FINANCIAL MARKET PARTICIPANTS: A CLASSIFICATION BY ROLE AND RESPONSIBILITY
DOI:
https://doi.org/10.5281/zenodo.19052501Keywords:
financial markets, market participants, institutional investors, financial intermediaries, market microstructure, regulatory framework, capital marketsAbstract
The financial market is one of the most complex and interconnected systems in the modern global economy.
At the core of its functioning lies a diverse ecosystem of participants, each performing a distinct role that collectively
supports price discovery, capital allocation, risk transfer, and liquidity provision. This article presents a systematic
classification of financial market participants into six primary groups: (1) retail investors, (2) institutional investors, (3)
financial intermediaries, (4) regulatory and governmental bodies, (5) market infrastructure providers, and (6) non-financial
corporate participants. For each group, the study examines their defining characteristics, primary functions, behavioral
motivations, and systemic significance.
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