SEC Special Studies Archive: 2000
The Commission or Commission staff often undertake special projects to study and report on current trends and issues facing the securities industry. These files will be updated on a periodic basis.
Studies currently available include:
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||Payment for Order Flow and Internalization in the Options Markets
In light of recent changes in the options markets, Chairman Levitt directed the Staff of the Office of Economic Analysis and the Office of Compliance Inspections and Examinations to prepare a report describing current payment for order flow and internalization practices, and outlining how the practices of payment for order flow and internalization have affected order routing decisions and the execution quality of customer options orders. The Staff expects that this report will be helpful to the Commission in determining whether regulatory action is needed to strengthen price competition and order interaction in the options markets.
||Report on Reciprocal Subpoena Enforcement Laws
Congress directed the Commission, in cooperation with the states, to take steps to encourage the adoption of state laws authorizing reciprocal subpoena enforcement in state securities investigations. The Commission was directed to submit a report identifying the states that have adopted such provisions, describing the actions undertaken to promote their adoption, and identifying any further recommended actions. This report responds to that requirement.
||Electronic Communication Networks and After-Hours Trading; see also Attachments (pdf; 13mb)
Pursuant to a Congressional request, the staff of the SEC's Division of Market Regulation have prepared a report analyzing the current operations of ECNs and after-hours trading, their impact on the securities markets, and recent regulatory initiatives that have been taken to address these developments. Overall, the Report indicates that both the established markets and ECNs have sought to provide innovative mechanisms over the last few years to meet investor demands for greater flexibility in the timing of their trades and in their trading venues.
|May 4, 2000
||Report Concerning Display of Customer Limit Orders
In compliance with Chairman Levitt's request, Commission staff in the Office of Compliance Inspections and Examinations, together with the Office of Economic Analysis, have prepared a public report analyzing the display of limit orders in our equities and options markets and the adequacy of the markets' surveillance and disciplinary programs for limit order display
|May 1, 2000
||Report on Administrative Proceedings for October 1, 1999 through March 31, 2000
Rule 900 of the Commission's Rules of Practice (17 CFR 201.900) requires the Commission's Office of the Secretary to publish in the SEC Docket each October and April a status report on the Commission's administrative proceedings caseload.
||Report of Examinations of Day-Trading Broker-Dealers
From October 1, 1998 through September 30, 1999, the Staff from the SEC's Office of Compliance Inspections and Examinations conducted an examination sweep of 47 registered broker-dealers providing day-trading facilities to the general public. This is a Report by the Commission's Staff summarizing the results of these examinations. The purpose of the examinations was to review each firm's compliance with federal securities laws and self-regulatory organization rules. In addition, examiners reviewed how day-trading activities fit within the current securities regulatory structure and identified regulatory issues that may require further consideration.