Jefferies Plans OTC Link For Its Quantex System; Move Seen To Counteract LJR

AUTOMATED TRADING

Jefferies ITG plans to introduce the ability to route orders from its Quantex system to the trading desks of two over-the counter market-makers. The development follows reports that rival broker Lynch Jones & Ryan plans to offer its customers OTC securities order-routing to New York-based Herzog, Heine, Geduld Inc. (IMT, April 17).

Jefferies and LJR both claim to be agency brokers--firms trading purely on behalf of their clients. But Jefferies also offers customers what it calls "client

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