How Financial Markets and Institutions Work

In this section

• Stock Exchanges and Trading Venues
  Understand how stock exchanges and electronic trading venues facilitate price discovery, liquidity, and securities trading.
• Clearinghouses and Settlement Systems
  Learn how clearing and settlement systems reduce counterparty risk and help complete securities transactions.
• Brokers and Dealers in Financial Markets
  Understand how brokers and dealers function, how they are compensated, and what regulatory duties apply.
• SEC, FINRA, and CFTC
  Review the main U.S. market regulators and how they oversee investor protection, market conduct, and derivatives activity.