Can trading professionals justify their existence in a do-it-yourself technologi
Traders Magazine, December 1999
Only an experienced market maker who is willing to risk his firm's capital can stabilize a tumultuous marketplace, say some institutional stock traders. As technological advances raise questions about the future, there is no doubt in the mind of some traders that their talent and skill can still outsmart the best alternative trading systems.
"If [a customer] has a million shares to buy or sell, you are still looking for price discovery. You can't trade them over a computer," said David Shields, a floor broker at the New York Stock Exchange. "You're going to leave an awful big footprint if you try to do these things that way."
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