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Market Structure Massacre?

Traders Magazine, February 2002

Jim Marks

The regulator's objective is fairness and transparency. Yet many of the changes in market structure - changes caused by regulation - have only produced a big, splitting headache for institutional traders. If narrowing spreads are important, markets are arguably more efficient. But then again, markets, in one obvious sign of inefficiency, seem more fragmented. Large trades are harder to work. And the size at which an order can move the market is shrinking.

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