that, drawing a distinction between behavioural norms, written standards that are designed to establish structures within which behaviour takes place, and written standards that directly regulate behaviour, in the case of the last, distinguishing between those that are prescriptive and those that are aspirational.

Date: 2020
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DOI: 10.1007/978-3-030-40220-4_5

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