New Special Study of the Securities Markets

The last study of the capital markets was conducted more than five decades ago and laid the foundation for years of sound regulation. But the U.S. and global securities markets have undergone tremendous change since then, driven by globalization, advances in information technology, and regulatory choices at the federal and international levels.  A new examination of the securities markets is urgently needed to better understand the relationships between market microstructure and regulatory reform.

Stage I

The New Special Study will be conducted in three stages. The first stage was completed in Summer 2018 and consisted of:

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Foundational Papers

Seven papers were commissioned from leading figures across the fields of primary markets, trading markets, intermediaries and globalization.

Michael Piwowar addressing initiating conference
Initiating Conference

Featuring acting SEC Chairman Michael Piwowar, the conference invited over 100 leading academics, practitioners and regulators to present and comment on draft papers. 

Securities Market Issues for the 21st Century
Published Book

Securities Market Issues for the 21st Century includes final versions of the foundational papers along with an overview that ties them together and incorporates commentary from the conference.

Larry Glosten at podium
Panel on Securities

Featuring SEC Commissioner Robert Jackson and held at Columbia Law School, the panel discussed the most pressing issues concerning securities markets. 

People sit around a boardroom
Blockchain Workshop

The workshop focused on what the regulatory environment for Initial Coin Offerings would look like if designed from scratch.

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Debt Markets Conference

This half-day conference featured the recent work on debt markets by Allen Ferrell of Harvard Law School, and Larry Glosten, Columbia Business School, among others.

Stage II

Stage II began in July 2018. Its components include:

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Survey

Surveying securities market regulators and private actors to learn what legal and economic issues are considered the most important. 

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Technology Conference

A one-day conference focused on the effects of recent, and reasonably anticipated future, technological change on securities markets. At the conference two commissioned papers addressing technology and securities markets were presented, one on legal issues and one on economic issues.

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Prospectus

A prospectus that outlines the final study and specifies the projects needed to answer the questions addressed in the report.

Stage III

Stage III will begin in 2020. This final stage will involve implementation of the Prospectus, completion of the identified research projects, and preparation of the final report. The final report will be published as a hard copy and e-book and delivered to Congress and the relevant regulators, as well being made available to the public.