A Financial System That Creates Economic Opportunities ...

U.S. D E PARTM E NT O F TH E TR EAS U RY

A Financial System That Creates Economic Opportunities

Capital Markets

OCTOBER 2017

U.S. D E PARTM E NT O F TH E TR EAS U RY

A Financial System That Creates Economic Opportunities

Capital Markets

Report to President Donald J. Trump Executive Order 13772 on Core Principles for Regulating the United States Financial System

Steven T. Mnuchin Secretary

Craig S. Phillips Counselor to the Secretary

Staff Acknowledgments

Secretary Mnuchin and Counselor Phillips would like to thank Treasury staff members for their contributions to this report. The staff's work on the report was led by Brian Smith and Amyn Moolji, and included contributions from Chloe Cabot, John Dolan, Rebekah Goshorn, Alexander Jackson, W. Moses Kim, John McGrail, Mark Nelson, Peter Nickoloff, Bill Pelton, Fred Pietrangeli, Frank Ragusa, Jessica Renier, Lori Santamorena, Christopher Siderys, James Sonne, Nicholas Steele, Mark Uyeda, and Darren Vieira.

iii A Financial System That Creates Economic Opportunities ? Capital Markets

Table of Contents

Executive Summary

1

Introduction3

Scope of This Report3

Review of the Process for This Report4 The U.S. Capital Markets4 Summary of Issues and Recommendations6

Capital Markets Overview

11

Introduction13

Key Asset Classes13 Key Regulators18

Access to Capital

19

Overview and Regulatory Landscape21 Issues and Recommendations25

Equity Market Structure

47

Overview and Regulatory Landscape49

Issues and Recommendations59

The Treasury Market

69

Overview and Regulatory Landscape71 Issues and Recommendations79

Corporate Bond Liquidity

83

Overview and Regulatory Landscape85 Issues and Recommendations87

Securitization

89

Overview91

Regulatory Landscape96

Issues and Recommendations97

A Financial System That Creates Economic Opportunities ? Capital Markets iv

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