A report issued by the Organisation for Economic Co-operation and Development (OECD) touts the success of the current multi-stakeholder model for governing Internet access and the exchange of traffic across web networks as it calls on regulators worldwide to draw a “bright line” between that model and traditional pricing models for legacy landline networks. Entitled, Internet Traffic Exchange: Market Developments and Policy Challenges, the report was released last week in advance of the upcoming ITU World Telecommunications Conference in Dubai, where delegates are expected to consider proposals to impose a centralized, international governance model on the Internet and mandate a “sender pays” regime for the exchange of traffic across Internet networks. Since the commercialization of the Internet two decades ago, the report states that the Internet has developed into “an efficient market for connectivity based on voluntary contractual agreements.” Based on a survey of 142,000 peering agreements that involve not only Internet backbone and access providers but also universities, government agencies, individuals and a variety of businesses, the OECD found that terms and conditions for Internet interconnection were agreed upon in 99.5% of cases without a written contract, thus indicating “a degree of public unanimity that an external regulator would be hard-pressed to create.” As such, the report states that he current model of traffic exchange for the Internet “has produced low prices, promoted efficiency and innovation and attracted the investment necessary to keep pace with demand” while “operating in a highly competitive environment, largely without regulation or central organization.” Illustrating the sharp contrast between the Internet model and traditional voice telephony models, the report further argues that, “if the price of Internet transit were stated in the form of an equivalent voice minute rate, it would be about USD 0.0000008 per minute—five orders of magnitude lower than typical voice rates.” While showcasing that figure as “a remarkable and under-recognized endorsement of the multistakeholder, market driven nature of the Internet,” the report warns of the “risk of conflict between legacy pricing . . . models and the more efficient model of traffic exchange” as it calls on regulators to draw a “bright line” between the two models “to ensure that the inefficiencies of traditional voice markets will not take hold on the Internet.”