National Market System: Hearings Before the Subcommittee on Telecommunications and Finance of the Committee on Energy and Commerce, House of Representatives, One Hundred Third Congress, First Session, April 14, May 13, 26, June 29, and July 13, 1993, Volume 4 |
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Common terms and phrases
agency-auction American Stock Exchange Amex auction market automated believe benefits best bid best execution BLILEY broker-dealers brokerage brokers cash payments Chairman clients Committee Congress costs customer orders dealer market direct payments disclosure Donaldson efficient equity Exchange Act fees fiduciary floor funds GRASSO Hardiman inducements for order innovation Instinet institutional investment investors issue limit orders liquidity listed securities listed stocks Madoff market centers market liquidity marketplace member firms money manager Morgan Stanley NASD NASDAQ national market system NYSE operate opportunity order flow over-the-counter participants payment for order percent Philadelphia Stock Exchange plan sponsor portfolio practices price discovery price improvement primary market proprietary trading systems PTS's question quotation quote regional exchanges regulation regulatory reporting retail rule Section 28 securities markets sell share soft dollar arrangements spread subcommittee testimony Thank third market makers transactions transparency volume York Stock Exchange
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Page 282 - Chair recognizes the gentleman from Texas, Mr. Fields. Mr. FIELDS. Thank you, Mr. Chairman. I will try to be very brief so we can move forward and hear the report.
Page 306 - A member, in the conduct of his business, shall observe high standards of commercial honor and just and equitable principles of trade.
Page 356 - Honorable Edward J. Markey Chairman Subcommittee on Telecommunications and Finance Committee on Energy and Commerce US House of Representatives Washington, DC 20515 Dear Mr.
Page 27 - ... fair competition among brokers and dealers, among exchange markets, and between exchange markets and markets other than exchange markets; (iii) the availability to brokers, dealers, and investors of information with respect to quotations for and transactions in securities; (iv) the practicability of brokers executing investors...
Page 667 - Every registered clearing agency shall also make and keep for prescribed periods such records, furnish such copies thereof, and make and disseminate such reports, as the...
Page 144 - Commission may prescribe as necessary or appropriate in the public interest, for the protection of investors...
Page 118 - SEC in the administration of the securities laws is to "create a fair field of competition." This responsibility continues today. The bill would more clearly identify this responsibility and clarify and strengthen the SEC's authority to carry it out. The objective would be to enhance competition and to allow economic forces, interacting within a fair regulatory field, to arrive at appropriate variations in practices and services.
Page 28 - approaches the problem of encouraging the development and implementation of a national market system from the point of view of preserving the competing markets for securities that have developed, breaking down all barriers to competition that do not serve a valid regulatory purpose, and encouraging maximum reliance on communication and data processing equipment consistent with justifiable costs.
Page 62 - commitment to the preservation of an auction-agency market rather than a purely 'dealer market' for listed securities. Presumably, the classic example of a dealer market is the over-the-counter market, in which it is virtually impossible for an investor's order to be executed without the participation of a dealer in the transaction. There is no facility where public orders can offset each other, except under the auspices of a market maker, and this rarely occurs.
Page 613 - Commission is responsible for the administration and enforcement of the Securities Act of 1933, the Securities Exchange Act of 1934, the Public Utility Holding Company Act of 1935, the Trust Indenture Act of 1939, the Investment Company Act of 1940, and the Investment Advisers Act of 1940.