An NASDR arbitration panel didn't buy Dean Witter's claim that four brokers who left its Worcester, Mass., office in a raid by Legg Mason should be punished for breaking their non-compete agreements. In a Nov. 5 decision, a panel of NASDR...
While regulations involving the use of E-mail get ironed out, new software that filters and reviews E-mail for everything from offensive language to sales practice violations is taking shape, and promises to offer a solution to the compliance...
Industry executives made it clear at their November annual convention in Boca Raton, Fla., that they are not satisfied with the NASD's recent proposal to offer qualified immunity on U-4 and U-5 statements."Our position would be that we'd want...
In October, RR polled a total of 400 brokers; 50 from each of the top firms as measured by number of retail reps: A.G. Edwards, Dean Witter, Edward Jones, EVEREN Securities, Merrill Lynch, PaineWebber, Prudential Securities and Smith Barney...
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...
