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Pennies Squeeze Wholesale Services

Traders Magazine, August 2001

Peter Chapman

Penny ticks have pushed rebates and liquidity guarantees on Nasdaq trades lower at two of Wall Street's top Nasdaq wholesalers. As April's cut in the minimum trading increment from six-and-a-quarter cents to a penny has increasesd the risk for dealers, Knight Trading Group and Bernard L. Madoff Investment Securities have reduced the size of their rebates for orders and are executing fewer shares at the inside.

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