Securities Industry Study, Report ..., Containing a Report of the Subcommittee on Securities Together with Indivual Views, (for the Period Ended February 4, 1972, Pursuant to S.Res. 109)110:1:United States: Congress, Volumes 22-231972 - 88 páginas |
Palavras e frases frequentes
action American Stock Exchanges antitrust laws auction market balance order broker or dealer broker-dealers brokerage Central Certificate Service certificate depositories clearing and settlement clearing house Commission's Committee competition Cong continuous net settlement CUSIP customers delivery economic effect elimination Exchange Commission exchange members fifth business fixed commission rates fixed rates functions Future Structure hereinafter cited Institutional Investor Study institutional membership institutional trading investment legislation market makers market-makers member firms mutual funds NASD NASDAQ national securities exchanges national system NYSE members NYSE's operational over-the-counter over-the-counter market paperwork problem Practices of Brokers proposed recommendations regional exchanges regulation regulatory require rules SEC's Securities Exchange Act securities industry securities markets securities transactions self-regulatory agencies seller Senate Hearings shares Special Study stock certificate Stock Clearing Corporation Study of Unsafe Subcommittee supra note 30 third market tion Unsafe & Unsound Unsound Practices volume William McChesney Martin York Stock Exchange
Passagens conhecidas
Página 41 - ... orderly" market as that term is used in the Exchange Act. An "orderly" market is also one which has "continuity," ie, minimum price variations or deviations between transactions in a series of consecutive separate transactions, and "liquidity," ie, the ability of a willing seller to readily (or perhaps immediately) find a buyer, or vice versa, at a mutually agreeable price. Because there are frequent temporary imbalances in supply and demand arising from the absence of matchable orders on the...
Página 40 - ... securities exchanges, directly or indirectly for their own account or for discretionary accounts, and (2) to prevent such excessive trading on the exchange but off the floor by members, directly or indirectly for their own account, as the Commission may deem detrimental to the maintenance of a fair and orderly market.
Página 23 - No broker or dealer shall make use of the mails or of any means or instrumentality of interstate commerce to effect any transaction in, or to induce or attempt to induce the purchase or sale of, any security (other than an exempted security or commercial paper, bankers...
Página 44 - Committee's view, equal regulation is appropriate only if the phrase is understood to mean that persons enjoying similar privileges, performing similar functions, and having the potential for similar market impact are treated equally.
Página 79 - Repeal is to be regarded as implied only if necessary to make the Securities Exchange Act work, and even then only to the minimum extent necessary.