Securities regulators censured and fined three big brokerages a total of $750,000 for failing to produce documents in customer arbitrations. The NASD ordered Citigroup ( C), Merrill Lynch ( MER) and Morgan Stanley ( MWD) to each pay $250,000 "for failing to comply with the discovery obligations in 20 arbitration cases'' from 2002 to 2004. In a number of instances, arbitration panels previously had sanctioned the brokerages for not producing documents that were requested by customers and their lawyers. "NASD is committed to making our arbitration forum faster, fairer and less expensive than court procedures," says NASD Chairman and Chief Executive Officer Robert Glabuer. "We cannot deliver on this commitment if firms fail to produce all required documents in a timely manner to opposing parties."