Abstract
ROBERT SCHWARTZ: We talked today about how the revolutionary changes that have positively transformed the equities markets could do the same for the better functioning of the broader financial markets. Some speakers had different perspectives on that topic. Of course, perspective is always important, and, a person who has lived through the momentous moments in financial history often has a most valuable perspective. That person can be a counterweight to the conventional wisdom.
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Notes
- 1.
In the 1975 Amendments to the Security Exchange Act of 1934, Congress directed the SEC to establish a national market system.
- 2.
“Weeden continued to pour money into Instinet upon my insistence (bordering on a temper tantrum on one occasion) and consistent support from my brother Jack. Weeden at one time owned more than 90% of Instinet,” noted Don Weeden recalling Weeden & Co.’s early ownership in Instinet, in his book, Weeden & Co. The New York Stock Exchange and the Struggle Over a National Market System, Donald E. Weeden, 2002. In early 1973, influenced by the language in the proposed Securities Acts Amendments of 1974, Weeden & Co. began work on its screen-based trading system known as the Weeden Holding Automated Market (WHAM). WHAM was completed in 1976 and introduced on the floor of the Cincinnati Stock Exchange.
- 3.
Ibid.
- 4.
The Securities and Exchange was established by the Securities Exchange Act of 1934.
- 5.
On July 21, 2010, President Barack Obama signed into law the Dodd–Frank Wall Street Reform and Consumer Protection Act, commonly known as Dodd Frank.
- 6.
Friedman advocated, “strict rules to control the amount of money created.”
- 7.
The US money supply is represented by M1, M2, and M3. M1 is the narrowest measure and M3 being the broadest.
- 8.
NYSE Euronext US cash products of NYSE, Archipelago, NYSE Amex accounted for 2.5 billion shares in October 2011, up 5.6% from a year ago, but down 2.4% compared with September 2011. Source: NYSE Euronext.
- 9.
See, Weeden: The Story, http://www.weedenco.com/about-weeden/the-story.php.
- 10.
The Banking Act of 1933, commonly known as the Glass–Steagall Act, was repealed on November 12, 1999, by the Gramm–Leach–Bliley Act. Glass–Steagall introduced banking reforms, some of them designed to curb speculation.
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Weeden, D., Schwartz, R. (2013). Regulatory Needs, Then and Now: The Perspective of a Wall Street Veteran. In: Schwartz, R., Byrne, J., Schnee, G. (eds) Rethinking Regulatory Structure. Zicklin School of Business Financial Markets Series, vol 10. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-4373-5_8
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