Controversy
In the United States this practice is illegal under SEC rules but many mutual fund managers appear to have allowed exceptions for certain hedge funds and other favored investors who were able to obtain that day's price, notwithstanding that their orders were received after-hours.
Read more about this topic: Late Trading
Famous quotes containing the word controversy:
“Ours was a highly activist administration, with a lot of controversy involved ... but I’m not sure that it would be inconsistent with my own political nature to do it differently if I had it to do all over again.”
—Jimmy Carter (James Earl Carter, Jr.)
“And therefore, as when there is a controversy in an account, the parties must by their own accord, set up for right Reason, the Reason of some Arbitrator, or Judge, to whose sentence, they will both stand, or their controversy must either come to blows, or be undecided, for want of a right Reason constituted by Nature; so is it also in all debates of what kind soever.”
—Thomas Hobbes (1579–1688)