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Traders Magazine, February 2003

Editorial Staff

Schwab * Schwab Capital Markets is executing more listed order flow internally. Larry Leibowitz, head of SCM's equities division, says SCM may reduce the amount of listed retail flow routed to its Boston Stock Exchange specialist unit or the New York Stock Exchange. The switch is part of a sweeping change in the way the giant wholesaler conducts business. Last quarter, Schwab fired practically its entire staff of about 250 Nasdaq market makers and assistants. It now processes most Nasdaq retail flow automatically. It may do the same with its listed flow.

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