But the stock- futures division is the third rail of the exchange world.
London has almost a third of the world's foreign-exchange dealing and over a third of over-the-counter derivatives business.
The Chinese authorities have substantially reduced the level of official intervention in exchange markets since the third quarter of 2011, and China has taken a series of steps to liberalize controls on capital movements, as part of a broader plan to move to a more flexible exchange rate regime.
Inherited from the 2004 acquisition of FleetBoston Financial, Bank of America Specialist Inc. is the third-largest market maker on the exchange, representing 429 stocks and 17.7% of the share volume.
Unilateral or accelerated adoption of the euro would make far less sense for a third group of bigger countries with floating exchange rates: the Czech Republic, Hungary, Poland and Romania.
Both were set up with the help of Korea Exchange (KRX), which runs the third-largest bourse in Asia.
Agriculture contributes a third of the country's gross domestic product, generating much of its foreign exchange.
According to Mr Lawrence's own research, a third of the fund managers who used the exchange preferred to stick to the old share-trading system, a third wanted it scrapped, and the rest cared little either way.
Until a third of a century ago the New York Stock Exchange rigged prices.
China's economy is still less than a third the size of America's at market exchange-rates.
On January 24th, BATS Global Markets became the third listing venue for U.S. exchange-traded products when the iShares unit of BlackRock launched the first of sixteen new funds on the BATS BZX Exchange.
Youku, which is listed on the New York Stock Exchange, posted a loss of 47.5 million yuan in the third quarter on revenue of 262.5 million.
Others have dropped out of the money economy and rely on barter, through an exchange network that drew in as much as a third of the population at its peak earlier this year.
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The study noted that in 2002 the exchange had one-third more new listings than in 2001, a total of 117 IPOs, despite a decline at virtually all other exchanges worldwide.
Third, the fixed exchange rate can get badly out of line with those of trading partners.
The third stage in the development of central banks came in 1971 when the US abandoned the Bretton Woods arrangement of fixed exchange rates against the dollar.
Tourism, much of it ecological, is now the third-biggest foreign-exchange earner.
Schwab sends about one-third of trades in New York Stock Exchange-listed equities to the Big Board.
They predict a squeeze on imports, with a cut of around a third in the foreign currency dispensed by the government's exchange-control watchdog.
And still a third, perhaps the biggest of all, will be history's largest personnel exchange, contacting millions of workers by the hour, day and year.
Greifeld aims to use that system to push the Philly operations, now the third-largest U.S. options exchange by volume (17% of all trades), into new markets, such as the one for interest rate swaps.
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