At the same time, a group of small regional exchanges is drawing something even better--money.
The Tokyo Stock Exchange has begun merging with Japan's tiny regional exchanges, such as those in Niigata and Hiroshima.
For years, the NYSE gobbled up smaller, regional exchanges such as the American Stock Exchange to become the largest U.S. exchange.
Of course, there will be some competition, but the amount of smaller regional exchanges will most likely diminish and their volume be absorbed by companies like ICE.
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While originally designed to protect regional exchanges from the NYSE, in practice it has protected the NYSE, with its floor-based open-outcry trading system, from new electronic exchanges.
He is applying for a license to become an exchange and is considering acquiring one of the five regional exchanges, possibly the Chicago exchange, where Bats already publishes most of its trades.
Beginning today, all trade orders are supposed to be routed to whatever exchange offers the best price, meaning markets like the NYSE Group 's Big Board could lose share to smaller regional exchanges and electronic networks.
Beginning today, all trade orders are supposed to be routed to whatever exchange offers the best price, meaning markets like the NYSE Group 's (nyse: NYX - news - people ) Big Board could lose share to smaller regional exchanges and electronic networks.
Mergers between stalwarts NYSE and Nasdaq Stock Market and electronic exchanges Archipelago and Inet last year threatened extinction for the nation's regional stock exchanges, which have struggled to attract trade order flow with the boom in electronic trading.
Mergers between stalwarts NYSE and Nasdaq Stock Market (nasdaq: NDAQ - news - people ) and electronic exchanges Archipelago and Inet last year threatened extinction for the nation's regional stock exchanges, which have struggled to attract trade order flow with the boom in electronic trading.
That would include reviving regional stock exchanges to finance local businesses.
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Where was the U.S. Securities and Exchange Commission, which has rulemaking approval for the SROs, such as the NYSE, the NASD, regional stock exchanges and clearinghouses?
In 1993, the Clinton administration proposed a 240, 000-word plan that attempted to reduce costs through regional health care exchanges.
As long as Germany's stock exchanges are supervised by their regional governments rather than the federal watchdog, BaFin, tougher questioning on such issues is unlikely to come from above, absent a state prosecutor as energetic as New York's Eliot Spitzer.
Furthermore, its new market for growth shares, the Neuer Markt, is luring regional start-ups away from their local exchanges.
We talked about how we could work on security issues, on economic issues, on people-to-people exchanges, and on a whole host of regional issues.
While a handful of smaller U.S. exchanges exist today, they tend to specialize in options, and, notably in the case of the American Stock Exchange, exchange-traded funds. (See story, p. 47.) A quirk in a 1975 U.S. securities law has allowed the regional markets to trade shares listed on the New York and American exchanges in a way that is attractive to big brokerage houses, keeping the smaller bourses alive on life support.
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