Law Commons^™

Systemically Significant Prices, Robert C. Hockett, Saule T. Omarova

Cornell Law Faculty Publications

Some prices and indices in national or transnational markets take on particular market-wide importance, either because (a) they are associated with ubiquitous inputs to production, (b) they are associated with highly popular asset classes, (c) they tend by convention to be used as benchmarks in determining other prices, or (d) some combination of the above. Examples include prevailing wage and salary rates, certain energy and commodity prices, and such indices and borrowing rates as the Standard & Poor’s 500, the Federal Funds Rate, and the Libor and Euribor interbank lending rate benchmarks.

We call such prices and indices 'systemically important' …