Reforming New York's Stock Exchange.

(From Business and Finance)

Page 43

John S. Reed, the bank chief brought back from retirement to save the New York Stock Exchange, delivered his reform prescription in early November. It was amazingly bold in the context of the exchange's history. But it was not enough for critics. So what if Reed put the exchange's regulatory functions under the control of a new board with no brokerage representatives? The critics say the board is dominated by retired chief executives, not by reformers. Calpers, the California state employees' pension fund, wants a guarantee of future representation for institutional investors. And it says the Big Board must completely shed …