Mr. Howard Eisen

Spear, Leeds & Kellogg Specialists LLC of New York City, a member firm conducting business as a specialist, and Howard Eisen of Livingston, N.J., a former managing director of the corporate relations department of the firm, consented without admitting or denying guilt to findings relating to the NYSE allocation policy and procedures, which govern the process by which securities are allocated to Exchange specialists.

An NYSE hearing panel found that, in April 2002, the firm failed to have adequate systems and procedures in place reasonably designed to ensure compliance with the allocation policy and procedures. In this regard, the firm - through Howard Eisen - had contact with a company, which was about to list its shares on the Exchange, during a period in the application process when it was impermissible to do so and also failed to disclose to the Exchange all contacts with the company six months prior to the time that allocation applications were solicited, resulting in the submission to the Exchange by the firm of an allocation application that contained a misstatement.

The NYSE imposed the following penalties: on the firm, a censure and $50,000 fine; and, on Eisen, a censure and $30,000 fine. The firm and Eisen consented to the penalties, respectively.

Listed Block Trader Disciplined for Artificially Influencing the Price of NYSE-Listed Stock

Howard Eisen, Speer, Leads & Kellogg

Spear, Leeds & Kellogg Specialists LLC of New York City, a member firm conducting business as a specialist, and Howard Eisen of Livingston, N.J., a former managing director of the corporate relations department of the firm, consented without admitting or denying guilt to findings relating to the NYSE allocation policy and procedures, which govern the process by which securities are allocated to Exchange specialists.

An NYSE hearing panel found that, in April 2002, the firm failed to have adequate systems and procedures in place reasonably designed to ensure compliance with the allocation policy and procedures.In this regard, the firm - through Howard Eisen - had contact with a company, which was about to list its shares on the Exchange, during a period in the application process when it was impermissible to do so and also failed to disclose to the Exchange all contacts with the company six months prior to the time that allocation applications were solicited, resulting in the submission to the Exchange by the firm of an allocation application that contained a misstatement.

The NYSE imposed the following penalties: on the firm, a censure and $50,000 fine; and, on Eisen, a censure and $30,000 fine.The firm and Eisen consented to the penalties, respectively.

Listed Block Trader Disciplined for Artificially Influencing the Price of NYSE-Listed Stock

— Howard Eisen of Spear, Leeds & Kellogg - New York.

Howard Eisen of Spear, Leeds & Kellogg - New York
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— Howard Eisen, Speer, Leads & KelloggMr. Korgstad and Mr. Eisen both address how regional and national stock exchanges select companies for listing, including identification of the qualitative and quantitative listing requirements on the various Exchanges.
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Mr. Eisen focuses on listing on the NYSE, and the general differences between listing on an electronic exchange and the specialist system used on the NYSE and the PSE.He also speaks about effect the merger of Amex with NASDAQ has had on the market and on the NYSE.In particular, Mr. Eisen discusses the more liberal listing criteria for smaller emerging growth companies on the Amex, whether these listing criteria will change as a result of the merger of the Amex with NASDAQ, and the listing criteria for international companies on the various exchanges.

- Howard Eisen of Spear, Leeds & Kellogg - New York.