October 4, 2003 |
The New York Stock Exchange named BlackRock Inc. Chairman Laurence Fink, who headed the committee that chose John Reed as interim chairman, to lead a nine-person group that will pick a permanent successor to Richard Grasso. The panel, which intends to hire an executive search firm, also will decide whether to split the posts of chairman and chief executive, both of which were held by Grasso, Fink said. The other committee members are former Secretary of State Madeleine K.
July 27, 2004 |
The Securities and Exchange Commission on Monday said it reached a $5.2-million settlement with SIG Specialists Inc. and Performance Specialist Group, two market makers on the New York Stock Exchange. The firms settled SEC allegations that they traded ahead of customers between 1999 and 2003, the agency said.
December 9, 2004 |
The New York Stock Exchange on Wednesday censured a former trader at Van der Moolen Specialists USA, the first punishment of a market-maker in its probe into the exchange's auctioneers. Michael F. Stern, 54, was also permanently barred from working on the floor or for a NYSE member company for refusing to testify to investigators, the exchange said. Stern's lawyer didn't return a call for comment.
March 31, 2004 |
Five New York Stock Exchange specialist firms will pay $242 million to settle charges that they profited from illegal trading practices on the floor of the exchange, the Securities and Exchange Commission and the NYSE said Tuesday. The five firms -- Bear Stearns Cos. subsidiary Bear Wagner Specialists, FleetBoston Financial Corp. subsidiary Fleet Specialist Inc., LaBranche & Co., Van der Moolen Specialists and Goldman Sachs Group Inc.
September 16, 2003 |
Former New York Stock Exchange Chairman James Needham called for the resignation of Chairman Richard Grasso and the entire board after directors approved a $140-million payout to Grasso this month. "It's time to clean house," said Needham, 77, a retired accountant who headed the NYSE from 1972 to 1976 and who also served on the Securities and Exchange Commission. "I feel the board just didn't step up to the plate and run that operation properly."
September 23, 2003 |
Federal regulators have begun interviewing individual specialists on the floor of the New York Stock Exchange about an investigation of possible illegal trading. As the NYSE awaits the arrival next week of a temporary replacement for its ousted chairman, Richard Grasso, sources close to the Securities and Exchange Commission said the agency's review of the probe is "a very high priority."