Word: sec
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Dates: during 1970-1979
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...people include Duke University Professor Juanita Kreps, the N.Y.S.E.'s first woman director, and outgoing Ambassador to Sweden Jerome H. Holland, the first black director. The exchanges also are selecting new bosses. Last week James Needham, an accountant and a former SEC commissioner, became chairman of the N.Y.S.E.; later this year, Paul Kolton, onetime public relations vice president of the Big Board, is expected to be named chairman of the American Stock Exchange...
Within a year, according to SEC Chairman William Casey, a single national stock-market ticker tape will be reporting the prices and volume of all major stock trades, wherever they take place. Most exchanges now have their own separate tapes that go mainly to brokerage houses in the immediate area; an investor buying stock in New York, say, rarely has any idea at what price the shares are changing hands in Chicago or San Francisco. The SEC's idea is to publish all this information on a single tape so that investors can get a feel of the total...
...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 recommendations on each issue, but they differ in important detail...
...commissions, the SEC settled for a slightly 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...