Last but not least, let's have a look at the regulatory and advisory layer, which is a crucial component that ensures the integrity, transparency, and smooth functioning of the market ecosystem. This layer encompasses various entities, each with specific roles and responsibilities. Let's dive into it starting with regulatory bodies. These are akin to the rule makers and enforcers of the financial world, be it government agencies or independent organizations. Their primary functions include ensuring fair and efficient markets, protecting investors from fraudulent activities, overseeing compliance with laws and regulations, and monitoring systemic risk to prevent financial crises. In the US examples include the Securities and Exchange Commission, the SEC, which oversees securities markets and the Commodities Futures Trading Commission, or CFTC, which regulates derivatives markets. Next, we have financial advisors and consultants. These professionals are like the strategists in finance guiding individuals and organizations in financial planning, investments, retirement and wealth management. Their role in encompasses assisting clients in making informed financial decisions, providing tailored investment strategies and managing portfolios to align with clients' financial goals.

Research analysts serve as the markets analysts and forecasters. They conduct detailed market research and analysis to provide insights into market trends, specific securities, industries or economies. Their work involves delivering reports and recommendations to investors and financial institutions aiding in understanding market dynamics and identifying investment opportunities. Credit rating agencies such as S&P, Moody's and Fitch play a role akin to assessors of financial health. They evaluate the credit worthiness of issuers of debt securities like corporations and governments rating the credit risk associated with these instruments and informing investors about potential default risks. Audit firms are the financial markets verifiers. They conduct thorough audits of companies ensuring that financial statements are fair and accurate. This role is vital For enhancing the reliability of financial information and helping investors make decisions based on accurate company reports.

Lastly, legal advisors and law firms specializing in financial law navigate the complex legal terrain of financial markets. They provide advice on regulatory compliance, mergers and acquisitions, financial transactions, and represent clients in legal proceedings related to financial matters.

In essence, this regulatory and advisory layer is a network of entities each playing a critical role in maintaining the stability and reliability of the financial markets. Much like various specialists in the public equity sector work together to ensure market robustness and investor confidence.