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How CSAs Started in the States

Traders Magazine, December 2006

Editorial Staff

In the 1920s and 1930s many mom-and-pop brokerages in rural America could attract orders, but they weren't very good at executing them. So alliances, and eventually the sharing of commissions with big brokerages in New York, were born, according to Lee Pickard, a Washington D.C. securities attorney and the former director of the Securities and Exchange Commission's Division of Market Regulation.

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