In the Matter of Commission Rate Structure of Registered National Securities Exchanges: Memorandum of the United States Department of Justice on the Fixed Minimum Commission Rate Structure : [before the Securities and Exchange Commission]
The Commission, 1969 - Brokers - 396 pages
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adverse effects antitrust laws brokerage industry brokers central market centralized trading charges commission rate structure competition in commission competitive commission rates competitive rates Congress dealers demand Demsetz destructive competition economies of scale efficient eliminate excess capacity exchange members exchange rules expert extent fixed costs fixed minimum commission fixed minimum rates fixed rate floor brokerage Garil give-ups Harold Demsetz high fixed increase investment involve justified listed securities Mann market makers member firms minimum commission rates monopoly NASD natural monopoly nonmember NYSE Economic brief NYSE members NYSE membership NYSE's operation over-the-counter market Pattberg present price discrimination price regulation problems Professor Baumol profits public interest rate regulation rate system reasonable regulatory restrictions result Samuelson scale economies Schapiro Section 19(b Securities Exchange Act securities industry securities market smaller transactions SOUND TRANSITION substantial testified testimony third market volume workable competition York Stock Exchange