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Ain't Gonna Be No Bitcoin ETF

In this reposted bog from Themis Trading, the authors write that sometimes investors need to be protected from themselves - starting with the Bitcoin ETF.

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September 30, 2004

An OTC Comeback in Florida

By John A. Byrne

At a time when the traditional role of the market maker has been transformed into a heavily high-tech agency business, Guzman & Company in Coral Gables, Fla., has recruited a veteran OTC trading professional to run a principal trading group.

Arthur Pacheco, the outspoken industry advocate and former Bear Stearns executive, joined Guzman as vice chairman of the group, which will make markets in Nasdaq, Bulletin Board and equity-linked securities. Guzman's U.S. institutional customers include various pension funds, banks and insurance companies.

"The firm will now expand beyond its agency-only institutional brokerage, which has been the mainstay of the firm, into market making and other principal trading activities," says Leopoldo Guzman, president of Guzman.

Pacheco acknowledged that market making has changed. However, he says, Guzman is prepared to commit capital for institutional customers. This service, he says, will help the firm make inroads into international markets, including Latin America. "Nobody needs us to make a market in Cisco," Pacheco says. "But they might need us in the small-caps."