The U.S. Securities and Exchange Commission's latest insider trading case includes the usual colorful elements--a corporate employee, suspiciously timed trading in the company stock, an offshore entity and assorted relatives allegedly benefiting from the fun.

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Morgan Stanley is looking at a possible spin-off of PDT, its quantitative-trading arm, one hope being that the bank can still make some money from the independent entity if it borrows.

ECONOMIST: Why the industry��s best days may be behind it

And ultimately, trading integrity is the watchword of any exchange, whether it is run as a cooperative or a for-profit entity.

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