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Page xv for you. Trading has captured the imagination not only of the investment and trading communities but also a large segment of the general investing public. The reasons are obvious: The public wants to be better informed about their investments in particular and market opportunity in general. The NASD has agreed to abolish collusive price action by market makers who maintain artificially wide spreads in the prices of securities traded on Nasdaq. Investors and traders love the electronic changes that allow them to profit from new opportunities and compete equally with other market participants. A new cottage industry, Direct Access Electronic Trading, has developed with few barriers to entry. The secrets of market reality are being exposed, and new traders are being instructed in the art of turning trading into a mainstream occupation. People have become far more aware of the importance of order execution, including price, speed of execution, and the "real" cost of trading. Informed investors demand competitive brokerage commissions and an understanding of the services rendered and the true cost thereof. Direct Access Electronic Trading has become an issue of national and international importance because it pierces to the heart of the way markets operate and should operate. SOES was the catalyst for regulatory change that has created the environment for Direct Access Electronic Trading. Direct Access Electronic Trading is the level playing field I have striven so hard to create. DAET is the magic bullet that does away with the old way of doing business and enhances your ability to profit. Direct Access Electronic Trading is the opportunity of a lifetime. It allows the investor to obtain all the information
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