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May 26, 2005

NYSE Specialists Slammed by SEC

By Gregory Bresiger

Former New York Stock Exchange specialists "interposed" their proprietary accounts between customer orders that could have been matched. "The respondents thereby captured a risk-free profit," according to Mark Schonfeld, director of the Northeast regional office of the SEC. He recently announced civil and criminal charges against 20 former Big Board specialists. Schonfeld also charged the NYSE with failing in its surveillance function.