With the threat of increased collisions and electromagnetic interference, exacerbated by several recent debris-generating events, notably the collision between the operational Iridium 33 and dead Cosmos 2251 satellites, some suggest there is an immediate need for a “space traffic management.” Developing such a system to manage on-orbit space activities would embody the objectives of three principles of Article IX (cooperation, mutual assistance, and due regard) and the affirmative duty to consult. It is a mistake to assume, however, that "regulation" necessarily involves a government, or domestic or international governmental institution, to implement the regulations. Indeed, much regulation in the global economy is privately performed --- produced and enforced by the marketplace, independent parties or trade associations. A space traffic management regime that incorporates privately performed regulatory mechanisms, instead of a more onerous governmental scheme, could provide an opportunity to embrace more flexible, responsive, and evolutionary processes. This, in turn, could drastically reduce space operator regulatory compliance costs. Private regulation has been shown to work; as such, it should deserve close consideration as an option to perform space traffic management.