From www.traderbulletin.com
Fleet Specialist Fined
The NYSE has fined Fleet Specialist $150,000, and specialist Michael Bonnano $25,000. Fleet Specialist was charged with failing to promptly publish bids and offers that would have improved the market. Many times, Fleet would reportedly wait a full 28 seconds before the NYSEâs automated âlast resortâ system would post tradersâ bids and offers for them. Bonnano was charged with abdicating his responsibility to maintain an orderly market (i.e. buy stock) in General Motors. On June 27, 2002 General Motors sold off six percent in three minutes amid rumors of an accounting investigation. Instead of buying stock, Bonnano reportedly sold 10,000 shares. Bonnano, who apparently still works for Fleet, has been moved to a different stock. Some analysts think Fleet may decide to sell Fleet Specialist, which is a very small part of its business. These fines are unrelated to the NYSEâs ongoing specialist investigation.
Trader Bulletin 6:18 PM Discuss (1 response)
Instead of buying stock, Bonnano reportedly sold 10,000 shares. This is so NYSE.
Do you really want to trust these guys with penny spreads. They are front running daytrading worms.
LaBranche Defies NYSE
In a rare confrontation with regulators, LaBranche is refusing to turn over specialist emails to the NYSE. The firm says the emails are personal and irrelevant to the NYSEâs specialist investigation. Reuters has previously quoted NYSE Chairman Richard Grasso as saying, âIn my system, (of self-regulation) you cannot raise your hand and elect your Fifth Amendment privilege. Any question my prosecutors ask you, you either answer, or you are a former member of the New York Stock Exchange that moment. There is no such thing as constitutional rights.â The news is yet another black eye for the NYSE and observers are awaiting the NYSEâs official response. LaBranche, which is the NYSEâs largest specialist, says it will contest the action and respond by August 12. LaBranche has already turned over thousands of business-related emails and offered to let a third party decide if the emails are relevant. The NYSE has refused that offer.
Trader Bulletin 6:17 PM Discuss
Fleet Specialist Fined
The NYSE has fined Fleet Specialist $150,000, and specialist Michael Bonnano $25,000. Fleet Specialist was charged with failing to promptly publish bids and offers that would have improved the market. Many times, Fleet would reportedly wait a full 28 seconds before the NYSEâs automated âlast resortâ system would post tradersâ bids and offers for them. Bonnano was charged with abdicating his responsibility to maintain an orderly market (i.e. buy stock) in General Motors. On June 27, 2002 General Motors sold off six percent in three minutes amid rumors of an accounting investigation. Instead of buying stock, Bonnano reportedly sold 10,000 shares. Bonnano, who apparently still works for Fleet, has been moved to a different stock. Some analysts think Fleet may decide to sell Fleet Specialist, which is a very small part of its business. These fines are unrelated to the NYSEâs ongoing specialist investigation.
Trader Bulletin 6:18 PM Discuss (1 response)
Instead of buying stock, Bonnano reportedly sold 10,000 shares. This is so NYSE.
Do you really want to trust these guys with penny spreads. They are front running daytrading worms.
LaBranche Defies NYSE
In a rare confrontation with regulators, LaBranche is refusing to turn over specialist emails to the NYSE. The firm says the emails are personal and irrelevant to the NYSEâs specialist investigation. Reuters has previously quoted NYSE Chairman Richard Grasso as saying, âIn my system, (of self-regulation) you cannot raise your hand and elect your Fifth Amendment privilege. Any question my prosecutors ask you, you either answer, or you are a former member of the New York Stock Exchange that moment. There is no such thing as constitutional rights.â The news is yet another black eye for the NYSE and observers are awaiting the NYSEâs official response. LaBranche, which is the NYSEâs largest specialist, says it will contest the action and respond by August 12. LaBranche has already turned over thousands of business-related emails and offered to let a third party decide if the emails are relevant. The NYSE has refused that offer.
Trader Bulletin 6:17 PM Discuss