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Fraud Campaign Unsettles Market Makers Risks Driving Some Desks Out of Small-Cap Stocks, Traders

Traders Magazine, May 1999

William Hoffman

The Securities and Exchange Commission's plan to make market makers more responsible for the credibility of issuers' financial data has provoked a storm of criticism from Wall Street traders.

"I hate it," said National Quotation Bureau (NQB) Chairman Cromwell Coulson, of the proposal. He calculated it would cost traders $300 million a year. (NQB publishes stock quote data for pink sheet securities.)

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