This chapter provides an overview of information flows in capital markets. The chapter begins with a description of four regulated categories of financial information—company information (securities disclosures), market information (quotations and last sale data), information used in credit analysis (asset-level data and credit ratings), and benchmarks. It then describes the organization, role and purpose of the principal market regulators, self-regulatory organizations, standard-setting bodies, and market intermediaries that participate in oversight of the information production chain in US and EU securities and derivatives regulation. The chapter concludes with an overview of the public policy goals that guide the regulation of information—transparency and access, standardization, meaning, and integrity—as well as the challenges posed to regulatory policy by automation, information anxiety, and globalization.
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