What is the main purpose of establishing the Uniform Practice Code in the securities industry?

The main purpose of establishing the Uniform Practice Code (UPC) in the securities industry is to maintain uniform business practices among member organizations. This code sets forth rules and guidelines that standardize procedures for various transactions, including trading, settlement, and record-keeping across the industry. By having a consistent set of practices, the UPC helps to facilitate smoother operations and communication among members, reduces misunderstandings, and helps ensure compliance with regulatory requirements. This uniformity aids in promoting fair and orderly markets, maintaining investor confidence, and ultimately supports the integrity of the securities industry as a whole.