Anthony@Pacific & TRUTHSEEKER Expose Crims & Scammers!!! Message Board

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Strategies & Market Trends : Anthony@Pacific & TRUTHSEEKER Expose Crims & Scammers!!!

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To: StockDung who wrote (5367)	4/27/2008 1:09:20 AM
From: ravenseye	Read Replies (1) of 5673

FINRA Issues Rogue Trading Guidelines By Peter Clime April 22, 2008 FINRA has issued guidance to help firms detect and prevent rogue trading in light of recent cases that resulted in billions of dollars worth of losses for firms worldwide. Its Regulatory Notice 08-18 highlights comprehensive steps that firms should consider to manage the risk of unauthorized trading. In the notice, the regulator tells member firms that rogue trading of any kind, even when profitable, can ultimately lead to regulatory action. But at least one compliance executive doesn’t think the notice is strong enough.... www1.cchwallstreet.com ...Another tool of the rogue trader is a pattern of aged fails-to-deliver. In those transactions, the seller of the stock takes the buyer’s money, but never delivers the shares. In their place, they send a ‘stock IOU,’ which created a failure-to-deliver, according to analyst Ron Kirby of Kirby Analytics. He alleges that an alarming number of FTDs are deliberate, and amount to outright fraud.... Regulatory Notice 08-18 Sound Practices for Preventing and Detecting Unauthorized Proprietary Trading Executive Summary In the wake of several recent cases involving allegations of unauthorized or "rogue" trading resulting in substantial losses by firms both in the United States and abroad, many FINRA firms are undertaking comprehensive reviews of their internal controls and risk management systems designed to prevent such trading activity. FINRA is issuing this Notice to highlight sound practices for firms to consider as they undergo that process. We also remind firms that even profitable unauthorized trading can result in regulatory exposure if it involves falsification of the firm's books and records, failures in supervisory control systems, market manipulation or fraud. Therefore, internal control systems should be designed to address regulatory as well as business and reputational risk. finra.org View Full Notice PDF 96 KB Regulatory Notice 08-18 April 2008 Unauthorized Proprietary Trading Sound Practices for Preventing and Detecting Unauthorized Proprietary Trading ... finra.org

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