NASD Probes Interdealers On Prices

Hume, Lynn
February 2005
Bond Buyer;2/4/2005, Vol. 351 Issue 32064, p1
Trade Publication
The article reports that the National Association of Securities Dealers is investigating brokers' brokers in the municipal market to determine if they have engaged in any pricing abuses in their transactions with broker-dealers, a NASD official told a conference on Wednesday. The NASD-enforced rule requires brokers' brokers--firms that trade exclusively with broker-dealers and typically act as intermediaries between dealer buyers and sellers--to obtain prices for dealer customers that are "fair and reasonable in relation to prevailing market conditions."


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