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REGULATION OF CLEARING AGENCIES AND

TRANSFER AGENTS

HEARINGS

BEFORE THE

SUBCOMMITTEE ON SECURITIES

OF THE

COMMITTEE ON
BANKING, HOUSING AND URBAN AFFAIRS

UNITED STATES SENATE

NINETY-THIRD CONGRESS

FIRST SESSION

ON

S. 2058

TO AMEND THE SECURITIES EXCHANGE ACT OF 1934 TO
PROVIDE FOR THE REGULATION OF CLEARING AGENCIES
AND TRANSFER AGENTS, AND FOR OTHER PURPOSES

JULY 11 AND 12, 1973

Printed for the use of the
Committee on Banking, Housing and Urban Affairs

U.S. GOVERNMENT PRINTING OFFICE

98-978 O

WASHINGTON : 1973

COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS

JOHN SPARKMAN, Alabama, Chairman WILLIAM PROXMIRE, Wisconsin

JOHN TOWER, Texas HARRISON A. WILLIAMS, JR., New Jersey WALLACE F. BENNETT, Utah THOMAS J. MCINTYRE, New Hampshire EDWARD W. BROOKE, Massachusetts ALAN CRANSTON, California

BOB PACKWOOD, Oregon ADLAI E. STEVENSON III, Illinois

BILL BROCK, Tennessee J. BENNETT JOHNSTON, JR., Louisiana ROBERT TAFT, JR., Ohio WILLIAM D. HATHAWAY, Maine

LOWELL P. WEICKER, JR., Connecticut JOSEPH R. BIDEN, JR., Delaware

DUDLEY L. O'NEAL, Jr., Staff Director and General Counsel

MICHAEL E. BURNS, Minority Counsel
STEPHEN J. PARADISE, A88istant Counsel

SUBCOMMITTEE ON SECURITIES

HARRISON A. WILLIAMS, JR., New Jersey, Chairman WILLIAM PROXMIRE, Wisconsin

EDWARD W. BROOKE, Massachusetts THOMAS J. MCINTYRE, New Hampshire WALLACE F. BENNETT, Utah JOSEPH R. BIDEN, JR., Delaware

LOWELL P. WEICKER, JR., Connecticut
ALTON B. HARRIS, Counsel
H. HOLTON WOOD, Jr., Professional Staff Member

HOWARD A. MENNELL, A88istant Counsel

(II)

CONTENTS

Page

3

LIST OF WITNESSES

WEDNESDAY, JULY 11

John R. Evans, Commissioner, Securities and Exchange Commission;

Accompanied by Lee A. Pickard, Director, Division of Market Regulation

Stetson B. Harman, Senior Vice President and Executive Trust Officer,

First National Bank of Oregon, and President, Trust Division, The

American Bankers Association; Accompanied by Eugene M. Tangney,

Senior Vice President, First National Bank of Boston; Fred M. Shell,

Vice President of the First National Bank of Atlanta; and Robert L.

Bevan, Assistant Federal Legislative Counsel, The American Bankers

Association.

Gordon S. Macklin, President, National Association of Securities Dealers;

Accompanied by David H. Morgan, President, National Clearing

Corporation and Lloyd J. Derrickson, General Counsel.

John H. Perkins, President, Continental Illinois National Bank & Trust

Company of Chicago, and Chairman, National Coordinating Group for

Comprehensive Securities Depositories; Accompanied by Joseph P.

Coriaci, Herman W. Bevis, and Hamilton F. Potter, Jr.--.

Walter F. Thomas, Vice Chairman of the Board, Manufacturers Hanover

Trust Company, New York, and Chairman, Steering Committee, New

York Clearing House Association; Accompanied by John F. Lee, Execu-

tive Vice President, New York Clearing House Association..

THURSDAY, JULY 12

James J. Needham, Chairman, New York Stock Exchange Accompanied

by Samuel A. Gay, Senior Vice President, New York Stock Exchange

and Director of the Stock Clearing Corporation and Depository Trust

Company; Donald L. Calvin, Vice President, New York Stock Exchange;

Robert C. Hall, Chairman, Securities Industry Automation Corporation;

and William T. Dentzer, Jr., Chairman Depository Trust Company-

Herman W. Bevis, Member and Former Executive Director of the Banking

and Securities Industry Committee Accompanied by Hamilton F. Potter,

Jr., Counsel.

Leon Kendall, President, Securities Industry Association Accompanied by

Roger E. Birk, Vice President and Director of Operations Jay L. Chalmers,

Senior Vice President, Legg Mason, Baltimore, Md.---

Bernard O'Connor, Senior Vice President, United States Banknote Corpor-

ation; Accompanied by William J. Vanden Heuvel, Counsel..

Peter Del Col, President, Bradford Computer & Systems, Inc., Accompanied

by Llewellyn P. Young, Vice President and Counsel..

(III)

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