When the NYSE system faltered, much stock trading shifted to NASDAQ and alternative exchange networks, which are using the newer systems.

当纽约证交所的交易系统步履蹒跚之时，许多证券交易转由纳斯达克(NASDAQ)和采用了较新系统的备用交易网络完成。

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SecondMarket is registered with the Securities and Exchange Commission as an "alternative trading system, " its compliance staff communicates regularly with its Washington minders, and Mr. Silbert hired a former SEC lawyer to be his general counsel.

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