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The TAMMS Examination

Traders Magazine, May 1998

Howard L Haykin

Officials at the National Association of Securities Dealers recently applauded Nasdaq traders for their improved compliance practices. Late trade reporting had declined by 13 percent in a nearly two-year period beginning August 1996, and Nasdaq traders were missing only half of one percent of all SelectNet liability orders.

Interestingly, the NASD largely attributes this turnaround to its Trading and Market Making Surveillance Examinations, or TAMMS exams.

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