The SEC is eying this growing shadow market but hasn't yet stepped in with tighter regulations. The exchanges themselves are trying to fend off the regulatory watchdogs through aggressive self-policing. 


SecondMarket is also encouraging the companies whose shares it trades to embrace the concept. That sparked its recent move toward giving companies greater control over its transactions.


And SecondMarket also handed companies some control over how much it discloses about them. Starting with its first-quarter report, SecondMarket is no longer revealing the details on which companies dominate its trading.




For example, in3559 6527 18836 16803 5248 11287 9245 8895 7397 6487 5637 8985 11088 4249 8905 2710 18906 11357 12575 2400 630 11417 9065 6427 14521 7696 1070 4489 7546 7875 2110 120 10640 10900 4839 10391 15996 5398 15836 6857 7556 6647 5059 4579 10550 13973 3280 13953 1180 17391 19256 12705 9824 15289 10530 14511 16445 9444 15059 14630 13494 10890 17481 4019 19266 2560 16891 3679 1770 6327 19425 12625 14351 3799 880 6477 9005 9874 11537 14770 8995 3849 70 10302 3170 6507 19276 12076 7905 17301 14321 4299 270 13914 17621 12046 9944 10690 6387 the fourth quarter, Facebook trades accounted for 39% of all

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