Our report is bound in two volumes. Volume I contains the major findings and conclusions as well as significant supporting data. It also contains a short summary. Volume II is of particular interest to readers who wish to review in some depth the technical details of the work and examine specific, statistical findings. Paul F. Ross Cambridge, Massachusetts A DEFINITION OF THE STOCK CLEARING AND STOCK DEFINITIONS OF A FAILURE IN STOCK CLEARING THE PROBLEM OF FAILS THE STOCK CLEARING SYSTEM: AN OVERVIEW THE CONCEPT OF STOCK CLEARING DIRECT CLEARING CLEARING THROUGH A CLEARING HOUSE TRANSFER AGENTS IN THE CLEARING SYSTEM INTER-REGIONAL TRADING > ix xi 1 7 7 9 11 19 19 19 19 23 23 THE INTER-CITY AND INTER-REGIONAL STOCK CLEARING III. AN INDUSTRY VIEW OF THE CAUSES OF FAILS THE HYPOTHESIS ABOUT BROKER/DEALER PERFORMANCE 32 THE HYPOTHESIS ABOUT EFFECTS OF BROKER/DEALER |