There may be many areas in which prices determined on futures exchanges could become benchmarks for related economic activity. The recent attention over the setting of LIBOR seems to confirm such a view. Such positive contributions should confirm that the futures industry will continue to perform useful and indispensable functions within the society. We are now in a period of great changes.
3/5  BIS central bankers' speeches  More specifically, we see three layers of harmonisation that are useful to promote integration of financial markets: Regulatory/legal harmonisation refers to the need that a common set of rules be applied to the provisions of any given service across jurisdictions, and to the implications that applicable domestic laws can have even on third parties.