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Report of the Presidential Task Force on Market Mechanisms

Report of the Presidential Task Force on Market Mechanisms

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Excerpt from Report of the Presidential Task Force on Market Mechanisms: Submitted to the President of the United States, the Secretary of the Treasury, and the Chairman of the Federal Reserve Board

The written presentation of the Presidential Task Force on Market Mechanisms consists of two parts. The first is the Report, which contains a discussion of findings and recommendations. It is organized into eight chapters and an appendix. Chapter One contains the introduction. Chapter Two summarizes the various marketplaces in which equity instruments are traded, the instruments, the trading strategies used (index arbitrage, portfolio insurance and the like) and the regulation of the markets. Chapter Three summarizes the extended rise in stock market values that preceded the October market break. Chapter Four contains a detailed analysis of the events of the October market break. Chapter Five analyzes the performance of markets and market makers during the critical period. Chapter Six describes the fundamental interconnections of events and performance among the various equity marketplaces. Chapter Seven outlines the regulatory implications of the data and analysis contained in the earlier sections. Chapter Eight presents conclusions and recommendations. Finally, the Appendix discusses certain other regulatory issues the Task Force believes merit consideration but about which it makes no specific recommendations.

The second part of this written presentation consists of eight staff studies which contain the detailed information which the Task Force considered. The studies are:

I. The Global Bull Market

II. Historical Perspectives

III. The October Market Break: October 14 through October 20

IV. The Effect of the Stock Market Decline on the Mutual Funds Industry

V. Surveys of Market Participants and Other Interested Parties

VI. Performance of the Equity Market During the October Market Break and Regulatory Overview

VII. The Economic Impact of the Market Break

VIII. A Comparison of 1929 and 1987

We wish to acknowledge the extraordinary efforts of the many individuals on the staff, each of whom worked extremely long hours, under difficult time pressures and at great personal and professional cost. They were each dedicated to the work of the Task Force and their hard work, wisdom and judgment contributed immensely to our efforts.

We also wish to thank the U.S. Department of the Treasury, which provided the significant support staff listed below, and the Federal Reserve Bank of New York, which provided our working quarters.

Finally, the Task Force wishes to acknowledge the generous contribution that the institutions and firms listed below made to the Task Force by providing, on a pro bono basis, our staff as well as other support services.

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