Exchanges and execution venues in coordination with trading firms and clearing members have (or at least should have) an ethical obligation to create test environments and standards for system run-off tests, where all manner of market and technological scenarios bombard each system to verify its robustness.

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Sandner issued a letter that year to members--clearing firms, traders, investment banks and so on--prodding them to accept electronic trading and to consider going public as a way to (1) break logjams on how to run the place and (2) get rich.

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In the second, the court rejected a law barring former regime members from running for president, clearing the way for Ahmed Shafik, the last prime minister under former Mubarak, to run in this weekend's runoff election.

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While Duffy and Carey were friends from the hog pits, the clearing deal was hardly a lovefest among the two exchanges' members.

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