Opening Remarks: Good Price Discovery, the Neglected Regulatory Objective
This conference is about regulatory structure as it pertains to financial markets. The subject has received a great deal of attention in the aftermath of the severe financial crisis that erupted in 2007 and gained tremendous force in 2008 and beyond. It deserves all the attention that it can get. Financial markets are subject to systemic risk. Any major breakdown in the financial markets could have a pervasive, devastating impact on the entire economy. Some regulation without question is called for. The question is, what kind?