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Capital
and Credit Markets
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1.
Regulatory Actors |
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There are
different institutions that are all having their part in
the conduct of supervision and regulation of capital and
credit market institutions, for instance the FED, the
Securities and Exchange Commission (SEC), but also less
known players such as the Office of the Comptroller of
the Currency. |
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Federal
Reserve |
Go to this
side. |
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SEC |
Founded
in after the Great Depression, this commission has the
primary purpose of protecting the integrity of financial
markets and the rights of investors |
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CoC |
The
Comptroller has little to do with the currency
(historically it had such obligations, after its
establishment in 1864). Today the authority over
national banks. COC is boss of the FDIC. |
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FTC |
All
institutions that are not regulated by any of the other
bodies are under the supervision of the FTC, such as
credit reporting agencies. |
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2.
Stock Exchanges & Trading Platforms |
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There are
several stock exchanges in the U.S., regional ones as
well as the well-known trading places such as NYSE and
NASDAQ. They vary in the services provided, as well as
in their philosophy and - probably most important - the
trading volume. In the past, the market has also
experienced a dramatic growth of ECNs. |
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New
York Stock Exchange |
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NASDAQ |
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Regional
ones: |
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2. History |
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The U.S.
stock markets display an interesting history of booms
and busts, regulatory measures and their failure.
Moreover, this market might be described as one of the
most innovative financial markets. Derivative markets
are much more mature than in Europe, for instance. |
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1929 |
Great
Crash and Depression |
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1934 |
NYSE
registers as stock exchange |
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1971 |
NASDAQ
founded |
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1981 |
NYSE
founds NYFE |
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1987 |
Stock
Market Crash |
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2000 |
NASDAQ
open at Time Square |
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