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Price Improvement' Dust-Up

Traders Magazine, June 1999

Staff Reports

Pricing competition among brokerage firms turned itself into a dust-up in recent weeks for two rivals offering "price improvement" on Nasdaq trades.

In the end, Knight Securities said it beat Bernard L. Madoff Investment Services to the starting post. Claiming the laurels, though, is somewhat academic. Both firms started providing price improvement - executing trades at the mid-point between the bid and offer - within a month of each other. Knight Securities rolled out the new service May 25, while Madoff started late last month.

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