(A) The securities markets are an important national asset which
must be preserved and strengthened.
(B) New data processing and communications
techniques create the opportunity for more efficient and effective
market operations.
(C) It is in the public interest and appropriate for the protection
of investors and the maintenance of fair and orderly markets to assure—
(i) economically efficient execution of securities transactions;
(ii) fair competition among
brokers and dealers, among exchange markets, and between exchange
markets and markets other than exchange markets;
(iii) the availability to brokers, dealers,
and investors of information with respect to quotations for and transactions
in securities:
(iv) the
practicability of brokers executing investors’ orders in the
best market; and
(v) an
opportunity, consistent with the provisions of clauses (i) and (iv)
of this subparagraph, for investors’ orders to be executed without
the participation of a dealer.
(D) The linking of all markets for qualified
securities through communication and data processing facilities will
foster efficiency, enhance competition, increase the information available
to brokers, dealers, and investors, facilitate the offsetting of investors’
orders, and contribute to best execution of such orders.
(2) The Commission is directed,
therefore, having due regard for the public interest, the protection
of investors, and the maintenance of fair and orderly markets, to
use its authority under this chapter to facilitate the establishment
of a national market system for securities (which may include subsystems
for particular types of securities with unique trading characteristics)
in accordance with the findings and to carry out the objectives set
forth in paragraph (1) of this subsection. The Commission, by rule,
shall designate the securities or classes of securities qualified
for trading in the national market system from among securities other
than exempted securities. (Securities or classes of securities so
designated hereinafter
* in this
section referred to as “qualified securities”.)
(3) The Commission is authorized
in furtherance of the directive in paragraph (2) of this subsection—
(A) to create one or more advisory committees pursuant to chapter
10 of title 5, United States Code (which shall be in addition to the
National Market Advisory Board established pursuant to subsection
(d) of this section), and to employ one or more outside experts;
(B) by rule or order,
to authorize or require self-regulatory organizations to act jointly
with respect to matters as to which they share authority under this
chapter in planning, developing, operating, or regulating a national
market system (or a subsystem thereof) or one or more facilities thereof;
and
(C) to conduct
studies and make recommendations to the Congress from time to time
as to the possible need for modifications of the scheme of self-regulation
provided for in this chapter so as to adapt it to a national market
system
