41.   The SEC chairman, Arthur Levitt, has pressured Nasdaq to move, in effect, closer to auction trading.

42.   They hope to delay action until a new president can appoint a new SEC chairman.

43.   This week, Pitt, the SEC chairman, raised the possibility that the commission would look more closely at how the firms arrive at their ratings.

44.   Unfortunately, Harvey Pitt, the SEC chairman, thinks that individual investors should not be burdened with too much data.

45.   Under Arthur Levitt, the former SEC chairman, the commission tried and failed to persuade the stock markets to require more shareholder votes on options.

46.   When the SEC chairman raises red flags, however, the securities industry salutes, often changing practices rather than waiting for regulators to make new rules.

47.   When the SEC chairman raises red flags, the securities industry salutes, often changing practices rather than waiting for regulators to make new rules.

48.   While that will please the mutual fund companies, it creates a potential problem for Arthur Levitt Jr., the SEC chairman.

49.   He would succeed Clinton appointee Arthur Levitt, the longest-serving SEC chairman, who was a champion of small investors.

50.   He would succeed Clinton appointee Arthur Levitt, the longest-serving SEC chairman, who was considered a champion of small investors.