业内人士对新华财经表示，相比今年7月的征求意见稿，正式出台的《办法》在保持总体框架稳定的基 础上，对业务范围、人员资质、禁止性行为等关键条款进行了多处微调，体现出监管机构对市场反馈的 高度重视与制度设计的进一步优化。 新华财经北京11月14日电（王菁）"底线思维与包容审慎相结合，既防风险，也促发展，体现出金融监 管的成熟与前瞻。"11月14日，中国人民银行正式发布《银行间市场经纪业务管理办法》（简称《办 法》），这一备受市场关注的规章将自2026年1月1日起实施。 从征求意见到正式落地：制度更趋优化、重点更加聚焦 经过四个月的征求意见期，银行间市场经纪业务监管办法终于正式落地。对比七月份的征求意见稿，最 终发布的《办法》在章节结构上由26条调整为25条，内容上更显精炼与精准。 整体来看，《办法》共六章二十五条，从经纪业务范围、内控管理、委托方责任到监督管理等方面构建 起全面监管框架，标志着银行间市场经纪业务步入制度化、规范化的新阶段。 业务范围方面，《办法》明确经纪机构可向委托方提供货币市场、票据市场、黄金市场、银行间债券市 场及相关衍生品市场等经纪服务，但不得为金融机构参与债券发行业务提供经纪服务。 某货币 ...

Core Insights - The evolution of the U.S. financial regulatory system reflects a history of crisis reflection and reform balancing, significantly impacting global financial regulation [1] Group 1: Formation of Dual Regulatory Framework - The U.S. financial regulatory framework is characterized by the coexistence of state and federal regulation, which developed over time from the initial state-centric governance to a more significant federal role [2][3] Group 2: Impact of Major Financial Crises - The 1929 Great Depression led to fundamental changes in the regulatory framework, including the establishment of the Federal Deposit Insurance Corporation and the separation of commercial and investment banking [4][5] - The 2008 financial crisis prompted a comprehensive review and reform of the financial regulatory system, addressing issues of regulatory gaps and overlaps [6][7] Group 3: Evolution of Federal Reserve's Role - The Federal Reserve, established in 1913, has evolved to play a central role in maintaining financial stability and supervising financial institutions, with its responsibilities expanding significantly over the decades [8][9] - The Dodd-Frank Act enhanced the Federal Reserve's role in macroprudential regulation and systemic risk prevention, allowing it to oversee systemically important financial institutions [10] Group 4: Emergency Measures During COVID-19 - In response to the COVID-19 pandemic, U.S. regulatory agencies implemented emergency measures, including a $2 trillion stimulus package and various liquidity support programs to stabilize the economy [11][12][13] - The extensive economic relief measures, while stabilizing the economy, have also contributed to rising inflation, presenting ongoing challenges for the Federal Reserve [14]