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Checks on Options Markets Raised
http://www.sina.com.cn 2004/04/26 13:28  Shanghai Daily

  The US Securities and Exchange Commission will step up its scrutiny of options exchanges to ensure they don't bend rules to attract business, said SEC Market Regulation Director Annette Nazareth.

  The SEC "will be looking more broadly" at how securities markets regulate themselves as it ensures that "vigorous competition among markets does not undermine self-regulation," Nazareth said at an options industry conference in Phoenix. "Regulation is not a basis on which exchanges may compete."

  The commission has found regulatory lapses at the American Stock Exchange and the Philadelphia Stock Exchange, and in March LaBranche & Co, Van der Moolen Specialists and three of the other biggest New York Stock Exchange market makers agreed to pay US$241.8 million to settle charges they violated trading rules.

  Nazareth's comments are a "neon sign" that options markets will face additional scrutiny, Sandy Frucher, chairman of the Philadelphia Stock Exchange, told reporters at the options conference. The cost of regulating is "going to go up exponentially if you want to stay in business."

  The SEC has asked all securities exchanges to provide five years of trade data that it will check for possible harm to customers, Frucher said. Tracking down that information cost the exchange US$250,000, he said.

  Options are the right to buy or sell an asset at a set date and price. Trading rose 56 percent in March from the year-earlier period to 5 million contracts a day. Six exchanges - up from four in 2000 - vie to handle the buying and selling of those contracts.

  As part of their licenses, exchanges must monitor their members to make sure they don't favor some customers over others or handle their own orders ahead of those of their customers.

  Lawmakers and institutional investors criticized self-regulation by US exchanges after last year's disclosure that formwer Chairman Richard Grasso's US$188 million pay package was approved by a board dominated by companies his exchange regulates.

  The SEC told the Philadelphia exchange last month it must do a better job of catching traders who violate rules.

  (Bloomberg News)




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