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The Winds of Change: How internalization changed the course of history for a Midwest dealer.

Traders Magazine, March 2002

Peter Chapman

Dempsey & Co., shaped by the convulsions in trading over the past five years, is a market making survivor. From its roots as a tiny Chicago specialist, to its growth into one of the country's largest trading houses, to its acquisition by a national brokerage, Dempsey was whisked along by one of the hottest trends in the industry only to get sideswiped by another. It rode the surge of online orders in the 1990s, but had to run for cover in the face of the growing passion for internalization.

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