The New York Stock Exchange faces a further showdown with LaBranche, one of five specialist firms that the exchange has decided to discipline and fine for breaking trading rules.
The NYSE has said that it will seek "substantial fines" from the five specialist firms for breaking trading rules over three years up to the end of 2002. The five are Bear Wagner, Fleet Specialists, LaBranche, Spear Leeds & Kellogg and Van der Moolen.