Financial Services Industry
Industry: Email Alert RSS FeedMGM Trio Plan Agency Trading.(Brief Article)
Traders, December, 2001 by Chapman, Peter
Three big investment banks will soon officially begin trading Nasdaq shares on an agency basis, industry sources told Traders Magazine.
However, two of the firms, Morgan Stanley and Goldman Sachs, deny they have a timetable. The third, Merrill Lynch, declined to comment.
Still, sources say the trio plan to allow institutional clients, if they choose to do so, to pay commissions by yearend on their Nasdaq executions.
Some institutional desks are already paying commissions for Nasdaq executions, but the practice is not yet widespread. Merrill, in fact, has been offering agency trades on this basis for about a year.
The three banks had reportedly planned to inaugurate the service on Nov. 1, but postponed because the events of Sept. 11...
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