Commentary

Ronald Jordan
Traders Magazine Online News

Understanding Your Data is No Longer Optional

In this contributed article from Global Markets Advisory Group, the advisory discusses the importance of data and how organizations should augment existing skill sets and capabilities to add a data-focused perspective to their operating fabric.

Traders Poll

Do you expect SEC Chairman Jay Clayton to push for regulation in the cryptocurrency issuance and trading markets?

Yes

74%

No

5%

The CFTC will push for regulation

21%

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June 30, 1998

At Deadline - Settlement

By John A. Byrne

The proposed distribution of a record-breaking $1.03 billion in the Nasdaq price-fixing lawsuit is scheduled for consideration September 9 by Federal District Court in New York. The proposal will be filed by attorneys representing investors whose May 1994 lawsuit accused 37 Nasdaq market makers of conspiring to artificially widen spreads.

Notifying investors that qualify as members of a court-certified class required a mail campaign to several million former customers of the accused firms.

The market-making firms assisted in the outreach. Additionally, a $1.9 million national advertising campaign helped track down potential class members.

"This is apparently the largest recovery in the history of federal or state anti-trust laws," said co-lead plaintiff attorney Arthur M. Kaplan in a prepared statement. "Now the job is to provide notice about the settlements and the 1,659 class securities [at issue in the case] to investors."

Subject to court approval, attorneys for investors will send a notice to class members proposing a plan for allocation and distribution.