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PaineWebber's Controversial Withdrawal From Regionals

Traders Magazine, April 1998

Michael L. O'Reilly

In a controversial victory for the New York Stock Exchange, PaineWebber closed all of the regional specialist units managed by PaineWebber Specialists.

PaineWebber had operated specialist units on the Cincinnati Stock Exchange, the Boston Stock Exchange and the Pacific Exchange, covering more than 500 stocks. In all, 35 employees were laid off with the closings. The firm will still manage its specialist unit on the NYSE.

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