Exact(10)
The specialist system — in which a human being with capital at stake is obligated to use it to maintain orderly markets — has been in decline for years.
"The derivatives dealers' demands for liquidity far exceed what the markets can provide on difficult days, and may exceed the abilities of the central banks to maintain orderly conditions".
"The objective is to defend national sovereignty and territorial and air security, as well as to maintain orderly aviation," Colonel Yang said in comments issued on the ministry's website.
The 14 firms named in the complaints are all "specialists," trading firms that have a specific duty to maintain orderly markets by matching buyers and sellers and standing ready to conduct trades when buyers or sellers are scarce.
In New Zealand, the first market to begin the trading day, stocks plunged across the board at the opening, which had been delayed one hour by officials, who hoped to maintain orderly trading.
The meeting was held to help address what has become a widening impasse between the specialist firms, which maintain orderly markets in individual stocks, and the exchange's regulatory division over how much the specialists must pay in penalties to settle a long-running investigation into their practices.
Similar(45)
At the core of the old system was a small army of specialists, who staffed trading posts and were responsible for maintaining orderly markets in particular stocks.
Parts of the plan could reduce the power of the Securities and Exchange Commission, which is charged with maintaining orderly stock and bond markets and protecting investors.
By contrast, in the over-the-counter market, many market makers buy and sell shares electronically, and no one person or firm is responsible for maintaining orderly trading in a single security.
In the nonstop auctions at those exchanges, specialists are responsible for maintaining orderly markets by matching up traders who want to buy certain securities with those who want to sell them.
Despite the growth of electronic trading, Michael Spencer of Intercapital, who is the proposed chief executive of the new company, believes traditional broking companies have a role to play in maintaining orderly markets.
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