THOUGH Wall Street has long awaited and yearned for a cut in margin requirements, last week's move by the Federal Reserve Board set off a lively round of debate about the nature and function of one of the Street's most complicated safety valves. To many Wall Streeters, the cut from 90% to 70% seemed too little, too late. New York Stock Exchange President Keith Funston called it a "step in the right direction," but urged a bigger cut to "a more normal rate." Though most welcomed it, some brokers feared that the...
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