Drexel Hamilton is a typical full-service institutional broker-dealer. Like many other broker-dealers, it believes high frequency trading could kill the market place and turn away customers. Ian Burgess, a managing director at Drexel Hamilton, says it makes the market less efficient.
We see bids all of a sudden disappearing while we try to go in there and sell stock, he said. We see offers also vaporizing when were trying to buy stock. It makes it much more difficult and much more costly, I think.
The Wall Street Bull is still one of New Yorks major attractions. But, the question is whether it will continue to be an attraction if the investing public loses confidence in the stock market.
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