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Negotiated Commissions and the Structure of the Institutional Brokerage Industry

Charles D. Ellis
Financial Analysts Journal
Vol. 32, No. 5 (Sep. - Oct., 1976), pp. 25-26
Published by: CFA Institute
Stable URL: http://www.jstor.org/stable/4477961
Page Count: 2
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Abstract

There has been remarkably little change in the relationships between brokers and institutions since the advent of fully negotiated commissions last May Day: Market liquidity has not dried up; institutions have not reduced research services; and the number of brokers with whom institutions do the bulk of their business has not declined greatly. As institutional brokers strive to expand market share, and as underwriters move to protect their ability to distribute, however, consolidation is certain. Present day commercial banking may be a good model of what the institutional brokerage business is likely to become.

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