NYSE to Act Against Five Specialist Firms
Updated from 8:52 a.m. EDT
The New York Stock Exchange, in a rebuff to critics who say it's soft on its members, intends to take disciplinary action against five major specialist firms over allegations of improper trading activity.
The Big Board notified the five trading firms of its intentions earlier this week. The action stems from a nine-month investigation into allegations that specialist firms, which drive trading in NYSE stocks, improperly made proprietary stock trades ahead of their customers' orders.
The enforcement action, which could include fines totaling tens of millions of dollars, comes at a time when the specialist system is under fire from critics that it's both archaic and inherently unfair to investors. The investigation covers trading activity over a three-year-period, beginning in 2000. ...
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