SICA Arbitration Filing Statistics for 1999


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SICA FILING STATS: We have previously reported that the NASD received 5,608 new filings in its arbitration program in 1999. SICA compiles statistics on arbitration filings, case closings, and public customer Awards for the participating SRO arbitration forums. There used to be ten such forums, but the American, Boston, Cincinnati, Chicago, MSRB and Philadelphia are basically inactive or have formally arranged for NASD to handle their cases. The Pacific Exchange handles only customer cases now, as we understand it. PCX had 41 filings in 1999 and closed 28 cases. The Chicago Board Options Exchange received as many cases as it closed – 22. The New York Stock Exchange tallied 602 new filings, up 11% from a low point in 1998 of 544. NYSE closed 507 cases, 102 of which were decided by Arbitrators and 45 of those Awards were “in favor of the public.” The NASD concluded 4,767 cases. Of the 1,148 decided by Arbitrators, 697 of the Awards were “in favor of the public.” Is this high “win” rate due to the “Stratton Oakmont-Sterling Foster” effect or something else? We note that, in statistical terms, PCX came in with a 75% “win” rate for customers, but the sample is small – only 8 customer Awards decided.

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Nothing herein is intended as legal or financial advice. The law is different in different jurisdictions, and the facts of a particular matter can change the application of the law. Please consult an attorney or your financial advisor before acting upon the information contained in this article. 

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