In an open letter to shareholders that has just gone out, Fidelity Chairman Edward "Ned" Johnson 3rd expresses his concerns that regulators should practice caution before rushing to any "quick fixes" in response to the current scandal "siren-song."

An effective, government-run clearinghouse, be it DTCC or another group, must be able to assume complete fiduciary responsibility for "locked," time-stamped fund trades, the chairman of the nation’s No. 1 fund company says.

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