A bill to amend the Securities Exchange Act of 1934 to prohibit minimum commission rates, and to regulate the transactions of members of national securities exchanges.

Provides that no securities exchange, after January, 1983, shall maintain or enforce any rule fixing minimum commission rates with respect to any portion of a transaction.

Makes it unlawful for a member of a national securities exchange to effect, whether as broker or dealer, any transaction on such exchange with or for its own account, the account of any affiliate of such member or any managed institutional account.

States that the provisions of the preceding paragraph shall not apply to: (1) any transaction by a registered specialist in a security in which he is so registered; (2) any transaction for the account of an odd-lot dealer in a security in which he is so registered; (3) any transaction by a block positioner acting as such, except where an affiliated person is a party to the transaction; (4) any stabilizing transaction effected in compliance with rules to facilitate a distribution of a security in which the member organization effecting such transaction is participating; (5) any bona fide arbitrage transaction, including hedging between an equity security and a security entitling the holder to acquire such equity security, or any risk arbitrage transaction in connection with a merger, acquisition, tender, offer, or similar transaction involving a recapitalization; and (6) any transaction for a member's own account or the account of an affiliate who is an individual effected in compliance with rules promulgated by the Commission under this title, and with such further rules as the Commission may promulgate limiting the aggregate amount of such transactions in relation to the total transactions effected by such member.