正规的买球赛平台-推荐正规买球平台

正规的买球赛平台-推荐正规买球平台

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以任何标准衡量, 美国拥有最多的液体, 世界上高效且具有成本效益的资本市场. The critical role that 存 plays may not be well-known outside the financial services industry, but it fundamentally benefits everyone who participates in capital markets, ranging from the largest public companies to main street investors who rely on markets to help fund their retirements, 为创业筹集资金, 买保险或贷款买房或买车.

在这个由三部分组成的系列中, 存:提供公共正规的买球赛平台, we’ll examine the market challenges that created the need for centralized clearing and the eventual creation of 存; review the key advances in clearance and 结算 and how they have benefitted the markets; and illustrates how 存 provides stability in times of crisis, 9/11恐怖袭击, 到2008年金融危机和全球冠状病毒大流行.

第一部分:美国清算的历史.S. 存的创立

在美国.S., 有证证券自18世纪开始发行, 提供证券所有权的必要证据. The federal government issued the first major American publicly traded securities in 1790 to refinance federal and state Revolutionary War debt. In 1792, five securities began trading on what was to become the New York Stock Exchange (NYSE). Methods for buying and selling securities have evolved dramatically to meet the needs of market participants. 随着金融市场的发展, 对简化基础设施的需求也是如此, 简化并确保证券的有效转让.

最初, every transaction on the NYSE had to be paid for in full and the physical shares delivered within one business day. This meant that buyers and sellers had to exchange cash (or collateral if self-financed) and certificates.

To execute this, messengers delivered checks and certificates throughout lower Manhattan. 随着市场的增长, increased trading strained the funding markets and trading infrastructure, 推动股票市场结算业务的发展, 包括引入净额结算系统. In 1920, 纽约证券交易所成立股票结算公司(SCC), 作为每一个买家和卖家的交易对手. This simplified the clearing process and reduced demands on the funding markets. Firms could now pay or receive money from SCC rather than having to issue checks to all its counterparties in a transaction. 换句话说, the clearinghouse could net down purchases and sales conducted on the exchange among participants, 大大减少了对资金的需求. 许多手工流程, 然而, 留在清算系统中, and physical securities still had to be moved from the sellers to buyers.

随着市场的增长, increased trading strained the funding markets and trading infrastructure, 推动股票市场结算业务的发展, 包括引入净额结算系统.

在1960年代, the increased volume of securities trading overwhelmed the complex and largely manual processes of the 结算 systems. Deliveries to customers of cash and securities were frequently late, 股票经常丢失.e.“结算失败”). 考虑, in 1967, trading averaged 10 million shares per day—and just three months later that number doubled to 20 million shares per day. The sheer volume buried workers in paper and resulted in hundreds of thousands of transactions remaining unsettled every day. 交易所不得不在周三停止交易, 缩短其他交易日的交易时间, and extend 结算 by a day to trade date plus five business days (T+5) to catch up on the backlog of paper. The result was a loss of investor confidence in the reliability of the securities markets.

业界与规管机构的合作

To address 结算 failures and restore confidence in the markets, 证券业——与国会合作, state and federal regulators—created the foundation for the clearing and 结算 system that exists today. 在20世纪60年代和70年代初, the industry established several new central securities depositories (CSDs) and clearinghouses. NYSE established a CSD for storing stock certificates that eventually was spun-off in 1973 to become The Depository Trust Company (直接转矩), 行业拥有和治理的实用程序. 直接转矩允许托管银行作为参与者加入, 因此包括由机构投资者交易的证券. 所有打印的证书都存放在直接转矩的保险库里, and also were “dematerialized”—meaning they were recorded in electronic form to make processing transactions faster and simpler. Instead of having someone run printed stock certificates up and down Wall Street, participants’ accounts could be debited and credited to reflect transactions (e.g.“记帐结算”). In 1976, the industry moved to address trade failures by combining several clearing facilities to create the National Securities Clearing Corporation (NSCC), 提供清算, 结算, 风险管理, 和其他服务, 包括持续的净结算贸易和支付, 其参与者.

Throughout the 1980s and 1990s, the industry experienced a wave of consolidation. 到20世纪90年代末,美国的其他区域性可持续发展组织.S. 合并到直接转矩成为美国.S. national CSD, and the NSCC was the largest clearing agency in the 美国. 最终直接转矩和NSCC合并成存,使U.S. equity clearance and 结算 to take place in a single industry-owned and governed entity.

存 has a market neutral horizontal framework that allows all marketplaces registered with the U.S. Securities and Exchange Commission (SEC) to have open access to clearing. As investors were given the ability to trade into a position on one exchange and out of it on another—with both trades clearing and settling via the same system—the entire equity market could be thought of as a national market system. This market neutral open access model enables innovation in trading and drives down the costs of trading for all market participants.

在这些市场发展中, Congress and the SEC took steps to help bring greater oversight to this evolving piece of the market. Congress passed the Securities Acts Amendments of 1975 as the basis for the creation and oversight of a national system for the clearance and 结算 of securities transactions. 这些修正案的实施, 随着行业的整合, helped pave the way for the eventual formalization of exchange competition via the SEC’s Regulation National Market System (NMS).

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