According to the business scope and business characteristics, the risks can be divided into the risk of brokerage business, underwriting business, asset management business and own business.
A securities company may not canvass any securities underwriting business by any unjust competition means.
Article22. An issuer who publicly issues securities has the right to select an underwriting securities company. Securities companies shall not procure the underwriting business with improper means of competition.
JPMorgan, elbowed out of securities trading by Glass-Steagall( Morgan Stanley was carved out of the old House of Morgan to become the underwriting business), is now near the top of the global M& A league tables.
Wall Street's sensitivity to charges that it operates as an underwriting oligopoly dates back at least to the Glass-Steagall act of 1933 when commercial banks were forced to sell or close their underwriting business, in effect reinforcing the franchises of “bulge-bracket” securities firms.
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