Federal securities regulation, instituted in the 1930s, has had long-term effects on the stock market. The long-term effects of regulation and their impact on market organization are studied in detail. While some claim that markets create their own moral order from the transactions of market participants, others argue that markets cannot create their own order, but reflect the moral order of the larger society in which the market is found. The author argues that while larger social forces act as a constraint on the market's creation of its own moral order, the market can and does create its own internal institutional moral order. Often, groups use the regulation of markets to pursue their own special interests, not recognizing that the actual consequences of regulation may be undesirable. 34 footnotes.