Offshore financial self liquidating loan services
To compete with firms that were members of the New York Stock Exchange trading on the stock exchange's floor, his firm began using innovative computer information technology to disseminate quotes.
He was active in the National Association of Securities Dealers (NASD), a self-regulatory securities industry organization, serving as the Chairman of the Board of Directors and on the Board of Governors.
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According to the original federal charges, Madoff said that his firm had "liabilities of approximately US$50 billion". Madoff's business, in the process of liquidation, was one of the top market makers on Wall Street and in 2008, the sixth-largest.
Madoff's personal and business asset freeze created a chain reaction throughout the world's business and philanthropic community, forcing many organizations to at least temporarily close, including the Robert I.
Madoff Investment Securities, which siphons a huge volume of stock trades away from the Big Board.
The $740 million average daily volume of trades executed electronically by the Madoff firm off the exchange equals 9% of the New York exchange's. Madoff's firm can execute trades so quickly and cheaply that it actually pays other brokerage firms a penny a share to execute their customers' orders, profiting from the spread between bid and asked prices that most stocks trade for.
one of the masters of the off-exchange "third market" and the bane of the New York Stock Exchange.