July 25, 1998 |
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.
February 4, 1997 |
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.
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.
March 30, 2005 |
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.
March 25, 2006 |
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.
August 3, 1988 |
The nation's securities industry fired a net 15,900 employees between last October's stock market crash and the end of the first quarter, according to a study published Tuesday. The joint study was made by the Securities Industry Assn. and the accounting firm Arthur Andersen & Co. It said about 262,200 employees were employed in the securities industry as of Sept. 30, 1987, the last benchmark before the Oct. 19 crash. That number dropped to 260,500 employees as of Dec.
October 19, 1999 |
The nation's top securities regulator may be stepping up his campaign to get increasingly fragmented trading systems to link up, for investors' benefit. In a speech Monday, Securities and Exchange Commission Chairman Arthur Levitt said the SEC will issue a preliminary proposal to form a central national stock market by expanding the electronic links among competing markets.
November 13, 1995 |
There's too much greed, too much self-interest and too little punishment of wrongdoers. No, that's not the Washington political process we're talking about--those are investors' top gripes about the brokerage industry. The Securities Industry Assn. last week released results of a consumer satisfaction survey it commissioned, and the data gave SIA something to crow about, and some crow to eat.