Editors' Note

Abstract

One thing that is striking in reading the contributions for this issue is their breadth. With contributors from the UK, the USA, Poland, Singapore and Hong Kong and with topics as diverse as OTC derivatives regulation in Europe, the role of international investment arbitration, European regulation of emission allowances, how best to regulate forward-looking disclosure in the Chinese securities markets and an analysis of the tax treatment of frequent flyer benefits, there really is something from everyone. At their core, each of the articles is concerned with the operation of markets and the implementation or enforcement of the regulation of those markets, often at an international level and often illustrated by looking internationally to how different jurisdictions have approached the issue at hand. In some cases, the regulation is new, in other cases, our contributors argue for the review of an existing framework of regulation. What is also striking is how much all this illustrates that one feature of the development of a wide variety of capital markets is that they are subject to greater regulation, and that increasingly this is as a result of international efforts for the harmonization of global regulation, and that increasingly the markets look beyond borders to develop and attract investors. Where regulation is amiss or enforcement ineffective, we as participants in those markets have a role to play in identifying the problem areas and making the case for change.