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Washington Viewpoint: Ambushed by ECNs?

Traders Magazine, November 1999

Dr. Robert A. Wood

The epic struggle on Wall Street at the moment is not between the bull and the bear. The struggle is between the entrenched market mechanisms - the New York Stock Exchange and Nasdaq - and the upstart trading systems.

Before I examine the ability of the Big Board and Nasdaq to compete with the new mechanisms, let's consider why there are suddenly so many electronic communications networks (and other alternative trading systems). The order handling rules notwithstanding, there are three possible reasons, which are not mutually exclusive.

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