Traders Magazine, May 2008
I'd like to share a tidbit about last month's cover story on fragmentation that I found ironic. The anchor of the feature story was a survey of buyside traders' views on fragmentation. One school of thought, as the article pointed out, said fragmentation is nothing more than competition. Who can be against competition, right? Here's where the irony begins: Before May Day (1975), a firm by the name of Weeden & Co. looked to challenge the New York Stock Exchange's unfettered power. Don Weeden, a principal there, fought for increased competition between market centers, as well as for an unfixing of commission rates. This battle between Don Weeden and the NYSE has been widely chronicled in numerous books. History has proved that Don Weeden was ahead of his time.
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