A panel advising the Securities and Exchange Commission thinks it would be really keen to have stock exchanges in both Original and Extra Crispy:
[T]he advisory committee on small and emerging companies … voted to urge the SEC to support the setting up of an exchange for small publicly traded companies that would only be accessible for high-income individuals such as so-called accredited investors, who must have net worths, excluding their homes, of $1 million or more or income of $200,000 or more for at least two years.
The reasoning behind this idea:
Companies listing on an exchange set up for high-net-worth investors may not be required to provide costly prospectuses and other disclosures that are necessary when retail investors are involved. Backers contend that this would drive down costs associated with public offerings and could encourage private companies to take the plunge into becoming almost-public companies.
I suppose, as a “retail” investor, and at the dollar-store level at that, I should resent the very idea, but I don’t. I mean, I don’t get bent out of shape because the bank has a separate division for Private Banking, presumably with more perks. Then again, I have motivations other than envy, so I’m probably disqualified from having any opinions on the financial system, if you call this a “system.”