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1
.
SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
NASDAQ EXCHANGE ACT TRADER SECURITIES RESPONDENT COMMISSION PRICE BROKER-DEALER CUSTOMER QUOTE STOCK RELEVANT TIMES QUOTATIONS FIRMS TRADING COORDINATION QUOTE MOVEMENTS TIME PERIOD SUPERVISORY ACCOMPANYING ORDERS VIOLATIONS ARRANGEMENT MARKET PARTICIPANTS TRANSACTIONS REQUESTING MARKET MAKER HIGHER PRICE COMPLIANCE ADMINISTRATIVE PROCEEDINGS PREDECESSORS |
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 34-40900 / January 11, 1999
ADMINISTRATIVE PROCEEDING
File No. 3-9803
:
In the Matter of : ORDER INSTITUTING
: PROCEEDINGS PURSUANT
CERTAIN MARKET MAKING : TO SECTIONS 15(b) AND
ACTIVITIES ON NASDAQ : 21C OF THE SECURITIES
: EXCHANGE ACT OF 1934
: AND FINDINGS OF THE
: COMMISSION
:
I.
The Securities and Exchange Commission ("Commission")
deems it appropriate and in the public interest that public
administrative proceedings be, and they hereby are,
instituted pursuant to Sections 15(b)(4), 15(b)(6) and 21C
of the Securities Exchange Act of 1934 ("Exchange Act")
against certain individual and entity Respondents identified
in Attachment A hereto (collectively, the "Respondents").
II.
On the basis of this Order, the accompanying Orders as
to the Respondents, and the Respondents’ Offers of
Settlement, the Commission finds[1] the following:
A. Respondents
The Respondents are entities registered with the
Commission as broker-dealers pursuant to Section 15(b) of
the Exchange Act and individuals who, at relevant times,
were associated with such entities or their predecessors.
During the relevant time period, all of the entity
Respondents or their predecessors were market makers in
Nasdaq securities. All of the individual Respondents were
at relevant times employed at Nasdaq market-making firms as
traders or assistant traders making markets in Nasdaq
stocks, institutional or retail salespeople dealing in
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