Word: sec
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Dates: during 1970-1979
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...their own; Solomon was in the final running for the job. But in Williams, they find few faults. Says Donald Marron, president of Mitchell Hutchins and a longtime friend of Williams' who calls him Hal: "He is a broad-gauged person. That's good for the SEC." Donald Weeden, chairman of Weeden & Co., feels Carter made a good choice in picking someone from outside the securities field. "The job is to regulate," says Weeden, "not to be a trade association...
Williams will begin his five-year term at a time when many of the difficulties facing previous chairmen have already been resolved. Much of the private-club nature of the New York Stock Exchange has been stripped away by SEC-mandated rule changes. Negotiated commissions for stock trades went into effect nearly two years ago, abolishing the anticompetitive fixed-commission system. A consolidated ticker tape is in operation, allowing investors to compare prices for individual stocks on several exchanges, including the N.Y.S.E...
...central market -which Congress mandated in 1975 without defining how the goal was to be achieved-that will somehow tie together all the nation's stock exchanges. One way to start would seem to be mergers of stock exchanges, and several are in the talking stage, but the SEC has not yet received a proposal. If it does, Williams will find the commission itself divided: one faction believes mergers would increase efficiency, another considers them anticompetitive...
...Williams' concerns. Options are the right to buy or sell stocks at a specified price within a set period of time. Currently they are traded mainly on the Chicago Board Options Exchange, but they have also spread to the American Exchange and are headed for the N.Y.S.E. The SEC has approved a pilot program in Philadelphia, where options and the stocks that they are based on are traded on the same exchange. The SEC under Williams' direction will have to decide how much more expansion of options trading should be permitted, and which safeguards should be imposed...
...being strengthened, and the legislature is expected to approve a bill outlawing the practice of investing proceeds from the rackets in legitimate businesses. Public pressure is mounting on the state regulatory agencies to crack down on fraudulent land schemes. A task force of FBI agents, postal fraud inspectors and SEC investigators has begun to probe. Says Babbitt: "Right now we are about two years into what I think is a minimum five-year...