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Lies, Damn Lies and Best Execution Stats

Traders Magazine, January 2002

John A. Byrne

The new SEC rule that forces trading firms to provide customers with statistics on execution quality has lit a fire under two of the nation's largest brokerages. In one analysis of Rule 11Ac1-5 Nasdaq statistics prepared by Market Systems Inc., discounters Charles Schwab and Fidelity are shown in a negative light compared to full-service rivals, Merrill Lynch and Salomon Smith Barney.

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