The article discusses how financial markets and exchanges have developed and evolved over time, including their structure and function. It looks at different types of financial markets and instruments, like capital and stock markets, and how they relate to each other. The article also talks about the impact of Financial Technology (FinTech) and Regulatory Technology (RegTech), as well as the effects of global financial crises and the recent Coronavirus crisis. Overall, it explores the changes in international, regional, and national responses to these crises.