LETTER FROM THE EDITOR

DEPARTMENTS

Saved by T+1?

Sure, it’s the end of August, but these are dog days of a different kind. Volatility has dried up, trading profits are down and activity is sluggish. Things haven’t stopped exactly, but they’ve become pretty darn slow.

Not surprisingly, financial services firms are tightening their belts in response. There have been layoffs, budget cuts and even tighter expense accounts. Worse yet, it doesn’t look like conditions will get any better for quite some time. Some firms plan to wait at

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