Mr. Bittar was a proprietary trader at Deutsche Bank, Europe's largest by assets, trading in derivatives.

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Tavdy was a proprietary trader at Andover, a registered broker-dealer that was acquired by Assent in March 2003.

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The distinction between market-making for customers in this way and proprietary trading is often blurred, particularly in firms where the market-maker and the proprietary trader sit together or are, indeed, the same person.

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Already its proprietary system--cutting-edge when the former Salomon trader launched the company in 1981--is becoming outmoded.

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Already its proprietary system--at the forefront when the former Salomon trader launched the company in 1981--is becoming outmoded.

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