Dictionnaire bilingue du Droit de la Régulation et de la Compliance

Market

par Marie-Anne Frison-Roche

The market is the place, physical or virtual, where the supply and the demand meet, allowing the emergence of exact prices. For this, it is governed by the principle of free competition. The market is thus the alpha and the omega of competition law, since the competition authority must determine the relevant market, in particular to penalize anti-competitive practices, and has the function of repairing the damage done to the market.

Regulation does not make the same place on the market except where the regulatory apparatus is temporary and its purpose is to build a competitive market. Its reference is more that of a sector, a wider space than that of the market. However, the finesse of regulatory techniques and the proximity of competition law and regulation law have led to the maturity of regulation of telecommunications to distinguish ex ante a series of markets.

In the same way in finance one distinguishes the regulated markets and those organized by mutual agreement which are not subjected to the same rules. However, regulation tends to encompass the different markets, different horizontally or vertically (upstream market and downstream market) in the same perspective and in correlated rules to ensure the general equilibrium of the sector since precisely, There is no such economic law of competition that would spontaneously give rise to such a balance.

There is much debate as to whether the market is a fact, a historical and geographical construction situated, or even a political idea or an philosophy or ideology claiming to be the first. The "regulation" is then colored in counterpoint: thus, the "regulation of the globalization" refers to the political idea of fight against the "all-market".

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