Word: bigs
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
...making electronic bookkeeping entries. That will end the archaic system under which messengers now lug bags of stock certificates between brokers' offices in the Wall Street area. This week the exchange also will show off to the press a new computerized system for matching the institutions' big buy-and-sell orders. Next month the exchange will relieve crowding by increasing space 20%, opening up an extension to the trading floor. Exchange officials are asking SEC permission to lengthen trading half an hour to a 2:30 p.m. daily close-still an hour earlier than normal...
LIKE all his predecessors, Robert Haack, president of the New York Stock Exchange, speaks proudly of the Big Board's "preeminent position in the securities industry." Then he utters what his predecessors would surely have deemed blasphemy-the thought that this dominance is not part of the order of nature but could be lost if the exchange does not adapt itself to "a totally new set of conditions." Largely because it has so far been highly resistant to just such a basic change, the Big Board is in trouble today...
...Americans who own shares directly and the 100 million who participate in stock trading through mutual funds, pension funds and trusts. First, the 642 brokerage firms that are members of the exchange have not yet cleaned up the back-office paperwork mess that since last June has kept the Big Board from conducting a normal 271-hour trading week. In addition, commission rates that member brokers charge to stock traders are under attack by the Justice Department, the Securities and Exchange Commission and institutional investors. All of them contend that the cuts made in some rates last December...
...troubles are coming to a head now because there has been an enormous growth in trading volume. An average of 13 million shares daily changed hands on the Big Board last year, or 21 times the total that exchange officials once expected to be reached in 1980. A rising proportion of the trading is done by institutions, for which the exchange's trading mechanisms and commission structure are ill adapted. Haack estimates that institutional trades now generate 50% of all commissions on his New York Exchange. Whether the exchange can hold this business against rising competition from other markets...
...COMMISSION FIGHT. This is the issue with the greatest impact on investors' wallets, and one that the exchange must resolve in the next year or so to appease Government regulators. Under intense pressure from the SEC, it enacted a 7% volume discount on big block trades last year, but the cut was too small to please anyone. The Justice Department advocates scrapping the brokers' jealously guarded system of fixed minimum commission rates -which now range from $6 to $75 for every 100 shares traded, depending on price-and letting every broker charge whatever he can persuade customers...