Commentary

Eric Stockland
Traders Magazine Online News

Incentivizing a Better Market

In this blog from IEX, the exchange announces a first-of-its-kind fee that is designed to improve all trading, including the experience of displayed orders - the Signal Fee.

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February 1, 2001

The Happy Warrior

By Sanford Wexler

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Ward deals with some 35 broker dealers. ECNs are never used. "I feel that because of our size we need to have verbal contact with a handful of brokers that can help us in obtaining our objectives," Ward said. "These [objectives] are moving stocks into and out of a portfolio. We have a lot of personal contact with the brokers."

He is delighted to find tons of research coming his way via email from the sellside. But he suggests that sales traders should remember the old-fashioned way of staying in touch: the telephone.

"Before you used to get a call from a broker saying we're upgrading General Motors, we're downgrading Ford,'" he recalled. "It's important for firms to give us a follow-up phone call to let us know that they are alive. When we get an order, we say we've heard from this and this guy, but we haven't heard from this other guy.' So you call one and two, but you don't call three because he hasn't bothered to call."

Ward's four adult children are following in their father's footsteps. His three sons and daughter are all pursuing careers on the Street. "This is a trading family. I guess it's in our blood," he said proudly. "But I didn't force them. I just steered them in the right direction."

The advice Ward gives to his children and other younger traders is to simply follow the Golden rule: Treat people like you would like to be treated. Ward added, "Be honest and work hard."