Market Makers Bid For Madoff Biz : Wall Street Letter

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Market Makers Bid For Madoff Biz

As Bernard L. Madoff Securities' market making business winds down, firms have been looking for replacement market makers. Several firms, including Morgan Keegan, Wells Fargo, Fidelity Investments and Muriel Siebert & Co., said they will spread the order flow they had directed to Madoff among other venues. Madoff executed about 50 million shares daily.

Market making firms attract order flow from smaller brokerages that don't have exchange memberships and match their buy and sell ...

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