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Changements récents observés sur les marchés de capitaux aux États-Unis

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  • Mary L. Schapiro

Abstract

[eng] Recent developments in the US capital markets . The US capital markets are in the process of undergoing significant structural changes. Regulation NMS will more tightly interweave the national market system ; the recently announced transactions by The Nasdaq Stock Market, Inc. and the New York Stock Exchange portend greater consolidation of trading markets in the United States ; NASD’s facility for reporting transactions in the corporate debt market raises issues concerning greater transparency and best execution in that market ; and the Securities and Exchange Commission’s recent proposals on self-regulation will potentially change the governance process of self-regulatory organizations (SROs), require more on-going accountability in the discharge of an SRO’s regulatory responsibilities, and raise issues concerning the proper roles of commercial markets and regulation. This paper seeks to present an overview of these recent events. . JEL classification : G18, G28 [fre] Les marchés de capitaux américains connaissent d’importants changements structurels. Le règlement Regulation NMS impliquera d’entrelacer plus étroitement les différentes composantes du système. Les transactions annoncées par le Nasdaq et le NYSE laissent présager une concentration des places financières. Le système de reporting des transactions dont dispose le NASD sur le marché des obligations corporate soulève des questions sur une plus grande transparence et une meilleure exécution des ordres sur ce marché. Par ailleurs, les propositions en matière d’auto-réglementation de la SEC, pourraient modifier le processus de gouvernance des organismes d’auto-réglementation (OAR), exiger une plus grande responsabilité lors de l’exercice des attributions de réglementation d’un OAR, et soulèvent des questions concernant les rôles dûment dévolus à la réglementation et aux marchés commerciaux. Cet article tente de présenter un aperçu de ces récents événements. . Classification JEL : G18, G28

Suggested Citation

  • Mary L. Schapiro, 2006. "Changements récents observés sur les marchés de capitaux aux États-Unis," Revue d'Économie Financière, Programme National Persée, vol. 82(1), pages 27-40.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2006_num_82_1_4031
    DOI: 10.3406/ecofi.2006.4031
    Note: DOI:10.3406/ecofi.2006.4031
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    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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