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Forex Broker The NASD is supposed to be a self-regulating organization based on membership, with each member entitled to one vote, yet the entire process of management is anything but member guided.Visit our Axcess News Forum and add your comments on this story. Try your hand at writing, the best story will be published on our news network. Take our business poll too!

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Bretton Woods The site of the conference which in 1944 led to the establishment of the post war foreign exchange system that remained intact until the early 1970s. The conference resulted in the formation of the IMF. The system fixed currencies in a fixed exchange rate system with 1% fluctuations of the currency to gold or the dollar. Broker An agent, who executes orders to buy and sell currencies and related instruments either for a commission or on a spread. Brokers are agents working on commission and not principals or agents acting on their own account. In the foreign exchange market brokers tend to act as intermediaries between banks bringing buyers and sellers together for a commission paid by the initiator or by both parties. There are four or five major global brokers operating through subsidiaries affiliates and partners in many countries.

Real Estate Broker November 18, 2003 (Axcess News) New York - Over the last year, investors - and member firms, have seen the NASD chop off the formation of the Bulletin Board Exchange, Cut off NASDAQ trading from Europe and Japan, sell the American Stock Exchange for a $50 million dollar loss and halt the IPO process of the NASDAQ.

Agency Brokerage Spark All the while those actions were taking place the National Association of Securities Dealers (NASD) never once asked members about any of those actions. Instead, the decisions were made by the twenty-one member board of governors.

Borrowers who use mortgage brokers to find the most suitable mortgage loan on the market may face a broker fee. The stage at which this repayment is due depends on the mortgage broker. For instance, some brokers charge a fee whether a mortgage is secured or not. Borrowers need to be aware of up front fees and costs, and should always clearly understand the terms and conditions. Many brokers get a commission from lenders (known as a procuration fee), and this can offset the fee for broker services. Brokers are required by law to disclose all fees.

Business Broker The NASD is supposed to be a self-regulating organization based on membership with each member entitled to one vote, yet the entire process of management is anything but, member guided. Instead, firms are put under the microscope and feel that they may risk an internal audit if any of them attempt to voice objections.

Brokerage Account In 1998 a grass roots campaign took shape to reform the NASD by a handful of minority members that were successful at getting two members elected to the then board of governors. Allen Davidson, now with Zeus Securities in New Jersey and Ms. M. LaRae Bakerink, with Westfield Bakerink Brozak, LLC in San Diego, CA. Ms. Bakerink is still a member of the board.

Stock Broker Mr. Daniel Roberts, with the firm of Roberts & Ryan in San Francisco, spoke to Axcess News about his take on the NASD's actions over the past year.

Brokerage Online Stock Trading "The NASD is made up of 21 board members and like the NYSE before Reed began implementing change, its just to many. They can't function as a real board with that many members," said Roberts, "its got to change.""Look at what they've done so far this year; sold the AMEX, cut off the IPO of the NASDAQ, stopped foreign participation and never once polled their own members to see if they wanted to make those changes.""The NASD seems to think its name is the "SECR", which stands for "Securities Exchange Commission Regulatory". "This isn't a Regulatory organization, exclaimed Roberts, this is supposed to be a self-governing membership organization and its nothing like that all."Roberts' call for reform has not fallen on deaf ears. Many other NASD members feel the same as Roberts, that their organization imposes restrictions and controls as if a regulatory federal governing body, no longer giving voice to its own members. Some members have even gone so far as to quit the business.

Broker Justin Ticket Mr. Richie Tomson, who had owned and operated Aberdeen Securities in North Arlington, NJ wrote, "I had been in business with my own firm since February 1973 and had 6 employees. Because of all of the NASD requirements for supervisory proceeds, continuing education's, reports and the petty nonsense I was spending to much time in an effort to comply with the NASD!"

Real Estate Brokerage Enter Bill Singer, a Securities Lawyer with the firm of Gusrae, Kaplan & Bruno, PLLC in New York and the publisher of RRBDLAW.com (Bill is also a regular columnist with Axcess News, hosting the popular "Singer's Discordant Notes" column).

Commodity Broker Singer stepped up to organize the "NASD Dissidents' Grassroots Movement" (NDGM) in 2002 in support of the minority members of the NASD who were being overlooked and to put back the control of financing decisions in the hands of NASD member firms whose interests to help small businesses have been undermined by the larger member firms who control the NASD board.

Brokerage House According to Tommy Shaw with Seidel & Shaw, New York NY, a NASD member firm with 40 employees, a flurry of actions have been taking place as the NASD nears its election period for its board of governors. Shaw, one of the Advisory Board members of the NDGM, said, "there used to be 11 Industry Seats on the NASD but 3 of the 4 industry seats up for election this year were eliminated."

Real Estate Broker Exam Shaw went on to explain that there were three categories of board seats; Industry Seats, which would be a NASD member firm; Issuer Seats, which are comprised of companies that are publicly held and Public Seats, which are made up of individuals not connected with broker dealers or public companies.

Brokerage Services "The NDGM is petitioning NASD member firms to vote for our Organization's slate of board members," said Shaw. "We are proposing four of the candidates for this election."

Broker Live Ticket Shaw believed that their chance of winning may be slim but he was encouraged by the growing support the NDGM was gaining amongst member firms. "Even if we only get 300 votes. To me, that's winning because they (NASD) are beginning to take notice that we will not give up our fight for reform."

Online Brokerage Firm Personally, I came away from these interviews feeling that there was more here than I could cover in one story. I think these small broker dealers are overwhelmed with regulatory control and the frustrations that have driven many small firms out of the business, like Tomson's Aberdeen Securities, are more common place than investors might thing.

Security Broker Dealer Even the Internal Revenue Service at one point simplified its filing procedures when they implemented the 1040 EZ form for tax filers. If an organization as large as the IRS can find a way to simplify an otherwise complex process, surely the NASD could do the same with its own reporting and regulatory processes for its member firms.

Coldwell Banker Residential Its easily understood how the costs associated with an ever-growing mass of forms, reports and onward education requirements can put a small broker dealer out of business.

Freight Broker According to Shaw, compounding those costs are the ever-shrinking profits from decimal trading. Shaw believed that when the decimal system was approved it reeked havoc amongst many small firms, causing the loss of thousands of jobs almost over night.

Freight Brokerage "Where a firm use to make a spread on a trade, now its down to fractions of a cent and they just can't afford to do that. The introduction of decimal trading probably caused the loss of over 20,000 jobs," said Shaw.For now, men like Singer and Shaw are busy emailing, faxing and calling NASD members to encourage their support for the NDGM's slate of NASD board members. Its their hope that in the long run something will be done about fixing the NASD.

Broker Lie Ticket Axcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking news. If your not a member, consider joining now. Members get the latest business news, commentaries and stock picks delivered right to their in-box.

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