Why The Bourses Are Spooked
Once upon a time, the New York Stock Exchange traded big-company stocks on a central trading floor at its marble-colonnaded building overlooking Wall Street. Its rival, the NASDAQ stock market, traded small-company shares through an electronic dealer network. Until a few years ago, the two exchanges were happy within their distinct market structures, each of which thrived because they satisfied the capital-raising needs of different corporations.
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