Wall Street: Opening Up the Club

The New York Stock Exchange, long castigated by Government and other critics for acting as a private club run for the profit of a privileged few, moved last week to revise its membership. The exchange's Board of Governors caught many Wall Streeters by surprise by voting to allow its members to sell stock in their own firms to the public. At the same time, the board said that by year's end it would consider permitting mutual funds and other financial institutions either to join the exchange as associates or find some way to grant them discounts on the commissions...

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