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Buyside Asks for "Honesty"

Traders Magazine, March 2008

Peter Chapman

Buyside traders, in the wake of actions taken by the Financial Industry Regulatory Authority, are imploring their brokers to act honestly when they advertise their completed trades. Their pleas come following FINRA's decision to fine 19 broker-dealers a collective $2.8 million for overstating the amounts of their completed trades in their advertisements over the systems of three service providers. Those fined included Merrill Lynch, Bear Stearns and Deutsche Bank.

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