The international financial markets as a source of global law: the privatisation of rule-making?

The globalisation of the financial markets challenges the limits of national and regional law and regulation, and increases the role of market-based rules. The emphasis on principles by public-sector regulators enhances co-operation between sectors, and mirrors developments in private law. This article assesses the existing and potential role of the markets as rule-makers, and asks whether it amounts to the privatisation of law and regulation.