DEALS & DEALMAKERS: "Cox to Press Global Rules: SEC Chief Seeks An Oversight Body For Accounting," by Kara Scannell and David Gauthier-Villars, Wall Street Journal, 28 May 2008, p. C3.

Countries have SEC-like rules for their own markets. What is missing in the global economy are global rules for how those exchanges interact with one another.

Until that global rule set emerges, expect the experimentation to work those seams—for good and ill.