Financial Services Industry
Industry: Email Alert RSS FeedVolumes Grow as Firms Open: The Black Box.(Wedbush Morgan Securities)
Traders, January, 2005 by Chapman, Peter
Wedbush Morgan Securities is not usually associated with the powerhouses of trading, but that could change.
The small retail brokerage and clearing firm has joined heavyweights such as Knight Trading and Charles Schwab on Nasdaq's weekly list of top liquidity providers. In fact, Wedbush ranked second for the week ended December 6.
In Thomson's AutEx/BlockDATA share volume rankings, however, the firm has placed no higher than 50 in recent years. So why is Wedbush making the Nasdaq list? How did it come to rub shoulders with some of the most active trading houses on the Street? The answer is black boxes.
"Black boxes produce a tremendous amount of volume," says Harvey Cloyd, in charge of Wedbush's professional trading group. "It's become a...
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