Word: otc
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Dates: during 1980-1989
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...three hours, while others lacked the capital to keep stocks from going into free fall. One proposed reform would raise the capital requirements for Big Board specialists. Another would assign more than one specialist to each stock, as is now the practice in the over-the-counter markets. OTC market makers thus have more money available to shore up prices. But they also have less accountability. It has been charged that in the market meltdown many over-the-counter brokers simply knocked their phones off the hook...
...excitement is not limited to the Big Board. Indeed, the highest flyers are smaller, fast-growing companies traded on the American Stock Exchange and the over-the-counter market. The Nasdaq (National Association of Securities Dealers Automated Quotations) composite index of OTC stocks rose a record 17 days in a row before it fell last Friday. The previous mark: eight consecutive days in April 1983. OTC shares took a pounding in 1984, but now they are rebounding almost as fast. Amex's Market Value index has jumped 9.6% in 1985, and the Nasdaq has shot up 12.6%. In the past...
Individual investors account for about 70% of the trading in OTC stocks. By contrast, institutions are responsible for 60% of the trading on the New York Stock Exchange. Small investors are often more willing to gamble on speculative stocks than are the managers of large portfolios. Says Anthony Barrington, 41, a New York City consultant: "I like to go where the action is, and it is in the over-the-counter market. There's some downside potential, but I'm in the mood for risks...