Bigger, Faster, Cheaper: Revolution In The Bourses

Europe's scattered exchanges gird for a titanic struggle

A storm is sweeping across Europe's financial exchanges. The London Stock Exchange has been crowing about switching to an automated trading system by Oct. 20. But on Sept. 17, the Frankfurt, Paris, and Zurich exchanges stole some of the LSE's thunder by announcing a broad linkup in derivatives trading. What's more, the three bourses plan to merge all their markets, including stock, fixed income, and derivatives trading and clearing, by 2001.

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