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Securities
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Distributions Begin To Victims Of Improper Trading At NYSE Specialist Firms
Washington, D.C., - The Securities and Exchange Commission announced that starting today the fund administrator will begin making distributions to compensate customers who were injured by the unlawful proprietary trading conducted by seven New York Stock Exchange specialist firms. The distribution funds include approximately $247 million in disgorgement and civil monetary penalties paid by the firms to settle charges of unlawful proprietary trading brought by the SEC. The first distribution includes payments totaling approximately $52 million.
"Today's distribution exemplifies the SEC's continuing commitment to investor restitution," said SEC Chairman Christopher Cox. "The substantial monetary remedies imposed in this case will compensate injured customers as well as deter future misconduct. It will also remind investors that the SEC continues to keep a close eye on market participants to ensure that markets function properly."
On March 30, 2004, and July 26, 2004, the SEC brought settled administrative proceedings against Bear Wagner Specialists LLC, Fleet Specialist, Inc. (now Banc of America Specialist, Inc.), LaBranche & Co. LLC, Spear, Leeds & Kellogg Specialists LLC, Van der Moolen Specialists USA, LLC, Performance Specialist Group LLC, and SIG Specialists, Inc. Pursuant to the settlement orders, the firms paid over $247 million to compensate injured customers.
The settlement funds were deposited into seven Fair Funds that are being administered by a single fund administrator, and will be distributed pursuant to a distribution plan drawn up by the fund administrator. The fund administrator's distribution plan was approved by the SEC on May 17, 2006, and subsequently modified on July 5, 2006. By distributing the money under a single distribution plan, administrative costs are substantially reduced.
Definition:
An exemption from speculative position limits for bona fide hedgers and certain other persons who meet the requirements of exchange and CFTC rules.
Systemic Risk
Definition:
The risk that a default by one market participant will have repercussions on other participants due to the interlocking nature of financial markets. For example, Customer A’s default in X market may affect Intermediary B’s ability to fulfill its obligations in Markets X, Y, and Z.
Butterfly Spread
Definition:
A three-legged option spread in which each leg has the same expiration date but different strike prices. For example, a butterfly spread in soybean call options might consist of one long call at a $5.50 strike price, two short calls at a $6.00 strike price, and one long call at a $6.50 strike price.
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