SEC ADOPTS 'LARGE TRADER' REPORTING RULE

Washington, D.C. - The Securities and Exchange Commission unanimously voted to require large trading firms to identify themselves, so their market activities can be tracked.

The adoption of its long-debated "large trader" reporting rule means any person who trades more than 2 million shares or $20 million worth in a single day must identify themselves and obtain an ID code for tracking purposes. Also required to identify themselves will be persons who trade 20 million shares or $200 million during any calendar month.

Such "large traders" will then provide the unique Large Trader Identification Number, or LTID, to their brokers, who in turn must maintain records on all transactions. The records must be submitted to the SEC on request. Reporting will be through a new form, known as Form 13H. The rule will become effective 60 days after its publication in the Federal Register.

The SEC also has proposed the creation of a database known as the Consolidated Audit Trail, which will become a repository of all transaction information for pattern analysis, investigations and possible enforcement.

-Tom Steinert-Threlkeld

 

MEN FOCUS MORE ON FINANCIAL PLANNING

Richmond, Va. - Women are less likely than men to concentrate on financial planning, according to a new survey on financial wellbeing and health by broker-dealer Genworth, which found that 54 percent of men focus on financial planning at least once a week, compared to 42 percent of the women surveyed.

In addition to gender differences, the survey also found differences in financial planning attitudes and the impact on health among people with different ages, incomes and household sizes. Those between the ages of 18 to 24 were more likely (58 percent) to take time to focus on planning for their financial health at least once a week, compared to those between the ages of 35 to 44 (39 percent), 45 to 54 (47 percent), 55 to 64 (48 percent) and over 65 (39 percent).

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