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Consolidation and Convergence

Traders Magazine, May 2001

Thomas E. King

The structure of the U.S. equities market today, according to some cynics, makes the blueprint for the space shuttle look simple by comparison. While that is clearly an overstatement, most observers would agree the market environment - with its fragmentation, multiple ECNs and ATSs, competing exchanges, internalization and decimalization - is likely to dramatically change.

In the longer term, we believe, the inevitable trend is toward consolidation and convergence. The eventual winners and losers will in many cases depend upon decisions made today.

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