National securities exchange
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Proposed rule under SEC review
The Securities and Exchange Commission (SEC) opened formal proceedings on September 11 to decide whether Texas Stock Exchange (TXSE), a challenger to NYSE and Nasdaq, may require brokers to vote shares when clients give no instructions. The rule would allocate those uninstructed shares proportionally, matching how other investors voted on each proposal. If no one sends instructions on a matter, the shares would be cast as abstentions.
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