U.S. Securities and Exchange Commission Chairman Mary Jo White wants significant reforms made to the bond market. Speaking at the Economic Club of New York, White spoke about how trading in these fixed income markets are “highly decentralized.” She expressed concern that technology was being used in these markets to…
Morgan Keegan & Co. has been ordered to pay $51,000 to Larry and Diane Papasan. Larry Papasan is Memphis Light, Gas and Water Division’s former president. The Papasans filed their arbitration claim against Morgan Keegan last year after they lost about $80,000 in the account they had with the investment…
The Financial Industry Regulatory Authority says that RBC Capital Markets Corp., Raymond James & Associates, Inc., and an RBCCMC head trader have settled charges over alleged broker misconduct connected to stock loan improprieties. RJF is to pay a $1 million fine, while RBC Capital Markets will pay $400,000. Meantime, RBCCMC…
SSEK law firm, which specializes in investor claims, is investigating compliants over the liquidity and security of so-called “ultra-short term” bond funds. Because these funds were sold as cash alternatives, any loss of principal is not acceptable. Recently, investors have experienced subtantial losses on a number of these funds, including:…
14 regional bond dealers have founded Regional Bond Dealers Association (RBDA). The purpose of the association is to tackle issues that are important to U.S. regional, fixed-income securities dealer. Issues to be examined include revising the tax code and matters affecting auction-rate securities. Founding members are: • Wells Fargo Brokerage…