In creating a new market system Congress wanted to abolish fixed commission rates and increase competition among brokers and dealers belonging to different exchanges or trading in a third market. However, the consequences of the Reform Act were limited and fell short of Congressional expectations. Blame for these failures fell upon the Securities and Exchange Commission. However, the legislation failed to create a strong administrative agency in the Securities and Exchange Commission that could force market leaders to follow a policy they opposed. Authority within the Commission was fragmented and policies shifted, thus greatly reducing the effectiveness of the Commission as a regulator. The securities industry, for its part, lacked effective leadership to limit its self-interest. In the end, Congress was forced to impose changes on the securities industry. 62 footnotes.