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The Bright Image: The SEC, 1961-1973

An Economic Theory of Regulation Emerges

Fixed Commission Rates and Give-Ups

While Cohen pushed for changes in the fixed commission rates, the Commission was reluctant to impose rule changes unilaterally on the New York Stock Exchange. But, on the issue of give-ups, which was a device by which an institutional investor dealing in large volume purchases could receive an indirect volume discount, the Commission was more successful. The new emphasis on the economic basis and impact of regulation was central to the SEC concern about give-ups. By 1966, the SEC concluded that the practice of give-ups "has developed to a point where it threatens the integrity of wide segments of the securities industry."(21)

Initially, Cohen relied on the cooperative approach with the NYSE. He corresponded and cajoled the NYSE to make internal changes. When the NYSE appeared reluctant, the Commission, relying on Eugene Rotberg's analysis, drafted Rule 10b-10, which would have prohibited give-ups entirely and submitted the rule for public comment.

Cohen implemented an integrated SEC regulatory approach that he believed would be more effective than a series of unpredictable and possibly unrelated court decisions. Despite some initial recalcitrance, as the SEC moved closer toward commission-rate hearings, the NYSE governing board moved toward abolishing give-ups by December 1968.

SEC "Hot Issues" Public Hearing Mario Mirabelli (right); Richard Nesson (center); Karl Stewart (left) Courtesy of Richard Nesson

The SEC analysis of the economic consequences of proposed regulation, and the emergence of an economic theory of regulation, came to fruition in the commission rate hearings during the last year of Cohen's term. The NYSE and the SEC produced dueling documents over the economic implications of commission rate regulation.

During the SEC hearings, NYSE Vice President Robert Bishop was unable to explain why the rate structure charged varying commissions on stocks of different value, despite the fact that there was no greater work in executing either trade. Furthermore, fixed commission rates unrelated to the economic costs of the trades had resulted in a six-fold increase in brokerage income from 1961-1968.

The rate structure, argued the SEC, shielded NYSE members from the rigors of competition and led to inefficiencies in the market and increased costs to investors. By January 1969, the NYSE acknowledged that their fixed commission rate structure was antiquated and needing reform, and within a year, had begun to reform its commission rates along the lines suggested by the SEC.

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Footnotes:

(21) Seligman, Transformation, 399.

Related Museum Resources

Papers

May 19, 1964: Memo from Stan West to Edward C. Gray, New York Stock Exchange on SEC statistical requests re specialists' activity
[transcript] (pdf) (All rights are owned exclusively by NYSE Euronext copyright 2007 NYSE Euronext, All Rights Reserved, Courtesy New York Stock Exchange Archives)
September 24, 1964: New York Stock Exchange Press Release: Specialist System
[image] (pdf) (All rights are owned exclusively by NYSE Euronext copyright 2007 NYSE Euronext, All Rights Reserved, Courtesy New York Stock Exchange Archives)
November 24, 1965: Memo to John Lesniewski from R.F. Burke, New York Stock Exchange requesting information for J. William O'Reilly's presentation at the SEC and the Federal Reserve Board
[transcript] (pdf) (All rights are owned exclusively by NYSE Euronext copyright 2007 NYSE Euronext, All Rights Reserved, Courtesy New York Stock Exchange Archives)
November 30, 1965: Memo from J. William O'Reilly of meeting with SEC staff concerning financing of specialist accounts
[transcript] (pdf) (All rights are owned exclusively by NYSE Euronext copyright 2007 NYSE Euronext, All Rights Reserved, Courtesy New York Stock Exchange Archives)
March 10, 1967: Letter from American Stock Exchange to Robert Block, SEC Division of Trading and Markets requesting preliminary review of proposed Rule 10b-10
[transcript] (pdf) (Government Records)
April 21, 1967: Letter from J. William O'Reilly, New York Stock Exchange to Irving M. Pollack, SEC on automation of surveillance of floor trading activities
[transcript] (pdf) (All rights are owned exclusively by NYSE Euronext copyright 2007 NYSE Euronext, All Rights Reserved, Courtesy New York Stock Exchange Archives)
May 12 ,1967: Letter from J. William O'Reilly, New York Stock Exchange to Eugene Rotberg, SEC on speed of sales
[transcript] (pdf) (All rights are owned exclusively by NYSE Euronext copyright 2007 NYSE Euronext, All Rights Reserved, Courtesy New York Stock Exchange Archives)
May 19, 1967: Letter from Irving M. Pollack, SEC Division of Trading and Markets to G. Keith Funston, New York Stock Exchange
[document] (pdf) (Courtesy of Eugene Rotberg)
November 20, 1967: Memorandum on Give-Ups: Alternative Courses of Action, from Irving M. Pollack, SEC Division of Trading and Markets, with Attachments: a) Practices and Procedures of Mutual Funds in Allocating Brokerage -- a basis for enforcement proceedings, and b) Selection of an Appropriate Respondent
[document] (pdf) (Courtesy of Eugene Rotberg)
January 29, 1968: Lion G. Mason Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
January 29, 1968: R. Frazier Potts Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
January 29, 1968: William J. McCrann Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
January 30, 1968: Marshall A. Lewis Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
January 31, 1968: Fred J. Chemidlin, Jr. Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
January 31, 1968: Henry E. Lewis Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
January 31, 1968: Investors Research Fund, Inc. Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 1, 1968: Eugene H. Killen Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 1, 1968: G. Shelby Friedrichs Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 1, 1968: Gaston A. Shumate Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 1, 1968: Ralph S. Heath Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 2, 1968: Carroll H. Payne Letter re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 3, 1968: J.L. Trimble Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 5, 1968: Memo from J. William O'Reilly, New York Stock Exchange on SEC telephone call on specialist reponsibility for quotations
[image] (pdf) (All rights are owned exclusively by NYSE Euronext copyright 2007 NYSE Euronext, All Rights Reserved, Courtesy New York Stock Exchange Archives)
February 6, 1968: Ford R. Weber Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 7, 1968: Shirlie E. Clelland Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 8, 1968: Peter A. Engelbach Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 15, 1968: B. C. McCall Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 15, 1968: B.F. Edwards III Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 15, 1968: David F. Lawrence Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 15, 1968: Joseph Lincoln Ray Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 19, 1968: Ad Hoc Committee of the Western Pennsylvania Investment Industry Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 19, 1968: Ronald Cramer Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 20, 1968: R.C. O'Donnell & Company Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 20, 1968: Richard O. Arnesen Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 21, 1968: Edgar Scott Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 21, 1968: H. Peter Schaub Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 21, 1968: Harold L. Bache Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 21, 1968: John F. Fogarty Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 21, 1968: S.L. Sabel Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 22, 1968: Frank H. Hunter Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 23, 1968: David Norr Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 23, 1968: Joseph C. Kennedy Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 23, 1968: Truman Semans Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 23, 1968: Walter Werner Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 23, 1968: William C. Coe Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 26, 1968: Neuberger & Berman Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 26, 1968: U.S. Representative Byron C. Rogers Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 27, 1968: Orson D. Munn Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 27, 1968: R.G.D. Lafferty Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 27, 1968: Roth Gerard & Co. Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 28, 1968: Colin A. Campbell Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 28, 1968: Edward M. Higgins Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 28, 1968: Frank A. Weil Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 29, 1968: Baer Securities Corporation Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 29, 1968: Charles T. Larus Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 29, 1968: Emil J. Pattberg, Jr. Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 29, 1968: George W. Fulk Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 29, 1968: John H. Kitchen Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 29, 1968: John Hancock Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 29, 1968: Willard J. Tillotson Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
February 29, 1968: William L. Leibman Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 1, 1968: Augustine T. Marasco Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 1, 1968: John H. Hayward Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 4, 1968: Pershing & Co. Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 4, 1968: R. Ron Heiligenstein Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 4, 1968: The Round Table Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 7, 1968: H.C. Piper, Jr. Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 7, 1968: Henning Hilliard Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 7, 1968: Jack Stephen Skakandy Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 7, 1968: Joseph F. Darpel, Jr. Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 8, 1968: Edward F. Stansfield Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 8, 1968: I. George Weston Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 8, 1968: Joseph P. Short Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 8, 1968: R. W. Lyon Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 9, 1968: Paul E. Youmans Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 11, 1968: Bayard T. Read Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 11, 1968: Eugene Arnold, Jr. Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 12, 1968: Earl F. Meyers Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 12, 1968: Singer Deane & Scribner Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 12, 1968: W. G. Simpson Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 13, 1968: N.K. Parker Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 14, 1968: John Barnard, Jr. Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 14, 1968: John M. Butler Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 14, 1968: Seymour D. Schwarz Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 14, 1968: Thomas Lynch III Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 15, 1968: B.C. Mergentime Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 18, 1968: Louis Meyer, Jr. Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 19, 1968: Bernard J. Koerselman Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 19, 1968: N.R. Gilbert Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 19, 1968: Robert B. Rivel Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 19, 1968: Wilfred Godfrey Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 20, 1968: Sherman Ellsworth Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 21, 1968: Baker Watts & Co. Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 21, 1968: William J. Baumol and Burton Malkiel, Department of Economics, Princeton University, Comments on Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 22, 1968: The Round Table Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 25, 1968: Michael F. Ling Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 25, 1968: Ronald D. Lubash Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 26, 1968: Charles M. Rosenthal Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 26, 1968: Courts & Co. Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 26, 1968: George Draper Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 26, 1968: M.B. Pilcher Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 27, 1968: A. Lowrie Applegate Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 27, 1968: Ad Hoc Committee of the Western Pennsylvania Investment Industry Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 27, 1968: Cazenove & Co. Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 27, 1968: Chas. W. Scranton & Co. Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 27, 1968: George W. Hopper Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 27, 1968: Howard B. Dean Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 27, 1968: Joseph W. Sener Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 27, 1968: Mitchel Schreiber Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 27, 1968: Paul Adelson Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 27, 1968: Robert G. Cabell Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 27, 1968: W.D. Fleming Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 28, 1968: Alexander B. Johnson Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 28, 1968: Arthur N. Honig Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 28, 1968: Bernard E. Pollak Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 28, 1968: Dale C. Tintsman Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 28, 1968: David J. Harris Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 28, 1968: Harry C. Whittaker Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 28, 1968: Loeb Rhoades & Co. Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 28, 1968: M.A. Welsch Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 28, 1968: Newberger & Company Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 28, 1968: R.W. Cocchi Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 28, 1968: Robert L. Cody Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 28, 1968: Stanton L. Pressman Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: A.E. Schwabacher, Jr., Schwabacher & Co., Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: Alan N. Weeden, Weeden & Co., Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: Allin P. Baxter, Steadman Security Corporation, Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: Andrew F. Peck Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: Bateman Eichler, Hill Richards Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: Charles M. Peltason White & Company Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: D. George Sullivan, Fidelity Management & Research Company, Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: Don W. Goelzer Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: E. Douglas Howard, Niagara Share Corporation, Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: Edward P. Fitch Investment Securities Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: Farrell & Co. Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: Frank J. Hoenemeyer, The Prudential Insurance Company of America, Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: Frank P. Wendt, Nuveen Corporation, Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: Gaston Snow Motley & Holt Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: George M. Ferris, Jr. Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: Goldman Sachs & Co. Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: J. Robert Schuman, Schuman Agnew & Co., Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: James A. Wildgust Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: John F. Summer Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: John J. Carroll & Co. Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: Joseph E. Welch, Wellington Fund, Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: Lawrence J. Sheehan, O'Melveny & Myers, Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: Mitchel J. Valicenti, Valicenti Leighton Reid & Pine, Letter to SEC on behalf of Waddell & Reed, Inc. re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: N. Michael Keiser, Hugh Johnson & Company, Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: New York Securities Co. Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: Robert M. Loeffler, Investors Diversified Services, Inc., Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: Robert W. Baird & Co. Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: Ronald T. Lyman, Jr., Scudder, Stevens & Clark, Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: S.J. Marsh, Woodard - Elwood Co., Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: W. Nicholas Thorndike Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
March 29, 1968: Wendell W. Whitter Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
April 1, 1968: George W. Davis, Davis Skaggs & Co., Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
April 1, 1968: John G. Butler, Prescott Merrill Turben & Co., Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
April 1, 1968: Shipley Akerman & Pickett Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
April 1, 1968: Sullivan & Worcester Letter to SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
April 1, 1968: U.S. Department of Justice Comments into Proposals to Modify the Commission Rate Structure of the New York Stock Exchange
[document] (pdf) (Courtesy of Eugene Rotberg)
April 3, 1968: George J. Otto, Irving Lundborg & Co., Letter to the SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
April 3, 1968: Gordon H. Dickinson, Gordon H. Dickinson & Co., Letter to the SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
April 8, 1968: R.V.H. Harned, Warren W. York & Co., Letter to the SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
April 15, 1968: Auchincloss Parker & Redpath Letter to the SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
April 18, 1968: L.W. Young, Jr., A.E. Masten & Co., Letter to the SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
April 19, 1968: Ricardo A. Mestres, Princeton University, Letter to the SEC re Proposed Rule 10b-10
[document] (pdf) (Courtesy of Eugene Rotberg)
May 9, 1968: Memo from J. William O'Reilly, New York Stock Exchange on meeting with Eugene Rotberg on specialists' dealing
[image] (pdf) (All rights are owned exclusively by NYSE Euronext copyright 2007 NYSE Euronext, All Rights Reserved, Courtesy New York Stock Exchange Archives)
May 28, 1968: Order for U.S. Securities and Exchange Commission Investigation and Public Investigatory Hearing on Commission Rate Structure
[document] (pdf) (Courtesy of Eugene Rotberg)
July 1, 1968: Opening Statement of Eugene H. Rotberg at Public Investigatory Hearing on Commission Rate Structure
[document] (pdf) (Courtesy of Eugene Rotberg)
July 1, 1968: Summary of Transcript of Proceedings in the Matter of Commission Rate Structures of Registered National Securities Exchanges
[document] (pdf) (Courtesy of Eugene Rotberg)
August 8, 1968: Letter from Robert W. Haack, New York Stock Exchange, to SEC Chairman Manuel Cohen
[document] (pdf) (Courtesy of Eugene Rotberg)
August 13, 1968: Letter from Richard S. Maynard to SEC on New York Stock Exchange's Proposed Commission Rate Changes
[document] (pdf) (Courtesy of Eugene Rotberg)
August 14, 1968: Letter from Raymond J. Fox to SEC on New York Stock Exchange's Proposed Commission Rate Changes
[document] (pdf) (Courtesy of Eugene Rotberg)
August 15, 1968: Letter from Josephthal & Co. to SEC on New York Stock Exchange's Proposed Commission Rate Changes
[document] (pdf) (Courtesy of Eugene Rotberg)
August 16, 1968: Letter from Investment Bankers Association of America to SEC on New York Stock Exchange's Proposed Commission Rate Changes
[document] (pdf) (Courtesy of Eugene Rotberg)
August 19, 1968: Letter and Memorandum from Edward T. McCormick, National Stock Exchange, to SEC on New York Stock Exchange's Proposed Commission Rate Changes
[document] (pdf) (Courtesy of Eugene Rotberg)
August 19, 1968: Letter from Alex H. Calvert, Jr. to SEC on New York Stock Exchange's Proposed Commission Rate Changes
[document] (pdf) (Courtesy of Eugene Rotberg)
August 19, 1968: Letter from Robert L. Augenblick, Investment Company Institute, to SEC on New York Stock Exchange's Proposed Commission Rate Changes
[document] (pdf) (Courtesy of Eugene Rotberg)
August 19, 1968: Statement of Robert W. Haack, New York Stock Exchange before the SEC on commission structure
[image] (pdf) (All rights are owned exclusively by NYSE Euronext copyright 2007 NYSE Euronext, All Rights Reserved, Courtesy New York Stock Exchange Archives)
August 20, 1968: Letter from Goldman & Co. to SEC on New York Stock Exchange's Proposed Commission Rate Changes
[document] (pdf) (Courtesy of Eugene Rotberg)
August 20, 1968: Letter from Herbert Schollenberger, Detroit Stock Exchange, to SEC on New York Stock Exchange's Proposed Commission Rate Changes
[document] (pdf) (Courtesy of Eugene Rotberg)
August 20, 1968: Letter from Raymond W. Cocchi, Independent Broker Dealers' Trade Association, to SEC on New York Stock Exchange's Proposed Commission Rate Changes
[document] (pdf) (Courtesy of Eugene Rotberg)
August 21, 1968: Letter from Irving M. Pollack, SEC to Robert W. Haack, New York Stock Exchange on off-floor trading
[transcript] (pdf) (Courtesy of New York Stock Exchange Archives)
August 21, 1968: Letter from Wilfred Godfrey, Keystone Custodian Funds, Inc., to SEC on New York Stock Exchange's Proposed Commission Rate Changes
[document] (pdf) (Courtesy of Eugene Rotberg)
August 22, 1968: Letter from American Life Convention and Life Insurance Association of America to SEC on New York Stock Exchange's Proposed Commission Rate Changes
[document] (pdf) (Courtesy of Eugene Rotberg)
August 23, 1968: Letter from James W. Davant, Association of Stock Exchange Firms, to SEC on New York Stock Exchange's Proposed Commission Rate Changes
[document] (pdf) (Courtesy of Eugene Rotberg)
October 9, 1968: Memo from Elliott F. Higgins, New York Stock Exchange to J. William O'Reilly on SEC inspection of specialists operations
[image] (pdf) (All rights are owned exclusively by NYSE Euronext copyright 2007 NYSE Euronext, All Rights Reserved, Courtesy New York Stock Exchange Archives)
October 22, 1968: Memo from Richard F. Burke, New York Stock Exchange on discussion with Sheldon Rappaport, SEC
[image] (pdf) (All rights are owned exclusively by NYSE Euronext copyright 2007 NYSE Euronext, All Rights Reserved, Courtesy New York Stock Exchange Archives)
November 19, 1968: Letter from Robert W. Haack, New York Stock Exchange to SEC Chairman Manuel F. Cohen
[image] (pdf) (All rights are owned exclusively by NYSE Euronext copyright 2007 NYSE Euronext, All Rights Reserved, Courtesy New York Stock Exchange Archives)
December 10, 1968: Memo from J. William O'Reilly, New York Stock Exchange on odd-lot dealers
[image] (pdf) (All rights are owned exclusively by NYSE Euronext copyright 2007 NYSE Euronext, All Rights Reserved, Courtesy New York Stock Exchange Archives)
December 12, 1968: Memo from Eugene Rotberg to SEC Chairman Manuel Cohen on Institutional Study Advisory Committee
[document] (pdf) (Courtesy of Eugene Rotberg)
January 22, 1969: "The Securities Industry and the Realities of 1969" - Remarks of Robert W. Haack, New York Stock Exchange to the 2nd Annual Institutional Investor Conference
[image] (pdf) (All rights are owned exclusively by NYSE Euronext copyright 2007 NYSE Euronext, All Rights Reserved, Courtesy New York Stock Exchange Archives)
March 6, 1969: Problems in the Securities Industry: Hearing before the Subcommittee on Securities of the U.S. Senate Committee on Banking and Currency
[image] (pdf) (Courtesy of the Library of Congress)
September 28, 1970: New York Stock Exchange Press Release: Test of Specialist Electronic Book
[transcript] (pdf) (All rights are owned exclusively by NYSE Euronext copyright 2007 NYSE Euronext, All Rights Reserved, Courtesy New York Stock Exchange Archives)
November 17, 1970: "Competition and the Future of the New York Stock Exchange" - Remarks of Robert W. Haack, New York Stock Exchange at the Economic Club of New York
[image] (pdf) (All rights are owned exclusively by NYSE Euronext copyright 2007 NYSE Euronext, All Rights Reserved, Courtesy New York Stock Exchange Archives)
1971: Report on Major Changes in NYSE Constitution and Rules since 1967
[transcript] (pdf) (All rights are owned exclusively by NYSE Euronext copyright 2007 NYSE Euronext, All Rights Reserved, Courtesy New York Stock Exchange Archives)
January 6, 1971: Memo from J. William O'Reilly, New York Stock Exchange on meeting with SEC
[transcript] (pdf) (All rights are owned exclusively by NYSE Euronext copyright 2007 NYSE Euronext, All Rights Reserved, Courtesy New York Stock Exchange Archives)
July 9, 1971: Memo from Arnold Kotler, New York Stock Exchange on meeting of NYSE special committee on specialists' performance
[transcript] (pdf) (All rights are owned exclusively by NYSE Euronext copyright 2007 NYSE Euronext, All Rights Reserved, Courtesy New York Stock Exchange Archives)
August 5, 1971: Special New York Stock Exchange Membership Bulletin on report conducted by William McChesney Martin, Jr.
[image] (pdf) (All rights are owned exclusively by NYSE Euronext copyright 2007 NYSE Euronext, All Rights Reserved, Courtesy New York Stock Exchange Archives)
August 6, 1971: The Securities Markets - A Report, with Recommendations, by William McChesney Martin, Jr.
[image] (pdf) (All rights are owned exclusively by NYSE Euronext copyright 2007 NYSE Euronext, All Rights Reserved, Courtesy New York Stock Exchange Archives)
April 20, 1972: Special New York Stock Exchange Membership Bulletin on Institutional Membership Constitution and Rule Amendments
[image] (pdf) (All rights are owned exclusively by NYSE Euronext copyright 2007 NYSE Euronext, All Rights Reserved, Courtesy New York Stock Exchange Archives)
June 16, 1972: Memo from J.J. Donohue, New York Stock Exchange on visit from Alton B. Harris, Securities Industry Study
[transcript] (pdf) (All rights are owned exclusively by NYSE Euronext copyright 2007 NYSE Euronext, All Rights Reserved, Courtesy New York Stock Exchange Archives)

Photos

1972: SEC "Hot Issues" Public Hearing

Karl Stewart, Richard Nesson and Mario Mirabelli
(Courtesy of Richard Nesson )

(copyright) 2002-2012 Securities and Exchange Commission Historical Society

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