The NYSE and CBOE censured Paine Webber.
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The New York Stock Exchange and the Chicago Board Options Exchange also fined the firm $30,000 for trading in a company with advance knowledge that one of its influential securities analysts was about to recommend purchase of the stock. In addition to the complaint of improper trading, the exchanges said Paine Webber failed to implement effective supervisory controls. The NYSE and CBOE said that they had jointly investigated the case and that each would receive $15,000 from Paine Webber.
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