The work of the Stock Exchange

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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

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XVI. The administration of the stock exchange

Collection:: Economics Books

ADMINISTRATION OF THE STOCK EXCHANGE 447 pended or expelled as the said Committee may determine, unless the offense is the violation of a resolution or rule for which a different penalty has been provided, in which case such other penalty may be imposed. The latitude and degree of the governors’ authority are further extended by another section of the same article® reading : The Governing Committee may, by a vote of a majority of all its existing members, suspend from the Exchange for a period not exceeding five years, a member who may be adjudged guilty of any act which may be determined by said Committee to be detrimental to the interest or welfare of the Exchange. Thus the power exercised by the governors is con- ferred in the most comprehensive terms. As the above and other sections of the Constitution indicate, they sit in absolute authority over every member and his partners. Penalties are often inflicted for acts that violate no formal law and that would not give a plaintiff any technical standing in a court of law. In their nature, therefore, Stock Exchange regulations are searching and ethical rather than merely legal rules. The high standard of conduct enforced by such thoroughgoing regu- lations as these is necessary for the absolute mutual confidence enjoyed by members in each other, in the exercise of their trading privileges. Disciplinary Methods.—The methods employed by the Governing Committee in disciplining members are swift but equitable. Having been presented with the charges made against him in writing, the accused member appears before the Governing Committee, sitting as the jury in his case— a jury which is expert in the complexities of Exchange transactions and which gets at the true facts of the case directly and keenly. They decide whether the accused mem- ber’s conduct has or has not violated the rules and principles of the Exchange. From their decision the member on trial "s Constitution, Article XVII, Sec. 8

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