Institutional Membership on National Securities Exchanges: Hearings, Ninety-second Congress, Second Session, on S. 1163 and S. 3347 ... |
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Page 438
... appropriate in your responses to questions 4 and 7 ? Please explain in as much detail as possible the approach and substance of such rules and the type of monitoring system that would be necessary to enforce them . In addition , please ...
... appropriate in your responses to questions 4 and 7 ? Please explain in as much detail as possible the approach and substance of such rules and the type of monitoring system that would be necessary to enforce them . In addition , please ...
Page 439
... appropriate means for providing such compensation , if required . 11. With respect to off floor transactions , what , if any , trading advantages do exchange members enjoy over non - members ? In answering this question , please be as ...
... appropriate means for providing such compensation , if required . 11. With respect to off floor transactions , what , if any , trading advantages do exchange members enjoy over non - members ? In answering this question , please be as ...
Page 452
... appropriate , it is clear that rebates vitiating these rates are not desirable . 3.c. The Exchange believes that acquisition of a membership for the purpose of obtaining reduced commissions is contrary to the public interest . This ...
... appropriate , it is clear that rebates vitiating these rates are not desirable . 3.c. The Exchange believes that acquisition of a membership for the purpose of obtaining reduced commissions is contrary to the public interest . This ...
Page 455
... appropriate to impose on the types or sources of business of member firms is closely related to the necessity , discussed in response to question 1 , of maintaining a core of professional broker - dealers as Exchange members , whose ...
... appropriate to impose on the types or sources of business of member firms is closely related to the necessity , discussed in response to question 1 , of maintaining a core of professional broker - dealers as Exchange members , whose ...
Page 456
... appropriate for a limitation to be placed on the percentage of the portfolio business of a parent of a member firm that may be handled by the firm . The reasons for such a limitation are described in the Statement submitted to the ...
... appropriate for a limitation to be placed on the percentage of the portfolio business of a parent of a member firm that may be handled by the firm . The reasons for such a limitation are described in the Statement submitted to the ...
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Common terms and phrases
activities affiliated brokers American Stock Exchange Amex answer banks believe block broker-dealers brokerage and money brokerage business brokerage firms capital central market combination of brokerage competitive conflicts of interest control member firms corporation dealer discount economic power effect eliminated exchange markets exchange members exchange membership execution existing fiduciary firm's fixed commission rates floor individual investors institutional affiliates Institutional Investor Study institutional members institutional membership investment company limitation market makers market place market-making membership arrangements money management mutual fund national securities exchanges negotiated rates non-affiliated customers non-member number of exchange off-floor orderly orders parent participation percentage portfolio potential conflict primary purpose profit prohibited public interest public investors question questionnaire rebate rebative practices recapture regulation response rules securities business securities industry securities markets Senate serve the public sole specialist stockholders Subcommittee substantial third market tion types U.S. Senate York Stock Exchange
Popular passages
Page 884 - exchange" means any organization, association, or group of persons, whether incorporated or unincorporated, which constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange as that term is generally understood., and includes the market place and the market facilities maintained by such exchange. (2) The term "facility...
Page 649 - S.249 before the Subcommittee on Securities of the Senate Committee on Banking, Housing and Urban Affairs, 94th Cong., 1st Sess., 1 (1975).
Page 695 - NRA, a member of the board of governors of the New York Stock Exchange, and the Investment Bankers Association of America.
Page 433 - affiliate' of, or a person 'affiliated' with, a specified person, is a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified. "(f) Control. The term 'control' (including the terms 'controlling,
Page 862 - ... any person directly or indirectly controlling, controlled by, or under common control with, such other person...
Page 456 - For the reasons hereinafter enumerated, transactions in securities as commonly conducted upon securities exchanges and over-the-counter markets are affected with a national public interest which makes it necessary to provide for regulation and control of such transactions and of practices and matters related thereto...
Page 756 - IN THE MATTER OF REGULATORY AND POLICY PROBLEMS PRESENTED BY THE INTERDEPENDENCE OF COMPUTER AND COMMUNICATION SERVICES AND FACILITIES — . DOCKET No.
Page 862 - ... a long or short position in an equity security and a long or short position in a security entitling the holder to acquire or sell such equity security, or any risk arbitrage transaction in connection with a merger, acquisition, tender offer, or similar transaction involving a recapitalization...
Page 459 - SEC, noting that complete segregation of functions ... as a specific remedy for all the multifarious possibilities for conflicts in the complex securities business could not be a simple segregation in any traditional sense but would have to involve fragmentation of the business to a point where...
Page 569 - Board, however, was in no mood for new members. It had become, in great measure, an exclusive club, a situation of which the brokers were very proud. They wore silk hats and swallowtail coats during business hours. It was a genteel business as well as a profitable one. The entry of young men was frowned on.