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1982 and 1987, computer-based processing began to make a huge difference in the number of shares that could be handled each day. |
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Let's look at the Dow Jones Industrial Average, the benchmark for the financial health of our equities markets. It was first published in 1896, and reached the value milestones shown below: |
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Isn't it interesting that share volumes and share value both experienced their most explosive increases since the mid-1980s? Is it possible to draw a meaningful correlation between the ability of the exchange to handle larger share volumes and these increased price levels? Does the ability to handle larger volumes bring more capital to the markets, thereby driving prices higher? Does increased liquidity foster more confidence in market participants? |
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Over the years, the basic Secondary Market became unable to meet the needs of all of its customers. Within the Secondary Market were many |
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