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July 31, 2003

Nasdaq and Instinet Unite in the Beltway

By Gregory Bresiger

They were bitter enemies who traded unflattering comments in the media. Now they suddenly appear to be allies in the battle over market structure. Nasdaq and Instinet officials recently lobbied members of Congress and the regulators on market structure.

"We jointly coordinated our lobbying efforts," said an official of one firm, who declined to be named. "Our biggest customers want to know why we're not bigger in listed trading. We must convince the powers-that-be to end the NYSE's monopoly."