SEC confirmation that CAROLINA CAPITAL MARKETS comply with reliance on the safe harbor ofSection 28( e) of the Securities Exchange Act of 1934.

High-frequency trading concerns return to the fore

High-frequency trading concerns return to the fore

High-frequency trading has risen to the forefront of hedge fund regulatory concerns, according to a new report.

High-frequency trading concerns return

High-frequency trading concerns return

While the level of regulatory concern remains far from 2011 levels, it has increased since last year, according to the report, which was published yesterday by research firm Tabb Group. The research was based on conversations with 63 head traders of US hedge funds, managing $301 billion in total assets.

The research said: “In light of the public debate and media scrutiny of market structure issues, such as exchange order type disclosure, the hash crash, and early looks at machine readable economic indicators, concerns over high frequency trading have risen. Meanwhile, with initial registration costs in the rearview mirror, compliance costs concerns have dropped off.” (See graph bottom-right)

Top of the list is uncertainty regarding how hedge funds will be treated under mandatory registration with the US Securities and Exchange Commission for managers running $100 million or more, and the implications of Form PF, which requires them to provide information on the hedge funds they run to the Financial Stability Oversight Council, the report found.



Trading is an integral and important behind the scenes component to asset management for Investment Advisors. The Broker-Dealers who provide these services often go unknown to the clients whose assets they trade; however, as keys to providing effective asset management services, their businesses should be highlighted to clients. In an effort to provide Minority, Women, Disabled and Veteran-owned (MWDV) Broker-Dealers with greater visibility and access to clients/service providers, we have developed BIC—the Broker-Dealer Information Center. BIC will provide participating Broker-Dealers with the ability to input their firm’s information, qualifications and services into an online database that can be searched by interested potential clients. Currently, there is no recognized central database that allows for searches of MWDV Broker-Dealers, BIC will allow asset managers, investors, consultants and legislators to have access to such firms. The goal of the database is to act as a resource and provide the following potential benefits to all participating parties:

Increased utilization of Minority, Women and Disabled and Veteran-owned Broker-Dealers
Access to information about participating Broker‐Dealers’ qualifications and services
Exchange and review of selection criteria and expectations of Broker-Dealers between asset managers, institutional investors and consultants
We are hopeful that BIC will increase the visibility of the participating Broker-Dealers and ultimately lead to increased business opportunities. The overarching goal of BIC is to help close the opportunity gap and diminish the barriers to success experienced by MWDV Broker-Dealers.

View Examples of Platform Search and Matching Functionalities
Platform Mechanics
The FIS Group Research Institute will develop, host and support the BIC platform. The platform is currently under construction and those who have already registered will be notified of its completion. We encourage broker-dealers, asset managers, institutional investors and consultants to register (See link below to complete your registration). We envision the BIC database to be a collaborative initiative available at no cost to all those who wish to participate.

The Broker‐Dealer ‐ An authorized representative of each participating Broker-Dealer will be responsible for registering its firm, maintaining its information, and reporting success associated with the utilization of the BIC database. Documentation of any success associated with their use of the BIC platform is encouraged There will also be an option for participating Broker‐Dealers to hide information they deem sensitive or confidential from general public access and allow for the review of such only by registered asset managers, institutional investors and consultants.

The Asset Manager – If participation in the database search and posting capabilities is desired, an authorized representative of each participating Asset Manager will be responsible for registering its firm. The information required for registration will include the firm’s broker‐dealer selection requirements and expectations. Each registered Manager will be responsible for ensuring that the information for their firm is accurate and current. Documentation of any success associated with their use of the BIC platform is encouraged. There will be an option for registered Asset Managers to hide their names to avoid unwelcomed inquiries.

The Institutional Investor and The Consultants – If participation in the database search and posting capabilities is desired, an authorized representative will have the ability to:

(1) provide information regarding their Broker-Dealer policies and upload their lists of approved Broker-Dealers, if any;

(2) notify their Asset Managers and Broker-Dealers of the BIC platform and encourage their participation and use of the database.

Other Industry Participants – The BIC platform will be available as a resource to assist in gathering data for policy-making and act as a central database to identify and increase the utilization of MWDV Broker‐Dealers.
Information that can be queried by:

The Broker-Dealer
Firm Information:
Contact information, including ownership structure
Registration information including insurance and capital levels
Firm narrative including organizational structures and relevant systems
Broker Execution and Transition Management Capabilities:
Asset class expertise
Capabilities narrative
Share Research (optional):
Post research reports
Receive peer review and ranking analysis reports
The Asset Manager
Firm Information:
Basic contact information
Asset class expertise
Firm narrative
Broker‐Dealer and Transition Management Selection Criteria and Requirements:
Asset class specific criteria, including reporting requirements
Selection process
On‐going requirements
The Institutional Investor and The Consultant
Firm Information:
Contact information
Firm narrative
Broker‐Dealer and Transition Management Selection Criteria and Requirements:
Asset class specific criteria, including reporting requirements
Selection process
On‐going requirements
Policy guidelines and requirements


“I believe MWBE broker-dealers have the capabilities and infrastructures to provide competitive execution. Providing them with a platform to create opportunities for the inclusion of the services they provide is crucial.”
-McCullough Williams III, Chair – Advisory Board of the FIS Research Institute

“Great investment execution is a collaborative effort between the idea generator (the asset manager) and the executor (the broker-dealer). The development of the BIC platform is the first step in building such collaborations.”
-Cesar J. Gonzales, Jr., CMFC, Director of Research and Publication for the FIS Research Institute

Carolina Capital Markets makes new investment for wounded veterans.

Carolina Capital Markets makes new investment for wounded veterans.
Veteran-owned firm provides work opportunities for veterans

Chapel Hill, NC (July 3, 2013) – Bond-trading firm, Carolina Capital Markets (CCM), recently linked with the USMC Wounded Warrior Regiment to put veterans back to work. The company hopes to use its recent “veteran-owned” distinction, given to them by the U.S. Department of Veteran’s Affairs, to recruit new hires from the wards of Walter Reed Hospital in Washington, D.C.

Tom Shugrue, senior principal and president of CCM, has been running his own fixed income, bond-trading firm for nearly 15 years. After years of mentoring young brokers, Shugrue is now turning his attention to returning veterans. CCM earned the title “veteran-owned” from Shugrue’s service as a Captain in the Marine Corps who served a tour of duty in Vietnam. Recalling his own return to civilian life, Shugrue remembers the challenges he faced and hopes to give current vets an opportunity to re-enter the work force.

“Because I own a registered broker/dealer, I can hire and properly train many wounded warriors who are transitioning out of the military,” says Shugrue. “With the infrastructure and support in place to facilitate this training program, we feel it is our civic duty to do so” he says.

Shugrue has enlisted the help of fellow Vietnam vet Ralph Markwood, a Purple Heart recipient, who lost his hand in the conflict. Markwood owns Chapel Hill Building Company and works part-time at Carolina Capital. He will lead the recruiting at Walter Reed among other areas of recruitment, drawing on his experience to offer advice.

Shugrue believes Markwood is excited for this opportunity. “There is no one better for the job” he says, adding: “This is an opportunity to give back and help transition our vets.”

Carolina Capital Markets, Inc
Location: Chapel Hill
Founded: 1994
Owners: Tom Shugrue, Steve Chaires
Brokers: 45
Annual revenue: $8 million

About Carolina Capital Markets
Carolina Capital Markets is an institutional fixed income broker/dealer owned by Tom Shugrue and Steve Chaires. CCM acts as a broker in the fixed income field, selling a range of fixed-income products including treasuries, corporate bonds, asset-backed paper, municipals, and more. The company sells bonds from hundreds of positioning broker/dealers worldwide. Buyers include investment managers, pension funds, endowments, banks, and others. CCM’s role is as a low cost executor and provider of third party research for institutional accounts.

More information about CCM can be found at and the Triangle Business Journal’s recent article on CCM can be found at

Press contacts:

Steve Chaires

Home Office
429 Meadowmont Village Circle
Chapel Hill, NC 27517

Vietnam Veteran Owned Broker Dealer – Carolina Capital Markets, Inc. (“CCM”)

Vietnam Veteran Owned Broker Dealer – Carolina Capital Markets, Inc. (“CCM”)

Founded in 1994 as Carolina Capital Markets, CCM has grown consistently to become an international force providing money managers with unparalleled access to the secondary fixed-income market, best execution capability, and a compliant method for clients to acquire critical independent research through competitive commissions.

With 40 registered reps (sometimes known as The Bond Dogs, a nickname earned by hunting relentlessly for the right fixed income securities at the best prices), CCM believes that strong relationships in the street and with the buy side are key to delivering value to our clients.

At other firms, a salesman passes off your order to a busy trader. At CCM your broker goes directly to the street and works your trade all the way through to execution. By combining sales and trading roles, we cut a layer of cost, allowing us to work on thinner spreads while still providing best execution.

For most money managers, however, execution is only part of the game. High-quality research and analysis underlies most successful trading decisions—and CCM is the leading provider of independent fixed-income research under Section 28(e) safe harbor. We provide our clients with Bloomberg, CreditSights, Intex, and other independent research services that many money managers are unable to fund from their advisory fees.

Veteran Team

Ralph Markwood
Ralph Markwood is presently acting as coordinator of CCM’s hiring and training program for wounded warriors. His responsibilities include corresponding with veteran programs as well as recruiting and training wounded warriors to be competent and prosperous bond brokers.

Ralph Markwood served in the Marine Corps in the Republic of South Vietnam. During his service, he was wounded three separate times. Mr. Markwood’s third injury resulted in the loss of his right hand. He spent over a year in the Philadelphia Naval Hospital. Following his discharge, Mr. Markwood graduated from Oakland University with a degree in psychology. Upon graduating, he worked for the state of Michigan in employment counseling. Despite the loss of his hand, he has had a very successful career as the owner of a building company where he has been the head carpenter. Mr. Markwood’s ability to overcome the trauma he suffered as a wounded warrior in Vietnam makes him a role model for our present wounded warriors.

Norris Smith
Norris is a United States army veteran with a tour of duty in the republic of South Vietnam from 1970-1972. After graduating from Eastern Carolina University in 1969, Norris spent over 38 yrs as a regional director for the Dale Carnegie in North Carolina. Norris was responsible for all sales, staff development, team development, and delivery of all Dale Carnegie products. Norris has always been a training consultant, developing and implementing special training products for CCM since 1994.

Disabled Veterans Broker Dealer – Mischler Financial Group

Disabled Veterans Broker Dealer – Mischler Financial Group

The history of our firm began soon after the State of California led the nation by pioneering legislation that mandated the establishment of a Disabled Veterans Business Enterprise profile and enabled the creation of a new, minority-owned business category to support service disabled veterans (SDVs) in their pursuit of entrepreneurial initiatives.  The spirit of this legislation was since adopted by the United States Congress through the enactment of The Veterans Entrepreneurship and Small Business Act of 1999 (The Act); legislation that was further expanded by Congress in 2001.**

Our Founder & Chairman, Walter M. Mischler is a graduate of the US Military Academy at West Point (Class of ’69) and served with both distinction and decoration  in the Vietnam theatre (1971-1972) before becoming disabled, but not disheartened.  Though Walt’s injury caused the end of his infantry military service, it led to the beginning of his financial industry service, best demonstrated by his  multi-decade tour of duty, where he continues to meet the needs of a broad spectrum of institutional investment managers, major corporations, and government agencies extending across federal, state and municipal landscapes.

Walt has served in command and control roles throughout the course of more than 3 decades of financial market volatility and industry change. His career is highlighted by his leadership skills and commitment to fiduciary obligation, and for his widely-respected command of institutional investor needs, his fluency in the many types of equity and fixed income investment vehicles utilized by fund managers, and the logistical requirements that run parallel to meeting the needs of the most demanding constituents.

Of greatest importance, Walt has remained unwavering and steadfast in his passionate dedication to serving as a mentor to service-disabled US military veterans within our firm and the industry at large. In turn, Walt’s protégés, as well as partners, serve with distinction and integrity while meeting the diverse and demanding needs of a client base that includes many of the Industry’s most-revered corporate, government and institutional fund managers.


*California’s Disabled Veterans Business Enterprise Program provides an annual mandate for which 3% of all contracts let by all entities of the State government and 5% of all contracts let by public utilities, regulated by the California Public Utilities Commission, be provided to business enterprises owned and operated by disabled veterans (DVBE). A complete outline of the California Program is available here.

**The Act requires that the Small Business Administration and other federal agencies implement policies and programs assisting veterans, particularly service disabled veterans (SDV’s), in among other things, the procurement of contracts with federal agencies. The government-wide goals for participation by SDV’s was set to be at least 3% of the total value of all prime contract awards for each fiscal year. According to legal opinion the 3% mandate applies to the financial services sector since the law seeks to improve the position of minority, women and disabled veterans business enterprises in procuring construction, commodities and professional service contracts.


Executive Orders and California Legislation
Executive Orders and Federal Legislation

Veteran-owned broker dealer – Point Capital Markets

About Point Capital Markets

Point Capital Markets is a designated veteran-owned broker dealer serving the financial community. At Point Capital Markets, our simple vision is to be the partner of choice to: aid in the capital formation process for veteran entrepreneurs and small businesses; become the preferred counter-party for corporate finance activity; provide superior execution services for asset managers of all sizes; and strategically advise small companies with their capital structures.


Corporate Advisory & Governance, Corporate Repurchase Programs, Veteran Placement, Designated Veteran-owned broker/dealer, Domestic & International Equities, Donate 10% of all commissions to Veteran Charities, Fixed Income, Authority on Veteran Entrepreneurship

  • Headquarters

    97 Main Street Suite D Chatham, NJ 07928 United States

  • Website

  • Industry

    Financial Services

  • Type


  • Company Size

    1-10 employees

  • Founded


Wisconsin Legislative documents with reference to MFDV’s including Veteran Owned Broker Dealers

25.185  Minority financial advisers and investment firms; disabled veteran-owned financial advisers and investment firms.

25.185(1)(1) In this section:
25.185(1)(a) (a) “Disabled veteran-owned financial adviser” means a financial adviser certified by the department of administration under s. 16.283 (3).
25.185(1)(b) (b) “Disabled veteran-owned investment firm” means an investment firm certified by the department of administration under s. 16.283 (3).
25.185(1)(c) (c) “Minority financial adviser” means a financial adviser certified by the department of administration under s. 16.287 (2).
25.185(1)(d) (d) “Minority investment firm” means an investment firm certified by the department of administration under s. 16.287 (2).
25.185(2) (2) The board shall attempt to ensure that 5% of the total funds expended for financial and investment analysis and for common stock and convertible bond brokerage commissions in each fiscal year is expended for the services of minority financial advisers or minority investment firms.
25.185(3) (3) The board shall annually report to the department of administration the total amount of moneys expended under sub. (2) for common stock and convertible bond brokerage commissions, the services of minority and disabled veteran-owned financial advisers, and the services of minority and disabled veteran-owned investment firms during the preceding fiscal year.
25.186 25.186  Broker-dealers located in this state.
25.186(1) (1) In this section:
25.186(1)(a) (a) “Broker-dealer” has the meaning given in s. 551.102 (4).
25.186(1)(b) (b) “Securities trading brokerage commission” means any commission or fee paid on or for a brokered security transaction, a purchase of a security or any other kind of trade of a security.
25.186(1)(c) (c) “Security” has the meaning given in s. 551.102 (28).
25.186(2) (2) 
25.186(2)(a)(a) Of the total funds that are expended by the board for securities trading brokerage commissions in any fiscal year, the board shall pay at least 5% of the total funds in securities trading brokerage commissions to broker-dealers that are registered under s. 551.406, that are headquartered in this state and whose principal business operations are located in this state.
25.186(2)(b) (b) For the purpose of satisfying the requirement under par. (a), the board may not include any securities trading brokerage commissions paid to minority financial advisers and minority investment firms under s. 25.185.
25.186(3) (3) Annually, no later than September 30, the board shall submit a report to the department of administration documenting the amount of moneys expended in the preceding fiscal year by the board for securities trading brokerage commissions and the amount of moneys paid in the preceding fiscal year for securities trading brokerage commissions to broker-dealers under sub. (2) (a).
25.186 History History: 1999 a. 9; 2007 a. 196.

Overview of the MWBE Coalition – NY

The MWBE Coalition continues its effort to advocate for greater economic parity and opportunity

for MWBEs in New York State. There has been a lot of legislative activity over these past few

months that will influence access to State capital for minority and women business owners.

MFDV legislative timeline from 2009 – 2012

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