The American Stock Exchange: Scandal On Wall Street

In the April issue of the New York Stock Exchange monthly newsletter, Chairman Richard A. Grasso made a rare and embarrassing admission. The Securities & Exchange Commission had commenced an investigation at the NYSE. And the target was not a rogue broker, insider trader, or some other transgressor, but rather the NYSE itself. Under scrutiny is a subject that could not have been more fundamental to the operations of the nation's premier stock exchange: Has the NYSE adequately regulated the brokers who execute trades on the exchange floor?

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