Output-1.indd
2012-05-18 · For example, in the United States, order flow in exchange-listed equities is now divided among 11 exchanges, 40 alternative trading systems, and numerous dealers. In the late 20th century, however, trading mainly occurred on three primary exchanges, a few minor regional exchanges, and in the offices of some large institutional broker/dealers. Alternative trading systems (ATSs), also known … ................
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