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It is a financial market in which long-term debt or equity-backed securities are bought & sold. Capital markets are defined as markets in which money is provided for periods longer than a year. Capital markets channel the wealth of savers to those who can put it to long-term productive use, such as companies/ governments making long-term investments. Financial regulators, such as the UK's Bank of England (BoE) or the U.S. Securities & Exchange Commission (SEC), oversee the capital markets in their jurisdictions to protect investors against fraud, among other duties. A well-developed financial system is the backbone of any developed as well as fast developing economies.