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Unfortunately, the feedback I hear is that once they did their due diligence on Jerry Putnam and his track record, things do not look so good. Remember this was a rumor, not a fact. But since I am still involved with these individuals, I checked it out. I guess when they look at declining volume figures, other conflicts of interest that Putnam brings to the table, along with a fradulent application for the Archipelago ECN, they realized that there are other options for them. For example, look at how Bear Stearns and Salomon Brothers, Nikko and others joined to start the Strike ECN from scratch. Any credible, closer examination of ARCA's reputation and its principals, would leave major firms scared of it. A strong rumor, however, deserves closer investigation. |
