Institutional Membership on National Securities Exchanges: Hearings, Ninety-second Congress, Second Session, on S. 1163 and S. 3347 ... |
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Page 437
... participate " in a customer's stock exchange transactions . ( See SEC Policy Statement at 45-46 ) What is your ... participation " apply equally to member firms acting on behalf of ( i ) institutional affiliates , ( ii ) other ...
... participate " in a customer's stock exchange transactions . ( See SEC Policy Statement at 45-46 ) What is your ... participation " apply equally to member firms acting on behalf of ( i ) institutional affiliates , ( ii ) other ...
Page 447
... participating in market transactions are employed as professional money managers with no personal interest in their orders . Whatever profits they earn in the market are for the benefit of the parent insurance company , and are used to ...
... participating in market transactions are employed as professional money managers with no personal interest in their orders . Whatever profits they earn in the market are for the benefit of the parent insurance company , and are used to ...
Page 454
... participate " in a customer's stock exchange transaction . We understand this passage to be merely describing a rebative arrangement under which an institution creates a subsidiary which becomes a regional exchange member primarily to ...
... participate " in a customer's stock exchange transaction . We understand this passage to be merely describing a rebative arrangement under which an institution creates a subsidiary which becomes a regional exchange member primarily to ...
Page 459
... participate in and have invested large sums in the system . With respect to the limitation on the number of memberships , the Exchange has in the past increased the number of seats as the need for a larger membership to serve the public ...
... participate in and have invested large sums in the system . With respect to the limitation on the number of memberships , the Exchange has in the past increased the number of seats as the need for a larger membership to serve the public ...
Page 465
... participants . " This conclusion applies generally to large and small position changes , to those conducted by banks or by investment advisers ( including mutual funds ) and to both purchase and sales programs . With relatively minor ...
... participants . " This conclusion applies generally to large and small position changes , to those conducted by banks or by investment advisers ( including mutual funds ) and to both purchase and sales programs . With relatively minor ...
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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.