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Excessive Trading |
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Excessive Trading A practice in which an investor makes both buy and sell orders through different brokers to create the impression of increased interest in a security and thereby raise the price. This is a form of price manipulation and is forbidden by the Securities Exchange Act of 1934. It is less formally known as churning. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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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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