Word: mosses
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Dates: during 1970-1979
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Perhaps the main reason is that good managers are a function of their competition. If the competition is slothful, as it was in some parts of Europe for many years after World War II, management becomes moss-backed. If competition is brisk, management turns innovative. The big entry of U.S. companies into European markets has done much to galvanize home-grown managers into meeting "the American challenge." And the decline of tariffs within the Common Market has made European producers start thinking about the competition immediately beyond their borders...
Within the past year, reform plans have been advanced by the Securities and Exchange Commission and the exchanges themselves. Late last month the House Subcommittee on Commerce and Finance, headed by California Democrat John Moss, weighed in with a 170-page blueprint for the securities industry's future. Now that nearly all interested parties have spoken, it is clear that the largely self-regulated industry must make sweeping changes rapidly or be forced into them by legislation, possibly soon after Congress convenes next January...
...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 recommendations on each issue, but they differ in important detail...
...altered version of the present hybrid system. Brokers must now bargain on commissions with customers who make trades worth more than $300,000, a slight cut from the previous minimum of $500,000. The SEC plans to reduce the cutoff point gradually to $100,000 by April 1974. Congressman Moss, on the other hand, wants to abolish fixed commissions entirely and have fees bargained between broker and investor on every trade...
Both the SEC and the Moss subcommittee would allow institutional membership on exchanges, but under strict conditions that would limit the ability of the institutions to execute their own trades. The SEC would allow brokerage-house affiliates of the institutions to join exchanges only if four-fifths of their business came from the public rather than from the parent institutions. The Moss subcommittee would forbid institutions that joined exchanges from handling any of their own business at all. What the subcommittee wanted to avoid was "devilish bookkeeping" practices that might arise as institutions merged with brokerage houses...