"To insure to investors protection comparable to that provided ... in the case of national securities exchanges," Congress gave the Securities & Exchange Commission exceedingly broad authority to regulate the country's over-the-counter markets. These markets are operated by some 5,000 securities dealers who transact an annual business variously estimated to be from 50% to 300% larger than the total volume handled by all U. S. stock exchanges. Two prime characteristics of this huge market are that nearly all business is done by telephone and that no one knows much about it. Last year,...
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