Testing time for TRs but there's still hope

"IT'S CERTAINLY worrying times for stockbrokers. Trading volume has been declining and commissions have been cut drastically. One dealer with 15 years in the business says a broking licence today 'isn't worth the paper it's printed on' . . . many in the industry seem to accept the view that stockbroking today is not just a sunset industry but that only the fittest will survive."

It may surprise readers to know that those words were not written recently. Instead, they formed the introduction of the editorial in BT's Aug 14, 2001 issue - almost 15 years ago. Yet, going by feedback from retail trading representatives (TRs) today and recent reports in the press, little has changed: the profession is still in the doldrums, TR ranks are thinning rapidly, and everyone is struggling to survive.

To an extent, this is true. About 11 months ago, 1,225 TRs signed a petition calling for fundamental changes to the market's microstructure and a revamp of existing business models - a call that was born of huge frustration and disillusionment that had been brewing in their circles for some time.