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Academic Cautions on VWAP

Traders Magazine, November 2005

Gregory Bresiger

Larry Harris, formerly chief economist at the Securities and Exchange Commission, is reviewing the practice of guaranteed VWAP. Harris, a University of Southern California professor, is authoring a paper on the issue. He cautions that just because certain trading practices are accepted, that doesn't mean they are right. "The defense that many people do it," Harris told Traders Magazine, "could put a firm in real danger from a compliance or legal point of view."

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