American - Public | February 3, 1931 -
Today, the forces of competition, technology, and globalization have converged to spur innovation and to transform the way business is done in the securities industry.
Arthur Levitt
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Our purpose, as we face these challenges, remains clear - fair and orderly markets that allow for efficient capital formation, while protecting the interests of investors.
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Our role is to maintain and monitor a framework in which fair competition can flourish.
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Our markets have not achieved their great successes as a result of government fiat, but rather through efforts of competing interests working to meet the demands of investors and to fulfill the promises posed by advancing technology.
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It is incumbent on us to facilitate the development of a market structure that best assures that these changes benefit the U.S. securities markets as a whole.
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The tension between centrality, on the one hand, and competition, on the other, is probably the oldest of all market structure issues.
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I think we have got to start thinking about banding together in terms of interested groups.
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Investors should start with a view of skepticism. They should become intellectual investors rather than emotional investors. They should be careful, and they should be skeptical.
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I think that the failures of Enron and WorldCom and other companies are partially failures of investors to recognize companies that are selling for a thousand times nothing, but chances are they may be worth only that.
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Over the past two decades, we have clearly seen an erosion of ethical values.
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Once again, stock markets have been threatened with extinction for almost 75 years, and I have found that stock markets are harder to kill than roaches.
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Promoting the interaction of orders remains one of the most difficult, but crucially important, challenges we face concerning our national market system.
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