Reinventing the $2 Broker

Jonathan Corpina, Meridian Equity Partners

In business, as in biology, there is a simple law for survival: Adapt or die. When the US cash equities markets began racing to a fast electronic market structure under Regulation NMS (Reg NMS), many said it would be the death knell of the independent broker—or “$2 broker”—on the floor of the New York Stock Exchange (NYSE).

These, typically small, firms made most of their hay by working orders farmed out by the large trading houses, which did not have enough traders on the floor to work all

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