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The author charts the progress made by the securities industry’s dispute resolution system as it went from judicial litigation to a system that relies almost exclusively on arbitration. Further advances were made by the adoption of the 1989 Rules Amendments, which, by introducing prehearing conferences and setting deadlines for document exchanges, cleared up many procedural issues. However, one serious problem remains: The present system does not provide a means to generate case precedent. The author suggests various ways to cure this defect.



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