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The Value of Floor Broker Executions

Traders Magazine, May 2004

Staff Reports

Electronic executions are credited with reducing transaction costs on U.S. equity markets. Now there is evidence that manual style-order handling may in some cases be better for investors. That's the conclusion of an academic study, which compares non-block trades handled by floor brokers on the American Stock Exchange, with its automated post execution reporting system (PER). The authors are Puneet Handa, University of Iowa; Robert Schwartz, Baruch College, CUNY, and Ashish Tiwari, University of Iowa.

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