Institutional Membership on National Securities Exchanges: Hearings, Ninety-second Congress, Second Session, on S. 1163 and S. 3347 ... |
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Page 435
... created by the affiliation of members with financial institutions . The Subcommittee wishes to obtain the views of industry leaders , self- regulatory agencies , the SEC and other interested persons on those important subjects ...
... created by the affiliation of members with financial institutions . The Subcommittee wishes to obtain the views of industry leaders , self- regulatory agencies , the SEC and other interested persons on those important subjects ...
Page 436
... created by such membership arrange- ments . Can these problems be dealt with by imposing additional regulation ? Why or why not ? d . The relevance , if any , to your answer of the type of affiliation a broker has with an institution ...
... created by such membership arrange- ments . Can these problems be dealt with by imposing additional regulation ? Why or why not ? d . The relevance , if any , to your answer of the type of affiliation a broker has with an institution ...
Page 438
... created by allowing institutions to trade through controlled member firms significantly different from those created by allowing members to trade for controlled institutions ? c . In terms of the fairness and orderliness of the markets ...
... created by allowing institutions to trade through controlled member firms significantly different from those created by allowing members to trade for controlled institutions ? c . In terms of the fairness and orderliness of the markets ...
Page 439
... created by ( i ) the combination of brokerage and money management or ( ii ) the combination of brokerage and market making justify the separation of these functions ? In your answer , please address yourself to the following additional ...
... created by ( i ) the combination of brokerage and money management or ( ii ) the combination of brokerage and market making justify the separation of these functions ? In your answer , please address yourself to the following additional ...
Page 443
... created by permitting member firms to have institutional affiliates . In reality , affiliating with a member firm is no different than outright membership on an exchange . Although there are dangers , such dangers could be reduced by ...
... created by permitting member firms to have institutional affiliates . In reality , affiliating with a member firm is no different than outright membership on an exchange . Although there are dangers , such dangers could be reduced by ...
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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.