The Amex Is Starting To Feel The Heat

A new lawsuit alleges price-fixing in its options market

On Mar. 16, 1998, Edward R. Manfredonia wrote a 10-page letter to Frank G. Zarb, chief executive of the National Association of Securities Dealers. Word was just out that the NASD was planning to merge with the American Stock Exchange. Manfredonia, a trader turned whistle-blower, wanted Zarb to know about what he alleged was a pattern of illegal activity at the Amex. The outcome: Nothing. No one at the NASD contacted him.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.