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75 Colum. L. Rev. 1233 (1975)
Adventure in Social Control of Finance: The National Market System for Securities

handle is hein.journals/clr75 and id is 1257 raw text is: COLUMBIA LAW REVIEW Vol. 75 NOVEMBER 1975 No. 7 ADVENTURE IN SOCIAL CONTROL OF FINANCE: THE NATIONAL MARKET SYSTEM FOR SECURITIES WALTER WERNER* TABLE OF CONTENTS Introduction ............................................................ 1234 I. The Securities Markets before 1934 ...................................... 1236 A. The Forces Shaping Growth ........................................ 1236 B. Primacy of the New York Stock Exchange .......................... 1238 C. The Markets on the Eve of Federal Regulation ...................... 1241 II. Early Regulation of Market Structure ................................... 1244 A. The Vision Splendid of the Exchange Act ......................... 1244 B. The Dual Trading Controversy ..................................... 1246 C. The Regulation Analyzed ........................................... 1251 D. SEC Economic Authority ........................................... 1253 III. Changes after 1945 ..................................................... 1256 A. The M arkets ....................................................... 1256 B. The Vision Lost ................................................... 1260 IV. The Vision Regained ................................................... 1266 V. The National Market System for Securities .............................. 1269 A. Formulation of Policy .............................................. 1270 B. Objectives of the New Policy ....................................... 1272 C. Substance of the New Policy ....................................... 1275 D. The SEC's Role ................................................... 1277 VI. The New System Appraised ............................................ 1278 A. A Repetition of History ............................................ 1279 B. Some Unanswered Questions ........................................ 1280 VII. The Larger Regulatory Process-Consequences and Causes ............... 1284 A. Investors and Securities Industry .................................... 1285 B. The Regulators .................................................... 1286 1. Congress ....................................................... 1286 2. SEC ................................................ 1287 3. Antitrust and the Courts ....................................... 1288 C. An Explication ..................................................... 1293 Conclusion ............................................................. 1295 * Professor, Law School and Graduate School of Business, Columbia University; B.A. Yale College, 1935, J.D. Yale University, 1938. The author was formerly Director of the Office of Policy Research, Securities and Exchange Commission. The date of this article is October 1, 1975. The author expresses his thanks to his colleagues Harlan Blake and Sidney Robbins, to Mr. Norman Poser and Mr. Fred Seisel for their comments and to the students and guest lecturers in the seminar on securities market regulation that he and Professor Robbins present jointly at the Law School and Graduate School of Business.

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