Round 1 of the feud between the New York Stock Exchange and the Securities and Exchange Commission ended last weekand both sides claimed victory. But in fact, the Stock Exchange seems to have suffered two setbacks that may have important long-range implications.
Bowing to the demands of the SEC, the exchange agreed to put serious restraints on the Big Board's floor traders, who buy and sell for themselves with no responsibility to the public (TIME, April 3). Each floor trader henceforth will have to maintain a minimum capital balance of $250,000 and trade against the trend of...
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