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OM and Morgan Stanley make a big bet on individual investors

Managers at Stockholm's OM Group are known for bucking the financial Establishment. Two years ago, the developers of securities-trading technology turned the tables on the staid Swedish investment community by acquiring the Stockholm Stock Exchange. Now they are attempting an even bigger rout. In September, OM and Morgan Stanley Dean Witter will launch an electronic cross-border stock exchange aimed at retail brokers. If the venture catches on, it could leave other European bourses racing to catch up.

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