Steel Butterfly
04-12-2003, 02:18
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Enter the OSE (http://s3.invisionfree.com/stockexchange/)
Overview
The Orion Stock Exchange, based in Steel Butterfly, is set to become the leading self-regulatory organization in the NationStates securities industry. The OSE is the designated examining authority for the major securities firms in the NationStates Galaxy.
The OSE is committed to strong and effective regulation of its member firms to protect investors, the health of the financial system, and the integrity of the capital-formation process. The Exchange's market structure, combined with its Regulatory efforts and Listed Company Compliance program, help maintain its position as the largest, most cost-effective and most effectively self-regulated Exchange.
Mission Statement
To add value to the capital-raising and asset-management process by providing the highest quality and most cost-effective self-regulated marketplace for the trading of financial instruments, promote confidence in and understanding of that process, and serve as a forum for discussion of relevant national and international policy issues.
How The OSE Works
The OSE is an agency auction market. What does that really mean, and what are the advantages? The essential point is that trading at the OSE takes place at one central location, where buyer and sellers meet to compete for the best price. Exchange members, acting as agents for institutions or individual investors, meet directly on the trading floor, and prices are determined by the interplay of supply and demand.
At the OSE, each listed stock is assigned to a single post, where the specialist manages the auction process. OSE members bring orders for listed stocks to the Exchange floor either electronically or by a floor broker. As a result, the flow of buy and sell orders for each stock is exposed to the auction market. In contrast, in the over-the-counter market, the price is determined by a dealer who buys and sells out of inventory.
This heavy stream of diverse orders is one of the great strengths of the Exchange. It provides liquidity - the ease with which securities can be bought and sold without wide price fluctuations.
When an investor's transaction is completed, the best price will have been exposed to a wide range of would-be buyers and sellers.
Market Surveillance
Market Surveillance is responsible for oversight of all trading activities on the Exchange trading floor and in OSE-listed securities by member firms.
Market Surveillance ensures auction-market principles are being fairly maintained, including checking for abusive or manipulative trading practices and insider trading. It also develops rules and evaluates specialist and floor-broker performance.
The division uses sophisticated computer technology to detect, real-time, any unusual or violative trading patterns, and surveillance staff maintains a presence on the floor.
The division's Stock Watch unit combines the human judgment of analysts with electronic data-mining and pattern-detection systems, links to news and research, as well as public databases of officers, directors and other insiders to detect possible insider trading.
Market Surveillance takes disciplinary action for certain rules violations, and refers other matters warranting formal disciplinary action to the Division of Enforcement, or the Steel Imperial Guard, for matters outside OSE jurisdiction.
Enforcement
The Division of Enforcement acts as the prosecutorial arm of the OSE. Since its beginning, the Empire of Steel Butterfly has permitted the OSE DOE to take action for any violation of Exchange rules. It mandates that every national securities exchange discipline violations of the Act and of exchange rules by their members and member organizations.
The subject matter of cases is broad in scope. Customer-related sales-practice violations constitute the single largest component. A second category involves violations of the financial responsibility and operational requirements of OSE member firms. The Division also prosecutes cases involving misconduct on the Trading Floor and in the marketplace, including insider trading and market manipulation.
When all the facts are obtained, the Division can decide to take no action, impose informal discipline by an education or admonition letter, or initiate formal charges. If formal charges are warranted, a formal proceeding involving an Exchange Hearing Panel follows.
Enter the OSE (http://s3.invisionfree.com/stockexchange/)
Overview
The Orion Stock Exchange, based in Steel Butterfly, is set to become the leading self-regulatory organization in the NationStates securities industry. The OSE is the designated examining authority for the major securities firms in the NationStates Galaxy.
The OSE is committed to strong and effective regulation of its member firms to protect investors, the health of the financial system, and the integrity of the capital-formation process. The Exchange's market structure, combined with its Regulatory efforts and Listed Company Compliance program, help maintain its position as the largest, most cost-effective and most effectively self-regulated Exchange.
Mission Statement
To add value to the capital-raising and asset-management process by providing the highest quality and most cost-effective self-regulated marketplace for the trading of financial instruments, promote confidence in and understanding of that process, and serve as a forum for discussion of relevant national and international policy issues.
How The OSE Works
The OSE is an agency auction market. What does that really mean, and what are the advantages? The essential point is that trading at the OSE takes place at one central location, where buyer and sellers meet to compete for the best price. Exchange members, acting as agents for institutions or individual investors, meet directly on the trading floor, and prices are determined by the interplay of supply and demand.
At the OSE, each listed stock is assigned to a single post, where the specialist manages the auction process. OSE members bring orders for listed stocks to the Exchange floor either electronically or by a floor broker. As a result, the flow of buy and sell orders for each stock is exposed to the auction market. In contrast, in the over-the-counter market, the price is determined by a dealer who buys and sells out of inventory.
This heavy stream of diverse orders is one of the great strengths of the Exchange. It provides liquidity - the ease with which securities can be bought and sold without wide price fluctuations.
When an investor's transaction is completed, the best price will have been exposed to a wide range of would-be buyers and sellers.
Market Surveillance
Market Surveillance is responsible for oversight of all trading activities on the Exchange trading floor and in OSE-listed securities by member firms.
Market Surveillance ensures auction-market principles are being fairly maintained, including checking for abusive or manipulative trading practices and insider trading. It also develops rules and evaluates specialist and floor-broker performance.
The division uses sophisticated computer technology to detect, real-time, any unusual or violative trading patterns, and surveillance staff maintains a presence on the floor.
The division's Stock Watch unit combines the human judgment of analysts with electronic data-mining and pattern-detection systems, links to news and research, as well as public databases of officers, directors and other insiders to detect possible insider trading.
Market Surveillance takes disciplinary action for certain rules violations, and refers other matters warranting formal disciplinary action to the Division of Enforcement, or the Steel Imperial Guard, for matters outside OSE jurisdiction.
Enforcement
The Division of Enforcement acts as the prosecutorial arm of the OSE. Since its beginning, the Empire of Steel Butterfly has permitted the OSE DOE to take action for any violation of Exchange rules. It mandates that every national securities exchange discipline violations of the Act and of exchange rules by their members and member organizations.
The subject matter of cases is broad in scope. Customer-related sales-practice violations constitute the single largest component. A second category involves violations of the financial responsibility and operational requirements of OSE member firms. The Division also prosecutes cases involving misconduct on the Trading Floor and in the marketplace, including insider trading and market manipulation.
When all the facts are obtained, the Division can decide to take no action, impose informal discipline by an education or admonition letter, or initiate formal charges. If formal charges are warranted, a formal proceeding involving an Exchange Hearing Panel follows.