That's likely the crux of the matter right there, vhehn. It's not transactions outside of exchanges (though I think it would be good for the markets to have the volumes and prices timely reported (not the principals though). But the lying is another matter. We have to bring back Glas Steagall, and go one better. We have to require any commercial entity, or someone they have paid or otherwise compensated, who issues a buy or sell recommendation disclose the size of any material holding related to that recommendation and whether they are net short or long. Thus they would be free to transact privately, so long as the transaction was reported in a timely manner in the time and sales record, and free to issue a recommendation on anything, including their own holdings, but would be required to disclose any material holdings prior or subsequent to issuing a buy or sell recommendation. Then it's up to those receiving the recommendation to impute the recommender's motive. For example, Goldman would be free to issue a conviction buy recommendation on AIG so long as they disclosed, as part of that recommendation, that they held long at the time say 5 million shares of AIG. If within a material time period after issuing a recommendation they acquired a material amount of AIG shares, they would be required to disclose that as well. Of course, you'd make less money if you could no longer lie or mislead with impunity. You'd be forced to fall back on your market making activities and trading skills to make a buck. You would not have to disclose, other than what is now required by securities law, if you are not recommending.