The history of British financial market supervision seems to be repeating itself: in 1997 a new Government announced sweeping reform to the institutional framework just days after it came to power; in 2010, with another new Government now in place, major institutional re-organisation is starting...

After a brief period during the financial crisis when countries appeared to be lurching towards economic nationalism, the international community has reaffirmed its commitment to open markets that are regulated in balanced ways that promote innovation while discouraging abuse. Hence, it remains...