Study of the Securities Industry: Serial No. 92-37dU.S. Government Printing Office, 1971 - 4623 lappuses |
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ALPHA Alternative Trade Completion American Stock Exchange AMEX Association of Securities average balance orders benchmark borrowing Broker Module broker-to-broker fails broker/dealer brokerage buyer CARD causes of fails changes CONGRESS THE LIBRARY cost of fails daily deliver delivery orders delivery priority DELIVERY.ORDER depository developed distribution DK rate dollar DUE-INS estimated fails-to-deliver favored fails firm groups firm's firms free box incomplete transactions input institutional customers INTEGER inventory LIBRARY OF CONGRESS margin MARGIN BUYS million mutual fund NASD number of shares NYSE operations over-the-counter PARAMETER1 partial deliveries percent percentage PRINT 1 LINE procedures public cash customers Rand Rand Corporation reduced SALES Sample Securities Dealers securities industry segregation requirements selling broker settlement day SIMSCRIPT simulation model stock certificates stock clearing house stock clearing system STOCK LOAN REPAYMENTS Table trade completion system trading volume transfer agent uncompared trades variables wrong denomination York Stock Exchange
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2600. lappuse - SROS' rules and regulations and review of examination and disciplinary programs. SROS, such as the National Association of Securities Dealers (NASD) and the New York Stock Exchange (NYSE...
2602. lappuse - fails," as used in the industry, is usually limited to broker-to-broker fails. This definition was found to be too narrow for a full study of the problem because consideration of other kinds of incomplete transactions was essential for evaluating how the trade completion system functioned. Therefore, the definition was broadened to include fails between customers (individuals as well as institutions) and brokers and fails by brokers to repay a stock loan on call date. In order to evaluate the effects...
2601. lappuse - It became clear that while many solutions had been proposed, the analytical capability needed for testing and evaluating them was not available. This deficiency was one of the difficulties that prevented the securities industry from concentrating its efforts on implementing desirable improvements. Providing the Analytical Capability Actual experimentation with a wide variety of system changes is not possible when the activity is as complex in nature as the trade completion process. To deal with this...
2596. lappuse - Exchange, the American Stock Exchange, the National Association of Securities Dealers, and the New New York Clearing House Association.
2603. lappuse - ... and brokers' minimum structural change case (see page 8 and item 10 in Table 1 on page 12). The changes included in this alternative are (1) taking full advantage of the partial delivery rules, (2) reducing transfer time, and (3) reducing the fail rates for DKs,° uncompares, and wrong denominations. These changes alone could have saved an amount of about one-third of the 1968 gross profits of the 386 member firms. THE TEST CASES Benchmark Case The benchmark, or base, case represents the existing...
2670. lappuse - ... discussion are summarized in Table 1, page 12. Each case is identified by a number and a brief title in the columns at the left of the table. The upper part of the table (items 1 through 12) pertains to trade completion alternatives for NYSE stocks; the lower part of the table (items 13 through 15) pertains to alternatives for OTC stocks with emphasis on different clearing systems Under the general caption "Inputs" are shown the assumptions made for the benchmark case and the changes made for...
2411. lappuse - EE. The Multiple Causes of Fails in Stock Clearing in the United States (Volumes I and II) 2413 FF.
2674. lappuse - Transactions: A Study of Alternative Trade Completion Systems, Vol. Ill, The Trade Completion Simulation Model. The Rand Corporation, R-552-ST, December 1970.
2670. lappuse - Total Net Cost" the total clerical and interest costs incurred by brokers because of fails plus the net costs of modifying the trade completion system are shown. The last column shows the difference in total net cost due to the changes identified. For the NYSE stocks, the total net cost for each case is compared with the benchmark cost of $125 million. For the OTC cases (items 14 and 15), total net costs are compared with the cost of $91 million for the existing OTC clearing system (item 13). As...
2487. lappuse - would seriously consider alternative legislative methods, such as permitting self-regulatory bodies, such as the New York Stock Exchange, the American Stock Exchange and the National Association of Securities Dealers, to set up their own insurance programs, provided they would offer full insurance protection for investors.