Word: accountably
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Protegent's software screens account activity for exceptions such as churning (excessive trading to generate commissions), overconcentration in particular investments and potential suitability violations like selling high-risk, high-commission stocks to safety-conscious retirees. Brokerages set trigger points according to each customer's attributes, such as age, net worth and level of investing knowledge. In the case of a false alarm (that retiree really did insist on selling all his bonds), no harm is done...
Based in Hingham, Mass., Protegent charges a setup fee and then an ongoing $15 to $20 a month per broker (it can also bill by account). About 25,000 brokers handling more than 12 million accounts are currently tracked, the company says. Nationwide, there are more than 5,000 broker-dealers employing some 675,000 brokers. "Firms are under increasing pressure to be more and more watchful," says Jaime Punishill, an analyst who covers financial-services technologies at Forrester Research. "That's hard with a mostly manual system. If firms can automate cost-effectively, then...
...hotels, offices and the airport. The toll: 257 people killed or missing, 713 injured and a city of 14 million temporarily paralyzed with fear. The similarities to the attacks that would come later in the U.S. are one of the most striking aspects of S. Hussain Zaidi's account, Black Friday: the True Story of the Bombay Bomb Blasts (Penguin; 288 pages). Just as startling is how completely Zaidi has managed to uncover the complex tale, after four years of painstaking investigation...
...Japan vs. History: Yamakawa Shuppan, which publishes history textbooks used in nearly half of Japan's high schools, airbrushed its account of the casualties inflicted during the 1937 Nanjing Massacre by deleting the words "tens of thousands to 400,000" and leaving "many Chinese"; the Ministry of Education approved the revision...
...Small- and medium-size enterprises (SMEs) generate most of China's employment growth, and new jobs are vitally important to social stability. According to government statistics, companies with an annual revenue of less than $30 million provide more than eight out of every 10 jobs in urban China and account for three-quarters of the country's total industrial output. "Small businesses are simply the most important component of China's economy," says Eric Siew of the International Finance Corp. (IFC), the commercial lending arm of the World Bank. The IFC also runs training programs for Chinese bankers...