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Strategies & Market Trends : Trader J's Inner Circle -- Ignore unavailable to you. Want to Upgrade?

To: Canuck Dave who wrote (13786)	5/1/1999 9:52:00 PM
From: snerd	Respond to of 56537

U.S. regulators probe on-line trading - paper (Reuters 05/01 00:19:33) WASHINGTON, April 30 (Reuters) - U.S. government regulators are conducting a major probe of the nation's online brokerages and day trading firms, investigating the way the companies do business, The Washington Post reported on Saturday. A spokesman for the Securities and Exchange Commission (SEC) confirmed the investigation was under way but would not discuss the scope of the probe, the newspaper said. James Lee, the head of the Electronic Traders Association, an industry group, told the newspaper all the online brokerages and day-trading firms he knows of have been visited recently by regulators. Auditors from the SEC and the National Association of Securities Dealers (NASD) have visited more than 10 firms, including E-Trade Group Inc. and Charles Schwab Corp <SCH.N>, the paper said, citing Wall Street officials. Teams of government investigators arrive on short notice and stay for weeks to review thousands of trading and business records and examine the claims the firms make on their Internet sites, the Post said. The newspaper said examiners have told the firms they are trying to understand how online trading is affecting the markets and that their findings will help authorities to formulate new regulations. The rapid growth of trading on the Internet has led to criticism of practices used by some day-trading firms and brokerages online. REUTERS