November 3, 2000
Fall 2000 Symposium -
Regulation of Securities and Security Exchanges in the Age of the Internet
Greetings and Opening Remarks
Josiah S. Trager
Panel I: The Modern Era and Security Trading
Edward H. Fleischman
Panel II: Regulation of the Securities and Securities Markets in the Age of the Internet
Eric R. Dinallo ('90)
Roberta S. Karmel ('62)
Background on Internet Securities Exchanges
This Symposium will discuss the way that the Internet is changing the paradigms that have governed Securities trading since its inception. When the first security was traded in New York in 1792, the era of the Internet was still two centuries away. Eventually, the marketplace for trading stocks developed and soon, the New York Stock Exchange was born. Other exchanges followed in other cities, and it quickly became apparent that these exchange systems would require rules and regulations to maintain the market and protect the investor.
The Securities Act of 1933 and the Securities Exchange Act of 1934 defined a system, whereby each publicly traded security was closely guarded from its first issuance by the company and as it passed through the doors of well-regulated exchanges and brokerage houses. With the expansion of the Internet, these age-old brokerage houses are no longer confined to the area around the NYSE. They can and do exist all over the country, with a branch office in just about everyone's den.
The first panel of the Symposium will discuss how this transformation from brick and mortar brokerage houses and exchanges to "virtual" ones is redefining the paradigms that have governed the Securities Markets for time immemorial. The second panel will explore what regulators will need to do to protect consumers in the new age of securities trading.
A question and answer session will follow each panel.
CLE credits are available.