Leading scholars have lamented for nearly a decade the absence of what can be termed a market for securities laws. In contrast to U.S. corporate law, which is said to prompt competition among states for charters, no competition for issuers animates the enactment of federal securities laws....

International financial law is in many ways a peculiar instrument of global economic affairs. Unlike international trade and monetary affairs, where global coordination is directed through formal international organizations, international financial law arises through inter-agency institutions...