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Witnessing the Changes

Traders Magazine, June 2011

Peter Chapman

Market making ain't what it used to be. Back in the day, spreads were fat, market "events" didn't matter, and everybody knew everybody. Now spreads are razor-thin, volatility has emerged as an asset class, and the number of industry players has mushroomed. Dennis Davitt, head of equity derivatives at First New York Securities, talks about the last 20 years as a listed options trader and the changes.

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