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Taking On the Duopoly

Traders Magazine, November 2006

Peter Chapman

Market share is the name of the game in stock trading and for much of the past two years the industry has focused intently on the New York Stock Exchange's. Traders watched as the passage of Regulation NMS led to a flurry of deals intended to revive moribund regional exchanges eager to compete against the Big Board. The industry took note as Nasdaq built up its listed book by intercepting orders in NYSE names on their way to the primary market. Dire predictions that the Big Board would bleed flow are largely starting to come true. In the past year or so, the New York has shed about 10 percentage points, mostly to Nasdaq, from the 80 percent share level it maintained for decades.

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