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In this shared blog, David Weisberger says a recent WSJ article is wrong and that traders do need to purchase faster and more comprehensive market data to avoid being fined for violating "Best Execution" obligations.

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November 1, 2004

Job Openings for Pros At a Jersey City Firm

By Gregory Bresiger

Marty Cunningham, a trading veteran of Mayer & Schweitzer and Charles Schwab Capital Markets, has started his own Jersey City, N.J.-based trading firm.

Cunningham says his firm, Hudson Securities, has recruited traders from Goldman, Fleet and Schwab, among others. Hudson is the successor firm to Wien Securities, which Cunningham and his partners acquired in a management buyout.

Cunningham says Hudson has about 100 employees overall and is still actively recruiting. Hudson, which also has an office in Boca Raton, Fla., concentrates on Nasdaq business. The listed segment today totals about 15 percent of the business.

"We believe that, if we can create some critical mass on the Nasdaq side, through the bigger order-entry firms, then we can build a platform and force some business to us," according to Cunningham, who is CEO of Hudson. He adds that the institutional component is now only about five percent of the business. Hudson expects to expand that by offering strong research services.

The Boca office has about 12 traders, mostly devoted to Pink Sheets and Bulletin Board business. The Jersey City office has some 20 traders, mixing Nasdaq with Bulletin Board coverage.