Individual investors will be represented for the first time on the New York Stock Exchange board of executives, the board voted late last week.

That is just one of many drastic changes that interim Chairman John S. Reed and his new eight-person board voted for during their first set of meetings last week. According to an NYSE news release, a rule that says specialist firm representatives could also be the heads of the firms was abolished, making more people eligible for firm leadership.

The mutual fund industry had attempted to gain a place among the 20 to 25 member board of executives, but not surprisingly, the NYSE turned the request down.

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