The SEC has already officially finished gathering comments on the NASDR's qualified immunity rule proposal--Rule 1150--that would increase legal protections for firms regarding what they put on forms U-4 and U-5.Despite the controversy surrounding...
While many a merger that looked good on paper has failed to live up to expectations, the proposed marriage between Canadian Imperial Bank of Commerce (CIBC) and Toronto Dominion Bank, at least from a securities operations perspective, is looking...
On the evening of Nov. 13, 1998, (a Friday), the National Securities Clearing Corp. (NSCC) will switch over to a new computer system for processing ACATs. This will be the first major overhaul of the ACATs system since its inception 12 years ago...
An arbitration panel in March ordered Merrill Lynch to pay two brokers $86,000 each in compensatory damages after firing them in a dispute involving either an employment verification form or a lucrative book of business--depending on whom you...
Brokers are finding themselves in the middle of a debate over how return on assets defines success. Should the veteran broker with more than $200 million in assets that yield less than 75 basis points in yearly production be prodded to work harder...
The NASDR in late March began making basic employment and licensing information about brokers available over its Web site (http://www.nasdr.com/2000.htm).Despite some press reports to the contrary, the information given is bare bones: the broker&...
A March 20 story in the American Banker, a daily trade newspaper, confirmed rumors that Salomon Smith Barney had begun a bank brokerage program. Salomon Smith Barney's national director of sales, W. Thomas Matthews, and the consultant hired to run...
Aggressive recruiting has extended to wholesalers these days, with firms paying big up-front bonuses and guarantees to those familiar with wirehouse distribution systems.Bonuses are common among brokerage firms, where a broker's book of business...
A set of handwritten notes given to RR by a former Merrill Lynch branch manager shows that the firm may have trained managers on how to sue departing reps and get brokers to incriminate themselves in exit interviews.The handwritten notes were...