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The Age of Enlightenment

Traders Magazine, April 2004

John A. Byrne

As the combatants duked it out in the Reg NMS turf wars, Traders Magazine was gathering the results of its Annual Survey of Nasdaq and OTC Market Makers. The changes scripted for Reg NMS - a huge document that would keep a Harvard professor awake all night - could define a new era in trading. Would these proposed changes, on balance, be good for the pros in the OTC markets? And what are the pros telling us? The results might surprise you. [See Market Maker Survey inside.] To be sure, the term market maker has been turned on its side in the last tumultuous decade, a period of upheaval ultimately fostered by the hand of federal regulation and the invisible hand of technology. In an unexpected twist, Traders Magazine's Gregory Bresiger recently came upon an unemployed market maker, a moniker that would have sounded laughable a few years ago. But this pro, Richard Tullo, who's naturally critical of heavy-handed regulation, brought it all back home: Big Brother is watching. [See Washington Watch.]

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