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Over the course of the nineteenth century, the struggles of Paris Bourse to manage counterparty risk revealed the … the fund then forced the Bourse to search for mechanisms to control moral hazard. To study the determinants of broker … contributed to brokers' defaulting on their obligations. The Bourse faced a conundrum; when it finally imposed a tight regulatory …
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Theoretical and historical experience suggests a financial centre may either include a single, consolidated and loosely regulated stock exchange attracting all intermediaries and actors, or a variety of exchanges going from strictly regulated to completely unregulated and adapted to the needs of...
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