9  See U.S. Commodity Futures Trading Commission and Securities and Exchange Commission, 2010, “Findings Regarding the Market Events of May 6, 2010,” available at http://www.sec.gov/news/studies/2010/marketevents-report.pdf. 10  See Article 5 in “Regulations Concerning the Establishment of an Order Management System by Association Members,” by the Japan Securities Dealers Association.
Without supervisors, rules would have little effect; without rules, supervisors would have no job – or at least no firm basis for doing their job. You can’t have one without the other: regulation and supervision need to be aligned. But are they? Let us take a look at the euro area. In 2014, banking supervision was transferred from national to European level.