The work of the Stock Exchange

Bibliographic data

Monograph

Identifikator:: 1831284952

URN:: urn:nbn:de:zbw-retromon-225876

Document type:: Monograph

Author:: Meeker, James Edward http://d-nb.info/gnd/126597340

Title:: The work of the Stock Exchange

Edition:: Revised edition

Place of publication:: New York

Publisher:: The Ronald Press Company

Year of publication:: [1930]

Scope:: XVI, 720 Seiten; Illustrationen, Diagramme

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

APPENDIX 503 Market and Limited Orders. If a member gives a specialist an order to sell stock at a limit and shortly thereafter the specialist receives another order to sell at the market, the specialist should execute the market order delow the limited order, except at the opening. Receipt Stubs. Specialists must promptly sign and return to the senders the receipt stubs attached to open orders, cancellations, and confirmations of orders. Specialists’ Facilities. Every specialist, or a representative authorized to act for him, must remain on the floor every day that the Exchange is open for trading until his reports have been sent out, or for one-half hour after the close of the market, and each firm having a telephone space on the floor must keep at least one clerk on the floor for one-half hour after the close. Specialists’ Reports. A specialist using the report pad of another mem- ber, or of a firm other than his own, shall have his name placed on said pad in addition to the name of such other member or firm. The foregoing does not apply to members who assist other members temporarily or in an emergency but only to those members who regularly use the pads of other members or firms. If a member or firm makes a written request of a specialist after the close for a report regarding the execution of an order, the specialist must definitely answer the inquiry before 9:30 A.M. of the following business day. Responsibilty for Orders. f. (a) Where a specialist receives and retains an unaddressed order, delivered by a page or through the tubes, for a stock other than one in which he specializes, the specialist is entirely responsible for any loss that may be occasioned thereby. (b) Where a specialist receives and retains an order addressed to him tor a stock other than one in which he specializes, which is delivered by a page or through the tubes, or is handed to him by a member without the member saying anything in relation thereto, the specialist and the member are each responsible for one-half of any loss that may be occasioned thereby. (c) Where a member hands an order to a specialist and makes an erro- neous statement to the specialist at the time as to the amount, price or name of the stock, the member is entirely responsible for any loss that may be occasioned thereby. (d) In order for the foregoing propositions to be applicable, the order must be clearly written. If there is any question as to the clearness of the order or designation of the stock, the whole matter is one for arbitration. (e) When a member trades with a specialist the responsibility lies with the member as to the identity of the stock traded in. 2. In cases brought before the Arbitration Committee it has been the decision of that Committee that if a specialist accepts an order from a member, and the stock sells at or through the limit of the order and is covered by the tape, and the specialist should have executed the order and reported it but has not done so, and the member neglects to ask for a report, the responsibility of the specialist is limited to a fair opening price on the following dav.

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