"Private securities transactions have always existed, but they've typically been done in the dark on a one-off basis," says David Weir, the
CEO of SharesPost Inc., an online market for shares in privately held companies, such as Facebook Inc. There are "some information constraints" in these private transactions, he acknowledges in
response to criticism from Andreessen Horowitz co-founder Ben Horowitz
and others that secondary-market sales are asymmetric and lead to inflated prices. "What we're trying to do at SharesPost is bring those transactions out of the dark and into the sunlight," Weir says. For more on the secondary market, see "Liquidity now" in The Deal magazine. - Katie Roof
Ken deRegt will retire as head of fixed income at Morgan Stanley and be replaced by Michael Heaney and Robert Rooney. For other updates launch today's Movers & shakers slideshow.
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