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Dramatic Surge in New Filings During 2002

NYSE STATS, 2002: The New York Stock Exchange experienced a dramatic surge in new filings during 2002, taking new submissions to levels not seen since the early 90’s.

The New York Stock Exchange, one can see from SICA statistics, once took in more new cases each year than the NASD. That changed in the early 80s, but the Exchange continued to grow its caseload to a peak in 1988 of 1,623 new case filings. New filings and overall market share dropped during the 90s, reaching a low of 544 cases in 1998. In 2001, activity began to quicken again and, in 2002, NYSE reported 1,315 new cases, volume not seen since 1991.

Most of the new case growth occurred in customer disputes, where the 1,009 new cases nearly doubled the 541 customer disputes recorded in 2001. Overall, the year ended with an impressive 68% increase in filings over the 780 new cases in 2001 and a whopping 138% increase in case volume over the past two years (553 in 2000). The differential between new or incoming cases and closed or outgoing cases in 2002 was greater, perhaps, than in any year in NYSE Arbitration’s history (including the record surge in 1988), as nearly 600 cases separated the two figures (1,315 incoming vs. 717 outgoing). Still, the lower activity in the 90s prevented any backlogs from building and NYSE will likely be able to manage. It increased the number of decisions by more than 100% to 298 from 146. Settlements lagged, though, as a percentage of closed cases and that accentuated the shortfall. Settled cases, including mediations, comprised more than 70% of the closed cases in 2000, fell to 61% in 2001, and dipped further to 51% in 2002.

The pending case docket stands between 1,200-1,300 cases, we calculate, which is high, but not historically out-of-proportion. (ed: Starting with November 2002, NYSE Arbitration began posting some basic statistics on its WebSite under “News & Updates”) (SAC Ref. No. 03-01-01)

  

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