In other words, he is leaning towards the German model of a vertical silo in which a stock exchange oversees not just the trading of securities, but their clearing and settlement as well.

ECONOMIST: Borsa Italiana

The stock market rolled over (the vertical blue line) into the bear market in October, 2007.

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Note, for instance, that its vertical axes show nominal prices (dollars per ounce for gold, index value for the tech-stock Nasdaq).

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