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A Master of Market Structure

Traders Magazine, November 2003

Kathryn M.Welling

Don Weeden has spent virtually his entire career challenging NYSE and brokerage industry practices, pursuing square deals for investors. Early on, the issues surrounded the Third Market, in which Weeden and others traded blocks of stock for institutional investors, faster and cheaper than could be done on the exchange floor. He and the firm were instrumental in the bruising regulatory battles that led to May Day, 1975 and the end of fixed commissions. He's been vitally engaged on myriad market structure and organization panels ever since. Doesn't pull punches. And has practical ideas about how to level the playing field. At times, I'm sure, I've seemed obdurate and obstinate as I've chosen to feature others in these pages over Weeden colleagues or clients with perhaps similar views or records. Chalk it up to intense sensitivity to the importance not only of true independence of thought, but the appearance thereof, in this day and age. [The author is editor and publisher of the independent minded welling@weeden, a service of Weeden & Co., Greenwich, Conn.]

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