Exchange memberships: An overview of the issues pertaining to the property rights of a bankrupt member and his creditors

✍ Scribed by James J. Moylan; Laren A. Ukman; Peter S. Lake

• Book ID: 102845156
• Publisher: John Wiley and Sons
• Year: 1989
• Tongue: English
• Weight: 503 KB
• Volume: 9
• Category: Article
• ISSN: 0270-7314
• DOI: 10.1002/fut.3990090508

✦ Synopsis

Lake 'All individual members of the nation's securities exchanges must be registered as broker-dealers under section 15 of the Securities Exchange Act of 1934 [I5 U.S.C. 780 (1988)l. However, since the brokerdealers are individual members without public customers, the Securities Investor Protection Act [I5 U.S.C. 78aaa (1988)l which would operate upon the bankruptcy of a broker-dealer with public customer accounts does not apply.

There is no comparable regulation for individual members of the nation's commodity tbtures exchanges.