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Small Dealer Exits Retail For Institutional Business

Traders Magazine, August 1999

Peter Chapman

In another sign that the retail side of the third market is feeling the pain of slim spreads, Alexander Wescott & Co., a small market maker in listed stocks, is reinventing itself as a block trader.

The New York-based firm, which had gross revenues of $7 million last year, recently dissolved its small-order business and signed Trimark Securities veteran Steve Braverman to run a block desk. He will head a team of four position traders and one sales trader. The firm will act as a market marker and an agent in listed stocks. Nasdaq trades will also be eventually traded.

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