Regulation of Fixed Income Securities Markets in the United States
The author looks at the development and regulation of the fixed income securities market in the United States. The U.S. fixed income market is one of the oldest and most developed debt markets in the world. It is also one of the most heterogeneous,...
| Main Author: | |
|---|---|
| Format: | Policy Research Working Paper |
| Language: | English en_US |
| Published: |
World Bank, Washington, D.C.
2013
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2004/04/4125165/regulation-fixed-income-securities-markets-united-states http://hdl.handle.net/10986/14113 |
| id |
okr-10986-14113 |
|---|---|
| recordtype |
oai_dc |
| spelling |
okr-10986-141132021-04-23T14:03:20Z Regulation of Fixed Income Securities Markets in the United States Friedman, Felice B. ACCOUNTING ASSET-BACKED SECURITIES BANK SUPERVISION BANKRUPTCY BANKRUPTCY LAW BOND FUNDS BONDS CAPITALIZATION COMMERCIAL BANKS COMMON STOCK CREDIT RISK DEBT DEBT SECURITIES DEFICIT SPENDING DEPOSITS DISCOUNT RATES ECONOMIC GROWTH ECONOMISTS EMERGING MARKETS EXPENDITURES FARM CREDIT FEDERAL NATIONAL MORTGAGE ASSOCIATION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL SAFETY FINANCIAL SECTOR FINANCIAL SERVICES FIXED INCOME MARKETS FRAUD GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GOVERNMENT SECURITIES HOME EQUITY HOME MORTGAGE HOUSING HOUSING FINANCE HOUSING FINANCE INSTITUTIONS INCOME INFLATION INSIDER TRADING INTEGRITY INTEREST RATES INTERNATIONAL DEBT LEGISLATION LIQUIDITY MARKET INSTRUMENTS MONETARY POLICY MONEY MARKETS MORTGAGE MORTGAGE LOANS MORTGAGE-BACKED SECURITIES MORTGAGES MUTUAL FUNDS OFFERINGS PENALTIES PORTFOLIOS REGULATORY FRAMEWORK SAVINGS SECURITIES SECURITIES FIRMS SECURITIES MARKETS STATE REGULATION STOCK EXCHANGES STOCK MARKETS STOCKS TRANSPARENCY UNDERWRITING SECURITIES MARKETS SECURITIES EXCHANGE ACT FIXED INCOME MARKETS DEBT MARKETS GOVERNMENT SECURITIES MUNICIPAL BONDS CORPORATE DEBT The author looks at the development and regulation of the fixed income securities market in the United States. The U.S. fixed income market is one of the oldest and most developed debt markets in the world. It is also one of the most heterogeneous, with the four key market segments-government securities, the securities of government-sponsored enterprises, municipal securities, and corporate debt securities-all being relatively large and deep. The author describes the evolution of fixed income market regulation in the United States, discussing both primary and secondary market regulation. She also looks at market integrity issues and the enforcement authority of the U.S. Securities and Exchange Commission, which is broad and has played an important role in the effectiveness of regulation. The author concludes that the fact that the U.S. fixed income market flourished for many years in the absence of regulation must be seen in a broader legal and regulatory context. While the debt market itself may have been unregulated, it operated within a larger framework of equity market regulation and enforcement, complemented by a long history of bank supervision that had a significant impact on its development. It is this context that permitted U.S. authorities to adopt regulation in stages, in response to differing demands and priorities. The dynamic nature of the regulation of the U.S. fixed income market-its development in response to market crises-underscores the need for regulation to remain responsive to market developments, and to be adapted to domestic constraints. 2013-06-21T16:15:55Z 2013-06-21T16:15:55Z 2004-04 http://documents.worldbank.org/curated/en/2004/04/4125165/regulation-fixed-income-securities-markets-united-states http://hdl.handle.net/10986/14113 English en_US Policy Research Working Paper;No. CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, D.C. Publications & Research :: Policy Research Working Paper Publications & Research UNITED STATES |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING ASSET-BACKED SECURITIES BANK SUPERVISION BANKRUPTCY BANKRUPTCY LAW BOND FUNDS BONDS CAPITALIZATION COMMERCIAL BANKS COMMON STOCK CREDIT RISK DEBT DEBT SECURITIES DEFICIT SPENDING DEPOSITS DISCOUNT RATES ECONOMIC GROWTH ECONOMISTS EMERGING MARKETS EXPENDITURES FARM CREDIT FEDERAL NATIONAL MORTGAGE ASSOCIATION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL SAFETY FINANCIAL SECTOR FINANCIAL SERVICES FIXED INCOME MARKETS FRAUD GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GOVERNMENT SECURITIES HOME EQUITY HOME MORTGAGE HOUSING HOUSING FINANCE HOUSING FINANCE INSTITUTIONS INCOME INFLATION INSIDER TRADING INTEGRITY INTEREST RATES INTERNATIONAL DEBT LEGISLATION LIQUIDITY MARKET INSTRUMENTS MONETARY POLICY MONEY MARKETS MORTGAGE MORTGAGE LOANS MORTGAGE-BACKED SECURITIES MORTGAGES MUTUAL FUNDS OFFERINGS PENALTIES PORTFOLIOS REGULATORY FRAMEWORK SAVINGS SECURITIES SECURITIES FIRMS SECURITIES MARKETS STATE REGULATION STOCK EXCHANGES STOCK MARKETS STOCKS TRANSPARENCY UNDERWRITING SECURITIES MARKETS SECURITIES EXCHANGE ACT FIXED INCOME MARKETS DEBT MARKETS GOVERNMENT SECURITIES MUNICIPAL BONDS CORPORATE DEBT |
| spellingShingle |
ACCOUNTING ASSET-BACKED SECURITIES BANK SUPERVISION BANKRUPTCY BANKRUPTCY LAW BOND FUNDS BONDS CAPITALIZATION COMMERCIAL BANKS COMMON STOCK CREDIT RISK DEBT DEBT SECURITIES DEFICIT SPENDING DEPOSITS DISCOUNT RATES ECONOMIC GROWTH ECONOMISTS EMERGING MARKETS EXPENDITURES FARM CREDIT FEDERAL NATIONAL MORTGAGE ASSOCIATION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL SAFETY FINANCIAL SECTOR FINANCIAL SERVICES FIXED INCOME MARKETS FRAUD GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GOVERNMENT SECURITIES HOME EQUITY HOME MORTGAGE HOUSING HOUSING FINANCE HOUSING FINANCE INSTITUTIONS INCOME INFLATION INSIDER TRADING INTEGRITY INTEREST RATES INTERNATIONAL DEBT LEGISLATION LIQUIDITY MARKET INSTRUMENTS MONETARY POLICY MONEY MARKETS MORTGAGE MORTGAGE LOANS MORTGAGE-BACKED SECURITIES MORTGAGES MUTUAL FUNDS OFFERINGS PENALTIES PORTFOLIOS REGULATORY FRAMEWORK SAVINGS SECURITIES SECURITIES FIRMS SECURITIES MARKETS STATE REGULATION STOCK EXCHANGES STOCK MARKETS STOCKS TRANSPARENCY UNDERWRITING SECURITIES MARKETS SECURITIES EXCHANGE ACT FIXED INCOME MARKETS DEBT MARKETS GOVERNMENT SECURITIES MUNICIPAL BONDS CORPORATE DEBT Friedman, Felice B. Regulation of Fixed Income Securities Markets in the United States |
| geographic_facet |
UNITED STATES |
| relation |
Policy Research Working Paper;No. |
| description |
The author looks at the development and
regulation of the fixed income securities market in the
United States. The U.S. fixed income market is one of the
oldest and most developed debt markets in the world. It is
also one of the most heterogeneous, with the four key market
segments-government securities, the securities of
government-sponsored enterprises, municipal securities, and
corporate debt securities-all being relatively large and
deep. The author describes the evolution of fixed income
market regulation in the United States, discussing both
primary and secondary market regulation. She also looks at
market integrity issues and the enforcement authority of the
U.S. Securities and Exchange Commission, which is broad and
has played an important role in the effectiveness of
regulation. The author concludes that the fact that the U.S.
fixed income market flourished for many years in the absence
of regulation must be seen in a broader legal and regulatory
context. While the debt market itself may have been
unregulated, it operated within a larger framework of equity
market regulation and enforcement, complemented by a long
history of bank supervision that had a significant impact on
its development. It is this context that permitted U.S.
authorities to adopt regulation in stages, in response to
differing demands and priorities. The dynamic nature of the
regulation of the U.S. fixed income market-its development
in response to market crises-underscores the need for
regulation to remain responsive to market developments, and
to be adapted to domestic constraints. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Friedman, Felice B. |
| author_facet |
Friedman, Felice B. |
| author_sort |
Friedman, Felice B. |
| title |
Regulation of Fixed Income Securities Markets in the United States |
| title_short |
Regulation of Fixed Income Securities Markets in the United States |
| title_full |
Regulation of Fixed Income Securities Markets in the United States |
| title_fullStr |
Regulation of Fixed Income Securities Markets in the United States |
| title_full_unstemmed |
Regulation of Fixed Income Securities Markets in the United States |
| title_sort |
regulation of fixed income securities markets in the united states |
| publisher |
World Bank, Washington, D.C. |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2004/04/4125165/regulation-fixed-income-securities-markets-united-states http://hdl.handle.net/10986/14113 |
| _version_ |
1764430226212782080 |