Commentary: Nasd Y Habits Will Have To ChangeMichael Schroeder
Barely a peep has come out of the National Association of Securities Dealers since it was censured on Aug. 8 for failing to halt widespread price-fixing of stocks on its NASDAQ market. In a settlement negotiated over two months, the NASD agreed to spend at least $100 million during the next five years to upgrade policing efforts, to develop an audit system for tracing every stock transaction, and to improve surveillance. The unprecedented action against the world's second-largest stock market should correct the unfair advantage brokerage firms have held over investors for years.
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