Commentary

Brett Cenkus
Traders Magazine Online News

President Trump Won't Kill America, Bitcoin Will

In this blog, the author examines how the global cryptocurrency adds one more piece of the pie to a radical shift in the structure of worldwide governance.

Traders Poll

Would the creation of a single central regulator in Canada affect your inter-listed trading strategies?




Free Site Registration

July 31, 2001

A Bull Blazing a Trail

By Peter Chapman

Ever the pioneer, Merrill Lynch has been trading a small portion of its Nasdaq orders on an agency basis for over a year. Its modus operandi does not always involve bringing two naturals together, though.

"There is no reason why you cannot act as agent for a client in a principal market," said Merrill's Nasdaq head, Leo Ressa. "It's how you approach each trade."

Ressa explains his traders can work the order in the inter-dealer market and on ECNs as long as the executions occur in a "client facilitation" - and not a principal--account. The customer is then charged a commission, but not a spread.

Ressa adds that Merrill is putting systems into place that allow it to offer clients the option of trading in any of four ways: pure agency, riskless principal with a commission--equivalent; risk principal with a commission--equivalent; and net.