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.
The New Special Study will be conducted in three stages. The first stage was completed in Summer 2018 and consisted of:
Stage II began in July 2018. Its components include:
Stage III will begin in the Fall of 2023. 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.
For a more detailed account of the history and future trajectory of the New Special Study, see The New Special Study of the Securities Markets.