Newsgroup: it.economia.borsa.estero
Titolo: -.LNUX

ha solo seguito gli indici o c'e'dell'altro??
ieri in chiusura grossa white candle da 600.000 pezzi; oggi e' scesa con
volumi molto minori, restando comunque sopra a 5, ma ci stiamo un po'
annoiando.
____________________________________
"Un amico e' uno che sa tutto di te e nonostante questo gli piaci."
(Hubbard)

 annoiando.
Come sei permaloso!
22/7

> Come sei permaloso!
non mi sai dire altro, qualche dritta da uno di quei siti che spesso
consulti??
cmq i futures adesso sono positivi...

sul board noble dice che i MM vogliono portare i traders in direzione
opposta a quella in cui il titolo andra': ecco la spiegazione - secondo
lui - del calo di ieri in chiusura.
vedremo


 ha scritto nel messaggio
news:bmluna$oedpo$1...@ID-211146.news.uni-berlin.de...


 consulti??
Li stai consultando anche tu o sbaglio?
22/7

> Li stai consultando anche tu o sbaglio?
ma allora 6 tu il permaloso adesso!! :-)))
cmq ho trovato questo articolo, postato ovviamenet dal nostro noble, che
parla di nuove regole usa in merito alle contrattazione (e riguardamno anche
i MM)
========================
NYSE to Seek Fines from Specialists
12 minutes ago  Add Business - Reuters to My Yahoo!
By Nicole Maestri
NEW YORK (Reuters) - The New York Stock Exchange (news - web sites) said on
Thursday it will discipline and "seek substantial fines" against five
floor-trading firms for improper practices that included trading ahead of
customer orders and could have caused clients millions of dollars in losses.
 LaBranche & Co. Inc., (NYSE:LAB - news) which runs the largest specialist
operation on the NYSE floor, said the NYSE has told it that its trading
activity under review in the probe could be "substantially higher" than $5
million, and Dutch firm Van der Moolen, one of the exchange's top five floor
trading firms, said the exchange accused it of irregularities.
Media reports named the other firms as Goldman Sachs Group Inc.'s (NYSE:GS -
news) Spear, Leeds & Kellogg; FleetBoston Financial Corp.'s (NYSE:FBF -
news) Fleet Specialists; and Bear Wagner Specialists LLC.
The exchange said in a news release it has informed the Securities and
Exchange Commission (news - web sites) of its plans and is working with the
SEC to "bring this matter to a responsible and expeditious close."
Fleet said it had no details on the news. Representatives for the other
firms were not immediately available for comment. A spokesman for the NYSE
declined to comment beyond the exchange's release.
The NYSE said the firms at times traded inappropriately ahead of customer
orders. At other times, it said, a specialist had customer buy-and-sell
orders on the electronic order book that should have been executed with or
against each other, but instead the specialist traded for the firm account
to the disadvantage of the customers.
BAD TIMING
The announcement comes at an especially bad time for the specialist firms,
which manage the buying and selling of shares on the exchange floor.
"The viability of the business model is at stake following the NYSE
investigation, with possible SEC intervention," said analyst Ralf Jacobs at
Kempen & Co, which cut its rating for Van der Moolen to "reduce" from
"neutral."
The 211-year-old exchange is the last major exchange still using the
traditional open outcry trading system, handled by a batch of specialist
member firms.
Earlier this week, Fidelity Investments, the largest mutual fund company,
said the exchange should replace floor traders with computers. It said the
centuries-old system hurts investors.
The NYSE has repeatedly defended its practice of using human traders
combined with technology to execute trades, saying it gives investors the
best of both worlds.
Meanwhile, Interim NYSE Chairman John Reed is attempting a broad overhaul of
the exchange's governance. Reed was recruited out of retirement to lead the
exchange after Richard Grasso resigned under scrutiny for his $188 million
compensation and benefits package.
INVESTIGATION IN DISPUTE
LaBranche said in a statement it was informed by the NYSE in September that
its trading activity being investigated amounted to roughly $5 million for
the period of 2000 to 2002.
But on Wednesday, the exchange told LaBranche it completed a new study and
the activity under review could be higher than $5 million, but still less
than 5 percent of its total trading revenue during that period.
LaBranche said it had not yet reviewed the NYSE's new findings, but based on
its own review it believes that the amounts in question are "substantially
less."
Van der Moolen shares, which have lost more than half their value since the
beginning of the year, plunged in Amsterdam and analysts rushed to cut their
recommendations.
"This is obviously very painful news, particularly now that the viability of
the specialist function is under mounting pressure," said Fortis Bank
analyst Maarten Bakker, who cut his recommendation to "sell" from "buy."
The NYSE contended Van der Moolen's clients could have lost $10 million over
three years through "interpositioning," when a market maker gets between a
buyer and seller to pocket a profit, the Dutch firm said.
In trade before the New York opening bell, LaBranche shares fell to $12.28
on the Instinet electronic brokerage system from Wednesday's close of
$12.55.
The NYSE also pointed to cases of "one-sided trading" in which a specialist
is believed to have traded unnecessarily as dealer on one side of the market
only, which could have caused clients extra losses around $25 million, said
Van der Moolen.
"The NYSE has further indicated that it intends to initiate disciplinary
proceedings against VDM-USA, seeking restitution of the amounts by which
customers were allegedly disadvantaged, as well as fines and other
remedies," it said.
Van der Moolen spokesman John Abbink said his firm was likely to feel the
effect of any fine in the fourth quarter, taking it either as a charge or a
provision.