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NYSE Exec Snubs ATS Marts

Traders Magazine, July 2003

Gregory Bresiger

The dynamic new electronic markets are failing in capturing listed business, a Big Board official argues in an internal letter. Robert Britz, president and co-chief operating officer, argues that "the new breed" stock exchanges like ArcaEx are succeeding in non-listed business, but are not effectively serving their listed clients. "ArcaEx and the Island ECN, two of the competitive leaders in the Nasdaq market, have captured a market share in NYSE listed stocks that averages about half of one percent," Britz writes. ArcaEx officials said both the comparison and numbers were bogus because the "Big Board has a 200-year head start and is a monopoly."

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