The regulations are intended to make it easier to trade securities across borders and sweep away the dominance of national exchanges and their regulators.

He hated the stock market, and had never owned a publicly traded security in his life.

No longer do banks only trade securities on behalf of clients or to hedge themselves against operational risks.

If the amount of a contribution of property other than cash, inventory, or publicly traded securities exceeds $500,000 (if art, $20,000), the qualified appraisal must be attached to the donor's tax return.

That has been the way of the world since people first began trading securities or investing in assets and, despite the best efforts of regulators, it remains the case.