Letters to the Editor

Interdealer brokers play integral role

Those who have traded over-the-counter derivatives and/or fixed-income products are well-aware of the integral role long played by interdealer brokers.

Because “capital commitment trades” have become less aggressive and harder to find, interdealer brokers provide an important link between primary dealers seeking hard-to-fill liquidity on behalf of their respective institutional clients and prime-brokerage hedge fund customers.

Within the exchange-listed- product arena, which includes not only equities but equity options, index products and exchange traded funds, a variety of wholesale market “brokers,” including traditional “voice-based” and more recently dark-pool-crossing networks, play similar roles.

As exchange-traded hedging products continue to attract exponentially increasing capital flows, these seemingly transparent screen-based markets are becoming ever more fragmented thanks to the preponderance of liquidity pools, trading centers, the numerous “open” and “closed” transaction systems and the growing number of competing and complementary market-making participants.

Consequently, buy- and sell-side traders focused on these “direct-access” products face the challenge of efficiently sourcing optimal liquidity and best pricing for large-block and hard-to-execute trades, while at the same time, the most efficient transaction costs. For many, that challenge is readily addressed by intermarket brokers — exchange-traded-product specialists that seamlessly connect to multiple market centers and the wide array of participants within the trading market ecosystem.

One example is New York-based order execution boutique WallachBeth Capital LLC.

The firm’s team of former equity and listed-option market makers, prop traders and exchange brokers sits on top of the walls that separate market participants. WallachBeth is the Switzerland within a highly competitive trading world, providing neutral, unbiased services to market makers, trading desks, regional dealers and hedge funds.

The true value of such firms is apparent not only because intermarket brokers are often the de facto color commentators of the internal marketplace but because they are product specialists that are uniquely positioned to facilitate the execution of a large-block trades, a complex spread or a thinly traded ETF, often within the market’s prevailing bid/offer quotation.

Jay Berkman

Principal

JLC Group Ltd.

Westport, Conn.

Administrative assistants deserve acknowledgement

Thank you for contributing to the administrative profession with the enlightening article “Financial advisers seek ways to reward over-stressed assistants,” which appeared in the April 13 issue.

The article is right on target about a situation that is shared by administrative assistants all over the country in various industries.

I was pleased to read about the creative approaches that your executives are taking to show that they appreciate their great administrative assistants.

It was also refreshing to read the positive approach that the assistants are taking. They have great attitudes.

My company specializes in creating and presenting sophisticated training programs and information for administrative professionals.

I have written two books in four years for assistants.

I started this company in 1990 after 20 years working in the administrative-assistant profession.

You can see why I was interested in your article and am really pleased to see this special group acknowledged.

Joan Burge

Founder and chief executive

Office Dynamics Ltd.

Las Vegas

Newshound

I am a newshound — I read all the financial papers and magazines — but InvestmentNews is always the one that I read as soon as it hits my mailbox.

I enjoy the current industry information and good columnists, which are always pertinent to my business life now.

Ellen M. Bruno

Managing member

Compliance Advisor Professionals LLC

Berkley, Mass.

Over-stressed assistants

I read quite a bit of financial news because I work with several financial companies, and I wanted to let you know that the article “Financial advisers seek ways to reward over-stressed assistants,” which appeared in the April 13 issue, was fantastic.

The story hit the nail on the head regarding an important issue with which many companies are grappling.

Russ Rizzo

Account executive

Linhart Public Relations

Denver

Ignored for too long

I would like to applaud you for bringing to light what I and many consider a real problem throughout the industry in the article “Financial advisers seek ways to reward over-stressed assistants,” which appeared in the April 13 issue.

Unfortunately, it doesn’t receive much interest when brought to the attention of most firms and financial advisers.

As you so aptly point out, these are unprecedented times, where associates are being subjected to unprecedented demands and behaviors normally not exhibited by clients and their bosses alike.

To top it off, they are generally being left to fend for themselves, a big responsibility for people who have generally been in the business for five or fewer years.

Thank you for addressing a subject that has been ignored for too long.

D. Bruce Johnston

President

DBJ Associates

Englewood, Colo.

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