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November 1, 2000

Another Wirehouse Goes For More Nasdaq Trading

By Peter Chapman

Morgan Stanley Dean Witter has joined the pack of full-service brokerages dramatically increasing their Nasdaq trading rosters.

The firm, which trades 500 names today, will ramp up into "the thousands" over the next 12 months, according to Matt DeSalvo, head of the firm's Nasdaq trading desk.

"We don't have a specific number that we're going to, but we will definitely be picking up more names," he said.

DeSalvo echoes statements made by Morgan Stanley's chief financial officer, Robert Scott. Scott said the firm would be trading 1,000 stocks by year-end and 3,000 by next June. The projected growth is attributed by DeSalvo to Morgan Stanley's retail and institutional customers.

"We represent 13,000 retail brokers," he said. "We also have a very high market share in the names we trade for our institutional customers."