This act regulates secondary trading between individuals and companies which are often unrelated to the original issuers of securities.

In addition, it would mandate that the two agencies work closely to regulate trading between the two markets.

In the eighteenth century, English merchant law was still based on the Lex mercatoria, a medieval series of customs and principles used to regulate trading.

The World Is Smaller He says there is a growing need for an international securities commission to regulate global trading as securities market become more and more linked internationally.

Even then, the S.E.C. argued that it should regulate trading of the new financial instruments because of their impact on the securities markets.

The company contends that Mr. Clore violated securities laws regulating short-term trading by insiders and is seeking to recover "several millions of dollars" in profits made on the stock trades, the company said.

The issue has stalled four-year-long negotiations under the General Agreement on Tariffs and Trade, the body that regulates global trading.

The New York Stock Exchange has issued one requirement and is considering others that would enhance the exchange's ability to regulate trading by member firms.

The Tokyo Commodity Exchange (TOCOM) is a non-profit organization, and regulates trading of futures contracts and option products of all commodities in Japan.

The Securities Act is the governing law regulating the sale and trading of securities on the United States securities markets.