It is incumbent on us to facilitate the development of a market structure that best assures that these changes benefit the U.S. securities markets as a whole.
Sentiment: NEGATIVE
The United States has the most sophisticated financial markets in the world, which does not leave much room to maneuver. But it also offers investors the greatest access to information and the ability to execute trades quickly and efficiently. So it is a mixed bag of opportunity.
In the United States, securities markets are much more developed than they are in Europe.
Today, the forces of competition, technology, and globalization have converged to spur innovation and to transform the way business is done in the securities industry.
Our financial system is so complicated and so interactive - so many different markets in different countries and so many sets of rules.
The United States has the best, deepest, widest, and most transparent capital markets in the world which give you, the investor, the ability to buy and sell large amounts at very cheap prices. That is a good thing.
More and more investors may be coming into markets everywhere but that doesn't mean that the markets are really getting more and more efficient, even in the United States. It does mean that there is more access for savvy investors who watch the money flows.
It is important to exhaust the potential of existing markets. But it is equally important to open up new markets.
I believe that we have to have a new regulatory regime for our financial system.
Our purpose, as we face these challenges, remains clear - fair and orderly markets that allow for efficient capital formation, while protecting the interests of investors.
When our markets work, people throughout our economy benefit - Americans seeking to buy a car or buy a home, families borrowing to pay for college, innovators borrowing on the strength of a good idea for a new product or technology, and businesses financing investments that create new jobs.
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