Commentary

Elaine Wah

Modern Markets, Modern Metrics - A Blog By IEX

In this blog by IEX's Elaine Wah, the newest public exchange looks to refute public claims that the metrics it uses are designed to inflate its own volume numbers and mislead people.

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March 1, 2002

Merging and Surviving in Dixie

By John A. Byrne

Scott & Stringfellow, the South's oldest member of the New York Stock Exchange, is acquiring Virginia-based market maker Ryan, Lee & Co., a firm that says it has survived the harsh economics of many small dealers.

"There is constant [economic] pressures on small firms like mine," Patrick Ryan, President of Ryan, Lee, told Traders Magazine. "It is more costly for us than the larger firms to keep up with all the new rules and regulations."

It was these high overhead costs, he added, that finally convinced Ryan, Lee that an acquisition by a larger firm made more business sense. Ryan, Lee provides personal investment services to individuals and institutions, including investment banking.

Richmond, VA.-based Scott & Stringfellow, the brokerage subsidiary of BB&T, has 40 offices in Virginia, West Virginia, Maryland, Tennessee and the Carolinas. It was established in 1893. Ryan, Lee was founded in 1990.

The deal was slated to close this month. Terms were not disclosed.

Ryan, who becomes managing director of proprietary trading at Scott & Stringfellow, is a well-known activist in trading circles. He has served on the board of governors of the National Association of Securities Dealers, as chairman of the NASD Market Surveillance Committee and on the District Business Conduct Committee for Virginia, Maryland, North Carolina and the District of Columbia.