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Non-Tech : Bid /Ask Spreads - Market Manipulation
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To: Alan Aronoff who wrote (231)12/19/1996 6:49:00 PM
From: Eric Hovdesven   of 308
 
How ironic the SEC announces its relaxation of manipulation rules shortly after B'weeks article about the MOB buying brokerage firms (although they have always been behind the scenes in some deals) to have more direct access to manipulating stocks.

Actually I am not sure what effect the rules they are relaxing, (I assmue the are the 10b-6 rules but will check) will have if it is limited to larger issues. Then again they state the number 1,900 of the largest companies, how low does that go? And did everyone see the new listing requirements for NASDAQ?

If the NASD and SEC really wants to help investors, they should:

1. immediately make full CRD (disciplinary) information available

2. make brokerage firms file with edgar their security positions (60 days after the quarter is over so as to protect the firm's work product)

3. make brokerage firms file with edgar their research reports (60 days after publication, again to protect the firm's work product)

4. Display the market makers for each stock

5. Display a list of all underwritings the firm has participated in during the previous 3 years.

What does all this do ? It investors (on the net at least) the chance to evaluate a brokerage firm's track record. If it became a tool used enough, brokerage firms would have a difficult time starting up because they would not have a track record. Once the firm did establish a track record (one way is to partner up with an older firm) its existence would be far more valuable and therefore they may not be so quick to make the decision to fold up and move on.

Thanks
Eric
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