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Financial In Market By H Bernstein - StockPatrol Editor

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Oriental Trading "Market timing" proved to be bad timing for Putnam Investments. Just ask the SEC and the Commonwealth of Massachusetts.

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Carry trades continue with full steam as the JPY is trading at record levels against most major currencies. The JPY is traded at 242.00 against the GBP, 164.10 against the EUR, and 122.00 against the Greenback, very impressive figures on any scale. 5.7% 12.2, and the JPY Capital Spending went down from 16.8% to 13.6%. As for the rest of this week, there is no significant news events expected to be released from the Japanese market, and carry trades will probably continue to take the JPY lower to the next record low.

Trading Financial System November 6, 2003 (StockPatrol) New York - Is "market timing" an unlawful practice? We may now find out. Federal and Massachusetts regulators have accused Putnam Investments of securities fraud, a move that could lead to the wholesale prosecution of similar practices throughout the mutual fund industry.

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Day Trading Putnam, a unit of insurer Marsh & McLennan Cos. Inc., is the fifth largest mutual fund company in the U.S. with approximately $272 billion under management as of September 30, 2003. Putnam is the first to be charged in a widening probe of practices that have unsettled regulators, investors, and mutual fund management - and that threaten to turn the mutual fund business on its proverbial ear.

Forex Financial Trading The The federal and state charges, announced on October 28th by the Securities and Exchange Commission and Massachusetts Secretary of State, William Galvin, respectively, center on "market timing" activities involving Putnam funds. "Market timing" involves the speedy purchase and sale of mutual fund shares in order to take advantage of stale prices, particularly those resulting from fluctuations in international markets.Putnam planted the seeds of this problem by stating, in its mutual fund prospectuses, that market timing would not be permitted. Despite that admonition, the Massachusetts complaint alleges that market timing was tolerated, from at least January 2000 to September 2003. That practice, the complaint said, allowed at least one individual to enjoy profits of a million dollars in a retirement account over a three year period.The SEC action also named two former Putnam managers, Justin Scott and Omid Kamshad. It contends that the two men engaged in excessive short-term trading, for their own personal accounts, of Putnam mutual funds that they managed. The charges suggest a form of prohibited insider trading. Because Scott and Kamshad had access to non-public information as portfolio managers, they were in a position to make investment choices that were not available to other investors. By doing so, the SEC alleges, the fund managers violated their obligation to other fund shareholders, and potentially damaged the interests of those other shareholders.

Fortune Make Option Trading The SEC also issued an Administrative Order against Putnam, alleging that the mutual fund company failed to disclose the self-dealing transactions by Scott, Kamshad, and others, to the mutual fund boards or the funds themselves.

Science Of Financial Market On October 25th, just days before these charges were filed, Putnam disclosed that four of its portfolio managers had been replaced because they had engaged in improper personal trading of the company's funds. Putnam apparently became aware of the market timing trades several years ago, but took no action until recently, after regulators began to signal their plan to take more aggressive action to stem the practice.

Future Trading Some Putnam investors are reportedly taking their cue from the regulators, and planning a speedy withdrawal from the family of funds. Massachusetts Treasurer Timothy Cahill plans to recommend that the state pension board withdraw the $1.7 billion that Putnam manages for Massachusetts state retirees.

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