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This is the Year of Pre-Trade Advances and Market Structure Changes

Traders Magazine, February 2006

Michael Scotti

Morgan Stanley's Brian Fagen has a unique perspective on electronic trading, having spent the bulk of his 18 years in the securities industry in program trading. He heads Morgan Stanley's client self-trading group-which includes direct market access, algorithms and Morgan Stanley's Passport DMA system. The self-trading group grew out of Morgan Stanley's program trading desk. The broker decided to separate the two in 2002. "We split program trading and electronic trading because we believe there is an anonymity factor in using self-trading tools," Fagen said.

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