The Effect on the Clients

Abstract

One of the more bizarre features in the changing structure of the securities industry is that the great majority of customers were perfectly content with the way things were, and it is extremely difficult to find any who will admit to having pushed vigorously towards the new goal. Several institutional investment managers, who felt that there were too many stockbroking firms and that the volume of research material arriving daily on their desks was excessive, now admit that they had never imagined a change of the present dimension. They realise too that the cure lay in their own hands. If they had been sufficiently aggressive in not dealing with so many firms, then the laggards would have been forced out of business anyway.