Word: funston
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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...
...joined the commission in 1942. Rising to head its division of corporate finance, he became known as a savvy administrator whose devotion to the job did not stop him from being well liked by the people he was regulating. Last week New York Stock Exchange President Keith Funston called Cohen "dedicated and realistic...
...controversy is building up between Wall Street and the Securities and Exchange Commission-and the man in the middle is Lyndon Johnson. Pleased by the market's 100-point rise since he took office, Johnson last week courteously received New York Stock Exchange President Keith Funston at the White House. But while the President tries to keep Wall Street friendly to his Administration, the SEC is relentlessly moving in on what it considers the Street's abuses. The most obvious sign of the dispute at the moment is the SEC's attempt to curb a clubby coterie...
...Target. The struggle has been going on since a special SEC study group reported last summer that many investors were underprotected and overcharged by the Exchange and by brokers (TIME, July 26). Some of the SEC's proposed reforms were adopted by market leaders; last week, for example, Funston's Big Board tightened its standards for corporate listings, and recently it toughened rules covering market letters and brokerage research departments. But that is not nearly enough for the SEC. Among other things, it wants to: 1) reduce the commissions that investors pay for trading in "odd lots"-fewer...
Since there are only 34 fulltime floor traders, many Wall Streeters wonder why the Exchange is fighting so hard for so few. Funston & Co. figure that surrendering too easily there would make it easier for the SEC to put restrictions on odd-lot firms and the 350 stock specialists. The Exchange wants to regulate itself as much as possible, feels that the SEC's proposed restrictions would give Washington immense controls over Wall Street and destroy the delicate balance of power now shared by the SEC and the Exchange...