Word: decoppett
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...Immunity. Turning to the haven of the small investor, the SEC group charged that the odd-lot market is controlled by a "duopoly" of two Wall Street wholesalers, Carlisle & Jacquelin and DeCoppett & Doremus. In 1951, said the SEC, the two got together and fixed the extra charges that small investors have to pay above and beyond the regular commission for buying odd lots-1210 per share on stock priced up to $40 and 250 per share on costlier stock...
They handle the small investors' orders for lots of fewer than 100 shares. Odd-lot trading makes up 9% of the volume on the New York Stock Exchange, and 99% of all these transactions are handled by two firms: Carlisle & Jacquelin and DeCoppett & Doremus. Brokers place their odd-lot orders with these two firms, which usually sell the shares from their own portfolios at the going market price, plus a fractional markup. Together, the two firms in 1961 earned $12 million on a gross of $35 million...