Futures Exchanges Continue To Suffer As Brokers Scale Back
EXCHANGES
In yet another example of the problems plaguing the currency futures brokerage business, Dean Witter is the latest to close the execution side of its business on the Philadelphia Stock Exchange (Phlx), although it will continue to clear the product. Sources say Dean Witter has also reduced its staff on the Chicago Mercantile Exchange (CME).
Phlx's executive vice president, Joseph Rizzello, says the number of brokers still executing on the floor has dwindled to about a half dozen brokers, down
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