And two weeks ago, Mr. Spitzer announced that he was investigating improper trading between mutual funds and hedge funds.

He said the changes were not made at the prodding of any regulators investigating trading in Putnam's funds.

For instance, I investigate rogue trading.

Besides market timing, regulators are investigating late trading in mutual funds, which involves buying or selling shares after the market close but at an earlier price.

The practice has attracted the scrutiny of Washington, with the S.E.C. investigating trading in Wang.

Meanwhile, prosecutors are investigating suspicious trading in EM.

Massachusetts is investigating trading in 401(k) plans administered by Putnam, said William F. Galvin, the secretary of the commonwealth.

The Regulator may investigate unauthorised trading and seek an injunction to prevent it or bring a criminal prosecution.

The New York Stock Exchange is reportedly investigating unusual trading in its shares.

Strong Capital disclosed in prospectuses for its funds that several regulators are investigating trading by employees of the company, including Mr. Strong.