The SEC issued a no-action letter that will allow the Institutional...

The SEC issued a no-action letter that will allow the Institutional Real Estate Clearinghouse and Cantor Fitzgerald to operate a screen-based brokerage system that could ease trading of real estate commingled funds. July 1 is the target date to begin operations, said Anthony Labozetta, managing director with Cantor Fitzgerald. The clearinghouse's membership in the National Association of Securities Dealers is expected to be completed by that time.