Institutional Membership on National Securities Exchanges: Hearings, Ninety-second Congress, Second Session, on S. 1163 and S. 3347 ... |
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Page 437
... individual stockholder or partner trades through his firm . ( ii ) An institutional stockholder trades through its firm . ( iii ) A member trades for his or its own investment account . ( iv ) The management or advisory fee charged a ...
... individual stockholder or partner trades through his firm . ( ii ) An institutional stockholder trades through its firm . ( iii ) A member trades for his or its own investment account . ( iv ) The management or advisory fee charged a ...
Page 438
... individual investors ? In your answer please address yourself to the following additional questions : a . What are the reasons such a development might occur ? How likely is it ? What steps , short of prohibiting institutional control ...
... individual investors ? In your answer please address yourself to the following additional questions : a . What are the reasons such a development might occur ? How likely is it ? What steps , short of prohibiting institutional control ...
Page 439
... individual stockholders or partners ? c . Is there a policy justification for permitting a firm and its individual stockholders or partners to make use of an exchange membership to trade for their own account but prohibiting a firm from ...
... individual stockholders or partners ? c . Is there a policy justification for permitting a firm and its individual stockholders or partners to make use of an exchange membership to trade for their own account but prohibiting a firm from ...
Page 443
... individual's or institution's exchange membership or that of an affiliate . Under this definition , we would ... individuals or firms and thus tend to be discriminatory . Relative to item ( a ) vi we consider use of commission dollars as ...
... individual's or institution's exchange membership or that of an affiliate . Under this definition , we would ... individuals or firms and thus tend to be discriminatory . Relative to item ( a ) vi we consider use of commission dollars as ...
Page 444
... individual investor , inasmuch as the member firms will profit from the broker- age generated from their investment management activities by offsetting management fees with brokerage commissions ; but the individual investor will pay ...
... individual investor , inasmuch as the member firms will profit from the broker- age generated from their investment management activities by offsetting management fees with brokerage commissions ; but the individual investor will pay ...
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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.