Organizational and Societal Functions of Pr

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Intermediaries and financial regulatory bodies are extremely important in a company. There should be minimum entry standards provided by regulation. There should be initial and ongoing capital and other prudential requirements for market intermediaries that reflect the risk that the intermediaries undertake. Possible failure of a market intermediary should be anticipated and dealt with by regulation designed to minimize damage and loss to the investor, and to contain systemic risk. No amount of regulation or oversight can guarantee against the possibility of financial failure of a market intermediary. However, regulation can and should aim to reduce the risk of failure. Where such failure does occur, it is the role of the Regulator to seek to reduce the impact of that failure and to attempt to isolate the risk solely to the failing institution. Market intermediaries should be subject to adequate and ongoing capital requirements along with any other prudential requirements as may be necessary. The ideal situation, insofar as there can be any "ideal" in the case of a failure, in the case of a failure of an intermediary should be the ability to wind down the business without loss to the customers and counterparties and without systemic damage. Market intermediaries should be subject to adequate and ongoing capital requirements along with any other prudential requirements as may be necessary. The ideal situation, insofar as there can be any "ideal" in the case of a failure, in the case of a failure of an intermediary should be the ability to wind down the business without loss to the customers and counterparties and without systemic damage.

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