Jim Davis will probably never forget the call he received after the Labor Day weekend. The market shot up dramatically on Tuesday, the first business day following the three-day holiday. Davis, who had been on vacation with his family, had an...
The SEC is attempting to set precedent and bypass formal rule making with two cases involving best execution of stock trades.If the agency is successful in appealing two cases, one involving Merrill Lynch and the other Portfolio Management...
Feeling the heat from competitors, A.G. Edwards has unveiled a new fee-based pricing alternative for non-discretionary accounts.At the same time, CEO Ben Edwards continues to speak out against fee-based business, calling it "industry, rather than...
Time was, brokers called their trading desk or went to the Quotron to get timely stock quotes. Up-to-the-minute quotes were so rare that individual investors often made a day of it by watching the electronic ticker tape in the lobby of their local...
In an expedited ruling, the NASD has ordered Smith Barney to fork over nearly $8,000 to a former employee for the legal costs of defending a customer arbitration.After leaving Smith Barney last year, veteran New York broker Alan Gramaglia incurred...
The SEC has come under fire for not quickly approving several SRO proposals that could have opened the door to client E-mail. But now it's put the ball back into the NYSE's court.The industry expected the SEC to act on the E-mail issue last summer...
In one fell swoop, Dain Bosworth in Minneapolis and Rauscher Pierce Refsnes in Dallas have combined forces to become the nation's 9th largest full-service brokerage firm, just a handful of brokers shy of EVEREN Securities' 1,280 producers.The...
Despite reports that upfront money is back and bigger than ever, recruiting at the wirehouses is tougher than ever, say some branch managers. The long bull market, growth of deferred compensation plans and the shrinking number of competitors take...
On Aug. 7, the SEC gave NASD Regulation the green light to put its new "Code of Procedure" into effect as part of the NASD's broad settlement with the SEC last year.The new code, which governs enforcement actions and disciplinary proceedings, is a...
Canada's effort to regulate its mutual fund distributors has hit yet another pothole. But this one, according to the acting head of the Ontario Securities Commission (OSC), may have been created by the OSC's own boss-the government of Ontario.In a...
