{
  "title": "United States: Financial Sector Assessment Program-Technical Note-Securities—Fund Management; Equity and Derivatives Trading; and Virtual Assets and Virtual Asset Service Providers",
  "publication": "IMF Staff Country Reports, August 10, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/08/07/united-states-financial-sector-assessment-program-technical-note-securities-fund-management-49652",
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  "summary": "This technical note considers the regulation and supervision of fund management and equity and derivatives trading in the United States (U.S.). As one of the main destinations for household savings and a key provider of funding to U.S. corporates, investment funds play a major role in the U.S.",
  "sections": [
    {
      "heading": "Scope and significance",
      "content": "- Considers the regulation and supervision of fund management and equity and derivatives trading in the United States (U.S.).\n- Notes that investment funds are:\n  - \"one of the main destinations for household savings\"\n  - \"a key provider of funding to U.S. corporates\"\n  - thus playing \"a major role in the U.S. financial system.\"\n- Emphasizes the structural importance of capital markets in the U.S.:\n  - \"U.S. companies have also traditionally raised more finance through equity and other capital markets than through bank lending, and so capital markets are of greater structural significance in the U.S. than in some other jurisdictions.\""
    },
    {
      "heading": "Key concerns and international context",
      "content": "- Market integrity and confidence:\n  - \"Distortions to equity trading could cause significant loss of confidence in markets.\"\n- OTC derivatives reforms:\n  - Post-crisis international reforms for OTC derivatives \"have underlined the importance of greater transparency and the value of central clearing.\"\n- Technology and new entrants:\n  - Virtual assets and virtual asset service providers are included as topics of consideration alongside traditional securities and fund management."
    },
    {
      "heading": "Subjects and keywords covered",
      "content": "- Subjects: Brokers and dealers, Financial institutions, Financial markets, Mutual funds, Securities, Stock markets, Technology, Virtual currencies\n- Keywords: Brokers and dealers, CFTC regulation, CIS operator, CR, duty of care, equity trading, futures commission merchant, Global, ISCR, market structure, Mutual funds, net capital, North America, redemption fee, SEC rule, SEC staff, secondary market, Securities, spot market, Stock markets, Virtual currencies"
    },
    {
      "heading": "Publication and document metadata",
      "content": "- Publication title: United States: Financial Sector Assessment Program-Technical Note-Securities—Fund Management; Equity and Derivatives Trading; and Virtual Assets and Virtual Asset Service Providers\n- Publication date: August 10, 2020\n- Series: IMF Staff Country Reports; Country Report No. 2020/243\n- Issue: 243\n- Volume: 2020\n- Pages: 99\n- DOI: https://doi.org/10.5089/9781513552880.002\n- ISBN: 9781513552880\n- ISSN: 1934-7685\n- Stock No: 1USAEA2020003\n\nInternational Monetary Fund. Monetary and Capital Markets Department \"United States: Financial Sector Assessment Program-Technical Note-Securities—Fund Management; Equity and Derivatives Trading; and Virtual Assets and Virtual Asset Service Providers\", IMF Staff Country Reports 2020, 243 (2020).\n\n---\n\n Content in this bundle\n\n- UNITED STATES: Technical Note on Fund Management and Equity and Derivatives Trading\n  - UNITED STATES: Technical Note on Fund Management and Equity and Derivatives Trading (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - UNITED STATES: Technical Note on Fund Management and Equity and Derivatives Trading (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: August 10, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513552880.002",
    "Considers the regulation and supervision of fund management and equity and derivatives trading in the United States (U.S.).",
    "Notes that investment funds are:",
    "Emphasizes the structural importance of capital markets in the U.S.:",
    "Market integrity and confidence:",
    "OTC derivatives reforms:",
    "Subjects: Brokers and dealers, Financial institutions, Financial markets, Mutual funds, Securities, Stock markets, Technology, Virtual currencies",
    "Keywords: Brokers and dealers, CFTC regulation, CIS operator, CR, duty of care, equity trading, futures commission merchant, Global, ISCR, market structure, Mutual funds, net capital, North America, redemption fee, SEC rule, SEC staff, secondary market, Securities, spot market, Stock markets, Virtual currencies",
    "Publication title: United States: Financial Sector Assessment Program-Technical Note-Securities—Fund Management; Equity and Derivatives Trading; and Virtual Assets and Virtual Asset Service Providers",
    "Publication date: August 10, 2020",
    "Series: IMF Staff Country Reports; Country Report No. 2020/243",
    "Issue: 243",
    "Volume: 2020",
    "Pages: 99",
    "DOI: https://doi.org/10.5089/9781513552880.002",
    "ISBN: 9781513552880",
    "ISSN: 1934-7685",
    "Stock No: 1USAEA2020003",
    "**UNITED STATES: Technical Note on Fund Management and Equity and Derivatives Trading**"
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