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Bernstein Touts Research In New Market Maker Role

Traders Magazine, June 2002

Staff Reports

Sanford C. Bernstein, a firm that specializes in institutional and research services, is launching a Nasdaq dealer desk. A seven-person market maker team, headed by former Spear Leeds program trading pro, Tom Shapero, is ramping up amidst a difficult economic climate for dealers. Bernstein believes it can parlay its reputation for independent research into institutional order flow. Since Bernstein is not an underwriter, its research is usually perceived as unbiased. "The firm is not conflicted," said Shapero, referring to the current scrutiny by regulators of research services on Wall Street.

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