Rick Lazio: “As the chairman knows, there are about 20 Members of Congress, including the gentleman from New York, Congressman Dan…”

“As the chairman knows, there are about 20 Members of Congress, including the gentleman from New York, Congressman Dan Frisa, who have expressed deep concerns about preferencing on securities exchanges. Preferencing enables broker-dealers to take the other side of their own customer orders, to the exclusion of competing market interest. It is a de facto form of collusion. Perferencing was not permitted on securities exchanges until 1991, when the Cincinnati Stock Exchange began a preferencing pilot program. I want to address this to the gentleman from Texas, if I can, and ask him if in the course of deliberation, as the bill moves forward in the conference process, if he would work with me and the others who are interested in this subject to ensure that this issue is addressed?”