B-D firms get merger payout

Firms are receiving the $35,000 that was promised upon the completion of the NASD-NYSE Reg merger.
AUG 07, 2007
By  Bloomberg
Brokerage firms are receiving the $35,000 that was promised upon completion of the merger between NASD and the NYSE's regulatory unit. Financial Industry Regulatory Authority spokesman Herb Perone said the checks were mailed last Thursday. Member firms had been hoping to receive the money earlier this summer, but the Securities and Exchange Commission only approved the needed NASD bylaw changes late last month. “Better late than never,” said Lisa Roth, chairman of the National Association of Independent Broker/Dealers in San Diego, who received her own check today. The payments were conditioned on NASD member firms approving the bylaw changes, which occurred in January. Critics of the merger called the offer of money a bribe. One critic, Richard Goble, president of the Financial Industry Association in Lakewood, Fla., which represents smaller dealers, said he is asking his members to donate 10% of the money to the FIA. He said the FIA's activism spurred the NASD to offer the $35,000 inducement in the first place.

Latest News

SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees
SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees

Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.

Apella Wealth comes to Washington with Independence Wealth Advisors
Apella Wealth comes to Washington with Independence Wealth Advisors

The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.

Citi's Sieg sees rich clients pivoting from US to UK
Citi's Sieg sees rich clients pivoting from US to UK

The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.

US employment report reactions: Overall better than expected, but concerns with underlying data
US employment report reactions: Overall better than expected, but concerns with underlying data

Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.

Creative Planning's Peter Mallouk slams 'offensive' congressional stock trading
Creative Planning's Peter Mallouk slams 'offensive' congressional stock trading

"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.