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The only other firm who never has losing trades was Madoff!!!!!

Institutions in large part still pay high rates. Instead of relying on their own reasearch to make investment decisions, they pay firms that give them research to execute their orders (Soft Dollar). This way, if they use several firms, if anything goes awry they have people to blame. It's...

Fuld and guys like Jimmy Kane at BS didn't think the rules applied to them. I really don't know why these guys aren't in jail. They ruined the lives of tens of thousands of employees and even a greater number of investors who lost their investments.

I didn't look at the study. I worked at the NYSE long enough to know when orders are being diadvantaged. Take firms that internalize orderflow for example. They pair off what they can and send any imbalance to an exchange. No price discovery there, is there?

Interesting how the NYSE always prided itself on getting the best price for the customer. The Rebate issue is a slippery slope since it contradicts Best Price practices upon which the NYSE was founded.

As a former Trader on the Floor of the NYSE, I am deeply saddened by the demisee of this institution. For over two hundred years, this was the best place in the world to work. We watched the volume and volatility grow thru the 1980's and the introduction of derivatives and increased volume...