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Chicago's Brave New World

Traders Magazine, June 2006

Peter Chapman

Specialists are out. Market makers are in. The Chicago Stock Exchange, as part of its plan to reinvent itself as an ECN-like utility, is casting aside its decades-old specialist model. Instead it will operate more like Nasdaq with market makers competing against each others in the same stocks. The core of the revitalized exchange-which soon is expected to announce investments from large broker dealers, possibly including Goldman Sachs-is a matching engine.

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