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SEC Chairman Goes to Bat for Market Makers

Traders Magazine, October 1999

William Hoffman

Securities and Exchange Commission Chairman Arthur Levitt, a target for traders angry with his agency's overhaul of the equity markets, came out swinging for market makers at Columbia University Law School in New York.

In one of the most far-reaching speeches in his SEC career, Levitt acknowledged the unfairness of the access fees charged by electronic communications networks to market makers. These are the same fees, of course, unleashed by the order handling rules introduced by his agency.

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