NYSE to Begin Videotaping Traders in 2006
An AP newswire article, via SFGate.com, reports that:
The New York Stock Exchange will soon launch a trading-surveillance program in which the activities of some of the traders and brokers on the NYSE will be videotaped, Big Board officials said Wednesday.
The program is a consequence of the Securities and Exchange Commission's censure of the NYSE earlier this year over the exchange's failure to police its "specialist" stock traders. Last year, the NYSE and the SEC took action against all seven specialist firms that work at the exchange, levying a combined $247 million in financial and disgorgement penalties against the companies for alleged trading abuses. Individual traders were punished later.
The videotaping is expected to be launched as a pilot program in next year's second quarter, NYSE officials said Wednesday. Plans are for about 20 locations on the floor to be taped. The pilot program is expected to run for 18 months, but it may be extended.
posted by Fergie @ 12/14/2005 05:16:00 PM
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