Ray Pellecchia

Insider Trading: The Next Generation

Charlie -- Now that I think of it, I'm not exactly sure what a yard arm is, but I agree we need vigorous enforcement of rules and laws as a deterrent.

Bob -- Good point. I did not mean to disparage legitimate, disclosed buying and selling by insiders.

Neil Young's Message to Wall St.

Thanks, L.A. Checked out your site -- nicely done!

'Payment for Order Flow': Madoff's Earlier Days

Thanks to all for the comments. This first-time contributor to Seeking Alpha is impressed with the response!

A couple thoughts on the last two comments:

mplaut: Agreed, we need to learn more before reaching any conclusions. My purpose was to raise questions. It will be interesting to learn the answers, just as I'm surpised to hear that you had brokers who passed along payments for order flow to customers. Also agreed: any system is susceptible to abuse; I think it's beneficial to discuss these issues so we can better understand how to prevent violations of trust and encourage compliance with the rules and the law.

capitalstructureman: All good questions: Where does the balance of competition versus fragmentation net out? Are we better off today? Do customers know enough about how their trades are handled? Can this new marketplace be regulated effectively? The answers will impact the public's confidence and participation in our financial markets.

Earnings Preview: NYSE Euronext

Fly -- I work in PR for NYSE Euronext and just wanted to update you that the contract you mention was awarded to Bank of New York Mellon. Here's that press release: www.treas.gov/press/re...

Thanks. -- Ray

John Thain: A Business Model for Executive Exits

Paul -- I work in PR for NYSE Euronext and would like to clarify something: John Thain did not "get packaged out of the NYSE." During 2007 he made: salary (approximately $707,000), "other" compensation (approx. $228,000), and 401(k). When he left, he forfeited other compensation such as restricted stock and options. This is documented in our 2008 proxy, which says, "We did not pay an annual performance bonus or any other type of termination pay to Messrs. Thain and [Nelson] Chai in connection with their departures." (page 38). Here's the link:

ir.nyse.com/phoenix.zh...

Thank you!