There are many supranational organizations regulating global financial markets, including the Basel Committee on Banking Supervision, the International Organization of the Securities Commission (IOSCO) and the Committee on Capital Movements and Invisible Transactions. Generally speaking, trade diversion means that a free trade agreement would divert trade from more efficient suppliers outside the area to less efficient suppliers within territories. In contrast, the creation of trade implies that a free trade agreement creates trade that might not have existed otherwise. . . .