Abstract
Much is said and written these days about the importance of policy-neutral—sometimes called ‘process’—values to the development and maintenance of healthy financial markets. Among these values, which relate to the structure and arrangement of the legal framework and processes within which the markets operate, rather than to the substantive content of the legal rules themselves, legal formalism, legal continuity and legal predictability receive particular attention. Collectively, these can be seen as aspects of a wider concept: legal certainty. Legal systems that exhibit a high degree of respect for legal form over legal substance, such as those belonging to the common law tradition, are conventionally thought to be better able to drive down commercial risk in trade and business dealings, and therefore to promote the efficient allocation of capital. Respect for form is evidenced by a system that exhibits a preference for specific rules rather than guiding standards or principles and...
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