A decade ago, the fund industry got mired in a market-timing scandal, involving the placement of orders after the market closed.

Making it easy to hide trades that came in after the close was the omnibus account. These are accounts that a brokerage uses to bundle together customers' orders. If a brokerage had an hour or two to send the net buy or net sell order on to a fund, it wasn't that hard to slip in late trades, without the fund being aware that anything had happened.

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