The Value of Floor Broker Executions
Traders Magazine, May 2004
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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