Of the 250 questions on the Series 7 exam, 53 will focus on this critical function:
"Explains the organization, participants, and functions of various securities markets and the principal factors that affect them."

The financial industry is regulated at three levels: the federal government, individual state governments and the individual exchange of which your firm might be a member all play a role. Another way to look at it would be to say the industry is regulated at the point where a security is issued and where it is traded.

However, all these rules, regulations and acts of Congress are secondary to the economic theories that drive the markets. This section will examine all these factors.



Self-Regulatory Organization (SROs)

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