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Non-Tech : Auric Goldfinger's Short List -- Ignore unavailable to you. Want to Upgrade?

To: afrayem onigwecher who wrote (12060)	8/27/2003 10:09:14 PM
From: StockDung	Respond to of 19428

LaBranche Says It Will Hand Over E-Mails to NYSE Unit (Update1) Aug. 27 (Bloomberg) -- LaBranche & Co., the biggest market- maker on the New York Stock Exchange, said it would turn over employee e-mails after an NYSE hearing panel said the company had failed to cooperate with a trading investigation. While LaBranche was disappointed with the panel's decision, it will immediately furnish the e-mails in question to expedite an end to the probe by the NYSE's enforcement unit, the company said in a statement distributed by PR Newswire. Larry Prendergast, executive vice president of finance, didn't immediately return a phone call made by Bloomberg News after office hours. The NYSE has been investigating whether five of the seven specialist firms that run its auction market traded from their own portfolios in some stocks instead of matching buy-and-sell orders sent by brokers. NYSE Chairman Richard Grasso has said he hoped to complete the probe and bring charges if warranted by September. The NYSE said it's pleased. ``The decision is important to the integrity of the self-regulatory process and will prove helpful to ensure a fair, thorough and comprehensive investigation,'' spokesman Richard Adamonis said. LaBranche has repeatedly said it has been ``entirely cooperative'' in the investigation and that the e-mails have no relation to its business on the NYSE. The company will have 25 days to appeal the hearing panel's decision. Robert Murphy, the firm's head of New York Stock Exchange trading, resigned earlier this month as one of the exchange's two vice chairmen because of the e-mail flap. Shares rose 26 cents, or 1.6 percent, to $17.05 in composite trading on the NYSE. LaBranche's statement was released after the close of trading. The stock, first sold to the public in August 1999, traded at a high of $51.03 a share in February 2001. Last Updated: August 27, 2003 20:03 EDT