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PaineWebber Desk Reduces Nasdaq Market-Making Roster

Traders Magazine, January 1998

Michael L. O'Reilly

PaineWebber stopped making markets in more than 200 Nasdaq stocks in the past twelve months, a source familiar with the New York-based firm's equity-trading desk said. The headcount is lower, however, than the number rumored earlier this month.

The source estimated that PaineWebber cut its list of Nasdaq stocks from 735 to 525 within the last year. The reduction was done gradually, and the firm had not cut stocks in recent months.

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