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The Big Board for Everyone?

Traders Magazine, August 2003

Gregory Bresiger

The NYSE floor-based trading system is not maximizing the interests of those who actually own the order flow so its ownership base should be expanded. That's according to a scholar who has been studying market structure and recently sent a letter to the Special Committee on Governance of the NYSE. Benn Steil, a senior fellow with the Council on Foreign Relations, is calling on the NYSE to "revisit" the issue of demutualization. The latter is an option that, he says, would solve many cost and potential conflict of interest problems.

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