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CALIFORNIA CORPORATE & SECURITIES LAW

Everything’s [Even More] Up-To-Date In Kansas City!

Last summer, I wrote about a new stock exchange – “New U.S. Exchange – It’s Better Than A Magic Lantern Show“.  What Next?  What Next? In January, the Securities and Exchange Commission adopted an amendment to Rule 146 under Section 18 of the Securities Act of 1933 to designate certain securities listed, or authorized for listing,…

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Standardized Options – Who’s Your Daddy?

A securities call option is a derivative security representing the right, but not the obligation, to acquire an underlying security.  When the person selling an option is also the issuer of the underlying security, then there is no question that that person is also the issuer of the option.  See Section 2(a)(4) of the Securities Act of 1933…

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California And The Certification Of Stock Exchanges

Currently, there are 15 national securities exchanges registered with the Securities and Exchange Commission pursuant to Section 6(a) of the Securities Exchange Act of 1934.[1]  In addition, six exchanges are registered with the SEC pursuant to Section 6(g) of the Exchange Act for the purpose of trading security futures.[2] These exchanges may be registered national…

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New U.S. Exchange – “It’s Better Than A Magic Lantern Show”

What’s the third largest securities exchange operator in the United States and where is it located?  The answers may surprise you.  The exchange operator is called BATS and it is based outside of Kansas City.  BATS is derived from an initialization of Better Alternative Trading System. What Next! What Next? BATS was formed less than a decade ago as an…

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