Mon 15 June 2009, Financial Times

Principles that must guide financial regulation

By Duncan Niederauer
W hen the Obama administration releases a framework for reform of US financial regulation on Wednesday – accompanied by announcements in the European Union and other financial centres – it will be the first step in the most significant regulatory overhaul since the Great Depression. As proposals give way to the rough-and-tumble of the legislative process, lawmakers should be mindful of certain core principles that are integral to the fair and efficient functioning of financial markets.