▁East ▁India ▁Company ▁was ▁the ▁first ▁company ▁to ▁issue ▁b onds ▁and ▁shares ▁of ▁stock ▁to ▁the ▁general ▁public . ▁It ▁was ▁also ▁the ▁first ▁public ly ▁trad ed ▁company , ▁being ▁the ▁first ▁company ▁to ▁be ▁listed ▁on ▁an ▁official ▁stock ▁exchange . ▁The ▁Dutch ▁also ▁helped ▁lay ▁the ▁found ations ▁of ▁the ▁modern ▁practice ▁of ▁invest ment ▁bank ing . ▁ ▁Further ▁develop ments ▁ ▁In vest ment ▁bank ing ▁has ▁changed ▁over ▁the ▁years , ▁beginning ▁as ▁a ▁partners hip ▁firm ▁focused ▁on ▁under writing ▁security ▁issu ance , ▁i . e . ▁initial ▁public ▁offer ings ▁( IP Os ) ▁and ▁secondary ▁market ▁offer ings , ▁bro ker age , ▁and ▁mer gers ▁and ▁ac quis itions , ▁and ▁evol ving ▁into ▁a ▁" full - service " ▁range ▁including ▁se cur ities ▁research , ▁propriet ary ▁trad ing , ▁and ▁invest ment ▁management . ▁In ▁the ▁ 2 1 st ▁century , ▁the ▁SE C ▁fil ings ▁of ▁the ▁major ▁independent ▁invest ment ▁banks ▁such ▁as ▁Gold man ▁Sach s ▁and ▁Morgan ▁Stanley ▁reflect ▁three ▁product ▁segments : ▁ ▁invest ment ▁bank ing ▁( mer gers ▁and ▁ac quis itions , ▁advis ory ▁services ▁and ▁se cur ities ▁under writing ), ▁ ▁asset ▁management ▁( sp ons ored ▁invest ment ▁funds ), ▁and ▁▁ ▁trad ing ▁and ▁principal ▁invest ments ▁( bro ker - de aler ▁activities , ▁including ▁propriet ary ▁trad ing ▁(" de aler " ▁transactions ) ▁and ▁bro ker age ▁trad ing ▁(" bro ker