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"We processed trades worth £30m on the Friday after the Brexit referendum, our record day.
The bank also processed trades for Mr. Stern after the market closed but at an earlier price.
Federated had previously acknowledged that employees had processed trades after hours for one hedge fund, Veras Partners.
The truth is that Ms. Masters had about as much to do with the subprime C.D.S. trades as Michael Dell, who made the computers that processed trades, or Michael Bloomberg, whose terminals quoted the subprime index prices.
According to the hearing panel, Mr. Fiero's short-selling activities fell in the latter category and contributed to the collapse of Hanover Sterling, a small penny-stock brokerage house, and the Adler Coleman Clearing Corporation, the Wall Street firm that guaranteed and processed trades for Hanover and 41 other small retail brokers.
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Japan's economic structure rests on a single idea, obsessively pursued: processed trade.
Under a tight system of state control over factories, workshops, wages and tariffs, the city processed trade from Russia, India, China and Africa, with merchants attracted by its gold and silk commodities.
The Correspondent Service Corporation of UBS processes trades and keeps records for other brokers.
Exchanges are required to process trades in microseconds (millionths of a second).
Trading at the Johannesburg stock exchange, which relies on the London Stock Exchange to process trades, was also suspended for most of the day.
Investors often know less about the value of securities than do the corporations that issue them or the professionals who process trades.
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