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Pessimism in The Trenches: Survey Finds a Crumbling Market Structure

Traders Magazine, November 2000

Editorial Staff

The U. S. equity markets have become less liquid, more volatile and fragmented, according to a survey of institutional traders conducted by Robert A. Schwartz and Dan Weaver, finance professors at Baruch College in New York City. The survey examined a range of market structure topics, including the impact of regulation and the ability to execute orders in size. On the sellside, 277 traders responded out of 2,500 polled; 56 responded out of 160 on the buyside. (See charts for highlights).

Do the findings raise troubling implications for the future of the markets? The authors of "Opinions on the Quality/Efficiency of U.S. Equity Markets" think so.

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