Price Deregulation in the Brokerage Industry: An Empirical Analysis
A Securities and Exchange Commission ruling, which went into effect on May 1, 1975, prohibited securities exchanges from fixing brokerage commission rates. This ruling forced the brokerage industry to move to competitive pricing. Our study analyzes the pricing mechanism that evolved following price deregulation. The results indicate that price competition has led to lower prices and to a rate structure that reflects the costs of executing different types of transactions.
Volume (Year): 9 (1978)
Issue (Month): 2 (Autumn)
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