NASD Fines 10 Companies for Violations
New York Times (07/17/01) Vol. 35, No. 27 p.C4; Lugo, Denise

The brokerage units of Goldman Sachs Group, Merrill Lynch, and Deutsche Bank are among 10 firms agreeing to pay a total of $473,000 to settle charges that they violated rules involving pre-trading price quotes. Pre-trading price quotes cause the so-called "locked markets," which automatically shut down dealers' computerized systems and disrupt trading. The National Association of Securities Dealers is also bringing cases against the Herzog, Heine & Geduld unit of Merrill; the Fleet Securities unit of FleetBoston Financial; the Schwab Capital Markets unit of Charles Schwab; and the Spear Leeds & Kellogg unit of Goldman Sachs.


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