We'll hear from Marketplace listeners about the controversial role of Non-Government Organizations at that meeting later in the program. Day traders make rapid-fire trades using specialized computer software and seldom hold shares overnight. Regulators are investigating. From New York, Marketplace's Jessica Smith has the details. But Harbor Securities in New York is one of a few 'limited liability' firms.
Traders there pool their money.
The system gives each person a lot more to trade with. And the 300 other customers could be up a creek. The trader's name isn't known and the firm couldn't be reached for comment. The Exchange has looser licensing and borrowing requirements that allow people to trade with up ten times the amount of money they have. The Philadelphia Exchange couldn't be reached for comment, but the exchange president is quoted as saying he has sent in an audit team and is monitoring the situation.