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Deutsche Aims Higher: Deutsche Expects to Prosper as Street Revenues Decline

Traders Magazine, November 2005

Peter Chapman

The recent agreement between Fidelity Investment Management and Lehman Brothers to devote commission payments strictly to executions (and to pay for research separately) was greeted with cheers in the trading department of Deutsche Bank Securities. If more firms on the buyside and the sellside adopt the Fidelity/Lehman unbundling plan, executives at Deutsche and elsewhere believe, the resultant decline in the Street's revenues will force a shakeout that will leave standing only the biggest and strongest sellside trading houses.

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