Up In Arms Over A Trading System

Rival electronic-trading exchanges say Nasdaq's SuperMontage would kill their business

Monday, July 17, was a quiet day on the Nasdaq stock exchange: The composite index gained 28.49 points in moderate trading. But in Washington, Nasdaq's day was anything but calm. The CEOs of four electronic trading systems that compete with the exchange stormed into town to lobby Senate Banking Committee Chairman Phil Gramm (R-Tex.) and Securities & Exchange Commission Chairman Arthur Levitt Jr. Nasdaq lobbyists swarmed in their wake, heating up a political battle over the future of stock markets.

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