Acquisition of a seat on the New York Stock Exchange: report of the Board of Administration, California Public Employees' Retirement System : presented to the California Legislature
The System, 1985 - Business & Economics - 18 pages
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$2 broker $50,000 financial responsibility acquire a seat annual fee approximately behalf of PERS best execution capability block trading blocks of stock broker-dealer may pay broker-dealer or persons broker-dealer subsidiary broker-dealer would require commission costs commission rates Connecticut controlling person controlling the broker-dealer costs on portfolio dealer deregulated electronic or telephonic equity commissions equity portfolio equity trading volume exchange floor executes orders executing trades executing transactions execution of orders exercises investment discretion fee for physical floor for accounts form a broker-dealer independent floor representative individual member institutional June 30 large block Leasing a Seat member broker-dealer member firm member organizations NASD NYSE floor obtaining access orders for PERS PERS could form physical presence Purchasing a Seat purpose of executing reduction of block registered broker-dealer research services save on commissions Section 11(a securities industry share System is pleased System should acquire telephonic access trades on behalf York Stock Exchange