"If you look through history, the regulation function has always been used as a stick," said a former executive at a specialist firm.

At issue is whether either specialist firm made money as a result of the sharp swings.

He cited an action taken against a specialist firm last February that resulted in a $25,000 fine and a censure.

The goal would be to keep specialist firms afloat in case of another, possibly worse collapse.

I had an energy appraisal done for my house by a specialist firm.

Knowledge of a particular industry can be a major factor in a specialist firm being selected by a potential client to undertake a search.

A specialist firm is given the exclusive right to "make a market" in a particular stock on the exchange.

Prosecutors said this was the first time a specialist firm had been charged with insider trading.

Already, the number of specialist firms on the Big Board has declined to 52 from 122 five years ago.

And the last 10 days have seen an unprecedented number of specialist firms change hands.