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The New Wall Street Computer

Traders Magazine, January 1999

John A. Byrne

The increasing transaction volume on Nasdaq and the New York Stock Exchange was fueled by a seminal event the unbundling of fixed commissions in May 1975. Until then, Wall Street trading houses did not use their commissions to compete.

Whatever semblance of competition there was revolved around the value of prep-school connections, and gastronomic accounts at the most posh restaurants in town.

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