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It's time to let you in on a dirty little secret: You may not own the stock you own. That's right, if you invest with a brokerage firm, the shares you bought are almost certainly not held in your name. Technically, they're held in the name of the Wall Street firm you do business with, hence the term "street name."
No, you haven't been robbed. Ultimately, the decision to hold shares on the books under a different name doesn't affect the economic ramifications for you. You¿re listed as the "beneficial owner," even though the firm is the official owner of the shares. But, you are giving up some rights, and investors concerned about good corporate governance might want to get that stock back in their own names.
Here's the problem: If your stock is technically owned by, say, Merrill Lynch, then Merrill Lynch gets to do things with it that might work against your wishes. Take short selling. Investors who want to sell shares short need to first borrow those shares. The lenders are often the big Wall Street firms that are handing out Street-name shares. So, if you feel that a company you own is a victim of aggressive short selling, chances are your own shares are being used to fuel the shorting.
Also, your brokerage firm can cast ballots on some corporate matters affecting a company without getting your input. Technically, this can only happen in votes considered ¿routine¿ by securities regulators. But, there's a big catch: some big events, like board elections, are considered "routine" under law.
The good news is that you can easily fix the Street name problem: Just request that your brokerage firm makes you the listed owner of the shares. If they refuse, find a new firm.
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Tuesday, July 01, 2008
So You Want to Do Business With the Cruise Industry? Ask the FCCA How...
Comtex
PEMBROKE PINES, Fla., July 1, 2008 /PRNewswire-USNewswire via COMTEX/ ----The Florida-Caribbean Cruise Association will host its keynote event -- the 15th Annual Cruise Conference & Trade Show -- in Trinidad, October 27-31, 2008.
The Hyatt Regency Trinidad, located in the heart of Port of Spain, has been named the official hotel. The hotel boasts state of the art conference facilities including two spacious ballrooms, one of which will host the annual Trade Show.
The Trade Show is the perfect opportunity to showcase your destination and/or product to key cruise executives from the Operations, Purchasing, Marketing and Shore Excursion areas that will be in attendance and committed to work with you.
Cruise Executives from the member lines represent a variety of destinations spanning the globe from Europe to the Caribbean.
You can benefit from their extensive experience in dealing with the world's leading cruise destinations. Topics ranging from port development and expansion to the creation and selling of tours can be recounted first-hand and passed on to your generation. Similar strategies can apply throughout the globe -- wherever ships can sail.
Don't miss this opportunity to be part of the most successful FCCA exhibit!
Trade show booths are available on a first-come, first-served basis and subject to availability.
For more information on the FCCA Conference & Trade Show, please contact Terri Cannici at (954) 441-8881 or tcannici@f-cca.com.
The Florida-Caribbean Cruise Association (FCCA) is a trade association composed of 11 Member Lines: Carnival Cruise Lines, Celebrity Cruises, Costa Cruise Line, Cunard Line, Disney Cruise Line, Holland America Line, MSC Cruises (USA) Inc., Norwegian Cruise Line, Princess Cruises, Regent Seven Seas Cruises and Royal Caribbean International. It was created in 1972 by the Member Lines operating more than 100 vessels in Florida, Caribbean and Mexican waters, in order to discuss and exchange views on issues relating to: legislation, tourism development, ports, safety, security and other cruise industry issues.
SOURCE Florida-Caribbean Cruise Association
Copyright (C) 2008 PR Newswire. All rights reserved
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