Advertisement
YOU ARE HERE: LAT HomeCollectionsSecurities Industry
IN THE NEWS

Securities Industry

BUSINESS
March 3, 2005 | From Associated Press
Former star technology banker Frank Quattrone has asked the Securities and Exchange Commission to reverse the decision by a securities industry watchdog to ban him from the profession for refusing to answer its questions in 2003. Lawyers for Quattrone, who has appealed his May conviction for obstruction of justice, sent the SEC written arguments dated Monday saying that the ban by the NASD (formerly the National Assn. of Securities Dealers) was unconstitutional.
Advertisement
BUSINESS
March 2, 2005 | From Bloomberg News and Times Staff
A federal appeals court on Tuesday ruled against California in the state's long-running battle to impose certain disclosure rules on brokerage industry arbitration panels. The U.S. 9th Circuit Court of Appeals in San Francisco said arbitration-panel policies of the NASD, formerly the National Assn. of Securities Dealers, superceded rules California imposed in 2002.
BUSINESS
March 2, 2005 | Kathy M. Kristof, Times Staff Writer
Top Biogen Idec Inc. insiders sold $15 million in company shares at near-record prices in the days and even hours before Biogen warned regulators about patients' becoming ill in clinical trials of its multiple sclerosis drug, records show. The drug, Tysabri, was pulled from the market Monday after a patient's death, causing shares in the Cambridge, Mass., company to plummet 43%. Biogen told the Food and Drug Administration on Feb.
BUSINESS
February 16, 2005 | From Bloomberg News
Citigroup Inc. mistakenly bought and sold hundreds of thousands of option contracts on the Nasdaq-100 tracking stock on the Pacific Exchange on Tuesday, leading to price swings in the stock market. New York-based Citigroup, a specialist in options trading at the Pacific Exchange, received an "incorrect price quote from a third-party data vendor, which we resolved within seconds," spokeswoman Danielle Romero-Apsilos said.
BUSINESS
February 13, 2005 | Kathy M. Kristof, Times Staff Writer
Securities brokers are getting a sweet deal on Valentine's Day that may or may not endear them to their clients. Beginning Monday they'll be able to use investment analysis tools aimed at helping clients predict how their portfolios may fare over time. These tools have been used by institutional investors for years, but weren't available to retail brokers because regulators had barred them from predicting investment returns.
BUSINESS
February 1, 2005 | From Bloomberg News
Investment advisor Todd Eberhard, who pleaded guilty in September to federal charges that he defrauded clients of as much as $20 million, has agreed to be barred from the investment industry, the NASD said Monday.
BUSINESS
January 12, 2005 | From Reuters and Bloomberg News
The Securities and Exchange Commission is preparing to bring an enforcement action against the New York Stock Exchange, possibly in mid-February, for failing to supervise some of its floor-trading specialists, sources familiar with the matter said Tuesday. The action will come as part of a settlement of a long-running probe into improper specialist trading, with the SEC also hoping to unveil simultaneously a number of separate agreements with smaller stock exchanges, the sources said.
BUSINESS
January 7, 2005 | Tom Petruno, Times Staff Writer
Bond mutual fund investors came through 2004 in much better shape than many had feared. Every category of bond funds posted a positive total return for the year, meaning interest earnings plus or minus change in principal, according to Morningstar Inc. Most bond categories had annual total returns in the range of 2% to 9%. The big surprise was that long-term interest rates fell for the year, even though the Federal Reserve began to raise short-term rates for the first time since 2000.
BUSINESS
January 7, 2005 | Josh Friedman, Times Staff Writer
When clients ask Mike Nozzarella where they should put their money, the Newport Beach financial planner is increasingly likely to steer them toward exchange-traded funds -- arguably the hottest product in the mutual fund industry. Created in 1993 by a Los Angeles native, exchange-traded funds hit critical mass last year, reaching $212 billion in assets through Nov. 30. That's up from $151 billion in 2003, according to the Investment Company Institute.
BUSINESS
January 2, 2005 | Tom Petruno, Times Staff Writer
It's 2005 on the calendar, but what year will this be on Wall Street? Some investment pros are thinking about 1994, when the Federal Reserve began to slowly raise short-term interest rates, then sharply stepped up the pace of credit tightening -- to the bond market's horror. Others are thinking back to 1977. In 1973 and '74, the stock market suffered its worst decline since the Great Depression, only to snap back in 1975 and '76. (Sound familiar?
Los Angeles Times Articles
|