"It is incumbent on us to facilitate the development of a market structure that best assures that these changes benefit the U.S. securities markets as a whole"

Arthur Levitt, former Chairman of the U.S. Securities and Exchange Commission, emphasizes a vital obligation in his quote: to actively shape and support the advancement of a market structure that makes the most of advantages for the U.S. securities markets as a whole. This obligation comes with the acknowledgment that financial markets are dynamic entities, constantly evolving due to technological advancements, regulatory modifications, and shifts in economic conditions. Therefore, there is a pressing requirement for those in positions of influence and authority to make sure that these improvements are transported successfully for the common good.

In Levitt's point of view, the term "incumbent on us" communicates an ethical and professional obligation among regulators, policymakers, banks, and stakeholders. These celebrations need to collaborate to promote a market environment that is durable, transparent, and fair. This duty underscores the significance of proactive governance rather than reactive steps, highlighting insight and preparation in accommodating modification. Regulators must strike a balance in between motivating innovation and preserving robust safeguards to secure investors and make sure market stability.

The "advancement of a market structure" refers to the elaborate system of rules, practices, and institutions that govern how securities are traded, priced, and managed. This consists of the infrastructure supporting trading platforms, the oversight of market participants, and the regulative frameworks ensuring fair play. Levitt worries that such a structure ought to assist in improvement and adaptability, leveraging modifications to enhance functionality and performance.

Lastly, prioritizing benefits for the "U.S. securities markets as a whole" indicates a holistic approach. Market changes need to not simply accommodate particular sectors or vested interests however should enhance the general health and competitiveness of the marketplace system. This vision entails cultivating financier confidence, promoting fair competitors, and ensuring that the marketplaces remain an essential part of economic development and financial stability in the United States. By pursuing such an extensive method, the securities markets can better serve as a catalyst for innovation and economic success.