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excessive trading |
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BOSTON - Executives at Putnam Investments did not regard improper trading by several portfolio managers as serious misconduct and were slow to stop excessive trading by a handful of outside investors, according to an internal investigation of Putnam's trading practices. Churning involves excessive trading in an account by a broker to generate fees or commissions at the expense of the investor. These measures include establishment and enforcement of limitations on trading frequency, implementation of programs designed to monitor and detect excessive trading, and institution of fair-valuation procedures to eliminate international arbitrage opportunities. |
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