FINRA was founded in July 2007. FINRA integrates the regulatory, law enforcement and arbitration functions of NASD (National Association of Securities Dealers) and its members on NYSE, mainly adopts effective regulatory measures and provides technical services, focusing on investor protection and market integration.
FINRA believes that protecting investors should start with education. Through the Internet, news media and public forums, FINRAN can help investors acquire the financial knowledge they need and provide them with the necessary tools to better understand the principles of market, investment and savings. FINRA Investor Education Foundation is the largest investor education foundation in the United States. By June 2007, the Foundation had allocated 1.4 million USD for investor education projects, and allocated another 1.020 USD.
FINRA has about 3,000 employees in Washington, D.C. and new york alone, and 65,438+05 DC offices nationwide. "The establishment of FINRA is an important symbol of the modernization of our regulatory system for decades," said Mary, CEO of FINRA. Shapiro said. She also said, "Protecting investors and integrating the market are our main goals. Therefore, FINRA's streamlined regulatory agencies have better adapted to the complexity and fierce competition in today's global market.
FINRA covers almost all aspects of the securities business, from registering and educating practitioners in this industry to examining securities companies, formulating and enforcing laws and regulations, enforcing federal securities laws, publicizing and educating investors, providing trading reports and other tools, managing trading forums and resolving disputes between investors and companies. In addition, according to the agreement terms of NASDAQ Stock Exchange, American Stock Exchange, International Stock Exchange and Chicago Climate Exchange, FINRA also exercises the function of market supervision.
Today, with the rapid development and increasing complexity of the global economy, FINRA is a regulatory agency that investors can trust to safeguard the fairness and justice of the market, ensure the safety of investors' choices, and immediately issue emergency adjustment laws and measures before investors or markets are damaged. National Futures Association (NFA): It is a self-regulatory organization of the futures industry established in 1976 according to the provisions of section 17 of the American Commodity Exchange Law, and it is a non-profit membership organization. Article 17 of the Commodity Trading Law originates from Chapter III of the Commodity Futures Trading Commission (CFTC) Law 1974, which stipulates the registration of futures associations and CFTC's supervision of futures professional self-regulatory associations. On September 22nd, 198 1, CFTC accepted NFA and officially became a registered futures association. 1October 22nd, 1982, 10, NFA officially started operation.
The NFA performs the following regulatory duties:
● Formulate and implement rules and standards to protect customers' interests;
● Audit and supervision members must meet the financial requirements of NFA;
● Arbitration of disputes related to futures;
● To approve NFA membership, futures brokers (FCM), referral brokers (IB), commodity trading consultants (CTA) and commodity joint venture fund managers (CPO) can all become NFA members.
In addition, under the authorization of section 17, NFA performs some registration functions previously performed by CFTC in the Commodity Exchange Law. Any institution or individual registered in CFTC can become a member of NFA, including all futures exchanges and any other futures business, as long as the applicant meets the requirements of NFA membership. In addition, as of August 3 1, 1985, according to the Commodity Exchange Law, employees of NFA members need to be registered as NFA joint members as associates. CFTC also authorizes NFA to handle the registration applications of floor brokers and floor traders. According to NFA rules11kloc-0/and CFTC rules 170 15, all FCM, IB, CTA and CPO must benefit from NFA membership. Commodity Futures Trading Commission (CFTC): full name: Commodity Futures Trading Commission.
1974, the United States Congress established the Commodity Futures Trading Commission (CFTC). As an independent institution, CFTC shoulders the mission of supervising American commodity futures and options. As time goes by, the mission of this institution is constantly updated and expanded.
The futures trading of 1974 mainly occurs in the agricultural sector. The history of CFTC shows that with the passage of time, the futures industry has also become colorful in other fields. Today, the futures industry includes a large number of highly complex financial futures contracts.
Today, CFTC ensures the economic efficiency of the futures market by encouraging market competition, protecting market participants from fraud, market manipulation and abuse of transactions, and ensuring the financial authenticity in the liquidation process. Through effective supervision, CFTC can make the futures market play the role of price discovery and risk transfer.
The task of CFTC is to protect market users from fraud, manipulation and abuse of commodity sales, financial futures and futures-related transactions; Cultivate an open, competitive and financially healthy futures and options market.
Chicago Mercantile Exchange (CME): It is the largest futures exchange in the United States and the second largest exchange in the world to buy and sell futures and futures option contracts. The Chicago Mercantile Exchange provides investors with many financial and agricultural transactions. Since the establishment of 1898, the Chicago Mercantile Exchange has continuously provided the market with risk management tools to protect investors from the risks brought about by the price changes of financial products and tangible goods, and to give them opportunities to profit from trading. From June 5438 to February 2002, the Chicago Mercantile Exchange Holding Company was officially listed on the new york Stock Exchange, and the Chicago Mercantile Exchange changed from a non-profit organization with membership to a profit-making company. The mass media engaged in futures trading on the Chicago Mercantile Exchange often present the trading activities of the Chicago Mercantile Exchange as a colorful, vivid and dynamic scene: traders shout orders on the floor and wave their arms wildly.
Electronic trading volume has accounted for half of the total trading volume of the exchange. Because electronic transactions enable individuals to directly connect with the various markets of the Chicago Mercantile Exchange at home or on the company's computer at any time, its GLOBEX? The transaction volume of electronic trading platforms continues to occupy a high proportion in the total transaction volume. This trading method will help attract more market participants, eventually increase the trading volume of the exchange, improve market liquidity, and enable the market to conduct a large number of transactions quickly and effectively. The Chicago Mercantile Exchange owns and operates its own clearing house, through which all transactions are cleared to ensure the orderly conduct of transactions. This can reduce the risk of non-performance of futures or futures options trading responsibilities. The Chicago Mercantile Exchange has the largest number of open futures and futures option contracts in the world. Open contracts refer to the number of contracts that have not been settled at the end of a trading day, which is the most important indicator of liquidity. Liquidity is the key factor to ensure the success of the market and attract investors and customers. Pension funds, investment consultants, portfolio managers, corporate finance personnel, commercial and investment banks, brokers/dealers and individuals all over the world trade on the Chicago Mercantile Exchange, and these transactions form part of their financial management strategy. Chicago Mercantile Exchange products The Chicago Mercantile Exchange provides investors with a variety of products, including futures and futures option contracts. Arcaex:1998, the SEC issued its regulation ATS, which discussed the conditions that the alternative trading system can be registered as an exchange instead of a broker-dealer. Some ECN companies, including Archipelago Company, are eager to collect market data and have completed preliminary written work, but their expectations for SEC action are not high.
Putnam considered another alternative: In July 2000, the Islands Company cooperated with the Pacific Stock Exchange (PCX), which became a self-regulatory organization of the electronic stock market, named ArcaEx. Today, the exchange operates on Sun Microsystems' Solaris platform, which handles stocks listed on the new york Stock Exchange and Nasdaq, as well as exchange index funds (ETFs) listed on American stock exchanges.
On June 5438+ 10, 2005, Archipelago Holdings announced the acquisition of PCX Holdings, making ArcaEx an electronic securities trading market in the United States. International Stock Exchanges/International Association of Stock Exchanges (ISE): International Stock Exchanges Limited, ISE. ISE, founded in May 2000, is the first fully electronic options exchange in the American options market. ISE became the first exchange registered by the US Securities and Exchange Commission since 1973.
ISE's stock options are divided into call options and put options, and there are about 667 underlying stocks. Stock options are delivered in kind. ISE has introduced three options contracts with underlying indices, namely S&; P Small Cap 600 Index Option (code SML), Standard & Poor's; P MidCap index option (code MID) and Morgan Stanley technology index option (code MSH).