L'évolution industrielle de la Belgique

The work of the Stock Exchange

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Monograph

Identifikator:: 1029903786

URN:: urn:nbn:de:zbw-retromon-63471

Document type:: Monograph

Author:: Lewiński, Jan S. http://d-nb.info/gnd/102701059

Title:: L'évolution industrielle de la Belgique

Place of publication:: Bruxelles

Publisher:: Misch & Thron, Éditeurs

Year of publication:: 1911

Scope:: 1 Online-Ressource (XIII, 444 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Première partie

Collection:: Economics Books

212 THE WORK OF THE STOCK EXCHANGE This rule with regard to the execution of orders by the specialist is strictly enforced and violations of it, which might, of course, amount to “trading on his customers’ orders,” have long been severely punished. Indeed, attempted breaches of this regulation are usually easy to detect, both from the action of prices on the ticker tape and from the keen and experienced observation of other members about the post. Specialist as Broker.—As in the case of the floor trader, the present tax upon sales of securities has proved very burden- some to the specialist as a dealer, and By artificially deterring him from entering into transactions for close profits, has ex- tended a similar disruptive and weakening influence upon the machinery of the stock market. Nevertheless, unlike the less fortunate floor trader, the specialist has his brokerage business to fall back upon. Indeed, his principal business has always consisted in serving as a broker for other brokers in his few particular stocks. Since he is always stationed at a single post, he is able to handle customers’ orders which other brokers are unwilling or unable to execute. If the commission broker were forced himself to execute for his customers, stop orders or other orders limited to prices far from the current market price, he might be compelled to remain at the given post with a single order for an indefinite period of time, lest he should “miss his market.” Such a course would be unprofitable and impossible. Consequently, such orders, as well as orders that are difficult of execution because of the inactivity or the intense activity of the stocks in question, the commission broker usually turns over to the appropriate specialist to watch and to execute, when the right moment arrives. From the specialist’s standpoint, therefore, he is entrusted as a rule only with those orders which no one else wants to try to execute. For, when the order first comes to the Exchange Aoor the commission broker gets it at his telephone; if unwill- ing to try to execute it he may turn it over to a two-dollar

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