无论如何, 美国的流动性最强, 高效和具有成本效益的全球资本市场. The critical role that 存 plays may not be well-known outside the financial services industry, but it fundamentally benefits everyone who participates in capital markets, ranging from the largest public companies to main street investors who rely on markets to help fund their retirements, 筹集资金创业, 购买保险或获得贷款来购买房子或汽车.
在这个由三部分组成的系列中， 存:提供公共vnsr威尼斯城官网登入, we’ll examine the market challenges that created the need for centralized clearing and the eventual creation of 存; review the key advances in clearance and 结算 and how they have benefitted the markets; and illustrates how 存 provides stability in times of crisis, 从9/11恐怖袭击中, 到2008年金融危机和全球冠状病毒大流行.
第一部分:美国清算的历史.S. 和创建存
在美国.S., 有证证券从18世纪就开始发行了, 提供证券所有权的必要证据. The federal government issued the first major American publicly traded securities in 1790 to refinance federal and state Revolutionary War debt. In 1792, five securities began trading on what was to become the New York Stock Exchange (NYSE). Methods for buying and selling securities have evolved dramatically to meet the needs of market participants. 随着金融市场的发展, 对有助于简化的基础设施的需求也是如此, 精简并保证证券有效转让.
最初, every transaction on the NYSE had to be paid for in full and the physical shares delivered within one business day. This meant that buyers and sellers had to exchange cash (or collateral if self-financed) and certificates.
To execute this, messengers delivered checks and certificates throughout lower Manhattan. 随着市场的增长, increased trading strained the funding markets and trading infrastructure, 刺激了股票市场清算的进步, 包括引入净额结算制度. In 1920, 纽约证券交易所成立了股票结算公司(SCC), 谁充当每个买方和卖方的交易对手. This simplified the clearing process and reduced demands on the funding markets. Firms could now pay or receive money from SCC rather than having to issue checks to all its counterparties in a transaction. 换句话说, the clearinghouse could net down purchases and sales conducted on the exchange among participants, 大大减少了资金需求. 许多手工流程, 然而, 留在清算系统中, and physical securities still had to be moved from the sellers to buyers.
随着市场的增长, increased trading strained the funding markets and trading infrastructure, 刺激了股票市场清算的进步, 包括引入净额结算制度.
20世纪60年代, the increased volume of securities trading overwhelmed the complex and largely manual processes of the 结算 systems. Deliveries to customers of cash and securities were frequently late, 股票证书也经常丢失.e.(“和解失败”). 考虑, in 1967, trading averaged 10 million shares per day—and just three months later that number doubled to 20 million shares per day. The sheer volume buried workers in paper and resulted in hundreds of thousands of transactions remaining unsettled every day. 这些交易所不得不在周三停止交易, 缩短其他交易日的交易时间, and extend 结算 by a day to trade date plus five business days (T+5) to catch up on the backlog of paper. The result was a loss of investor confidence in the reliability of the securities markets.
业界与规管机构的合作
To address 结算 failures and restore confidence in the markets, 证券行业与国会合作, state and federal regulators—created the foundation for the clearing and 结算 system that exists today. 在20世纪60年代和70年代初, the industry established several new central securities depositories (CSDs) and clearinghouses. NYSE established a CSD for storing stock certificates that eventually was spun-off in 1973 to become The Depository Trust Company (直接转矩), 行业拥有和治理的实用程序. 直接转矩允许托管银行作为参与者加入, 因此包括机构投资者交易的证券. 所有打印的证书都存放在直接转矩的保险库中, and also were “dematerialized”—meaning they were recorded in electronic form to make processing transactions faster and simpler. Instead of having someone run printed stock certificates up and down Wall Street, participants’ accounts could be debited and credited to reflect transactions (e.g.(“记帐结算”). In 1976, the industry moved to address trade failures by combining several clearing facilities to create the National Securities 清算 Corporation (NSCC), 它提供了清算, 结算, 风险管理, 以及其他服务, 包括贸易和支付的连续净结算, 致参与者.
Throughout the 1980s and 1990s, the industry experienced a wave of consolidation. 到20世纪90年代末，美国其他地区的csd.S. 合并为直接转矩，成为美国电信公司.S. national CSD, and the NSCC was the largest clearing agency in the 美国. 最终，直接转矩和NSCC合并为存，使U.S. equity clearance and 结算 to take place in a single industry-owned and governed entity.
存 has a market neutral horizontal framework that allows all marketplaces registered with the U.S. Securities and Exchange Commission (SEC) to have open access to clearing. As investors were given the ability to trade into a position on one exchange and out of it on another—with both trades clearing and settling via the same system—the entire equity market could be thought of as a national market system. This market neutral open access model enables innovation in trading and drives down the costs of trading for all market participants.
纵观这些市场发展, Congress and the SEC took steps to help bring greater oversight to this evolving piece of the market. Congress passed the Securities Acts Amendments of 1975 as the basis for the creation and oversight of a national system for the clearance and 结算 of securities transactions. 这些修正案的实施情况, 伴随着行业的整合, helped pave the way for the eventual formalization of exchange competition via the SEC’s Regulation National Market System (NMS).