Christopher Kobrak and Joe Martin. From Wall Street to Bay Street

To write a history of financial markets and institutions in the United States and Canada since their inception is a daunting task indeed, covering as it must banks and banking, insurance, brokerages, trust companies, the products that these institutions trade, and the evolving regulation of the sector. Christopher Kobrak and Joe Martin, the authors of From Wall Street to Bay Street: The Origins and Evolution of American and Canadian Finance, take up this challenge with the goal of revealing insights that emerge from a reading of the development of the two systems in parallel. The stories necessarily include the same building blocks: a national currency was defined, and the regulation of banking and other financial institutions was allocated to federal or state/provincial supervision and regulation. But as the economies matured and grew and as information technology advanced, the nature of financial institutions and the assets that they traded altered in each economy, reflecting differences in the scale of the economies and in the political institutions of each country.

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