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The Decimal Disaster

Traders Magazine, July 2001

John A. Byrne Editor

The deterioration in spread-based trading has taken hold like a cancer across trading desks, eating up revenues, and throwing some traders onto the sidelines. The pain is not spread evenly. A firm deriving a large portion of its revenue from investment banking activities, for instance, is less worried than a major wholesaler. The former often operates a dealer desk as an ancillary revenue source, not as a money-making machine.The latter depends heavily on the revenues generated from order flow.

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