California State Controller Steve Westly Comments on NYSE's Investigation of Five Specialist Firms Charged With Improper Trading.Business Editors/Political Writers SACRAMENTO, Calif.--(BUSINESS WIRE)--Oct. 16, 2003 State Controller Steve Westly Steven Paul Westly (born August 27, 1957, in Arcadia, California) is an American businessman and politician. He was the State Controller of California from 2003 to 2007 and was one of the top two candidates in the Democratic primary for Governor of California in the 2006 election. again called on the NYSE NYSE See: New York Stock Exchange for immediate reform in response to today's report that the NYSE seeks to discipline and fine five floor-trading firms for improper practices which caused clients to suffer millions of dollars in losses. Earlier this week, Westly joined with Fidelity in calling for the NYSE to innovate in·no·vate v. in·no·vat·ed, in·no·vat·ing, in·no·vates v.tr. To begin or introduce (something new) for or as if for the first time. v.intr. To begin or introduce something new. and use new technology to provide investors with the most efficient and economical service. Controller Westly stated, "Today's disclosure of investigations against five specialist firms further supports the need for fundamental changes to the business models and systems of the NYSE." Westly also warned that, "I know that the NYSE is built on a very established system and that many have an interest in keeping the status quo [Latin, The existing state of things at any given date.] Status quo ante bellum means the state of things before the war. The status quo to be preserved by a preliminary injunction is the last actual, peaceable, uncontested status which preceded the pending controversy. . Nonetheless, we have seen that the status quo no longer serves the needs of millions who rely on an ethical and efficient stock exchange. We must pursue systemic systemic /sys·tem·ic/ (sis-tem´ik) pertaining to or affecting the body as a whole. sys·tem·ic adj. 1. Of or relating to a system. 2. change throughout the NYSE." |
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