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individuals who represented petitioner’s interests in the
negotiations with Chase in the course of petitioner’s acquisition
of Rose.
Although petitioner’s primary interest and goal was to
purchase the Rose customer accounts, Chase was willing to sell
the customer accounts only along with the rest of Rose’s assets.
At the time of the acquisition, petitioner was the predominant
discount broker in the financial services industry with a 42.4-
percent market share on the basis of total commissions for the
period January through September 1988. The next largest discount
broker was Fidelity with a 17.8-percent market share. Rose was
the fifth largest discount broker with a 2.8-percent market
share.
The Rose customers were generally equity and option traders
with characteristics very similar to those of petitioner’s
customers. Rose used five categories to classify its customers:
Cash, cash management, margin, pension, and institutional.
Petitioner used only three categories of customer classification:
Cash, margin, and pension. Petitioner did not generally have
institutional customers. Rose’s institutional customers
represented a relatively small portion of Rose’s customer base,
in both actual numbers and the amount of revenue generated.6
6 For purposes of these cases and because Rose’s
institutional customers were not significant in number, it
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