Merrill Lynch Offers Trading In Treasury Security Odd-Lots Via Bloomberg Terminals

AUTOMATED TRADING

Some buy-side customers of Merrill Lynch Government Securities Inc. have begun executing trades in odd lots of U.S. Treasury securities with the primary dealer via their Bloomberg Financial Markets terminals. The system has been in use by at least one customer for two months, although Merrill Lynch has not received a "no-action"letter from the Securities and Exchange Commission.

Questioned regarding the odd-lot Treasury trading system, James Duffy, managing director at Merrill Lynch

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