SEC Goes Soft On Hard Close'
Traders Magazine, April 2004
Faced by widespread opposition from politicians and hundreds of investors, the Securities and Exchange Commission is taking a closer look at watering down a controversial proposal designed to prevent after-hours stock-trading abuses. The so-called hard close' plan could see the light with approaches that are softer than the original proposal. That proposal would require mutual funds and other big investors - instead of third parties - to receive trades by 4 p.m. in order to get that day's price. The new approaches include an electronic time stamp to verify the price and time of trades.
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