He did it through what he says was the only means available to transfer funds to war-torn Iraq, an ancient informal system known as hawala, in which brokers move money outside the conventional banking system.
Moreover, the open-cry system gives brokers and traders a window on what's going on in the market.
Moreover, the open cry system gives brokers and traders a window on what's going on in the market.
By allowing buyers and sellers to link up electronically, these companies eliminate a costly and inefficient system of telephone brokers and middlemen.
Speed is certainly the reason by NYSE bought Archipeligo Holdings last year and made changes that have meant the elimination of most of the specialist brokers who once crowded the floor in favor of a new electronic trading system that only pumps trades to human brokers when there is high volatility.
Brokers avoid leaving orders on the system overnight because they fear nasty losses if prices move suddenly when the market opens.
Investors are mostly on their own to fight brokers through the industry-run arbitration system.
The whole system relies on trust between brokers, rather than paper records or third party guarantees, with any shortfalls between what goes out and what comes in settled periodically.
The Merc is shoving its brokers and traders away from the open cry system.
The Merc is shoving its brokers and traders away from the open-cry system.
Posing as money launderers, DEA agents picked up bags of cash from the bad guys at hotels and parking lots and sent the funds into the U.S. financial system after getting wire transfer instructions from money brokers.
The most immediate objective in Paulson's regulatory blueprint--and one he thinks could become a reality before he leaves office next year--is the creation of a Mortgage Origination Commission that would establish minimum standards for mortgage brokers and would grade each state's mortgage regulatory system.
Over the 8% overhead in the system, about 2.5% are commissions to brokers, and 3% profits of medical providers and health insurance companies.
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In the old system, Dole and its local partner shipped produce to Japanese brokers, who in turn worked through layer upon layer of independent brokers and distributors to move the goods down to the retail level.
Fremont was among the worst of the subprime offenders, using all the now familiar practices: targeting people with bad credit, ignoring traditional standards for underwriting home loans, paying third-party brokers handsomely to bring in gullible customers, and then infecting the larger financial system by selling off the hazardous loans.
But the hybrid system means far fewer specialists are needed, and many specialist firms and banks have been firing floor brokers or reassigning them to trading desks off the floor.
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