New proposals to introduce a trading system which would enable greater analysis of participants and their activity have been unveiled by the Securities and Exchange Commission (SEC).According to the regulator, ‘larger’ traders would be required to make a filing to the SEC before receiving a number of identification.Broker dealers would then receive the number, which would enable more efficient tracking of traders and their activity, the organisation clarified.Mary L Schapiro, SEC chairman, said: “This rule is designed to strengthen our oversight of the markets and protect investors in the process.“It would give us prompt access to trading information from large traders so we can better analyze the data and investigate potentially illegal trading activity.”The SEC defines a ‘large’ trader as an individual or firm whose transactions exceed $20 million or two million shares on any calendar day.Previously, the commission has proposed a number of changes to legislation to improve fairness within the trading markets.They included banning unfiltered access to markets and providing more transparency to liquidity dark pools.
Posts Tagged ‘Fairness’
SEC proposes new trading system
April 16th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Broker Dealers, Calendar Day, Dark Pools, Fairness, Investors, Legislation, Liquidity, Oversight, Participants, Proposals, Schapiro, Sec Chairman, Securities And Exchange, Securities And Exchange Commission, Trading Markets, Transparency, Two Million 
Comments OffFINRA Supports Mandatory Arbitration Clause Removal
October 6th, 2009 Before You Invest Richard Ketchum, Chairman and Chief Executive of FINRA, testified before the House Financial Services Committee today in support of allowing the SEC to ban mandatory arbitration clauses in securities contracts. It is common practice for broker dealers to stipulate a mandatory dispute resolution forum in the event of a broker/client dispute.
Posted in Finance Fraud Tags: Account Applications, Arbitration Clause, Broker Dealers, Brokerage Account, Capital Markets Subcommittee, Chairman Paul, Chief Executive, Contentious Subject, Cost Effectiveness, Dispute Resolution Forum, Fairness, Financial Services Committee, Finra, House Financial Services Committee, Ketchum, Mandatory Arbitration Clauses, Outright Ban, Paul Kanjorski, Securities Industry, Subcommittee Chairman No Comments »Visa and MasterCard hit by Hungarian fine
September 25th, 2009 Before You Invest Authorities in Hungary have fined Visa Europe, MasterCard and some of the country’s largest commercial banks after ruling that they formed an illegal bank card fee cartel.According to Reuters, GVH – the competition authority – found the three parties guilty of limiting competition by making and maintaining an interchange fee structure.MasterCard and Visa were hit with a combined fine of $2.6 million, while the country’s financial institutions were ordered to pay a total penalty of $5.25 million – of which $1.52 million was levied against OTB Bank, the largest institution of its kind in Hungary.Chairman of the GVH ruling panel Tihamer Toth said at a news conference that “competition between the two card firms and the card-accepting banks was distorted and limited” as a result of the cartel.But, all parties have denied any wrongdoing and Visa and MasterCard both stated that they plot to appeal.The GVS was established in 1990 and aims to promote “fairness and freedom” in relation to competition in markets in Hungary.
Posted in Finance Fraud Tags: 6 Million, Authorities, Cartel, Commercial Banks, Competition Authority, Fairness, Fee Structure, Financial Institutions, Freedom, Gvs, Hungary Europe, Hungary Visa, Interchange Fee, Mastercard, Mastercard Visa, News Conference, Reuters, Visa And Mastercard, Visa Mastercard, Wrongdoing No Comments »FINRA Faces Flurry of Investor Securities Arbitration Claims
April 4th, 2009 Before You Invest Accused of lax oversight in the wake of recent financial frauds, FINRA, the largest nongovernmental regulator of securities firms, is now facing an explosion of arbitration claims stemming from troubles in the capital markets. Moving some of those claims into the FINRA arbitration process are about a dozen law school securities arbitration clinics across the country, which, say their directors, are fielding numerous requests for help, often from elderly investors.
Posted in Finance Fraud Tags: Brokerage Firms, Capital Markets, Elderly Investors, Explosion, Faces, Fairness, Financial Frauds, Financial Industry Regulatory Authority, Hofstra University, Investor Arbitration, Law School, Lax Oversight, Money, Moving, Nongovernmental, Pew, Professor Curtis, Registered Securities, Securities Arbitration, Spokesman No Comments »B of A Sued Over Merrill Lynch Purchase
February 5th, 2009 Before You Invest Bank of America Corp., the largest U.S. lender by assets, was sued last week by investors who claim they were misled in a deal to buy Merrill Lynch & Co., the New York Times reported.Shareholders allege Bank of America Chief Executive Officer Kenneth D. Lewis, Chief Financial Officer Joe L.
Posted in Finance Fraud Tags: Bank Of America, Bank Of America Corp, Bofa, Ceo John, Chief Executive Officer, Chief Financial Officer, Court Documents, Fairness, Financial Health, John Thain, Kenneth D Lewis, Merger, Merrill Lynch, Merrill Lynch Co, Misleading Statements, New York Times, Officer Joe, Proper Due Diligence, Shareholders, Stock Swap No Comments »
