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Big Nasdaq Dealers Are Reducing Scope Of Market-Making --- Accelerating Trend Causes Concerns That Trading Will Grow Less Efficient
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Big Nasdaq Dealers Are Reducing Scope Of Market-Making --- Accelerating Trend Causes Concerns That Trading Will Grow Less Efficient
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Newspaper Article
Big Nasdaq Dealers Are Reducing Scope Of Market-Making --- Accelerating Trend Causes Concerns That Trading Will Grow Less Efficient
1995
Overview
Many dealers, including giant Merrill Lynch & Co. and Bear Stearns Cos., have reduced the number of Nasdaq stocks, particularly smaller ones, in which they are willing to be dealers. Although it's part of a long-term trend since the 1987 stock-market crash, the retreat has accelerated in the past year, as Nasdaq's trading practices have come under harsh scrutiny, and proposed U.S. Securities and Exchange Commission investor-fairness rules promise to cut into trading profits. An annual survey by Equities magazine, about to be released, confirms the \"ominous trend\" toward reduced market-making activities among big dealers, said Editor Robert Flaherty. He said the latest survey shows that while Nasdaq has enjoyed a tremendous bull market since 1987 -- including an increase in Nasdaq-traded companies to nearly 5,000 from 4,700 and a doubling in share volume -- many of the major Nasdaq dealers are making markets in fewer stocks, not more, as one would expect. For example, Merrill Lynch made markets in 1,900 Nasdaq stocks in 1987, the year of the stock crash; now it makes a market in only 1,000. Bear Stearns's roster of Nasdaq stocks has declined from 500 to 350, according to the Equities survey. Other major dealers also have pulled back, and they say privately that they will continue to do so. Even some that have increased their roster of stocks in recent years -- such as Herzog, Heine, Geduld Inc. -- are now beginning to cut back.
Publisher
Dow Jones & Company Inc
Subject
