ABSTRACT
Since the 2008 financial crisis, the governance of financial markets has received increasing attention. Calls for stronger control have included proposals for an international organization with the authority to enforce regulations in countries that are finding themselves more and more interdependent. Through financial regulation, rules are made and implemented for what financial actors are allowed to do, such as restrictions on investments, and what they have to do, such as reporting or maintaining minimum capital. Acting beyond the level of the state and across states, these organizations are transnational. However, they are not based on treaties but are rather informal and are often characterized as obscure expert clubs. The financial crisis of 2008 revealed that the fragmented structure of International financial regulation and its soft law character were part of the crisis’ problems. Since the end of the Cold War, the global power balance has not fully changed; however, new actors have gained ground.
