Price Deregulation in the Brokerage Industry: An Empirical Analysis

Aharon R. Ofer · Arie Melnik

28 citations0/0 files storedThe Bell Journal of Economics

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Abstract

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.

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References

1974Determinants of bid-asked spreads in the over-the-counter market

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2004Market liquidity as a sentiment indicator 2026A Century of Stock Market Liquidity and Trading Costs 1980The Securities Industry under Negotiated Brokerage Commissions: Changes in the Structure and Performance of New York Stock Exchange Member Firms 1985Reverse Splits and Shareholder Wealth: The Impact of Commissions

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