Faster, Cheaper, Bigger: Revolution In The Bourses

European exchanges gird for a titanic struggle, propelled by technological change

A storm is sweeping across Europe's financial exchanges. The London Stock Exchange has been crowing about switching to a fully 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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