Preferenced by Smart Routers
Traders Magazine, February 2004
The traditional market making business model of internalizing order flow and taking the spread is obsolete. As a result of regulatory intervention, the OTC marketplace has become more competitive: ECNs provide more transparency and direct access, decimal pricing has led to narrower spreads and SuperMontage allows auto-execution of dealers' quotations. Automated execution facilities serve both retail and institutional clients.
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