THE SEC's second look at the nation's 14 stock exchanges concentrates on the role of a largely anonymous but highly influential army of "inside" professionals. The 65 reforms proposed in the SEC report center on five types of these market insiders, whose functions affect all investors but are rarely understood by the public. The five:
Over-the-Counter Traders
These men deal in the issues of 11,000 companies that are not listed on any exchange. Unlisted issues are often the sharply curving "glamour" stocks, but they also include some solid shares of major companies that do not wish to be bound by the exchanges' strict...
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