WALL STREET: Reforming the Exchanges

Economists have long defined a "perfect" market as one in which, among other things, all buyers are equally well-informed about what is for sale at what price. In theory, the stock market is supposed to be that kind of market, but in practice some investors are more equal than others. For one thing, big ones almost always have better information about what stocks to buy than the little guy. Also, during a typical trading day a stock may sell for slightly varying prices on exchanges in New York, Chicago and Los Angeles,...

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