纽约证券交易所对专家不当行为的回应:自我监管失败的一个例子
引用次数: 7
摘要
表的内容介绍 .................................................104 i的说明这个问题 ......................... ......108 A。纽交所业务 ............................ ......108年1。纽交所作为拍卖市场 .............. ......108 2。专家的角色 ..................... .....109年纽约证券交易所的监管环境 ...... ..............111年1。监管计划的本质 .............. ........111 2。专家的规定的行为 .................113 c .专家不当行为 ......................... ......115年1。2000年初的专家丑闻...... .......115 2。纽约证券交易所监管不足 ..........................117 3。证券交易委员会监管的不足 .. .....................119 4。121 .私人诉因威胁的不足..........d .的免费 .............................................127二世。纽交所的改革 ............... ...................... .....128 A。治理问题 ...............................128 b .专家系统的保留 ........... .. ..........129 c .当前纽交所的结构 ..................... .....130 d不足的改革 . ......................... ......131 III。专家的角色 ..................................131 A。支持保留专家的理由........ .........132年1。需要人类的判断 .............................132 2。维护公平和有序的市场 ....................133 3。减少波动 ......................... ......133 4。增强流动性 . ..............................134 5。提高效率 ........................ ......135本文章由计算机程序翻译，如有差异，请以英文原文为准。
The NYSE Response to Specialist Misconduct: An Example of the Failure of Self-Regulation
TABLE OF CONTENTS Introduction................................................. 104 I. An Illustration of the Problem ......................... ...... 108 A. NYSE Operations ............................ ...... 108 1. The NYSE as an Auction Market .............. ...... 108 2. The Role of the Specialist ..................... ..... 109 B. The Regulatory Environment of the NYSE ...... .............. 111 1. The Nature of the Regulatory Scheme.............. ........ 111 2. The Regulation of Specialist Behavior ................. 113 C. Specialist Misconduct ......................... ...... 115 1. The Specialist Scandals of the Early 2000's ...... ....... 115 2. Inadequacy of NYSE Regulation ..........................117 3. Inadequacy of SEC Oversight.. ..................... 119 4. Inadequacy of the Threat of a Private Cause of Action..........121 D. The Free Ride ............................................. 127 II. NYSE Reform............... ...................... ..... 128 A. Governance Issues ............................... 128 B. Retention of the Specialist System........... .. .......... 129 C. The Current NYSE Structure ..................... ..... 130 D. Inadequacy of Reform. ......................... ...... 131 III. The Role of the Specialist .................................. 131 A. Arguments in Favor of Retaining Specialists ........ ......... 132 1. The Need for Human Judgment ............................. 132 2. Maintenance of Fair and Orderly Markets .................... 133 3. Reduced Volatility ......................... ...... 133 4. Enhanced Liquidity. .............................. 134 5. Increased Efficiency ........................ ...... 135
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