Word: amex
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...paying commission rates that are set by the exchanges to meet the costs of handling small orders from individual investors rather than the institutions' big-block trades. In addition, many institutions want to buy seats on the exchanges-a practice now barred by the Big Board and Amex-to enable them to handle their own trades and pocket the money they would otherwise have to pay to independent brokers in commissions. Presumably these savings would be passed on to individual investors in the form of lower management fees or sales commissions. The SEC and Representative Moss have made specific...
...which Haack announced his departure, the governors elected a new member to their 33-man board: Ralph S. Saul. Now vice chairman of First Boston Corp., a major investment banking house, Saul was president of the American Stock Exchange through mid-1971. He successfully reshaped the once scandal-racked Amex, and many Wall Streeters gave him higher marks than Haack for general performance. If the Big Board governors follow the recommendations of William McChesney Martin's recent study, they will select a full-time chairman and chief executive. That job may well go to Saul and the operating presidency...
...oversaw the automation of exchange-floor functions. When President Nixon recently went searching for a new chairman of the Securities and Exchange Commission, the position was offered to Saul. He turned it down. Last week Saul startled just about everyone by taking another job. He will switch from the Amex presidency to the vice chairmanship of the First Boston Corp...
Haack, president of the aristocratic New York Stock Exchange, and Ralph Saul, president of the younger and more innovative American Stock Exchange, announced a program to end much costly duplication. Under the new plan, the two exchanges will share many of the same computer facilities, and Amex stocks will be included in the Big Board's central certificate service, an automated system for handling stock transactions. The cooperation will extend down to the clerical levels and may eventually result in a merger of the two exchanges. Economic necessity forced the moves -the exchanges have also been hurt...
Ignoring the Realities. So much of the feverish activity involves outright speculation that the American Exchange last week issued its sternest warning in years. Amex ordered 650 member firms to "discourage excessive speculation-particularly in volatile or low-priced stocks." It gave brokers until month's end to report what steps they have taken to tighten sales procedures and warn customers of the dangers. Added Amex President Ralph Saul: "As new generations are attracted to the marketplace, there is a tendency to ignore the realities of investing. Speculating soundly requires getting the facts, avoiding tips and rumors, recognizing...