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PPT : Brokers, Dealers, Exchanges & ECNs

Brokers, Dealers Exchanges & ECNs
* Brokers deal with public. Example: Merrill Lynch
* Dealers execute trades
* Exchanges are places where dealers operate. Examples: NYSE, Nasdaq, Arizona Exchange
* Electronic Communications Networks (ECNs) allow investors to communicate with each other, and to exchange. Examples: Island, Instinet (now Inet)

Brokers
* Deal with public, know potential buyers and sellers
* Churning versus providing information
* SEC penalizes “rogue brokers” who churn.
* Stockbroker Robert Magnan was convicted of criminal offense of churning, and barred from securities industry for life, 1999.
* Magnan’s clients had an annual turnover rate of 11, and investments would have had to earn annual return of 50% to pay transactions costs.

Dealers
* Stand ready to buy and sell at posted prices, bid and asked
* Analogy to antiques dealers
* Why are antiques dealers’ bid-asked spreads so much wider than stock dealers?

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