Merging Stock and Derivative Exchanges seems to be unavoidable – even across national borders – since the extraordinary development of telecommunication and computer technologies has made both of them the efficient and inexpensive constituents of any proposal for a centralized market....

The Basel Committee's reform to strengthen the global capital framework, known as Basel III, takes into account a series of measures to address procyclicality and, consequently, make banks' capital requirements more stable during the different phases of the economic cycle. The range of possible...