October 17, 2000
Prudential Securities Inc., Lehman Bros. Inc. (LEH) and five other brokerages were fined a total of $213,000 by the National Assn. of Securities Dealers for improper handling of customer orders, the NASD said. The NASD said Prudential and Lehman failed to promptly display customer limit orders when each order was at a price that would have improved the firm's best bid or offer in a given security.
April 14, 1991 |
It's crunch time on Wall Street, and that means investors had better be careful. Several large brokerages are trying to motivate their sales staffs to push in-house or proprietary mutual funds rather than those offered by independent load-fund companies. The brokerages consider this a legitimate way to boost earnings, but critics cite the potential for a conflict of interest that might result in some investors being sold inferior funds. This pressure comes in two main forms.
March 23, 1992 |
Some tips if you're trying to pick a discount brokerage: * Don't feel shy about opening accounts at a number of discounters. Even among the deepest discounters, commissions can vary significantly, depending on the configuration of a particular stock trade. You may as well get the cheapest price you can on every trade. Discount brokers are generally happy to quote commissions over the phone, unlike many other businesses.
January 5, 2002 |
Brokerage stocks surged Friday, led by discount players such as Charles Schwab Corp., as investors pinned hopes of an improving economy on big financial companies that benefit from stock market strength. Schwab (ticker symbol: SCH) rose $1.24 to $18.09, while its smaller rival E-Trade Group Inc. (ET) was up $1.19 to $12.29. Shares in those companies have jumped more than 16% since Tuesday. Wall Street brokerages did well across the board, with Morgan Stanley Dean Witter (MWD) up $2.82 to $59.
August 15, 2007 |
Citigroup Inc. and three of the largest U.S. brokerage firms plan to create a trading system for unregistered securities as more companies seek to avoid regulation by raising money privately. Lehman Bros. Holdings Inc., Merrill Lynch & Co., Morgan Stanley and Citigroup expect to begin operating the Open Platform for Unregistered Securities, or OPUS-5, in September, the companies said in a statement Tuesday.
February 2, 2005 |
Investors who might have been harmed by biased Wall Street stock research could petition to recover their losses from a settlement pie worth $433 million, according to a new plan set forth by a court-appointed administrator. The proposal was filed Monday with the U.S. District Court in Manhattan, 21 months after Wall Street's biggest brokerages agreed to settle charges they issued glowing research about companies to try to win investment banking business.
March 8, 1997 |
The Securities and Exchange Commission said it filed suit against W.S. Clearing, a Glendale-based brokerage that shut down Thursday after its capital evaporated. The SEC said it obtained a temporary restraining order in U.S. District Court in Los Angeles preventing W.S. Clearing and its principal, William Sedkey Saydein, from further violations of net capital and customer protection rules. W.S.
March 14, 2005 |
The stock market's obsession with inflation could intensify this week as Wall Street's major brokerage houses start reporting their first-quarter earnings. Earnings in the financial sector typically come under pressure in an environment of rising interest rates. When inflation is a concern, the Federal Reserve is particularly aggressive in raising rates to combat rising prices. The Fed has raised the short-term benchmark rate from 1% to 2.5% since last summer.
November 30, 1990 |
The Securities Industry Assn.'s incoming chairman Thursday urged Congress, the White House, the Federal Reserve and the Treasury to hold a summit on ways to restructure the U.S. financial system to make it sounder and more competitive. "We need to have a financial summit," Dale Horowitz said, adding that representatives from banks, thrifts, insurance companies, securities firms and other interested parties should be represented.
August 10, 2005 |
Merrill Lynch & Co. agreed to pay as much as $37 million to settle a lawsuit brought by California brokers who claimed that the company should have paid them overtime. The lawsuit, filed in federal court in San Francisco in July 2004, claimed that Merrill violated federal law by failing to pay overtime to brokers and violated California law by forcing brokers to pay overhead expenses, including salaries for secretaries, broker attorney Mark Thierman said Tuesday.