Another ETF Blow by Big Board
Traders Magazine, July 2002
The Big Board is once again stealing some of the American Stock Exchange's ETF thunder. A fixed-income exchange traded fund, iShares, introduced by the Amex, is available on the New York Stock Exchange. The Big Board is offering the same product on an unlisted trading privileges (UTP) basis. The NYSE's plan is a damaging but not a fatal blow to the Amex, which has pioneered an array of ETFs but watched helplessly as volume was picked up by other players. Island ECN, in particular, has taken a lead trading the popular QQQs.
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