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Capital Markets Law Journal Advance Access originally published online on June 11, 2007
Capital Markets Law Journal 2007 2(3):260-262; doi:10.1093/cmlj/kmm017
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© The Author (2007). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org

Perceptions of fairness: industry action on the use of material non-public information

Robert Pickel*
* Robert Pickel, Executive Director and Chief Executive Officer, International Swaps and Derivatives Association.

The first 10% of the full text of this article appears below.


Key points

  • Fair dealing is critical to trading relationships in the financial markets, and the perception of fairness is just as important as any legal restrictions on the use of material non-public information, perhaps more so.
  • Major participants in the global credit markets and the associations that represent them have, in recent years, published a set of principles regarding the use of material non-public information and the safeguards that an active market participant should have in place to protect against misuse.
  • Ensuring this perception of fairness promotes confidence in markets and enhances their liquidity and transparency.

 

In their article, (see pp 245–259 of this issue of CMLJ) Dr Sharon Brown-Hruska and Robert Zwirb present a persuasive argument for distinguishing between securities and derivatives, particularly when it comes to the issue of . . . [Full Text of this Article]


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Capital Markets Law Journal 2007 2: 243-244. [Extract] [Full Text]