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That settlement covered investors who held securities in UBS accounts.
Sometimes they lend out their securities in the repo markets.
And the securities in question weren't all obviously problematic.
"If you think you have $1 million of ABC securities in your account, it may turn out that there are $1 million of those securities in your account.
And some of the mortgage securities in question are not JPMorgan's.
The securities in question originated in and were rated and sold in Europe, the S.E.C. said.
Minutes later, he e-mailed his UBS broker to sell the securities in his account.
In 2001 the value of pooled securities in America overtook the value of outstanding bank loans.
Egged on by investors, banks are issuing such securities in growing amounts.
That requires them to be ready to buy and sell securities in response to customer orders.
Purchasers of the mortgage-related securities in question were hardly neophytes.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com