a. Scope and methods of study.... b. The commission rate schedules. (a) Nonmember commission rates (b) Member commission rates... (2) The American and regional exchanges. c. The statutory and business background for commission rate 2. Structural Aspects of the Public Rate Schedule....... a. Nonmember professionals pay the same rate as other customers. (1) Reciprocal business arrangements. b. Rates are based solely on dollar value of round lot. (1) Special services and preferences.. (2) The give-up or directed split (3) Some consequences of the practices. c. Services covered by the commission rate.. d. Commission rates related to round-lot value. e. Odd-lot commission rates... 3. Structural Aspects of Members' Rate Schedule. c. NYSE: Specialists' aggregate net long positions. k. NYSE members' and nonmembers' short sales as a percent of 1. Short position in shares in NYSE (monthly, January 1954 to n. Odd-lot customers' short sales on NYSE as percent of total round-lot short sales and as percent of nonmember round- lot short sales (weekly, January 1958 to July 1962).. o. Short sales by odd-lot customers on NYSE as percent of total odd-lot sales (weekly, January 1958 to July 1962). (At end of chapter) 1. NYSE: Member trading by price (during the weeks ended January 27, 359 5. NYSE: Trading in Sperry Rand Corp. (January 25, 1961). a. Concentration of member trading.. b. Trading by members of various classes relative to total trad- s. Days on which short sales amounted to 8 percent or more of 1. NYSE: Members' and nonmembers' round-lot purchases and sales 2. NYSE: Distribution of member stock days by percent of total stock day volume (during the weeks ended January 27, March 24, and 3. NYSE: Number of specialist units, number of stocks with competing specialist units, and number of competing specialist units (1957–63)- 4. NYSE: Percentage distribution of total reported round-lot volume 7. NYSE: Distribution of specialist units according to the number of common stocks assigned to each unit (December 31, 1961) _ _. 8. NYSE: Percentage distribution of common stocks assigned, by 9. NYSE: Number of specialists, number of issues, number of issues per specialist, total round-lot volume, and total round-lot volume per 11. NYSE: Percentage distribution of total reported round-lot volume in stocks assigned to specialists, by specialist unit (1961) - 12. NYSE: Percentage division of specialists' total income between com- mission and trading income, by specialist unit (1959 and 1960) - - - - 13. NYSE: Percentage distribution of specialists' total income from com- Table No. 19. NYSE: Distribution of specialists' units according to liquid capital 21. NYSE: Trading volume, shares on specialists' books, and shares on 22. NYSE: Trading volume classified by the difference between the highest bid and lowest offer on the specialists' books (for the close of February 16, 1962, in 103 selected stocks)... 23. NYSE: Pattern of specialists' purchases and sales, 25 selected stocks (for the weeks ended January 27, March 24, and June 16, 1961)____ 24. NYSE: Percent of total transactions at price changes of one-quarter point and over, and percent of specialists' potentially profitable transactions, one-quarter point and over, 25 selected stocks (for the weeks ended January 27, March 24, and June 16, 1961).. 25. NYSE: Specialists' profit per share in 318 daily cases in which their purchases equaled sales (for the weeks ended January 27, March 24, and June 16, 1961) 26. NYSE: Specialists' purchases and sales, by day (for the weeks ended January 27, March 24, and June 16, 1961) _ _ . 27. NYSE: Specialists' purchases and sales as a percent of total round-lot volume (1937–61).. 28. NYSE: Volume, capital, position, participation rates and stabilization rates for selected specialist units (for the weeks ended January 27, March 24, and June 16, 1961).. Page 373 374 375 376 377 378 378 379 379 380 29. NYSE: Price change versus specialist purchase tick test score (during the 3 days January 27, March 22, and June 14, 1961). 381 30. NYSE: Price change versus specialist sale tick test score (during the 3 days January 27, March 22 and June 14, 1961)__ 31. NYSE: Specialists' tick test stabilization for purchases and sales in relation to changes in the Standard & Poor's "500" Stock Composite Index (for the weeks ended January 27, March 24, and June 16, 1961). 32. NYSE: Specialists' aggregate purchase/sale balances on days of price change as measured by the Standard & Poor's "500" Stock Composite Index_. 381 381 382 33. NYSE: Three-stage analysis of specialists' purchases and sales, and 382 383 384 36. NYSE: Three-stage analysis of specialists' purchases and sales, and 385 386 38. NYSE: Specialists' positions and changes in positions in 50 selected stocks (May 1, 1962, through May 31, 1962) 39. NYSE: Specialists' purchases and sales in the 30 Dow-Jones Industrial Average stocks and changes in the Dow-Jones Industrial Average, by hour (May 28, 1962). 40. NYSE: Specialists' purchases of 2,000 shares and over as a percent of total reported transactions of 2,000 shares and over (for the weeks ended January 27, March 24, and June 16, 1961). 387 389 389 41. NYSE: Distribution of specialists' purchases of 2,000 shares and over, by shares (for the weeks ended January 27, March 24, and June 16, 1961). 389 42. NYSE: Distribution of specialists' purchases of 2,000 shares and over, by dollar value (for the weeks ended January 27, March 24, and June 16, 1961)--. 389 43. NYSE: Specialists' block purchases under NYSE rule 107(a) (1953-62). 390 44. NYSE: Specialists' purchases and sales as a percent of round-lot volume, by hour (for the week ended January 23, 1961).... 390 45. NYSE: Specialists' purchases and sales as a percent of round-lot vol- ume, by hour (for the week ended March 24, 1961).......... 46. NYSE: Specialists' purchases and sales as a percent of round-lot vol- ume, by hour (for the week ended June 16, 1961). 47. NYSE: Ďata on stops granted by specialists (February 21, 1962). 48. NYSE: Round-lot volume not printed on the tape (1937-61)__ 49. NYSE: Odd-lot customers' purchases and sales as a percent of total 55. NYSE: Distribution of floor traders' purchases and sales as a percent of total reported purchases and sales, by stock (for the week ended 56. NYSE: Distribution of floor traders' purchases and sales as a percent of total reported purchases and sales, by stock (for the week ended 57. NYSE: Distribution of floor traders' purchases and sales as a percent of total reported purchases and sales, by stock (for the week ended 62. NYSE: Summary of floor trading in Sperry Rand Corp. (January 25, 402 63. NYSE: Floor traders' purchase and sale balances and changes in the Standard & Poor's "500" Stock Composite Index on the same 68. NYSE: Floor traders' purchases and sales on selected stock days (during the weeks ended January 27, March 24, and June 16, 1961). 69. NYSE: Floor traders' purchases and sales in selected stocks during selected weeks (during the weeks ended January 27, March 24, 70. NYSE: Stock days in which floor traders accounted for 25 percent or more of all purchases or sales (during the weeks ended January 27, March 24, and June 16, 1961)....... 71. NYSE: Floor traders' balances in stock days classified by type of price change (for the weeks ended January 27, March 24, and June 16, 72. NYSE: Floor traders' tick test stabilization for purchases and sales in relation to changes in the Standard & Poor's "500" Stock Com- posite Index (for weeks ended January 27 and June 16, 1961)__ 73. NYSE: Members' off-floor round-lot purchases and sales as a percent of total round-lot purchases and sales (1937-61) - . 74. NYSE: Purchases and sales of the 30 most active member off-floor |