Penn State International Law Review

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This article boasts the title "Global Regulatory Trends" and then in parenthesis "The Changing Legal Climate." It is of course, bold if not foolish, to try and distill "global" trends when in most countries, even the national approach to securities regulation is ambiguous and often inconsistent. Governments like to speak in terms of deregulation today.' What this means in the context of the financial markets is not always clear. Of course, over the last decade capital has become significantly more mobile both domestically and internationally. Freedom of establishment in foreign markets has also increased and today, in many cases international markets are contemplated not only in terms of the paper in which the trading occurs, but also with regard to the players and intermediaries.