Spear, Leeds & Kellogg
|Spear, Leeds & Kellogg|
|Headquarters||Jersey City, NJ|
Spear, Leeds & Kellogg Specialists LLC is a specialist on the New York Stock Exchange. It is a subsidiary of Goldman Sachs Group. The firm was founded as in 1931 as Spear, Leeds & Co. by Harry Spear and Larry Leeds. James Kellogg joined the firm in 1941.
Goldman Sachs acquired it in 2000.
SLK has long been known as a leading specialist on the New York Stock Exchange. In 2004 SLK and four other specialist firms paid $240 million to settle with the Securities and Exchange Commission (SEC), which accused them of "front-running," artificially inflating the price of shares they held as a way to skim additional profits. In recent years, SLK has expanded beyond its traditional function as a market maker to offer other services, such as clearing, trading, and reporting tools. It also offers financing to customers and loans out stocks, especially hard-to-borrow securities. In addition it provides custody reporting services and a Web-based portfolio accounting system.
Products and Services
- Spear, Leeds & Kellogg. fundinguniverse.com.