                                                89

'        
     .    -
         -
 .        -
   Super DOT,        ,
      , .. , 
    NYSE .  ,   
          ( 
  ),      .  
     . .: James . Cloonan, Payment for Order Flow' is No
Deal For Investors, AAII Journal, 13, no. 3 (March 1991), pp. 28-29.

'"          -
     .  -
     ,       
   .  ,    
        
 .

"      ,      -
,   ,    ,   
.

12     ,       -
    (   -
). -  -      
 . .  13.

13        1000 .,    NASDAQ/NMS
(  ,      ,   500 .),
      (SOES).   
   ,  SOES    -
 .

14     275     ,   
88         (ADR),  187 
    ADR. (  ,   
ADR,  .)

15   ,   ,  -
  .    ,  , -
   -,    , 
3,5 .           ,
 - .

16   ,   , 
 : (1)   ,   -
,    () ; (2) 
 ,     ;

(3)  ,       . -
,        --
 ,      ,    
 . .: Sanford J. Grossman and Joseph E. Stiglitz, On the Impossibility of
Informationally Efficient Markets, American Economic Review, 70, no. 3 (June 1980), pp. 393408.

17 From Securities Acts Amendments of 1975, section 11A.

18 Wilford J. Eiteman, Charles A. Dice, and David K. Eiteman, The Stock Market (New York:

McGraw-Hill, 1969), p. 19.
''' Eitemen, Dice, and Eiteman, The Stock Market, p. 138.