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ECNs Encroaching on Exchange Turf

Traders Magazine, April 2008

Nina Mehta

All eyes are on BATS Trading and Direct Edge. Will the Securities and Exchange Commission grant the two biggest ECNs the much-coveted exchange status they both want? If so, will the exchanges leverage their newfound powers to grab more share from NYSE Euronext and Nasdaq OMX? And what about the value of exchange licenses? Will approval herald a flowering of new exchanges, devaluing the status of the smaller players already in the club?

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