Developments in US equity markets continue apace, with the Boston Stock Exchange the latest to throw its hat into the ring. The news that yet another regional exchange plans to compete in US cash equities must come as a disappointment to the New York Stock Exchange and Nasdaq, which must have briefly believed they had the market sewn up in a duopoly after announcing their respective merger plans in April.
Unfortunately for them, however, Wall Street seems determined to ensure that the two major exchange groups continue to face competition.
At the end of August, Citigroup, CSFB, Fidelity Brokerage, and Lehman...
