A Century of North American Stock Markets

This book offers a comprehensive analysis of the evolution of equity markets in Canada and the United States with particular attention to the institutional and regulatory architectures that have shaped them. It begins by tracing the development and evolution of the U.S. exchanges and the emergence of securities regulation in the United States.

The book then studies the boom years of the 1950s and 1960s, which came with the growth of mutual funds and a growing role by other institutional investors including pension funds and insurance companies. The study then explores the U.S. government’s pivotal role in fostering the growth of Nasdaq and the National Market System, which contrasted with Canada’s weaker regulatory environment.

In addition , the book discusses how the failed merger between the Toronto Stock Exchange and the London Stock Exchange ultimately contributed to the consolidation of market power for the TMX Group—an entity that has achieved unrivalled dominance in Canadian security markets and operates under the effective control of most of the country’s leading commercial banks. This work is of significant interest to scholars, students, investors, and policymakers concerned with financial history, capital market structure, regulatory change, and the history of North American stock markets.

Michael J. Szanto began his career in finance and public service, interning on the trading floor of the Chicago Board of Options Exchange and in Washington, DC for Congressman John Porter. At Northwestern University, he founded Northwestern Students on Foreign Affairs and was a founding father of the university’s AEPi chapter. He later entered the technology sector, working first as a programmer at Allstate and then as a network consultant for Microsoft. A seasoned commentator on global affairs, Michael has presented on international relations and international economics at numerous academic conferences. He is a frequent guest on national and international news networks, including CBS News, Fox News, i24News, and Sky News Arabia. With more than a decade of experience trading equity options, he has also successfully passed the Series 7, 65, and 66 examinations, and has served for many years on the Broward Jewish Federation Investment Committee. Michael holds a Master of Science in Computer Science from the University of Chicago. He completed both his Bachelor’s and Master’s degrees in Economics at Northwestern University through a combined program, and later earned his PhD in International Studies at the University of Miami, where his dissertation analyzed the evolution of North American stock markets.