The emergence of transnational hybrid governance: how private risks trigger public intervention

Johannes Karremans and Adrienne Héritier

Chapter 6 in Governing Finance in Europe, 2020, pp 137-162 from Edward Elgar Publishing

Abstract: This chapter investigates the role played by private self-regulatory authorities in the reform of financial market regulation in Europe. It poses the question of whether private self-regulation facilitates or hampers the centralisation of rule-making. The chapter is based on case studies of two specific segments of the financial market: the international OTC derivative market and the Alternative Investment Market (AIM) of the London Stock Exchange (LSE). Both markets have traditionally been privately self-regulated but differ in the pace at which they have been subject to European regulatory reform: regulation of the former became a priority for national and international regulators soon after the 2008 global financial crisis, whereas the latter has only indirectly been touched by recent European legislation. The chapter first explores the mechanisms through which the systems of private self-regulation emerged and then the factors triggering public intervention and the consequent development of a hybrid system of governance.

Keywords: Economics and Finance; Law - Academic; Politics and Public Policy (search for similar items in EconPapers)
Date: 2020
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.elgaronline.com/view/edcoll/9781839101113/9781839101113.00015.xml (application/pdf)
Our link check indicates that this URL is bad, the error code is: 503 Service Temporarily Unavailable

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:19470_6

Ordering information: This item can be ordered from
http://www.e-elgar.com
sales@e-elgar.co.uk

Access Statistics for this chapter

More chapters in Chapters from Edward Elgar Publishing
Bibliographic data for series maintained by Darrel McCalla (darrel@e-elgar.co.uk).