Founded in 1975, agency brokerage JonesTrading Institutional Services refers to itself as the "oldest and largest execution-only firm." Experience claims aside, JonesTrading prides itself on a business model that it says can locate liquidity in the most volatile market conditions.
The firm says it "proactively" seeks out, through its Active Crossing Network, internal order matches between its institutional clients, thus keeping market impact to a minimum--though it also taps a long list of market centers. According to Will Geyer, who joined in April as COO and president, 40 percent of the firm's trades are crossed internally.
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