INFORMATIONAL
2007 Trade Date—Settlement Date Schedule
SUGGESTED ROUTING
KEY TOPICS
Internal Audit
Legal and Compliance
Municipal/Government Securities
Operations
Trading and Market Making
Holiday Trade Date—Settlement
Date Schedule
Martin Luther King, Jr., Day:
The NASDAQ Stock Market® and the securities exchanges will be closed on
TO: All NASD Members
The Board of Governors of the Federal Reserve System has adopted a number of important revisions to Regulation T. These amendments are effective on November 21, 1983; however, at their option, members may elect to operate under the revised provisions after June 20, 1983. A detailed summary of the major revisions and the text of the amended rule follows.
These changes to
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Senior ManagementLegal & ComplianceOptions
*These are suggested departments only. Others may be appropriate for your firm.
EXECUTIVE SUMMARY
The Securities and Exchange Commission recently approved amendments to Appendix E to Article III, Section 33, of the NASD Rules of Fair Practice. These amendments will require members to develop and maintain written
FINRA Requests Comment on Proposed Amendments to the Quantitative Suitability Obligation Under FINRA Rule 2111
INFORMATIONALTrade DateSettlement DateThis version corrects the Trade Dates and Settlement Dates for Columbus Day 2005.SUGGESTED ROUTINGKEY TOPICSInternal AuditLegal and ComplianceMunicipal/Government SecuritiesOperationsTrading and Market Making Holiday Trade DateSettlement Date Schedule Martin Luther King, Jr., Day:Trade DateSettlement Date ScheduleThe Nasdaq Stock Market®
Dear Sir or Madam,
I am writing to express my fear and displeasure in relation to the regulations being considered by FINRA that would prevent investors like myself from accessing products like leveraged ETFs.
I have worked for a decade in the financial industry designing systematic financial products and am a CFA charterholder.
I, like many others, have held positions in leveraged investments
Micro-investing involves regularly investing small amounts of money to build up a stake while participating in financial markets. If you can’t dedicate much money toward investments, it might take years to reach a mutual fund’s minimum investment. Micro-investing allows you to invest with less money upfront, often automatically.
I urge you NOT to restrict ordinary investors from trading leveraged and inverse ETFs for the following reasons:
1. Inverse and inverse leveraged ETFs are often the only vehicles available to ordinary investors to hedge their cash and retirement accounts in a down market, or even to profit from down markets. Wealthy investors have many means to do this. Taking these products away from ordinary
Every share needs to be tracked. Every share should easily be accounted for and able to be located. If we are going to allow for share lending then only allow for the share to be lent once. Every order should be delivered T+2. If a fTD occurs there needs to be a steep penalty/fine ex: 10x cost penalty. Every short position should be updated with FINRA daily. Self reporting is a joke and
INFORMATIONAL
Trade Date—Settlement Date
SUGGESTED ROUTING
KEY TOPICS
Internal Audit
Legal and Compliance
Municipal/Government Securities
Operations
Trading and Market Making
Holiday Trade Date-Settlement Date
Schedule
Martin Luther King, Jr., Day:
Trade Date-Settlement Date Schedule
The Nasdaq Stock Market® and the
