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May 31, 2004

Creative Reconstruction

By John A. Byrne

You are looking at the final results of many hours of creative work on the redesign of Traders

Magazine. Starting with this issue, the magazine is more colorful and eye-catching and it is dedicated to the securities industry professional. The editorial coverage is as rich as before but it has been expanded. However, our special interest is still the professional securities trader. The team at Traders Magazine, led by the publisher, Kenneth Heath, never takes half-measures. (No, sir, not even in a watering hole.) The changes begin on the cover where the word Magazine has been retired. The official title remains Traders Magazine. The intelligent reader, of course, does not need to be reminded. On the inside, there is more light and sunshine. The headlines grab your attention. The typography and the subtle mixture of form and substance will rattle your bones. Two new sections deserve a mention: The Options Trader is written by a former options trader in Chicago, Mark Longo. At the backend, beside all the new colorful photographs of events, there is a theme crossword. The questions range from simple to challenging. My personal favorite asks you to name a famous Nasdaq reformer. Easy, but try the others. Elsewhere, the tradition continues with Washington Watch and Industry Watch as well as the Special Feature and Kathryn M. Welling's column. The Buyside Snapshot never looked better. Trading & Technology begins with a spread. The Book Review is easy on the eyes. And there is more. As I've said, no half-measures, especially with our art director Nikhil Mali and editorial staffers. These include Gregory Bresiger, our assistant managing editor, and Peter Chapman, technology editor.

The Cover Story for the launch is about JonesTrading, a block house in the third market that, until recently, was inclined to shun the limelight. It might be a coincidence but, figuratively speaking, Jones is like Traders Magazine, stepping up to the next level. As frequently happens on sleep-deprived deadlines, when my family assumes I have returned temporarily to the old country, a good story starts to break. Darn, it happened again! We picked up information that a new group was attempting to purchase the OTC Bulletin Board. I checked my pulse when I heard that our Nasdaq superhero, Artie Pacheco, was directing these efforts. The United States Capital Market, as it is called, is a limited liability company that focuses on, "SEC reporting issuers whose capitalizations are too small for listings on Nasdaq or the National Exchanges." The group believes these companies are underserved and, more importantly, that Nasdaq has abandoned its original mission. Nasdaq, it believes, is also abandoning a critical constituency the market maker community. This is an item in Washington Watch. We will return to report more on this group. Finally, this magazine, which really belongs to the trading community, welcomes feedback and opinion. Tell it straight and we will listen (e-mail: In the meantime, enjoy the coming summer and the redesigned Traders Magazine.

John A. Byrne