The Role of Regional Security Exchanges

The Role of Regional Security Exchanges by James E. Walter examines an often-overlooked but vital segment of American financial markets. While the New York and American stock exchanges dominate attention, Walter turns to regional exchanges—institutions such as those in San Francisco, Los Angeles, and the Midwest—to evaluate their functions, performance, and potential contributions to capital formation. Drawing on original records, interviews with exchange officials, and corporate surveys, h...