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The Bear Market Blues in Clearing Worst of Times Could Become Best of Times

Traders Magazine, February 2002

Patricia A . Murphy special correspondent

The bloodied clearing business these days is being cleared of its weaker members. "With the market down commissions have been lower, so everyone is looking at shrinking margins," said Joseph Kelly, division executive of the Institutional Brokerage Group at Fidelity Investments. "Firms that are self-clearing are confronting lower volumes after having built up capacity. With T+1, another large investment looming, some [of these self-clearing firms] are looking closer at a fully-disclosed relationship."

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