Brokers functioning in emerging markets encounter far more uncertainty than others in key financial centers. Due to less-defined situational information, mistakes result in higher costs to those brokers. Thus, those brokers develop much greater levels of internal discipline from the outset. Rather than depending upon brand or size, they put emphasis on reliability of processes and clarity of operations. Systems are tested in stressful situations, not in ideal situations. In addition, brokers tend to be more deliberate with their decision-making while considering the long-term. This results in having solid foundations of stability before pursuing growth. Over time, brokers have established higher internal standards because of these practices and brokers who were resilient from early on will have directed more of the world’s benchmarks. 

Hence, quite a few standards will be established as defined by where they are from, but primarily from their history with instability.