P.M. BRIEFING : SEC Probing Spokane Exchange
The U.S. Securities and Exchange Commission has started what it calls an “informal investigation” of trading practices at the antiquated Spokane Stock Exchange.
In a letter delivered Tuesday to exchange members, the SEC’s Enforcement Division asked the exchange to provide documents covering surveillance procedures, complaints and other matters.
Exchange compliance officer John Campbell said the inquiry could determine whether the nearly 100-year-old exchange can continue operating as the nation’s only exchange without an electronic quotation system.
The exchange was established in the 1890s to provide capital for the mining industry in eastern Washington, northern Idaho and British Columbia. Despite efforts to diversify, it is still dominated by highly speculative mining stocks.
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