[A short excerpt] The Evolution of U.S. Finance: Federal Reserve monetary policy, 1915-1935

자료: Google books


By Jane W. D'Arista


(전략) [B]efore the 1975 amendments to the Securities and Exchange Act, transaction costs included the costs of information on the price and merits of individual securities as well as personal advisory services. Nevertheless, the securities industry was slow to upgrade its facilities until specifically mandated to do so by the 1975 amendments.............. In addtion, Congress mandated an end to the system of fixed commissions (which resulted in an "unbundling" of transactions with other costs that has had other repurcussions for the structure of the industry) and directed the SEC to assist in creating a national market system........... The National Association of Securities Dealers(NASD)--a self-regulatory organization for regulating the over-the-counter market--facilitates trading activity for its members "through the use of a computerized communication system which stores up-to-the-second price quotations from a nationwide network of dealers." (중략)