The Global Securities Market: A History

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Money managers and institutions such as pension funds and mutual funds with large amounts of money to invest like ECNs because they cost far less than other trading venues. Improved communications and the elimination of many legal barriers are helping the securities markets go global.


The number of securities listed on exchanges in more than one country is growing. Foreign securities are now traded in the United States. Likewise, foreign investors can easily buy U. Stock markets also exist in foreign countries: more than 60 countries operate their own securities exchanges. The number of big U. Emerging markets such as India, whose economy has been growing 6 percent or more a year, continue to attract investor attention. The Sensex, the benchmark index of the Bombay Stock Exchange, increased close to 40 percent between and as foreign investors continue to pump billions into Indian stocks.

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Why should U. The same is true for investors, who may find that they can earn higher returns in international markets.

Ranald Michie

Both state and federal governments regulate the securities markets. The states were the first to pass laws aimed at preventing securities fraud. But most securities transactions occur across state lines, so federal securities laws are more effective. In addition to legislation, the industry has self-regulatory groups and measures. Congress passed the Securities Act of in response to the stock market crash and subsequent problems during the Great Depression.

It protects investors by requiring full disclosure of information about new securities issues. The issuer must file a registration statement with the SEC, which must be approved by the SEC before the security can be sold. The act was amended in to give the SEC authority over the dealer markets as well. The amendment included rules for operating the stock exchanges and granted the SEC control over all participants exchange members, brokers, dealers and the securities traded in these markets.

The act also banned insider trading , the use of information that is not available to the general public to make profits on securities transactions. Because of lax enforcement, however, several big insider trading scandals occurred during the late s. The Insider Trading and Fraud Act of greatly increased the penalties for illegal insider trading and gave the SEC more power to investigate and prosecute claims of illegal actions. Other important legislation includes the Investment Company Act of , which gives the SEC the right to regulate the practices of investment companies such as mutual funds managed by financial institutions , and the Investment Advisers Act of , which requires investment advisers to disclose information about their background.

In response to corporate scandals that hurt thousands of investors, the SEC passed new regulations designed to restore public trust in the securities industry. Regulation FD requires public companies to share information with all investors at the same time, leveling the information playing field.

Global Securities Market Current Affairs - 12222

The Sarbanes-Oxley Act of has given the SEC more power when it comes to regulating how securities are offered, sold, and marketed. The investment community also regulates itself, developing and enforcing ethical standards to reduce the potential for abuses in the financial marketplace. It develops rules and regulations, provides a dispute resolution forum, and conducts regulatory reviews of member activities for the protection and benefit of investors.

Now, under certain conditions, circuit breakers stop trading for a minute cooling-off period to limit the amount the market can drop in one day. As part of the Dodd-Frank legislation passed by Congress in response to the financial crisis, the Securities and Exchange Commission SEC established a whistleblower-rewards program to provide employees and other individuals with the opportunity to report financial securities misconduct.

According to a recent SEC report, was a banner year for individuals reporting financial wrongdoings and whistleblowers being rewarded for what they discovered. The program requires the SEC to pay out monetary awards to eligible individuals who voluntarily provide original information about a violation of federal securities laws that has occurred, is ongoing, or is about to take place.

No awards are paid out until the sanctions are collected from the offending firm.

Buying and Selling at Securities Exchanges – Introduction to Business

A whistleblower must be an individual not a company , and that individual does not need to be employed by a company to submit information about that specific organization. A typical award to a whistleblower is between 10 and 30 percent of the monetary sanctions the SEC and others for example, the U.

The Global Securities Market A History

Through September , the whistleblower program received more than 18, tips, with more than 4, tips reported in alone. The program is not limited to U.

Despite criticisms from some financial institutions, the whistleblower-rewards program continues to be a success—reinforcing the point that financial fraud will not go unnoticed by the SEC, employees, and others individuals. Securities are resold in secondary markets, which include both broker markets and dealer markets. The broker market consists of national and regional securities exchanges, such as the New York Stock Exchange, that bring buyers and sellers together through brokers on a centralized trading floor.

Dealer markets use sophisticated telecommunications networks that link dealers throughout the United States. In addition to broker and dealer markets, electronic communications networks ECNs can be used to make securities transactions.

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In addition to the U. The largest non-U. The Securities Act of requires disclosure of important information regarding new securities issues. The Securities Exchange Act of and its amendment formally empowered the Securities and Exchange Commission and granted it broad powers to regulate the securities exchanges and the dealer markets.

The Investment Company Act of places investment companies such as companies that issue mutual funds under SEC control. Skip to content Increase Font Size. Understanding Financial Management and Securities Markets. Broker Markets The broker market consists of national and regional securities exchanges that bring buyers and sellers together through brokers on a centralized trading floor.

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Its market capitalization dwarfs both foreign and domestic markets. Unlike other financial markets, the NYSE trades mostly through specialists, financial professionals who match up buyers and sellers of securities, while pocketing the spread between the bid and ask price on market orders. Regional Exchanges The remaining 6 percent of annual share volume takes place on several regional exchanges in the United States.

Dealer Markets Unlike broker markets, dealer markets do not operate on centralized trading floors but instead use sophisticated telecommunications networks that link dealers throughout the United States. Alternative Trading Systems In addition to broker and dealer markets, alternative trading systems such as electronic communications networks ECNs make securities transactions.

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