Another Regulatory Landmine for Traders: Clearing just became much more dangerous because of a con
Traders Magazine, February 2001
Correspondent clearing firms, which settle trades for smaller broker dealers, are worried.
At issue is a decision in an arbitration case in Oregon filed by six investors of the failed brokerage, Duke & Company. The decision spelled trouble for clearing firms, while providing a victory for six investors of Duke, a controversial firm found guilty of securities fraud in 1999 by the Securities and Exchange Commission.
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