Talk:Securities market participants (United States)

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New Article[edit]

Great start on this article, WikiDorset. I do have a few comments:

Scope: It's a little hard to tell exactly what scope is intended. The "Securities market participants" title would seem to suggest that the article covers only securities - basically, stocks and bonds, similar interests, and options thereon. (Don't look at our article on security (finance), as its definitions are incorrect.) These generally are regulated by the Securities and Exchange Commission. The Commodity Futures Trading Commission regulates futures and market-traded swaps. Security futures and security-based swaps are jointly regulated by the SEC and the Commodity Futures Trading Commission. The article currently seems to cover some of what the CFTC does, and not just security futures and security-based swaps, but by no means all. I think there are two ways this could be fixed. First, the coverage of futures and swaps could be cut back to just security futures and security-based swaps, and probably not very much of those, since they're not a very important part of the securities markets. Second, the article could explicitly cover futures and swaps, which would require much more comprehensive coverage in this area than it now provides.
Issuers: The article does not really cover issuers, which are very important participants in the securities markets.
The buy side: Investment advisers and investment funds are covered only in passing, as part of the investor category, although these are important areas of participation in the securities markets in their own right. Investment funds include both registered funds, such as mutual funds and exchange-traded funds, and unregistered vehicles, such as hedge funds. Investment companies and investment advisers must be registered with the SEC, unless they come under certain thresholds.
Broker-dealers must be members of FINRA or a national securities exchange; they do not register with the National Futures Association, which requires membership of various CFTC-related entities, such as futures commissions merchants, commodity pool operators, and commodity trading advisors.
Securities depositories: The main securities depository in the United States is Depository Trust Company, which is the holder of record (under its nominee name, Cede & Co.) for most stocks and corporate bonds. It's a subsidiary of DTCC.
Clearing corporations: In the United States, market-traded stocks and corporate bonds clear through National Securities Clearing Corporation, a subsidiary of DTCC. Government bonds and mortgage-backed securities clear through Fixed Income Clearing Corporation, another DTCC subsidiary.
Oversight: The securities markets are overseen by the SEC; state securities commissions established under blue sky laws; and self-regulatory organizations overseen by the SEC. The SROs include FINRA, the national securities exchanges, the clearing agencies (which include the DTCC subsidiaries mentioned above), and the Municipal Securities Rulemaking Board. The CFTC and NFA also have a role with respect to security futures and security-based swaps. The market data consolidators do not really have an oversight role, although they are participants in the securities markets in the broad sense.

As I said above, this is a great start, but this is a topic where there is a lot to be said. I should be able to help you find resources when you are ready for them. John M Baker (talk) 15:27, 6 April 2017 (UTC)[reply]

John, my cup runneth over! I wanted to carve out securities, as opposed to the Financial market participants which needs serious rewriting. So I decided to start with securities in the US. Let me mull over your suggestions, as I have a couple of other articles under way, which I will ask you to review when further along. Many thanksWikiDorset (talk) 19:20, 6 April 2017 (UTC)[reply]

Clearing house (finance) and Central counterparty clearing[edit]

John, I just completed a significant re-write of both articles, separating out the two subjects into discrete descriptions. When you can, please critique. I saved text from earlier versions, and also redirected a Bankers clearing house and Cheque clearing article into the Clearing house so that we now have one place for each. Thanks agianWikiDorset (talk) 18:24, 8 April 2017 (UTC)[reply]