Consortium FIXes New Standard
IN REVIEW 1994, PART 1
The longer a firm had to deal with a broken trade, the more expensive. It was a nightmare of operational, reputational and credit risk. Investment managers were constrained from growing their business because they didn't have accurate and timely execution information on their side, and their back offices and those of their counterparties could not keep up. By the late 1980s, big broker-dealers had already created their own branch communications networks that consolidated orders and sent them to
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