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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