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Securities Industry

BUSINESS
April 15, 1989
Merrill Lynch: The Wall Street firm reported that first-quarter profit plunged 46% to $37 million despite a 25% rise in revenue to $3 billion. The revenue gain was attributed mainly to a 60% increase in interest and dividend revenue. The company noted that excluding those increases, however, revenue was up just 5%, reflecting the general weakness in the securities industry.
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BUSINESS
July 25, 1998 | Associated Press
A securities industry trade group's initial computer tests last week for year 2000 glitches were successful. The Securities Industry Assn.'s test turned ahead computer clocks at 29 brokerage firms and 13 exchanges and clearing and settlement firms, then ran simulated trades to see if they would work. Based on preliminary feedback, the trades were successful. More demanding tests are to follow.
BUSINESS
February 4, 1997 | Times Staff and Wire Reports
The securities industry is asking the Securities and Exchange Commission to slow its phase-in of order-handling rules for the Nasdaq Stock Market. The changes, which started to go into effect Jan. 20, are intended to increase competition and give investors access to the best available prices on the nation's second-largest stock market. The second phase of the implementation is due to begin Friday. The SEC hinted it would be receptive to the requests from the Securities Industry Assn.
BUSINESS
March 6, 1988
The Wall Street job-cutbacks story stated that "the securities industry already has idled about 15,000 people, and there is talk among employment experts that another 10,000 may be out of work before the blood bath ends." Perhaps baseball commissioner Peter V. Ueberroth, who, in his spare time, negotiated E. F. Hutton's recent merger with Shearson Lehman as a member of Hutton's board of directors, will donate the $500,000 bonus voted by the Hutton board and his $447,000 retirement stipend to those less fortunate Hutton employees who will join the 15,000 in the securities industry who were idled.
BUSINESS
March 30, 2005 | From Bloomberg News
Peter N. Brant, who pleaded guilty in 1984 to insider trading using advance knowledge of Wall Street Journal stories, has agreed to pay $3.2 million to settle allegations that he violated a securities industry ban and defrauded clients. The Securities and Exchange Commission, in an order last week, said Brant acted illegally as an investment advisor, made speculative trades for clients against their wishes and turned over holdings in their accounts to generate more commissions.
BUSINESS
March 25, 2006 | From Reuters
The Securities and Exchange Commission on Friday threw out a lifetime securities industry ban by the NASD against Frank Quattrone, four days after a federal appeals court overturned the former star investment banker's 2004 conviction on obstruction and witness tampering charges. The SEC said the NASD, the securities industry's self-regulatory arm, "did not act in accordance with its own rules" in issuing the ban in November 2004.
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