The U.S. securities industry raised an estimated $2.9 trillion in capital for U.S. businesses in 2004 through corporate underwriting, according to Securities Industry Association data. In addition, IPO proceeds reached $42 billion, up from $16 billion in 2003. Based on data through Sept. 30, average daily volume on the New York Stock Exchange was 1.44 billion shares, while Nasdaq's average daily volume during that period was 1.78 billion shares.
Separately, Richard E. Thornburgh, SIA chairman, today said the trade group will launch a campaign called "Commitment to Clarity," designed to enhance investor education and reinforce the dedication of financial institutions to promoting investor trust. The program, to begin this month, focuses on clarity of securities firms' disclosure and compliance responsibilities, costs to investors and investment performance, according to an SIA news release. The program also seeks to increase the level of knowledge that investors, public officials and industry professionals have about the securities industry. The campaign's initial targets include mutual fund disclosure, investor rights and soft dollars.