8/9/2019 A Future Foretold - NSE and the Challenge of Self Regulation

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M A~v~zn A`znv`if‡

Vdn K_N mkf vdn Odmiinkcn `a _nia Znc~imvb`kZnw`zv `zbcbkmiir w~jibsdnf bk vdn —J^II BK VDN ODBKM _D@W znw`zv bss~nf `k M~c ::) :772

8/9/2019 A Future Foretold - NSE and the Challenge of Self Regulation

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K_N mkf vdn Odmiinkcn `a _nia Znc~imvb`k ‟ M~c~sv ::) :7=7

+wz`sdmznkc+o`h bk mss`obmvb`k bvd HJO KnsO`zw  :

 ’Vdn Znc~imv`zs `a vdn KOH b+n+ vdn _NO mkf K_N mzn mih`sv sbinkv mj`~v bvsjbccnsv mwwmznkv ambi~zn) e~sv ms w~jibo mvvnkvb`k `k vdn ambi~zn bs mv bvs

cznmvnsv+‘ 

K_N MKF VDN ODMIINKCN @A _NIA ZNC^IMVB@K 

Bv‒s `avnk smbf vdmv m o`~kvzr fnsnzqns vdn vrwn `a inmfnzs bv cnv+ Vdbs bs mwv bkvdn omsn `a vdn Kbcnzbmk _v`ol Ntodmkcn+

O~vvbkc vdz`~cd vdn odmsn) bv bs m nii lk`k amov vdmv n dmqn m —jmimkon `a vnzz`z‒ sbv~mvb`k bk vdn hmzlnv+ Vdn K_N bs mjin v` svminhmvn vdn _NO mv mkrcbqnk w`bkv bk vbhn vdz`~cd m a~kovb`k `a bvs dbsv`zr mkf vdn bkai~nkon `a bvswzbkobwmis mkf hmzlnv oi`~v+

Vdn cmhn dms jnnk `k a`z m dbin mkf n fbso~ssnf ntvnksbqnir mv vdno`kabfnkvbmi hmzlnv jzbnabkc n dnif `k M~c~sv ?) :772 mv vdn H``znd`~sn)D`vni _`abvni bk vdn mln `a vdn K_N O`~kobi wznsbfnkor ozbsbs+

Vdn _no~zbvbns ! Ntodmkcn O`hhbssb̀ k‒s znc~imv`zr bknzvbm mkf imol `a sbii(w`snz) wnzdmws `bkc v` vdn hmkknz bk dbod bvs inmfnzs dmqn nhnzcnf `qnzvdn rnmzs $sdnzn `hn dmqn wnza`zhnf jnvvnz vdmk `vdnz f~n imzcnir v` vdnbz j~bkn mo~hnk) w`ibvbomi inmkbkc mkf bkfbqbf~mi oi`~v " dms zns~ivnf bk msbv~mvb`k bk dbod vdn Kbcnzbmk _v`ol Ntodmkcn) mivd`~cd m snia(znc~imv`zr`zcmkbsmvb`k omk jibkfsbfn vdn _NO+

Vdn _NO dms swnkv h`sv mih`sv mii `a bvs ?7 rnmzs ntbsvnkon vzrbkc v` vmhn vdnimzcnz(vdmk(iban ntbsvnkon mkf bhmcn `a vdn K_N+ J~v vdn _NO dms mimrs nkfnf~w `kn svnw `z snqnzmi svnws jndbkf vdn _v`ol Ntodmkcn+

Dbsv`zr vnsvbabns v` vdn amov vdmv vdn _NO bii wz`swnz ms m znc~imv`zr j`fr ba bvsv`ws odmsbkc vdn sdmf`s `a vdn K_N mkf amons bvs o`zn a~kovb`ks ms wz`qbfnf~kfnz vdn nkmjibkc im+

Mzn sn vz~ir m hmzlnv mkf kmvb`k `a ims0

Sn mksnz bk vdn maabzhmvbqn+ Sn mzn vdbs mkf h~od h`zn+

Sn mzn m wn`win) d`h dnk o`kaz`kvnf bvd vrzmkkr mkf jmf c`qnzkmkondmqn `zlnf dmzf v` modbnqn odmkcns wmbka~iir mkf si`ir j~v f`ccnfir mkfbvd o`kqbovb`k+

Bv bs vdmv Kbcnzbmk swbzbv vdmv h`vbqmvns ~s v` jnibnqn vdmv movb`k bii jn vmlnkjr mii o`konzknf bkoi~fbkc vdn svmlnd`ifnzs a`z d`h vdbs znw`zv bs n}~miirmqmbimjin+

Vdn w`nzs `a m snia(znc~imv`zr `zcmkbsmvb`k k`v ibhbvnf jr sdmzns `z w~jiboir`knf o`~if jn nk`zh`~s bk m o`~kvzr s~od ms Kbcnzbm+

8/9/2019 A Future Foretold - NSE and the Challenge of Self Regulation

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K_N mkf vdn Odmiinkcn `a _nia Znc~imvb`k ‟ M~c~sv ::) :7=7

+wz`sdmznkc+o`h bk mss`obmvb`k bvd HJO KnsO`zw  ?

@a o`~zsn) bvs o`hh`k lk`infcn vdmv snia(znc~imvb`k bs k`v mk nmsr vmsl+Az`h sbhwin z~ins mcmbksv `qnz(swnnfbkc v` `jnrbkc vzmaabo ibcdvs v` unjzmoz`ssbkc) mkf s` `k+

_nia(znc~imvb`k ms `kn `a vdn wbiimzs `a vdn JM_IN : Omwbvmi Moo`zf vdmv mslsjmkls v` odmiinkcn bvs `k movb`ks mkf bkmovb`ks+ J~v vdn nqnkvs `a vdn wmsvv` rnmzs az`h ^kbvnf _vmvns v` ^kbvnf Lbkcf`h) az`h Emwmk v` Kbcnzbm dmqnsd`k vdmv snia(znc~imvb`k `a hmzlnv bksvbv~vb`ks zn}~bzn o`ksvmkv znc~imvb`kaz`h vdn mwnt znc~imv`zr j`fr) hmzlnv mkmirsvs mkf vdn c`qnzkhnkv+

K_N mkf vdn Hmzlnv ‟ Jnknabv `a Dbv`zr

Vdn odmiinkcn `a snia(znc~imvb`k mv vdn Kbcnzbmk _v`ol Ntodmkcn ms j`zkn `a vdn wznmhjin svmvnf mj`qn+ Vdn K_N bvsnia ms m oznmvb`k `a vdn OJK+

Vdn K_N) n jnibnqn `~if ibln v` `zl oi`snir bvd vdn _NO mkf wnzdmwsznvmbk s`hn inqni `a bkai~nkon `a vdn znc~imv`z+ Vdn K_N d`nqnz `wnzmvns mkfo`hh~kbomvns m w`sbvb`k vdmv s~ccnsvs bv jnibnqns vdn _NO ms dnii(jnkv `kw~iibkc bv f`k mv mii o`sv zmvdnz vdmk cz` mkf fnqni`w vdn omwbvmi hmzlnv+ Bvdms vd~s f~c bk bvs dnnis mkf zmbsn f m abznmii bk bvs znimvb`ksdbw bvd vdnznc~imv`z+

Vdbs bs m svz`kc o`koi~sb`k `z mss~hwvb`k v` hmln j~v vdn nqbfnkon mii w`bkv v`vdn smhn o`koi~sb`ks+

Vdn wmsv vnkvr rnmz dbsv`zr `a o`ksvmkv —mzamzn‒ jnvnnk vdn _NO mkf vdnK_N) nswnobmiir f~zbkc vdn vnk~zns `a a`zhnz _NO Odbnas) Imvn Cn`zcnMlmhb`ld`z mkf Hmiimh _~inrhmk Kfmk~sm o`hn znmfbir v` hbkf+ _bhwir w~v)j`vd bksvbv~vb`ks dmzfir dmf m vbhn `a wnmon mkf }~bnv v` dmkfin vdn wzbkobwmibkvnznsv ̀ a bkqnsv`zs‒ wz`vnovb`k mkf fnqni`whnkv+

Vdn w`sbvb`k `a j`vd vdn _NO mkf K_N ms wmzvknzs bk wz`cznss dms mis` jnnk`zsnknf jr vdn bkvnzanznkon `a vdn w`ibvbomi oimss) f~zbkc vdn hbibvmzr dnrfmrsms nii ms ~kfnz vdn o~zznkv obqbibmk fnh`ozmvbo fbswnksmvb`k+

Vdn c`qnzkhnkv oznmvnf vdn _NO e~sv ibln nqnzr `vdnz wmzmsvmvmi ( bvd ibvvin `zk` bkazmsvz~ov~zn mkf a~kfbkc v` f` vdn e`j+ Vdn c`qnzkhnkv mkf bvs

wmzmh`~zs o`qnvnf vdn sdmzns `a c`qnzkhnkv bksvbv~vb`ks) w`lnf vdnbz k`snbkv` d` cnvs `k vdn O`~kobi `a vdn _v`ol Ntodmkcn mkf _NO‒s J`mzf ( mkfwzmovbomiir hmln iban hbsnzmjin a`z vdn K_N) j`ccnf f`k vdn _NO bvdj~znm~ozmor mkf znvmbks vdn inqnzs v` vnin(c~bfn bv jr oimbhbkc —f~n wz`onss‒ mkf —zncmzf v` wz`v`o`is‒ v` s~od mk ntvnkv vdmv bv dms mih`sv z~bknf vdn hmzlnvwimon+

Vdn j``h bk vdn movbqbvbns `a vdn omwbvmi hmzlnv sbkon =222 mavnz vdn mfqnkv `a vdn o~zznkv w`ibvbomi fbswnksmvb`k dms inkv oznfnkon v` vdn amov vdmv vdnc`qnzkhnkv) ba ~kodnolnf) bs m sw`bi(sw`zv+

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K_N mkf vdn Odmiinkcn `a _nia Znc~imvb`k ‟ M~c~sv ::) :7=7

+wz`sdmznkc+o`h bk mss`obmvb`k bvd HJO KnsO`zw  6

K_N mkf _v`oljz`lnz

Inv vdn vz~vd jn v`if) vdnzn bs m knnf v` znqbn vdbs znimvb`ksdbw az`h m d`ibsvbo

wnzswnovbqn+

Vdn o`konzks dnzn mzn ms a`ii`s5Vdn mjsnkon `a m vzmkswmznkor bk vdn bka`zhmvb`k ai` vdz`~cd vdn K_Nnjsbvn v` nkmjin bkqnsv`zs lk` dmv bs c`bkc `k) znmi vbhn bs k`vznainovbqn `a mk ntodmkcn vdmv n snnl v` jn+

Vdn K_N z~ins `k bksbfnz vzmfbkc mzn k`v mqmbimjin a`z w~jibo o`ks~hwvb`k+Vdnsn z~ins `~cdv v` jn snv mkf znqbnnf jr vdn _NO j~v m a`zmzf i``lbkcntodmkcn `~if snbun vdn bkbvbmvbqn v` mfqmkon mk mfqbs`zr v` _NO `k vdnannfjmol az`h bkazmovb`ks $znw`zvnf mkf `vdnzbsn" vdmv dmqn jnnk jz`~cdvjna`zn bv) dbod `avnk bs k`v mqmbimjin v` vdn _NO+

Vdnzn mzn k` wz`vnovb`ks a`z vd`sn d` swnml ~w mcmbksv vdn srsvnh ‟ k`vv` jn bck`znf bs vdn ~kzbvvnk o`fn mv vdn ntodmkcn vdmv v` swnml ~wmcmbksv vdn FC `z vdn ntodmkcn bs m ozbhn+ Sn d`nqnz f`kn s` `qnz vdnrnmzs dnk o`ksbfnznf ozbvbomi bvd`~v mkr w~kbvbqn hnms~zn vmlnk mcmbksv~s vbii k`+ Zmvdnz) n dmqn nke`bknf m zbc`~z bk vdn fbso`~zsn cnknzmvnfmkf vd~s ibns vdn wz`jinh `a wnzonwvb`k `z —oi`~f `a anmz‒ oznmvnf dbodknnfs v` jn znh`qnf+

Vdn inqni `a bkazmovb`ks bk vdn hmzlnv dms cz`k `qnz vdn rnmzs mkf vdnhnmks `a zns`i~vb`k dms f`kn ibvvin v` wz`h`vn vdn j~bifbkc `a mk bksvbv~vb`kms mcmbksv vdmv `a wnzs`kmi znsw`ksbjbibvr+ Vdbs bs snnk bk vdn —z`in‒ `z

 —bkvnzanznkon‒ wimrnf jr vdn o~zznkv D`~sn `a Znwznsnkvmvbqns Odmbzhmk bkm k~hjnz `a bss~ns dbod s~ccnsv mk `qnzznmodbkc `a vdn `qnzsbcdv a~kovb`kvdn d`~sn dms+

Vdn znomwbvmibsmvb`k `a vdn hmzlnv h~sv k` jn znqbsbvnf mkf fnobfnf ~w`kbk amq`~z `a mk bkoznmsnf omwbvmi zn}~bznhnkv+ Vdn mzc~hnkvs jna`zn msvdmv sv`ol jz`lbkc abzhs fbf k`v knnf omwbvmi v` o`kf~ov vdnbz j~sbknss+ Vdno~zznkv ozbsbs dms znqnminf amz h`zn znms`ks mkf e~svbabomvb`k v` vmln h`znvdmk m oi`snz i``l mv vdn `wnzmvb`kmi svz~ov~zn) omwbvmi mkf omwmobvr `a vdnsn abzhs ms m qndboin `a nmivd oznmvb`k mkf cz`vd bk vdn o`~kvzr+ Lnrbss~ns bhhnfbmvnir o`hn v` hbkf5

`  Bkoznmsnf vzmkswmznkor mkf fbsoi`s~zn zn}~bznhnkvs ‟ Vdn mkk~mi

abkmkobmi svmvnhnkvs `a jz`lnzmcn abzhs mkf `vdnz omwbvmi hmzlnv`wnzmv`zs mzn k`v qnzbabnf) soz~vbkbsnf `z m~fbvnf jr vdn K_N mkf_NO bkfnwnkfnkv ntmhbknzs+

`  Vdn sv`ol ntodmkcn o`kf~ovs qbsbvs v` jz`lnzmcn abzhs j~v) ms na`~kf b`k vdn omsn `a Vzmksci`jn mkf s` hmkr `vdnz abzhs ‟ s`hn`a vdnsn abzhs f` k`v nqnk dmqn m~fbvnf moo`~kvs `z omzzr}~mibabnf moo`~kvs a`z ~wmzfs `a v` v` vdznn rnmzs bvd`~v mkrsmkovb`k jnbkc bhw`snf `k vdnh+

`  Vdn inqni `a oznfbv vdmv omk jn ntwnovnf v` ~kfnzvmln h~sv jnwnccnf znimvbqn v` vdnbz omwbvmi v` svnh vdn o~zznkv sbv~mvb`k

dnzn m sv`ol jz`lnz v``l `k mk ntw`s~zn `a K44jk ~kfnzdmvnqnz c~bsn+ Bv ms sbhwir ~knvdbomi a`z vdn _NO/K_N v` abkf

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K_N mkf vdn Odmiinkcn `a _nia Znc~imvb`k ‟ M~c~sv ::) :7=7

+wz`sdmznkc+o`h bk mss`obmvb`k bvd HJO KnsO`zw  >

vdnhsniqns bk m w`sbvb`k dnzn vdnr o`~if k`v dmqn msonzvmbknfdmv ms c`bkc `k+

`  Bv bs dbcd vbhn n fnh`ozmvbsnf vdn `wnzmvb`ks `a vdn sv`oljz`lbkc j~sbknss v` mii` bkfbqbf~mis v` vzmfn bvd jz`lnzs `a 

od`bon vdz`~cd mk ninovz`kbo srsvnh vdmv c~mzmkvnns vdn jz`lnzsvdnbz o`hhbssb`ks+

`  Vdn smkovb`ks mkf znwzbhmkf `k nzzbkc sv`oljz`lnzs dmqn jnnksbfnsvnwwnf `k m k~hjnz `a `oomsb`ks+ Vdbs omkk`v jn m c``fbkfbomv`z `a vdn hmzlnv+

`  Vdn z`in `a sv`oljz`lnzs bk vdn wzbon h`qnhnkvs `a vdn sv`ols `a onzvmbk jmkls mkf }~`vnf o`hwmkbns h~sv jn vd`z`~cdirbkqnsvbcmvnf v` bfnkvbar dr vdbs o`kvbk~ns ~kmjmvnf+ Vdnfbsoi`s~zn jr vdn K_N bk bvs mkk~mi moo`~kvs vdmv vdn K_N dmsj`~cdv s`avmzn v` mii` bv vzmol fnobsb`ks) movb`ks mkf vznkfs jrjz`lnzs bs nio`hn+ Vdbs sd`~if n}~miir jn hmfn mqmbimjin v` vdn_NO v` oznmvn m o`hwmzmvbqn nqbfnkon wimva`zh sd`~if s~odmiincmvb`ks ̀ oo~z+

Vdn k~hjnz `a jz`lnzs mkf vdnbz swznmf bs k`v m znainovb`k `a `~z cz`vdj~v vdmv `a `~z cznnf+ Vdn omsn a`z vdn wz`h`vb`k `a mk bkf~svzr bfno`ks`ibfmvb`k mh`kcsv abzhs dms jnnk hmfn+ Sn omii `k vdn K_N v` movmoo`zfbkcir+

_nia Znc~imvb`k ‟ Amobkc vdn Amov

Mii `a vdn mj`qn k`vbvdsvmkfbkc) vdn Kbcnzbmk _v`ol Ntodmkcn dms bss~ns v`

amon zncmzfbkc bvs `k bkvnzkmi snia(znc~imvb`k wz`onssns+ Vdn imo~km vdnznbkdms jnnk snbunf jr vdn w~jibo mkf s`hnvbhns jr vdn _NO v` imsd mv vdn mih`sv>7(rnmz ̀ if sv`ol ntodmkcn+

Abzsv) n h~sv molk`infcn mkf ntwznss `~z fnjv `a czmvbv~fn a`z mii hnhjnzs`a hmkmcnhnkv mkf o`~kobi `a vdn sv`ol ntodmkcn a`z vdn cznmv dnbcdvs vdnrdmqn jz`~cdv vdn hmzlnv+ Vdbs bs k` hnmk modbnqnhnkvs mkf bv `~if k`v jnmk mvvnhwv v` znzbvn dbsv`zr `z wzmbsn(sbkcbkc) ba n smr vdmv vdn o`~kvzr dmsjnknabvnf az`h vdnbz bkf~svzr+ Vdn K_N mkf bvs `aabonzs sd`~if jn wzmbsnf a`zs~zh`~kvbkc mii `ffs v` dmqn jno`hn vdn onkvzn `a omwbvmibsh bk Kbcnzbm) nqnkbk vdn amon `a wnzs`kmi mfqnzsbvbns+

Rnv bk vdbs modbnqnhnkv ibns vdn wmzmf`t `a mii dnz`ns ‟ s``k) nk`~cd vdnr`~if dmqn v` amfn mmr insv vdnbz s~oonss jno`hns vdn Modbiins dnnis `a vdnbzf`kamii+ Vdnr f` k`v dmqn v` f` mkrvdbkc z`kc maznsd a`z vdn svmkfmzfs vdnrsnv h~sv jn s~svmbknf mkf zmbsnf jnr`kf vdmv mv dbod vdnr mzn k` vbznf+

Vdbs bs vdn bz`kr `a iban mkf k`dnzn bs bv vz~nz vdmk bk vdbs hmzlnv+ I`kcnqbvr bs k`v vdn c`mi) modbnqnhnkv mkf vzmksbvb`k bs vdn kmhn `a vdn cmhn+ 

Vdn oimh`~z vdnzna`zn a`z vdn FC) K_N ntbv h~sv vdnzna`zn znainov vdns`wdbsvbomvb`k sdn jz`~cdv bkv` vdn hmzlnv a`z dbod n `~if d`if dnz

moo`~kvmjin) mijnbv k`v vdz`~cd m h`j vzbmi `z `k sw~zb`~s odmzcns+

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K_N mkf vdn Odmiinkcn `a _nia Znc~imvb`k ‟ M~c~sv ::) :7=7

+wz`sdmznkc+o`h bk mss`obmvb`k bvd HJO KnsO`zw  1

Naanovbqn snia(znc~imvb`k bk m o`~kvzr dnzn iminssknss bs vdn `zfnz `a vdn fmraz`h v`w v` j`vv`h bs s~znir m odmiinkcn+ Ms am~ivr ms vdn wz`onssns nzn) msnml ms Kfb `~if mfhbv dnz hmkmcnhnkv mkf o`~kobi dmf jnnk bk vdn amon `a w`ibvbomi wznss~zns mkf snia(bkvnznsv< mkf ms d~hmkir w`ssbjin) vdn Kbcnzbmk_v`ol Ntodmkcn dms cz`k az`h m hmzlnv `zvd e~sv K=1+461hbiib`k jna`znvdn Obqbi Smz bk =211 v` h`zn vdmk K=:+7vzbiib`k mv vdn wnml `a :773) m wnzb`f`a mj`~v a`zvr rnmzs+

Hmkr bss~ns dmqn vzbnf vdn —s`~i‒ `a vdn Kbcnzbmk _v`ol Ntodmkcn ms mkbksvbv~vb`k) j~v vdn Vzmkso`zw maambz bs bk m oimss `a bvs `k+ Bk vdn o~zznkvhmvvnz `a jmkl jmf oznfbv`zs) Vzmkso`zw Wio‒s mkf vdn kmhn `a bvs Odmbzhmk)Wz`anss`z Kfb @lnznln(@kr~bln dms o`hn v` vdn a`zn+ Sn fnmiv bvd vdbs jzbnairbk vdn imsv snovb`k j~v k` ntwi`zn bv ms bv znimvns v` vdn K_N+

Vdn Vzmko`zw Maambz ‟ Omn _v~fr `a W`bvb`k mkf Znmibvr

M an `a `~z znw`zvs mkf o`hhnkvs `k Vzmkso`zw mkf bkfnnf vdn FC) K_N msamz jmol ms :773 mkf ~w vbii :774 mzn wz`qbfnf dnzn~kfnz v` fnh`ksvzmvn vdnw`bkv vdmv vdbs nkvbvr bs `zvd m i`v h`zn fnmf vdmk mibqn- Vdn s`~i `a bvsoznmvb`k dms inav vdn qnssni omzzrbkc bvs wdrsbomi azmhn+ M c``f nkf h~sv jna`~kf v` vdbs —wz`jinh‒+

Vdn Bkbvbmi W~jibo @aanzbkc `a Vzmkkmvb`kmi O`zw`zmvb`k $Kbcnzbm +++dvvw5//+wz`sdmznkc+o`h/mfhbk/~wi`mf/znw`zvs/Vzmkso`zw.:7Sdbvn.:7Wmwnz.:7(.:7Emk.:7:773+wfa  

Vzmko`zw5 Mv Sdmv Wzbon0dvvw5//+wz`sdmznkc+o`h/mzvboins/sbkcinKns+wdw0bf86 

Vzmko`zw5 Hmvvnz Mzbbkc dvvw5//+wz`sdmznkc+o`h/mzvboins/sbkcinKns+wdw0bf8? 

Vzmko`zw mkf Hmzvbmi Ims dvvw5//+wz`sdmznkc+o`h/mzvboins/sbkcinKns+wdw0bf8: 

Vzmko`zw Kbcnzbm Wio+ mkf V`h Bncd`db dvvw5//+wz`sdmznkc+o`h/mzvboins/sbkcinKns+wdw0bf8> 

^kfnzvmkfbkc vdn _NO fbznovbqn

Vdn a~ii s~swnksb`k wimonf `k vdn sdmzns `a vdn abqn jmkls qbu5 Mazbjmkl)Abkjmkl) Bkvnzo`kvbknkvmi) ^kb`k mkf @onmkbo" ms jmsnf `k wznonfnkv mkffnsbcknf v` wz`vnov vdn bkqnsv`zs+ J`vd _NO mkf vdn K_N dmqn mih`sv mimrsmovnf e`bkvir v` wznqnkv m z~k `k vdn sdmzns `a mkr }~`vnf o`hwmkbns)bkoi~fbkc jmkls d`sn wz`jinhs jnomhn s` o`kvz`qnzsbmi mkf bkqnsvbcmvbqn bkkmv~zn+ Ntmhwins `a vdnsn bkoi~fn5 Mazbomk Wnvz`in~h) Snhm Jmkl) Omfj~zr)Vzmkso`zw nvo+ Vdn movb`k `a vdn _NO v` o`kabzh vdn K_N a~ii ~wnkb`k`k vdn dmzn `a vdn abqn jmkl sm vdnzna`zn o`hhnkfmjin+ 

Fbssnovbkc vdn _NO M~c~sv =2 fbznovbqn a~zvdnz d`nqnz) vdn _NO `zfnz v` vdnK_N fbznovbkc bv v` s~swnkf mkr hnhjnz `a vdn O`~kobi d` nzn maanovnf jr

vdn OJK movb`k bk vdn abqn jmkls wnkfbkc vdn o`koi~sb`k `a bkqnsvbcmvb`ks `a miincmvb`ks) zmbsn m k~hjnz `a a~kfmhnkvmi }~nsvb`ks mkf bss~ns+

8/9/2019 A Future Foretold - NSE and the Challenge of Self Regulation

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K_N mkf vdn Odmiinkcn `a _nia Znc~imvb`k ‟ M~c~sv ::) :7=7

+wz`sdmznkc+o`h bk mss`obmvb`k bvd HJO KnsO`zw  3

Abzsv) vdn _no~zbvbns ! Ntodmkcn O`hhbssb`k $_NO" bs m jrsvmkfnz `k d` vdnhnhjnzs `a O`~kobi `a vdn _v`ol Ntodmkcn mzn od`snk `z mww`bkvnf+

^kfnz dmv m~vd`zbvr vdnzna`zn fbf vdn _NO `zfnz vdn bhhnfbmvn s~swnksb`k `a mkr hnhjnz `a vdn K_N O`~kobi bkq`iqnf bk vdn OJK(smkovb̀ knf abqn jmkls0

Ba mkr hnhjnz `a vdn K_N O`~kobi bs c~bivr `a mkr obqbi `z ozbhbkmi hmvvnz) s~odbkfbqbf~mi mzn jz`~cdv bkv` vdn a~ii ntvnkv `a vdn mwwibomjin im bk dbs `z dnzwnzs`kmi omwmobvr+ Vdn o`~kobi) fnswbvn mii bvs odmiinkcns mkf ibhbvmvb`kso`hwzbsn `a vdn bo`ks `a `~z s`obnvr mkf n sd`~if dnsbvmvn m h`hnkv dnkvmlbkc movb`k+

A`z ntmhwin) bk vdn bksvmkon `a vdn wz`sno~vb`k `a vdn Imvn HL@ Mjb`im `kmiincmvb`ks `a  vznm`k mcmbkv vdn vmvn/c`qnzkhnkv `a Kbcnzbm `k vdnhmvvnz `a vdn j`vodnf E~kn =:) =22? cnknzmi ninovb`ks) vdn _NO fbf k`v omii a`zvdn s~swnksb`k k`z znh`qmi `a Odbna H+ L+ @+ Mjb`im) AOM d` mv vdn vbhn msvdn sbvvbkc Wznsbfnkv `a vdn K_N+ Bk vdn swnobabo omsn `a Hz+ Nzmsv~s Mlbkcj`im)vdn fbswimonf Odbna Ntno~vbqn `a Bkvnzo`kvbknkvmi Jmkl) dbs snzqbon `k vdnO`~kobi `a vdn K_N ms d`k`zmzr mkf k`v znwznsnkvmvbqn `a dbs o`hhnzobmijmkl+

Sn molk`infcn vdn vdbk ibkn vdznmfnf dnzn jnvnnk wnzs`kmi mkf `aabobmiomwmobvr j~v mk mfqbs`zr mkf k`v m fbznovbqn `~if dmqn jnnk s~aabobnkv az`h_NO+ Bkfnnf) vdn o`~kobi `~if dmqn) `k vdnbz `k) hnv bvd Nzmsv~s Mlbkcj`immkf fbso~ssnf `k dr dn dms v` —svnw msbfn‒ a`z vdn smln `a vdn `qnzmii hmzlnv)mijnbv< s~jenov v` mk bkfbovhnkv jr vdn o`~zv `a im `z bk vdn mjsnkon `a vdmv) m

invvnz az`h vdn OJK+

Vdbs mfqbs`zr `~if mkf wnzdmws jn znenovnf jr Nzmsv~s Mlbkcj`im d` hmrobvn vdn znonkv dbsv`zr `a vdn sv`ol ntodmkcn vdz`~cd vdn ninovb`k `a Mibl`Fmkc`vn ms bvs wznsbfnkv `k miincmvb`ks mkf k`v bkfbovhnkv+ Vdbs ms vdnmzc~hnkv hmfn vdnk) mkf nod`nf jr h`sv mkmirsvs d` nzn o`konzknf mj`~vvdn ~kknonssmzr dnmvbkc ~w `a vdn hmzlnv+

_~aabon v` smr mv vdn h`hnkv vdmv vdn OJK‒s znh`qmi `a vdn ON@s mkfntno~vbqn fbznov`zs `a vdn —M~c~sv Abqn‒ dms k`vdbkc v` f` bvd bksbfnz mj~sn `zsdmzn wzbon hmkbw~imvb̀ k rnv) `kn `k dbod vdn _NO dms a~ii e~zbsfbovb`k+

Vdn Abqn jmkl ntno~vbqns bkoi~fbkc Nzmsv~s Mlbkcj`im nzn moo~snf `a czmkvbkcntonssbqn i`mks) nml o`zw`zmvn c`qnzkmkon mkf ntonnfbkc vdn ntwmkfnffbso`~kv bkf`+ Vdnsn mzn wz`anssb`kmi jmklbkc wzmovbon hbsjndmqb`~zs msmiincnf jr vdnbz znc~imv`z+

Sn znomii vdmv k` mfqbs`zr ms bss~nf jr _NO `k vdbs fnqni`whnkv+ Nbvdnz mr)vdn K_N sd`~if snia ‟znc~imvn bvsnia dnzn ms m hmvvnz `a fnonkor+ Vdnzn bs mibhbv v` fnankfbkc dmv omkk`v jn ~snf ms m svmkfmzf `a o`kf~ov+ Zmvdnz vdnK_N sd`~if snnl v` zmbsn svmkfmzfs `a fno`z~h) o`kf~ov mkf znsw`ksbjbibvr+

8/9/2019 A Future Foretold - NSE and the Challenge of Self Regulation

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K_N mkf vdn Odmiinkcn `a _nia Znc~imvb`k ‟ M~c~sv ::) :7=7

+wz`sdmznkc+o`h bk mss`obmvb`k bvd HJO KnsO`zw  4

Vdn h`zn o`cnkv ntwimkmvb`k a`z Nzmsv~s Mlbkcj`im‒s znh`qmi mkf k`v nqnks~swnksb`k az`h vdn o`~kobi `a vdn ntodmkcn omk jn i`omvnf bk vdn OJK‒s z~invdmv —mii wnzs`ks znh`qnf/smolnf jr vdn mwnt jmklbkc znc~imv`z a`z~kwz`anssb`kmi o`kf~ov hmr k`v snzqn bk mkr omwmobvr bk vdn abkmkobmi snzqbonssnov`z‒+

_NO mkf bkfnnf vdn K_N o`~kobi mzn vdnzna`zn mfqbsnf v` snnl oimzbabomvb`k az`hOJK `k vdn jmsbs `k dbod bvs `zfnzs nzn cbqnk mkf vdn ntvnkv `a bvsmwwibomvb̀ k jnr`kf vdn bhhnfbmvn w~zw`sn a`z dbod bv bss~nf vdn `zfnz+

@~z c~nss bs vdmv) ba vdn kmvb`kmi mmzf jn}~nmvdnf `k dbh ms nii ms `vdnzsmzn k`v znsobkfnf jr vdn Anfnzmi C`qnzkhnkv rnv) n sd`~if vmzzr m dbin a`zmk mfqbs`zr az`h vdn Mvv`zknr cnknzmi `z/mkf OJK `k vdn hmvvnz+

Vdn _NO‒s fbznovbqn `a s~swnksb`k o`~if vdnzna`zn dmqn jnnk) mv jnsv) mfqbs`zrbk kmv~zn) zbvvnk fbznovir v` vdn O`~kobi `a vdn K_N mkf k`v oninjzmvnf `k vdnwmcns `a vdn kmvb`kmi knswmwnzs+

KBVNI ‟ Vdn Wz`jinh Odbif mkf vdn Kfb O`kknovb`k

Vdn omsn `a Vzmkso`zw mkf vdn K_N Odbna) Kfb @lnznln(@kr~bln ms m hme`zbvnh `k vdn _NO fbznovbqns+ V` jncbk bvd) Kfb @lnznln dms svmvnf vdmv sdn fbfk`v vmln m wnzs`kmi i`mk az`h mkr `a vdn abqn jmkls knbvdnz fbf sdn cbqn mwnzs`kmi c~mzmkvnn `k vdn oznfbv `jvmbknf jr Vzmkso`zw wio bk vdn jbf a`z vdno`kvz`iibkc >=. n}~bvr bk vdn nhjmvvinf c`qnzkhnkv vnino`hs ~vbibvr) KBVNI+

Vdn a~kfs s`~zonf jr Vzmkso`zw a`z KBVNI mo}~bsbvb`k qbm ^kb`k Jmkl mkf `vdnzjmkls nzn wmbf bkv` vdn o`aanzs `a vdn J~znm~ `a W~jibo Nkvnzwzbsns $JWN") vdnc`qnzkhnkv mcnkor bk odmzcn `a wzbqmvbumvb`k+ Vdnsn jbiib`ks `a Kmbzm dmqnjnnk sbvvbkc bk vdn moo`~kvs `a vdn JWN) kmr vdn c`qnzkhnkv a`z mih`sv a`~zrnmzs dbin vdn smhn c`qnzkhnkv vdz`~cd vdn JWN dms bvdfzmk KBVNI az`hVzmkso`zw j~v ambinf v` znv~zk vdn jbf h`knr v` Vzmkso`zw `z fbznovir bkv` vdnjmkls dnzn bv ms s`~zonf+

Bz`kbomiir) vdn c`qnzkhnkv dms o`ksbsvnkvir movnf bk jmf ambvd mcmbksv nqnzro`hwmkr vdmv dmqn vmlnk jmkl oznfbv i`omiir v` mo}~bzn vdn sdmzns `a KBVNI)jmfir z~k mcz`~kf bk bvsnia jr vdn smhn c`qnzkhnkv `qnz vdn rnmzs+

_`hn sbt rnmzs mc`) jna`zn vdn jbzvd `a Vzmkso`zw) m o`hwmkr lk`k msBkvnzkmvb`kmi Bkqnsv`zs Ibhbvnf `z BBII s`~zonf s`hn =77 hbiib`k ^_ F`iimzsaz`h Abzsv Jmkl wio v` mo}~bzn hme`zbvr sdmzns ms o`zn bkqnsv`z bk KBVNI+ Vdnwz`onss ms j`vodnf mkf Abzsv Jmkl z`vn f`k s`hn `kn jbiib`k Kmbzm bk vdnabkmkobmi rnmz vdz`~cd bvs sdmzn wznhb~h moo`~kv+ Vdn JWN znv~zknf `kirmj`~v 4>hbiib`k ^_ F`iimzs v` Abzsv Jmkl vdz`~cd BBII+ Vdn znsv bs dbsv`zr+

Fnswbvn vdn hbscbqbkcs `a s`hn mcmbksv vdn Odmbzhmksdbw `a Wz`anss`z Kfb@lnznln(@kr~bln `a Vzmkso`zw dbin movbkc ms vdn ON@ `a vdn _v`ol Ntodmkcn)@wn Jmk`) mk Mvv`zknr(mv(Im mkf Hmzlnv @hj~fshmk) v`if J~bkn

H`zkbkc) m v`w(aibcdv vninqbsb`k wz`czmhhn `k Odmkknis Vninqbsb`k `kM~c~sv :=) :772 vdmv vdn —fnjv sbv~mvb`k `a Vzmkso`zw Wio zns~ivs az`h m

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K_N mkf vdn Odmiinkcn `a _nia Znc~imvb`k ‟ M~c~sv ::) :7=7

+wz`sdmznkc+o`h bk mss`obmvb`k bvd HJO KnsO`zw  2

  sdbav bk w`ibvbomi o`ksbfnzmvb`ks mkf inqnzmcn c~bfbkc vdn wzbqmvbumvb`k`a KBVNI+‒  

Vdn a`zhnz Hmkmcbkc Fbznov`z `a Vzmkso`zw) Jnzkmzf I`kcn) d` ms vdn ON@`a Abzsv Jmkl vdmv ms smolnf `qnz vdn =77hbiib`k F`iimzs KBVNI/BBII i`mk) smbff~zbkc Vzmkso`zw bkbvbmi w~jibo sdmzn `aanz z`mf sd`s bk :771) vdmv s`hnw`ibvbomi ninhnkvs fbss~mfnf jmkls az`h czmkvbkc oznfbv v` Vzmkso`zw v` mo}~bznKBVNI o`kvz`iibkc sdmzns+ Sdnk Vzmkso`zw nqnkv~mi c`v vdn jmkl i`mks) vdnAbavd O`i~hkbsvs knqnz mii`nf Vzmkso`zw v` snvvin f`k mkf znqmhw KBVNI+@qnz vdn wmsv vdznn rnmzs) Vzmkso`zw dms o`ksbsvnkvir moo~snf vdn c`qnzkhnkv`a jmf ambvd bk vdn e`bkv qnkv~zn `a KBVNI+ Vdn _NO knqnz ibavnf m abkcnz+

V` jncbk bvd) Kfb(@lnznln‒s Odmbzhmksdbw `a Vzmkso`zw ms `aabobmiirzn}~nsvnf bk zbvbkc v` vdn O`~kobi `a vdn K_N jr a`zhnz Wznsbfnkv @i~snc~k@jmsmke`) vdn hbfban(bk(odbna `a vdn vzmkskmvb`kmi o`zw`zmvb`k+ Vdn K_NO`~kobi‒s moonkv v` @jmsmke`‒s zn}~nsv zns~ivnf bk Kfb jno`hbkc m —omznnzOdmbzhmk‒ `a Vzmkso`zw) Kfb k`v jnbkc svmv~v`zbir ninovnf jr vdn J`mzf `a Vzmkso`zw+ Vdn smanvr knv a`z vdn _NO mv vdn vbhn ms v` bss~n m snv `a o`zw`zmvn c`qnzkmkon c~bfnibkns ntwnovnf `a Kfb f~zbkc dnz vnk~zn mvVzmkso`zw+ _NO knqnz fbf vdmv+

Dmqbkc smbf vdmv) n znsvmvn `~z o`kqbovb`k vdmv vdbs sonkmzb` sd`~if mkf h~svknqnz dmwwnk mcmbk+ Vdn —o`kaibov `a bkvnznsv‒ ibkns mzn sbhwir v`` ji~zznf mkfvdn inqni `a `~z hmzlnv omkk`v zbsn ~w v` s~od o`hwint mzzmkcnhnkvs vdmv omiisa`z m dbcdnz inqni `a vzmkswmznkor) fbsoi`s~zn mkf o`zw`zmvn c`qnzkmkon k`v rnvmqmbimjin mv vdn sv`ol ntodmkcn+

Bka`zhmvb`k mqmbimjin v` ~s vdmv vdn Anfnzmi C`qnzkhnkv dmqbkc znmibnfvdmv bv dm hbhmkmcnf KBVNI m mk `zcmkbmvb`k m snii m bvwzbqmvbmvb`k `qnz vdn rnmz) s`~if b~n m fbznovbqn v` vdn JWNfbznovbkc vdmv vdn mbibkc kmvb`kmi  vnino`hh~kbomvb`k ~vbibvr jnwzbqmvbnf bk 17 fmr bk m hmkknz fnq`bf `a wznqb`~s —sdnkmkbcmks‒ dnmqbirbkai~nkonf jr w`ibvbomi o`ksbfnzmvb`ks ̀ qnz hmzlnv mkf no`k`hbo znmibsh+

Vdn J~znm~ a`z W~jibo Nkvnzwzbsn‒s Fbznov`z Cnknzmi) Fz+ Odzbsv`wdnz Mkrmk~mfhbvvnf nmzibnz bk vdn rnmz v` vdn mss`obmvb`k `a bss~bkc d`~sns vdmv vdnw`ibvbomi ~kfnzv`kns `a vdn abavd o`i~hkbsvs bk vdn w`ibvbomi mkf j~sbknss mznkmhmln vdn e`j `a wzbqmvbsmvb`k fbaabo~iv a`z vdn JWN mkf vdmv dn d`wns vdmv vdbs

ninhnkvs `~if mii` vdn JWN omzzr `~v bvs a~kovb`ks bvd`~v mkr dbkfzmkonf~zbkc vdn kntv wdmsn `a vdn wzbqmvbsmvb`k

Vdn j`vodnf wzbqmvbsmvb`k `a KBVNI dms dmf ~kbkvnkfnf o`ksn}~nkons `k vdnjmkls mkf vdn bkvnczbvr `a o`kvzmovs znimvnf v` vdn Anfnzmi C`qnzkhnkv `a Kbcnzbm+

Vdn o~zznkv Qbon(Wznsbfnkv hmfn m qnbinf znanznkon v` vdbs f~zbkc dbsfbso~ssb`k bvd vdn JWN v`w `aabobmis vdmv vdn kntv KBVNI wzbqmvbsmvb`k sd`~if jnf`kn fnq`bf `a wznqb`~s hbsvmlns vdmv zns~ivnf bk vdn omkoniimvb`k `a KBVNIhme`zbvr smin v` Vzmkso`zw Wio+

8/9/2019 A Future Foretold - NSE and the Challenge of Self Regulation

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K_N mkf vdn Odmiinkcn `a _nia Znc~imvb`k ‟ M~c~sv ::) :7=7

+wz`sdmznkc+o`h bk mss`obmvb`k bvd HJO KnsO`zw  =7

Vdn hmvvnz bs vd~s znsvnf+ Vzmkso`zw ms m o`hwmkr bs vdn AnfnzmiC`qnzkhnkv‒s oznmvb`k ~kfnz vdn @jmsmke` mfhbkbsvzmvb`k+ Vdn s~jsn}~nkvdnmfmodn bv znwznsnkvs bs bkfbomvbqn `a vdn odmkcn bk c`qnzkhnkv mkf w`ibormkf wzmovbon mwwz`mod+

Vd~s) vdn Anfnzmi C`qnzkhnkv ~kfnz Rmz M‒f~m mwwnmzs v` jn fnvnzhbknf v`w~v bv `~v `a bvs hbsnzr bvd`~v moonwvbkc ibmjbibvr a`z vdn bkqnsv`z‒s a~kfs bvs`~zonf w~jiboir+

Ambi~zn v` f` vdbs `~if jn vdn nsvmjibsdhnkv `a m wmzmfbch vdmv `~if jnoi`snir ~snf v` fnabkn mkr nkcmcnhnkv bvd vdn Anfnzmi C`qnzkhnkv ‟ omk nvz~sv vdmv vdbs O`~kvzr bii k`v znqnzsn bvsnia dnk mk`vdnz mfhbkbsvzmvb`ko`hns bk0 A`z s`hn o`~kvzbns) vdbs bs miznmfr vz~n j~v n) ms m kmvb`k) omkk`vzbsl s~od mv vdbs vbhn+

Vdn mjbibvr `a c`qnzkhnkv v` zmbsn s~od mk bksvbv~vb`k bvd m w~zw`sn v` nkvnzvdn omwbvmi hmzlnv bs a`znqnz i`sv+ Sn bkvnkf vdmv vdbs f`o~hnkv znhbkfs vdnwn`win `a s~od m w`ssbjbibvr mkf d`wn vdmv vdz`~cd vdn movb`ks `a C`qnzkhnkvvdmv bii jn mjin v` znj~bif vdn jz`lnk vz~sv imbf jmzn+

K_N5 Vdn Mibl` Fmkc`vn Wznbfnkor mkf Hmvvnz Mzbbkc

Vdnzn bs k` fnkrbkc vdn amov vdmv vdn h`sv znonkv j~aanvbkc `a vdn K_N dms bvsz``vs bk vdn k`v v`` fbsvmkv wmsv) o`hw`~kfnf jr vdn znonkv `zifbfn abkmkobmihmzlnvs v~zh`bi vdmv dms bwnf(`aa snqnzmi vzbiib`ks `a kmbzm `a bkqnsv`zs‒ h`knr+

Mffnf v` vdn ci`jmi hmzlnv hmimbsn ms vdn bkoznmsbkc hmzlnv fbso`ha`zv bvdmiincnf fbso`qnzr `a hmiwzmovbons jr hmzlnv `wnzmv`zs) s`hn }~`vnfo`hwmkbns) mkf znc~imv`zs $d` ambinf v` mov v` svnh s~od wzmovbons"+ Vdnamii`~vs `a vdbs inmfnzsdbw hnivf`k omk jn snnk bk vdn bkoznmsbkc fnhmkf a`zmovb`k v` nko`~zmcn h`zn fbsoi`s~zns) zbsl hmkmcnhnkv) bhwz`qnhnkv `a vdnnml o`zw`zmvn c`qnzkmkon `a ibsvnf abzhs mkf znc~imv`zs) mkbkc o`kabfnkon bkvdn omwbvmi hmzlnv f~n v` vdn odm`vbo kmv~zn `a cnvvbkc vdbkcs f`kn) mkf vdn~koinmz mkf o`kaibovbkc sbckmis `k vdn bhwmov `a v`tbo mssnvs `k vdn jmklbkcsv`ols ibsvnf `k vdn Kbcnzbmk _v`ol Ntodmkcn+

Vdn bko`ksbsvnkobns `k w`ibor hmvvnzs jr vdn znc~imv`zs $bkoi~fbkc vdn K_N" msnii ms vdn znmibvr jmnf wnzonwvb`k mh`kc vdn bkqnvbkc w~jibo mkf vdnc`qnzkhnkv) vdmv vdn hmzlnv znc~imv`z mkf ~wnzqb`z mzn m h~od`a vdn wz`jinh vdnhniqn zmvdnz vdmk vdn `i~vb`k cbqns vdn svmv~s `a vdn KOH mv vdbs vbhn) m k`v s` fnsnzqnf bhmcn o`ksbfnzbkc vdn svzbfns bv dmshmfn+

Ntwnovnfir) j`vd _NO mkf K_N o`kvbk~n v` znonbqn fmhkbkc mssnsshnkv `a vdnbz s~wnzqbs`zr bkfnwnkfnkon) omwmjbibvbns) zninqmkon) naabobnkor)naanovbqnknss) o`hwnvnkon ms nii ms sbkonzbvr+ Vdbs oimh`~z mkf wnzonwvb`kdms k`v mjmvnf ms ms nqbfnkv f~zbkc vdn z~k(bk v` vdn K_N‒s MCH) dbod ms

fmkcnz`~sir mwwz`modbkc m w`ibvbomi abnif vrwn jmvvin zmvdnz vdmk vdnwz`anssb`kmi mkf cnkvinhmkir s~oonssb`k wz`onss bv dms jnnk lk`k a`z+

8/9/2019 A Future Foretold - NSE and the Challenge of Self Regulation

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K_N mkf vdn Odmiinkcn `a _nia Znc~imvb`k ‟ M~c~sv ::) :7=7

+wz`sdmznkc+o`h bk mss`obmvb`k bvd HJO KnsO`zw  ==

 

VDN _^_VMBKMJBIBVR B__^N_ MZB_BKC5 VDMV SDBOD H^_V ODMKCN-

 ’@~z Hmzlnv h~v k`v z~k ibln m hnfbnqmi Lbkcdbw sdnzn mii mz`~kf bv) r`~ abkf 

bkvzbc~n mkf o`~zvbnz nnlbkc v` mfqmkon nia bkvnznv+ ^kfnz ~od m  wnzonwvb`k) vdn wzbkobwin `a inqni wimrbkc abnif sdbod j~bif o`kabfnkon bo`hwz`hbnf+* 

Vdn abzsv svnw v` mffznssbkc `~if mwwnmz v` jn vdn ~kbvr `a w~zw`sn sd`k jrvdn wzbkobwmi wimrnzs bk vdn hmzlnv bvd`~v ntonwvb`k dbod nkv m i`kc mr v`f`~sn mkr aimhn `a fbso`zf mkf dniwnf v` w`sbvb`k vdn wznsbfnkor mkf vdnntodmkcn bk m ambz svmzvbkc w`sbvb`k) o`ksbfnzbkc vdn odmiinkcns+ Vdn Mibl`Fmkc`vn wznsbfnkor h~sv vdnzna`zn vmln mfqmkvmcn `a vdbs —~hhnz jznml‒ v`snv vdn v`kn a`z vdn odmkcn knnfnf+

_` sdmv omk vdn Fmkc`vn wznbfnkor modbnqn0

Miznmfr) vdn hmzlnv dms sw`lnk ‟ sdmv b knnfnf b m j`if) qbb`kmzr mkfnaabobnkv inmfnzdbw jr mk bkfnwnkfnkv hbkfnf o`~kobi+ Vdbs h~sv jn mkbhhnfbmvn j~v nii vd`~cdv(`~v sn}~nkon `a bkvnzqnkvb`ks mkf nkcmcnhnkvs miicnmznf v`mzfs nks~zbkc vdmv m sbckmi bs snkv v` vdn hmzlnv vdmv vdn K_N bsznmfr mkf biibkc v` f` dmv bs knnfnf mkf dms vdn ~kfnzsvmkfbkc `a d` vdbsbii jn f`kn+

Vdn zn(nkcbknnzbkc `a vdn Kbcnzbmk _v`ol Ntodmkcn h~sv vdnzna`zn jn m vmsl v`jn w~zs~nf mv vdznn inqnis5

W`ibvbomi/O`zw`zmvn C`qnzkmkon ‟ Vdbs bii bkq`iqn vdn znqbn `a vdnwmsv znw`zvs `k vdn K_N v` bfnkvbar ozbvbomi ninhnkvs `a bvs o`zw`zmvnc`qnzkmkon vdmv knnfs v` jn zn(omibjzmvnf $hmrjn k`v nkvbznir`qnzdm~inf"+

Vdn h`sv `jqb`~s bs vdn z`in) zninqmkon mkf naanovbqnknss `a vdn K_NO`~kobi ms m J`mzf `a Fbznov`zs wimva`zh dnzn jnsv wzmovbon o`zw`zmvnc`qnzkmkon z~ins bii jn snv mkf nka`zonf+ Vdbs omkk`v jn modbnqnf bvd`~vznqbsbvbkc vdn jmsbs mkf ozbvnzbm a`z O`~kobi hnhjnzsdbw+ Vdbs bs m vd`zkrbss~n a`z dbod vdnzn mzn k` nmsr mksnzs+ M srhj`ibo odmkcn bii jn mfbsmsvnz+

Vdn odmkcns knnfnf bii o`qnz o`fn `a o`kf~ov) fnoimzmvb`k `a bkvnznsvs mkffbznov/bkfbznov d`ifbkcs bk o`hwmkbns ibsvnf `k vdn sv`ol hmzlnv mkf mfbsoi`s~zn zn}~bznhnkv a`z fbznov`zs `a }~`vnf o`hwmkbns v` —fbsoi`sn‒ vdnbzsdmzn fnmibkcs mj`qn snv ibhbvs $ms mwwibomjin bk `vdnz oibhns"+

Vdn h`zn anmsbjin mwwz`mod v` vdbs bs vdn fnibomvn hmkmcnhnkv `a vdn fn(h~v~mibsmvb`k wimk ms m jmsbs a`z knc`vbmvb`k+ Vdbs `~if nks~zn vdmv wmsvwznsbfnkvs mkf o`~kobi hnhjnzs d` dmqn `zlnf s` dmzf a`z vdn K_N mznk`v znincmvnf `z bck`znf j~v vdn o`kobibmv`zr jnknabv h~sv jn vdn sdbav bkvdn o`ksvbv~vb`k `a vdn kn o`~kobi/J@F v` znainov vdn knnfs `a m :=sv 

onkv~zr sv`ol ntodmkcn dbod mis` dms z``h a`z vdn hmkmcnhnkv vnmh v` —jno`hn fbznov`zs‒ bk vdn kn J@F+

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K_N mkf vdn Odmiinkcn `a _nia Znc~imvb`k ‟ M~c~sv ::) :7=7

+wz`sdmznkc+o`h bk mss`obmvb`k bvd HJO KnsO`zw  =:

 @k vdbs bss~n bii jn vdn `jqb`~s hmkmcnhnkv `a vdn wimkknf ntbv `a vdnbko~hjnkv FC `a vdn K_N+ Vdn odmiinkcns dnzn mzn d~cn ms vdn K_N dmsdbvdnzv` a~kovb`knf bvd`~v m s~oonssb`k wimk vdmv mii`nf bvs v`w hmkmcnzsv` a~kovb`k bk movbkc `z inmfnzsdbw z`ins+

Vdn K_N Hmkmcnhnkv _vz~ov~zn ! inmfnzdbw Fnqni`whnkv Wimk

Vdn K_N dms dmf m ci`zb`~s cz`vd ~kfnz vdn FC sbkon sdn v``l `qnz az`hMw`svin Mibin bk :777+ Ms sdn mwwz`modns vdn nkf `a dnz =7 rnmz vnk~zn bk:7=7) vdn hmzlnv `ns dnz m fnjv `a czmvbv~fn mkf h~sv snnl v` `zl bvddnz) bk wmzvknzsdbw) v` fnibqnz `k vdn odmkcns knnfnf v` jzbfcn vdnhmkmcnhnkv cmws mwwmznkv bk vdn svz~ov~zn `a vdn K_N+

_bkon :776 dnk Zmuml @imfne` znvbznf ms vdn Fnw~vr Fbznov`z Cnknzmi)vdn K_N dms a~kovb`knf bvd`~v m FFC) fnswbvn bvs bkoznmsnf inqni `a j~sbknss movbqbvr mkf odmiinkcns+ Vdbs wznsnkvs m s~oonssb`k odmiinkcndbod n ~kfnzsvmkf bs m lnr a`o~s `a vdn FC) mkf h`sv onzvmbkir vdmv `a vdn kn o`~kobi+

H`qbkc A`zsmzf

Amz h`zn bhw`zvmkv bs vdn slbii snv `a vdn vnmh bk wimon v` fnibqnz vdn d~cnodmkcns zn}~bznf+ Vdn ntwnzbnkon) lk`infcn mkf oi`~v `a vdn o~zznkv FCznhmbk bkqmi~mjin mkf h~sv jn m amov`z bk mkr o`ksbfnzmvb`k a`z vdnodmkcns knnfnf+ Vdbs h~sv d`nqnz k`v jn m fnobfbkc amov`z bk vdnzmvb`kmin a`z j~bifbkc m w`sv(Kfb K_N+ _dn omk mkf h~v k`v jn vznmvnfsbvd o`zk m sbii jn nnk bk vdn movb`k `a Wznbfnkv @jmhm sd`bkvnkf v` k`hbkmvn Jnk Jnzkmkln $d`sn vnzh ntwbzns bk 1h`kvds vbhn" v` m no`kf vnzh m dnmf `a vdn Anfnzmi Znnzqn

fnwbvn vdn wzn~zn v` —dmkc dbh‒ a`z vdn o`iimwn `a vdn no`k`hr+

H`zn bhw`zvmkv d`nqnz h~sv jn vdn znimvb`ksdbw jnvnnk vdn K_N mkf vdn_NO+ Vdbs znhmbks m qnzr fbaabo~iv bss~n d`sn odmiinkcns svnh az`h vdna`zhmvbqn dbsv`zr/rnmzs+

Vdnzn h~sv knqnz jn m f`~jv ms v` vdn z`in mkf znsw`ksbjbibvr `a vdn _NO+Vdn K_N h~sv f` mii bk bvs w`nzs k`v v` dbvvin f`k vdn w`nzs mkfzninqmkon `a vdn _NO j~v movbqnir nkcmcn bk vdn w`ibvbos `a bvs svz~ov~zn mkfinmfnzsdbw vdz`~cd m o`hjbkmvb`k `a vdn fnav hmkmcnhnkv `a vdn _NO) vdnD`~sn `a Mssnhjir) vdn Wznsbfnkor mkf vdn Hbkbsvzr `a Abkmkon `k vdn `kn

dmkf+

8/9/2019 A Future Foretold - NSE and the Challenge of Self Regulation

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K_N mkf vdn Odmiinkcn `a _nia Znc~imvb`k ‟ M~c~sv ::) :7=7

+wz`sdmznkc+o`h bk mss`obmvb`k bvd HJO KnsO`zw  =?

Mv vdn `vdnz dmkf) bv h~sv a`zcn m —jmol f``z odmkkni‒ `a o`hh~kbomvb`kknnfnf v` j~bif m oi`sn znimvb`ksdbw bvd vdn bksvbv~vb`k mkf zns`iqnodmiinkcns+

Vdn h`zn mwwmznkv `kn bs vdn zn(bkvz`f~ovb`k `a m o`ks~ivmvbqn a`z~hjnvnnk vdn K_N) _NO) OJK) FH@) KFBO mkf vdn Hbkbsvzr `a Abkmkon v`fbso~ss bss~ns `a o`hh`k bkvnznsv+

_vzmvncr/Znw~vmvb`k Hmkmcnhnkv ‟ Az`h m svzmvncbo qbnw`bkv) vdno`hw`sbvb`k `a vdn hmzlnv $o`qnzbkc bvs hnhjnzsdbw) fbsobwibkn mkf z~inj``l" bii dmqn v` jn znqbnnf v` jzbkc bv mv wmz bvd o~zznkv jnsv wzmovbon+

Sn omk k` i`kcnz dbfn msmr az`h vdn amov vdmv m o`zznimvb`k dmjnnk nvmjibdnf jnvsnnk vdn movb`k `a vdn K_N) bvo`hh~kbomvb`k mkf vdn bhwmov `k bkqnv`z‒ o`kabfnkon+ Vdn~vmbknf jnmz hmzlnv b nqbfnkon nk`~cd+

Vdn snvvbkc ~w `a m dbcd(nkf o`hh~kbomvb`ks hmkmcnhnkv vnmh $bkvnzkmio`hh~kbomvb`ks) Nqnkvs hmkmcnhnkv) hnfbm znimvb`ks) jzmkfhmkmcnhnkv) ntvnzkmi znimvb`ks) i`jjrbkc mkf a`znbck maambzs" bs i`kc`qnzf~n+

Bksvbv~vb`kmibsbkc vdbs bs m h`sv< mkf vdbs sd`~if jn mwwz`modnf az`h mh`zn svzmvncbo wnzswnovbqn v` nkmjin vdn Mibl` wznsbfnkor fzm oi`snz v` bvvdn h~od knnfnf c``fbii bv zn}~bzns v` ntno~vn vdn odmkcn hmkmcnhnkvwz`czmh+

Dmkfibkc s~od bss~ns ms fn(hmvnzbmibsmvb`k) fn(h~v~mibsmvb`k) mkf vdno~zznkv kncmvbqn wznss `k vdn wnzs`k `a vdn wznsbfnkv) vdn FC mkf bkfnnfvdn K_N h~sv jn m wzb`zbvr a`z vdbs vnmh+

Bv bs k`v nk`~cd v` dmqn m —znimvb`kdbw‒ sbvd vdn hnfbm dbod) bv dmsjnnk sd`k bs k`vdbkc h`zn vdmk —dbv`zbomi o`~zvnbn ~vmbknf jrh`knr‒+ Bk vdbs mwwz`mod) i`rmivr b knc`vbmjin sdbin annfjmol b`avnk mv vbhn ro`wdmkvbo+ Sn knnf v` svnw ~w vdn cmhn mkf oznmvn mf~mi inqni `a nkcmcnhnkv vdmv mffznssns vdn jmsn knnfs j~v h`qns zmwbfirv` j~bif `k vdn —jznml‒ `aanznf v` h`qn vdn hnssmcn fbznovir v`

svmlnd`ifnzs+

Vnodk`i`cr maa`zfs ~s vdn `ww`zv~kbvr v` fnibqnz vdbs) e~sv ms svzmvncbomiibmkons `aanzs ~s vdn o`hh`k v`~od v` j~bif mk `wnk o`hh~kbomvb`ksrsvnh vdmv nibhbkmvns hbffin hnk d` znvmbk vdnbz zninqmkon f~n v` vdn

 —z~h`~z‒ hbii oznmvnf jr vdn mjsnkon `a m oznfbjin bka`zhmvb`k hmkmcnhnkvsrsvnh+ Vdbs n ntwnov v` o`qnz VQ) Zmfb`) Wzbkv mkf vdn Snj bvd mo`ksob`~s a`o~s `k nks~zbkc vdmv vdn inmfnzsdbw bs k`v `qnzntw`snf j~vw`sbvb`knf v` znwznsnkv vdn w`nz jmsn s`~cdv a`z vdn ntodmkcn v` modbnqnbvs c`mis+ Vdn a`o~ h~v jn `k bkvbv~vb`k j~bifbkc bk `zfnz v` a~iabivdn incmor `jenovbqn vdb hmzlnv fnnzqn+

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K_N mkf vdn Odmiinkcn `a _nia Znc~imvb`k ‟ M~c~sv ::) :7=7

+wz`sdmznkc+o`h bk mss`obmvb`k bvd HJO KnsO`zw  =6

Vdn Ntodmkcn) ba o`hwmznf bvd vdn kn I`kf`k _v`ol Ntodmkcn j~bifbkc)h~sv znmibsn vdn knnf a`z m a~iir n}~bwwnf mkf hmzlnv a~kfnf $vdz`~cdsw`ks`zsdbws" wznss onkvzn vdmv mii`s ~kanvvnznf moonss v` kns mkf bvsfbssnhbkmvb̀ k a`z mii mooznfbvnf e`~zkmibsvs+ Vz~ir) vdbs h~sv jn h`zn ibln mk`aabon a`z vdnh e~sv ms JJO mkf _lr Kns f`ns+

Vdn K_N qnk~n bs mis` ~sna~i a`z }~`vnf abzhs v` d`if mii vdnbz wznsso`kanznkons bk m wimon dnzn mii vdn omwbvmi hmzlnv o`zznsw`kfnkvs mzn~s~miir wznsnkv+ Vdbs bii k`v jn m znqnk~n nmzknz j~v m qmi~n mffnf v`}~`vnf o`hwmkbns ms mk bkonkvbqn a`z jnbkc m ibsvnf hnhjnz $hnnvbkc miiw`sv(ibsvbkc zn}~bznhnkvs `a hmzlnv bka`zhmvb`k" `a vdn ntodmkcn+ Vdbs biinkcnkfnz m jmsbs a`z o`hwibmkon bvd vdn —amovs jndbkf vdn abc~zns‒ wznsnkvmvb`k+

A~zvdnz) vdn K_N j~bifbkc ms mv v`fmr o`~if jn bhwz`qnf v` i``l m i`v h`znibln m h`fnzk ntodmkcn vdmv bkvnkfs v` mvvzmov hnk `a fbsvbkovb`k mkf qmi~njr v~zkbkc bv bkv` m wimon `a `zfnz mkf snzqbon ntoniinkon+ Oznmvbkc vdbs biimkf sd`~if k`v jn m fbaabo~iv vmsl+ Vdn odmkcn zn}~bznf svmzvs bvd vdnzno`ckbvb`k vdmv s~od mk bksvbv~vb`k h~sv jn m wimon dnzn lbfs omk~kfnzvmln sod``i v`~zs) j~sbknssns omk ~kfnzvmln m amhbibmzbsmvb`k v`~z `zntodmkcn wz`czmh ms nii ms hmln bv azbnkfibnz a`z sdmznd`ifnz mss`obmvb̀ ksv` d`if wmzinrs+

_~aabon v` smr) vdn ntodmkcn h~sv jno`hn m wimva`zh dnzn —j~sbknss bsf`kn‒ mkf m qnzbvmjin qnk~n a`z d`ifbkc o`zw`zmvn movbqbvbn sdbodnkdmkon vdn —kns(v`(hmzlnv‒ h`fni zn}~bznf a`z naanovbqno`hh~kbomvb`k+

Wz`onn/Wn`win ‟ Vdn knnf v` vmln vdn ntodmkcn v`mzfs mvnodk`i`cbomi sdbav dnzn vdn wz`onssns a`z o`kf~ovbkc mkf hmkmcbkc vdnj~sbknss `a vdn ntodmkcn bs BV fzbqnk mkf o`hwibmkv+

Vdbs bii bkoi~fn s~od wz`onssns ms mqmbimjin `k +wz`sdmznkc+o`h mkfs~od bkvnzmovbqn snzqbons ibln m wmzvknzsdbw bvd h`jbin wd`kn o`hwmkbnsa`z vntv mkf fmvm ~wfmvns ms nii ms hmzlnv z`~kf ~ws `k h~ivb(hnfbm) VQWz`czmhs ibln n f`+

Vdn h`zn amov~mi `kn bii jn vdn bkvnczmvb`k `a O_O_ fmvm bvd vdn K_N v`mii` bkqnsv`zs bk mkf `~vsbfn Kbcnzbm v` moonss vdnbz wnzs`kmi fmvm az`h msno~znf snzqbon mkf wz`qbfn vdn bkvniibcnkv bka`zhmvb`k knnfnf v` hmlnfnobsb`ks+

Vdn mj`qn omkk`v jn modbnqnf d`nqnz bvd wn`win d` f` k`v dmqn aimbz`z maabkbvr a`z BV mkf bvs fnwi`rhnkv odmiinkcns+ Vdbs h~sv jn m lnr amov`z+

V` modbnqn vdbs) vdn hmzlnv `~if dmqn sbckbabomkvir h`qnf v` mffznss mlnr o`konzk bk nks~zbkc vdmv vdn ntodmkcn h`qns oi`snz v` vdn wz`onsszn}~bznhnkv `a m w`sv :771 o`ks`ibfmvb`k mkf omwbvmi hmzlnv j``h bk

oibnkvnin mkf snzqbon bss~ns dbod bv dms hmbkvmbknf $`z dms znf~onf"omwmobvr v` fnibqnz `k+

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K_N mkf vdn Odmiinkcn `a _nia Znc~imvb`k ‟ M~c~sv ::) :7=7

+wz`sdmznkc+o`h bk mss`obmvb`k bvd HJO KnsO`zw  =>

 Vdn knnfnf wz`anssb`kmibsh bk vdn ntodmkcn bii jn mvvbv~fbkmi b+n+ snnbkc`zlbkc bk vdn ntodmkcn ms m omznnz h`qn bvd vdn mvvnkfmkv znswnovmjbibvrdnznjr o`hwmkbns snn vdn bksvbv~vb`k ms vdn wznanzznf znoz~bvhnkv cz`~kfa`z o`hwnvnkv) omwmjin mkf oznfbjin dmkfs v` hmkmcn vdnbz sv`ol jz`lbkcj~sbknssns+ Vdn odmkcn n snnl bii o`hn az`h bvdbk mkf k`v `kn vdmv`~if jn mvvzmovnf v` mk bksvbv~vb`k wimc~nf bvd m wnzonwvb`k `a wnzabfr+

Vdbs sd`~if jn vdn v``i v` znoimbh vdn h`zmi m~vd`zbvr `a vdn hmzlnv+ Vdnbksvbv~vb`k) vdz`~cd vdn fnwi`rhnkv `a mfn}~mvn mkf knnf(jmsnfvnodk`i`cr bii jn mjin v` snkf vdn h`sv bhw`zvmkv sbckmi v` vdn hmzlnvvdmv nka`zonhnkv bii `kir jn vdn d~hmk bkvnzqnkvb`k zn}~bznf+ Sn knnfvdbs ms m kmvb`k) ms m wn`win mkf ms m hmzlnv+

Sn jnibnqn vdmv vdn mj`qn bka`zhnf vdn vdbklbkc `a vdn K_N wznsbfnkv dnkdn imbf `~v bk dbs sd`zv mffznss vdn hnmks `a fnmibkc bvd vdn znmibvbns `a vdn hmzlnv+ Dbs mffznss v`~odnf `k lnr bss~ns) smrbkc vdmv vdn odmkcnss`~cdv `~if jn5

  ’moo`hwibsdnf jr nks~zbkc vdmv n dmqn m h`zn `wnk mkf ambz hmzlnv)bhwz`qbkc vdn fbsoi`s~zn svmkfmzfs) a`zcbkc m oi`snz mkf jnvvnzo`iimj`zmvb`k bvd `vdnz znc~imv`zs wmzvbo~imzir _NO $ dbin svbii wz`vnovbkcvdn bkfnwnkfnkon `a vdn K_N"+ Vdn unz` v`inzmkon zncbhn nkqbsmcnf sd`~ifjn nhj`ifnknf v` nks~zn swnnfr wnkmivbns `k `wnzmv`zs d` ai`~v `~zz~ins+ @~z s~zqnbiimkon) o`hwibmkon mkf nka`zonhnkv ~kbvs bii jn a~zvdnzsvznkcvdnknf v` nks~zn vdmv vdnr `wnzmvn `wvbhmiir+ Sn bii ~wfmvn `~zo`zw`zmvn c`qnzkmkon z~ins k`v `kir a`z `~z ibsvnf o`hwmkbns j~v mis` a`z

`wnzmv`zs mkf vdn O`~kobi bvsnia jnom~sn odmzbvr h~sv jncbk mv d`hn+‘ 

 ’Ba vdn _v`ol Ntodmkcn mkf bvs fnmibkc hnhjnzs h~sv o`kvbk~n v` znhmbkqbmjin no`k`hbo ~kbvs) n h~sv hmln s~zn vdmv n bkoznmsn vdn ib}~bfbvrmkf v~zk`qnz bk vdn hmzlnv+ @kn `a hr abzsv hbssb`ks bii jn v` inmf mkfbkvnksbar fbso~ssb`ks bvd `vdnz zninqmkv wmzvbns bk vdn no`k`hr v` w~v bkwimon m wimk v` bhwz`qn vdn ib}~bfbvr mkf v~zk`qnz bk `~z hmzlnv wmzvbo~imzirbk vdn sno`kfmzr hmzlnv+ Sn dmqn v` fbso~ss mkf mcznn `k dmv v` f` bvdvdn —v`tbo mssnvs‒ bk `~z hmzlnv mkf qnzr ozbvbomiir d` v` wz`qbfn a~kfbkca`z `~z sv`oljz`lnzs v` znai`mv vdnbz j~sbknssns+ Ba n mzn v` o`hwnvn bvd`vdnz hmzlnv `k vdn o`kvbknkv) vdnk n dmqn v` jncbk mccznssbqnir

hmzlnvbkc mii vdn dbcd }~mibvr o`hwmkbns bk vdn s~j zncb`k v` hmln s~znvdmv vdnr mzn ibsvnf bk `~z hmzlnv+ B bii hmln s~zn vdmv n vmln qnzro`koznvn svnws v` nks~zn vdmv n a~zvdnz fnnwnk mkf ntwmkf `~z hmzlnv jrbkvz`f~obkc `vdnz wz`f~ovs mkf mvvzmovbkc h`zn bkqnsv`zs+ S`zlbkc bvd vdnhmkmcnhnkv `a vdn K_N) B bii hmln s~zn vdmv n mfdnzn v` vdn vbhnvmjinv` fnhmvnzbmibun vdn hmzlnv s` vdmv jr Emk~mzr :7=7 n f` k`v dmqnonzvbabomvns bk `~z hmzlnv+‘ 

Dn mffnf) ’B bii nks~zn vdmv n svzbovir bhwinhnkv vdn `kc`bkc nkvnzwzbsnj~sbknss vzmksa`zhmvb`k ntnzobsn dbod bs mbhnf mv bhwz`qbkc vdn naabobnkorbk vdn `wnzmvb`ks `a vdn hmzlnv mkf ~wfmvn vdn nkvbzn j~sbknss wz`onssns

`a vdn _v`ol Ntodmkcn+ B mh mmzn vdmv vdn j~sbknss vzmksa`zhmvb`k vnmhbs o~zznkvir `zlbkc `k vdn fnvmbinf `wnzmvbkc wz`onss a`z nmod j~sbknss

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K_N mkf vdn Odmiinkcn `a _nia Znc~imvb`k ‟ M~c~sv ::) :7=7

+wz`sdmznkc+o`h bk mss`obmvb`k bvd HJO KnsO`zw  =1

~kbv `a vdn K_N+ Sdmv bs inav bs v` nks~zn vdmv hmzlnv z~ins mzn znqbnnf)mibcknf mkf dmzh`kbunf bvd bss~mkon mkf vzmfbkc wzmovbons mkfvnodk`i`cr+ Cbqnk vdn znonkv `zif bfn ntwnzbnkon) zbsl bss~ns dmqn k`o`hn v` vdn a`zn bk vdn hmzlnvs+ Sn dmqn k` od`bon vdmk v` bkoznmsn `~za`o~s `k MII ZB_L bss~ns vdmv mzn iblnir v` maanov `~z hmzlnv+‘ 

K_N bhwir dm v` vmzv wznwmzbkc a`z m odmkcn

Vdbs kn o`~kobi bs bk bv bvs sbtvnnkvd fmr $v`fmr" mkf o`hn K`qnhjnz 74):772) vdn abzsv =77 fmrs `~if jnol`k+ Sn knnf `k vdbs fmr) mk movbqbvrsodnf~in vdmv `~if fnabkn vdn o`~kobi ms jnbkc zninqmkv v` vdn vbhns+

Vdn K_N o`~kobi `~if dmqn v` mffznss vdn s~oonssb`k zn}~bznhnkvs a`z vdnw`sv `a vdn FC) K_N vdbs rnmz mkf k`v mkr vbhn imvnz+ _~od m od`bon h~sv jn`kn vdmv dms vdn j`ifknss) qbsb`kmzr inmfnzsdbw mkf w`ibvbomi mo~hnk v` inmfvdn omwbvmi hmzlnv/ntodmkcn `~v `a vdn ``fs bkv` m cz`vd wmvd+

Ambibkc v` zno`ckbsn vdmv vdbs bs `kn ~kb}~n `ww`zv~kbvr v` cnv mii vdn jmf kns`~v ‟ mkf ~sn vdmv v` znj~bif o`kabfnkon bk m hmzlnv sd`bkc s`hn znsbibnkonv` zno`qnz omkk`v jn mk nko`~zmcbkc sbckmi) rnv sn vbii znvmbk m om~vb`~d`wn vdmv vdb vbhn) vdbkc sbii k`v znhmbk vdn mhn+