The other competition is really about automating the institutional trades from what they were at the major bulge-bracket firms.

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On big equity deals it says its sales people place more stock with non-Brazilian investors than the bulge-bracket firms do.

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Did the optimism of the big Canadian bulge-bracket firms start hitting the buy buttons to double the stock price in a few months?

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Morgan Chase, have found it hard to break into Wall Street's top half-dozen firms, the bulge bracket.

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