Commentary

Richard Repetto
Traders Magazine Online News

Why Do Exchanges Own Multiple Licenses? It's Not Hard To See, Look at the SEC

In this recent research note, Sandler O'Neill + Partners, L.P. Principal Richard Repetto examines why the public exchange operators hold multiple licenses and that rationale behind this phenomenon.

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November 1, 2002

One Giant Ready for The Next Bull Market

By Staff Reports

Investec, the international investment banking giant, formed a new trading department in New York with six traders from the recently closed Robertson Stephens.

"When is a good time to get ready for a bull market. During a boom or a trough? We happen to think that it is during a trough," Gregory Holmes, the firm's head trader in New York, told Traders Magazine.

Holmes is one of the professionals who just came over to Investec from Robertson Stephens. The desk, which is a market making operation designed solely for institutional business, now has some 10 traders and sales people, according to Holmes. He said that research will be provided by Investec's Penn Merchant Group.

Investec, which began life as a small finance company in Johannesburg, South Africa in 1974, has operations in 14 countries. It has headquarters in the U.K.

Holmes said that his desk makes markets in some 120 Nasdaq and 30 listed stocks. He said the firm expects to increase both numbers. Investec has no soft dollar operation and has no intention of starting one, he added.