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A Highway to Execution Heaven

Traders Magazine, January 2005

Nina Mehta

Speed doesn't kill. Speed liberates, one buysider exalts. "I love the speed and finality of getting the transaction done. You go to buy 100,000 shares, you do 40,000 and spend the next three days working the 60,000 - and you're done," says Dan O'Byrne. "There's quick gratification." O'Byrne is vice president of trading and administration at Royce & Associates, a small-cap asset manager with $22 billion under management. The desk, which manages 21 mutual funds, is a wholly-owned subsidiary of Legg Mason. The trading desk in New York supports five traders, as well as O'Byrne. Two specialize in listed stocks, the other three in OTC stocks. "Familiarity means a lot with small caps," says O'Byrne. About 60 percent of Royce's trades are in Nasdaq-listed stocks; about 40 percent in exchange-listed issues.

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