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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: TFF who wrote (11491)1/22/2005 9:16:56 AM
From: TraderAlan   of 12617
 
Quote from Michael Santoli's excellent piece on changes at the NYSE in next week's Barrons

"Already, NYSE specialists are reaping much leaner rewards than they enjoyed in the fat old days. In 2000, specialists on average earned a lush 26% return on capital. In 2001, the figure fell to 12%, and then to 9% in 2002. But in 2003 and in the first nine months of 2004 (the latest period for which numbers are available), it was 0.1%. That's not a typo.

Lower volatility in recent years accounts for some of that decline. But a cynic might wonder whether the heightened scrutiny of specialists since the scandals were disclosed has them toeing the line more carefully."

Alan
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