Word: sec
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Dates: during 1970-1979
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Unlike transactions elsewhere, stock deals made in the fourth market are not subject to scrutiny by either the exchanges or the SEC. Says Donald Regan, president of Merrill Lynch: "I don't think it's fair to the small investor that institutions can do some things in the stock market that he can't do." It certainly does not seem fair that a listed stock can be actively traded without anybody knowing about it, except a few insiders...
These real or potential dangers might seem to call for new SEC regulations. Yet the fourth market is only a small part of a complex question: What changes should be made in the markets to cope with the great rise in institutional trading? By year's end the SEC is due to publish a long awaited report on this touchy subject. If direct trading in stocks is to be put under controls, it makes sense to adopt them only as part of a large overhaul of SEC rules...
...frustrated by the seamen aboard Intrepid. The fifth race was more of the same. Gretel II jumped off to an early lead, footing smartly in the soft, fluky winds. In a series of aggressive tacks, Picker overhauled the Aussies and rounded the first mark with Intrepid 44 sec. ahead. It was a lead he never relinquished-though by the fifth mark the desperate Aussies had shaved the advantage to 20 sec., or barely two boat lengths. Then Picker, reading the shifting wind perfectly, put Intrepid on a starboard tack while Hardy held Gretel II on port in hope of finding...
...Warning System. Badly burned, the exchange has become more careful. The SEC allows a brokerage firm to have up to $20 in liabilities for every $1 of capital, but the exchange recently has begun to demand that its members quickly scrape up more capital whenever liabilities rise to more than $12 for every $1 of capital. Under this "early-warning system," the Big Board has ordered changes in 139 firms, or more than one-third of the 375 members that carry public accounts. Now 93 of those companies have brought their capital accounts into sound order; another five have transferred...
Angered and disheartened, the Australians lost the third race by 1 min. 18 sec. as Intrepid capitalized on two tactical blunders. The first occurred when Gretel II crossed the starting line 30 sec. before the gun; she had to turn back to cross again, allowing Intrepid to breeze off to a 100-yd. lead. The second goof came on the fifth leg when Gretel II, closing hard on the defender, failed to follow Picker's starboard jibe and went in search of a better breeze on a port jibe. She did not find it. The fourth race saw Intrepid...