Also today, the securities law was changed to permit trading of cash-settled index futures and options.

Finally, there is no discussion of civil or criminal sanctions for the managers who acted improperly by engaging in or permitting market timing and late trading.

And over the company's strident objections, the American Stock Exchange has continued to permit trading.

Americans have 70 million brokerage accounts, but only 10 percent of them permit on-line trading.

In April 1986 the government lost its Shops Bill, which had been designed to permit trading on Sunday.

Then, in April 1988, the Government permitted open trading in its bonds.

The incentive for insurers and brokers to permit frequent trading, the investigators say, was to attract and retain funds from big investors.

Commerce was stimulated by permitting private retail trading.

The two banks permitted short-term trading in their mutual funds in violation of the terms in the funds' prospectuses, according to regulators.

The new rule permits secondary trading among institutions with holdings of more than $100 million.