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NYSE-Nasdaq Battle Over Listed Flow Gets Rough

Traders Magazine, December 2006

Nina Mehta

The New York Stock Exchange's dramatic reconfiguration of its pricing structure last summer proved to be a boon for Nasdaq. The all-electronic market, using an aggressive pricing scheme, captured the listed business of more than 150 broker-dealers fleeing significantly higher prices at the New York. Nasdaq now sends a half-billion shares to the NYSE every day, up from 200 million per day in the first quarter of this year. Nasdaq's broker-dealer subsidiary is the Big Board's biggest liquidity provider, shipping the exchange almost twice as many shares as does

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