Discuss the evolution of the securities markets, including the impact of the NASDAQ, CME, ECNs, and foreign exchanges.
Explain the role of securities markets in the efficient allocation of capital among issuers and investors based on the efficient market hypothesis.
Evaluate if the presence of dark pools enhances or reduces capital market efficiency.
Finally, find a real-life company that has made raised capital in 2020 and discuss the method used. If possible, try to select a company that a fellow student has not already selected.
The Evolution of Securities Markets
Securities markets have evolved significantly over time. In the early days, securities were traded over-the-counter (OTC), meaning that buyers and sellers would find each other through a network of brokers. This was a slow and inefficient process, and it was difficult to get accurate information about the prices of securities.
In the 1970s, the first electronic securities exchanges were created. These exchanges allowed buyers and sellers to trade securities electronically, which made the process much faster and more efficient. The NASDAQ was founded in 1971, and it quickly became the leading electronic securities exchange in the world.
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