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Light at the End of the Tunnel...

Traders Magazine, April 2002

John A. Byrne

Some market makers, bruised by regula tory changes and a horrible stock market, may finally see light at the end of the tunnel. It's still too early to pop open the champagne, but dealers are changing course, hoping market making will soon emerge from the dark tunnel. "Costs are up and profitability is down. The changes are forcing dealers to take a new approach," said John McFarland, head of Nasdaq trading at Ladenburg Thalman & Co. in New York. "You can't make money on a spread in an environment with 100-price points. More and more dealers are moving to agency trading."

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