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FEDERAL RESERVE BANK OF NEW YORK STATEMENT ON SEC - DAIWA SETTLEMENT

 NEW YORK, Feb. 25 /PRNewswire/ -- The Federal Reserve Bank of New York today released the following statement in connection with the settlement announced by the Securities and Exchange Commission with Daiwa Securities America, Inc.:
 The Federal Reserve Bank of New York views the irregularities alleged in the Daiwa settlement as a serious matter and a breach by Daiwa of its responsibilities as a primary dealer. The New York Fed, therefore, will suspend its trading activity with the firm for a period of one month, commencing March 1, 1993. The bank will resume its full trading activities with the firm on April 1, 1993. The firm's designation as a primary dealer remains unchanged.
 -0- 2/25/93 R
 /CONTACT: Bart Sotnick, 212-720-6143, or Steven Malin, 212-720-6141, of the Federal Reserve Bank of New York/


CO: Federal Reserve Bank of New York; Daiwa Securities America, Inc. ST: New York IN: FIN SU:

14:21 -- NY064R -- 0489 02/25/93 15:15 EST
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Publication:PR Newswire
Date:Feb 25, 1993
Words:160
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