U.S. Business: That Third Market

When Keith Funston goes to Washington, he is usually seeking less regulation of the nation's securities markets, not more. Last week, testifying before the Securities and Exchange Commission, the president of the New York Stock Exchange urged tighter rules for a controversial sector of the business. He was aiming at the "third market" (the other two: the exchanges and the over-the-counter market, which deals in unlisted stocks), a sort of discount house that handles off-the-floor trading in stocks listed on the New York or American exchanges. Its more than $2 billion volume is still small compared with the regular exchanges (about...

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