It will therefore be left to the relevant authorities to ensure that the necessary infrastructure is put in place and ways are found to share its cost among participants. Financial history if replete with cases of crisis which were caused by poor supervision, inadequate legal frameworks or deficient payment and settlement arrangements.
This shows how complex and expensive a well-performing infrastructure is, in particular in an international context. It also explains why so often these public goods are being undersupplied and markets often remain immature. 3  BIS Review 135/1999  Moreover, the financial infrastructure may propagate biased incentives and excessively risky behaviour as long as its design is faulty and pricing inappropriate.