Market Monitoring

Most markets are not overseen by market monitors. Generally, in the United States, this function is left to the legal system, the Department of Justice and the Federal Trade Commission. But there are major exceptions, the stock markets being the

Power markets deserve special treatment, first because new power markets are often poorly designed. (Both the California and New England markets have experienced prices of $ 10,000 for a commodity that normally trades for under $ 10, and both concluded this was due to market power made possible by a flaw in the market's design.6) Second, two attributes of market structure are extremely conducive to market power. Electric energy is almost impossible to store, and the RT

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