War of Exchanges Over ETFs
Traders Magazine, July 2001
The New York Stock Exchange and the American Stock Exchange are going to war over exchange traded funds. They both have suspended trading fees for 90 days in an attempt to capture more of this important business. ETFs recently began trading on the Big Board. They have made small gains in a move that was seen as a challenge to the Amex, which is the market leader in the product that is also called QQQ, Spiders and Diamonds. There's much at stake for the Amex, which depends on ETFs for about 30 percent of its bottom line and has vowed to protect this business. Both Amex and NYSE spokesman said their ETF business is booming.
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