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Broker-Dealer' Friendly Is ECN's Growth Strategy: Automated's BRUT Names Street Partners

Traders Magazine, December 1998

Michael L. O'Reilly

Competing with eight other Securities and Exchange Commission-approved electronic communications networks (ECNs), BRUT has marketed itself as the broker-dealer-friendly ECN.

The strategy seems to have worked. Last month, BRUT announced its partnership with four Wall Street firms, which combined reportedly handle up to 25 percent of Nasdaq's volume: Goldman, Sachs & Co., Knight Securities, Merrill Lynch & Co. and Morgan Stanley, Dean Witter & Co.

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