1. Economics, 2017, Vol. 5, No. 5, 195-203. doi:10.12691/jfe-5-5-1
Table 4. Brief Comparions of Regulations on Financial Markets in the U.S.
Equities
Treasury Bond
OTC Derivatives
Foreign Exchange
Government Legislation & Oversight
SEC
 SEC registration of prospectuses
 Disclosure requirement
 SEC enforcement of market manipulation prohibitions
 Prohibition on false & misstatements
 Net capital Rule
 Corporate governance1
The Treasury
 Rules regarding government securities transactions
 Minimum capital requirements;
 Large position reporting rules;
 SEC registration as Government Securities Dealers
Federal Reserve Bank of New York
 Maintaining of prime list
CFTC
 Dealer registration with CFTC
 Oversees trading on the futures exchanges
 Disclosures in the OTC derivatives market
 Capital requirement
 Margin requirements
 Real-time public reporting and recordkeeping
The Federal Reserve
 Registration of foreign exchange dealers
Co-regulation
Approved exchanges
 Listing rules
 Surveillance of members and trading
 Obligation to report wrongdoing to the SEC
 CME Business Conduct Rules
 List rules
 Trade reporting rules
 Obligation to report wrongdoing to the SEC and CFTC
Self- regulation
Financial Industry Regulatory Authority
 Corporate governance
 Code of Ethics and Practice Notes
 Standard management contracts
 Regular disclosure requirements
National Association of Securities Dealers
 Sales practice rules
 Suitability rules
National Futures Association
 Capital requirements
The Foreign Exchange Committee
 Codes of Conduct
Note: 1 For example, say-on-pay rules which aims at the overpay of the executives. For a comprehensive overview of U.S. financial regulatory policy for banking and securities markets, see Murphy (2013).
Fei Su et al. Foreign Exchange Market: Institutional Structure, Regulation, and Policy Implications. Journal of Finance and
Economics, 2017, Vol. 5, No. 5, doi: /jfe-5-5-1
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