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as a group.

(4) Market break of May 1962.

f. Dealer responsibility and the “right of liquidation”.

g. Continuity with depth.

h. Specialists and block transactions-

i. Long-term investment accounts.

j. The ecialist and a free market.

7. Condicts of Interest..

a. The inherent conflict..

b. “Not-held" orders.-

c. “Stopped” stock.

d. Public customers.

e. Contacts with corporate officials..

f. The need for increased surveillance-

8. Summary, Conclusions and Recommendations.

a. The specialist as dealer----

b. The specialist as broker-conflicts of interest..

c. Surveillance and enforcement...

E. ODD-LOT DEALERS

1. Introduction - The Significance of Odd Lots, and Their Handling---

2. Scope and Methods of Study..

3. Odd-Lot Business on the New York Stock Exchange.

a. Structure and mechanics.

b. The regulation of odd-lot activities.

c. The differential.--

d. Services performed by the odd-lot dealers--

e. Methods and problems of handling round-lot offsets.

f. Modernization of facilities..

4. Summary, Conclusions and Recommendations.

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F. FLOOR TRADERS

1. Introduction.

2. The Nature of Floor Trading--

a. Floor traders and floor trading defined.
b. Number of foor traders, and amount of floor trading -

c. Characteristics of floor trading-

3. Objections to Floor Trading---

a. Competitive trading advantages of floor traders -

b. The relationship of floor trading to price movements.

(1) Relationship of floor trading to market trends-

(2) Relationship of floor trading to price movements in

individual stocks..

4. Defenses of Floor Trading--

a. Market liquidity
b. Market continuity.

c. Market stability,

5. Floor Traders as Quasi-Specialists

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H. SHORT SELLING

1. Introduction..

a. Method and scope of study-

b. The mechanics of short selling--

c. Types of and reasons for short selling-

(1) Speculative short selling--

(2) Technical short sales-facilitating operations in the

market..

(a) The specialist

(b) Odd-lot dealers.

(c) Arbitrage

(3) Hedging-

(4) Taxation...

d. A brief review of the regulation of short selling-

(1) The exchange rule; 1935.

(2) The Commission rules; 1938-

(3) The adoption of the present rule; 1939.

e. The data regularly available on short selling-

(1) Records filed on a continuing basis with the Commis-

sion...

(2) Records on file with the exchanges.

2. General Features of Short Selling--

a. Total volume...

b. Members' and nonmembers' short sales -

c. Members' short sales_

(1) Specialists.

(2) Members off the floor..

(3) Floor traders.

Odd-lot dealers.

d. Nonmembers' short sales.

(1) The round-lot customer.

(2) The odd-lot customer..

3. The Stocks in Which Short Selling Occurs.

a. Number of stocks in which a short interest is reported.

b. The concentration of stocks in which short sales occur.

c. Classification of stocks by industries.

4. Effect of Short Selling on Prices

5. A Closer Look at Short Selling-

a. The period prior to the market break.

b. An overall view of the market-break period..

c. Short selling in the eight stocks during the break (May 28).

6. An Evaluation of the Short Selling Rules...

7. Short Selling Exemptions.-

a. International arbitrage.

b. Arbitrage based on convertible issues.

8. Summary, Conclusions, and Recommendations-

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