Richard Repetto
Traders Magazine Online News

Why Do Exchanges Own Multiple Licenses? It's Not Hard To See, Look at the SEC

In this recent research note, Sandler O'Neill + Partners, L.P. Principal Richard Repetto examines why the public exchange operators hold multiple licenses and that rationale behind this phenomenon.

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July 31, 2000

Traders Plan Escape Far From Wall Street

By Sanford Wexler

How do professional stock traders resist the lure of the market while on summer vacation? One way is rural isolation.

Denny Anderson, head trader at First Security Van Kasper in San Francisco, is headed for Nepal. Anderson and his wife plan to go hiking in the rural countryside for two weeks. They will visit isolated villages far from the mayhem of Wall Street.

The Andersons will not be checking into any five-star hotels. They will be staying with local families. And on their travels in the countryside northwest of India, it will be nearly impossible for Denny Anderson to get in touch with his trading desk.

"No remote laptops," he said. "I'm absolutely cutting out the office."

Home Turf

While some U.S.-based traders are trotting off to distant lands, others are vacationing closer to home this summer.

Michael Herrero, a trader at C.E. Unterberg, Towbin in New York, will be staying at his beach house on the Jersey shore. He's another firm believer in leaving the office far behind while he's catching up with rest and relaxation. "You got to make sure that you don't mix business and pleasure," Herrero said. "When you are away, you are away."