What's the Game Plan?
Traders Magazine, March 1999
To the casual observer, the recent machinations in the transaction-services industry could lead one to ask the question: Where are we going and how do we hope to get there?
We've seen electronic communications networks (ECNs) become pseudo-exchanges and market centers. We've seen exchanges announce mergers and then call them off. We've seen the National Association of Securities Dealers take over a listed exchange to offer, in its own words, the best of both worlds. And we've seen just an announcement of an electronic option exchange, (the International Securities Exchange, or ISE) to be launched next year, serve as a catalyst to cut rates almost in half on the current options exchanges.
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