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Headline: Equity market structure – Back to the Buttonwood Tree Source: Euromoney Date: June 2000 Author: Clare Nickson, Maryana Shteyman For years the equity markets, especially in the US, have been inefficient and run in the interests of a select few. But new technology has allowed new players, such as electronic communication networks, to challenge the established hierarchy. Is this a revolution, or is technology returning market structures to pure enablers of trades, as they were when the New York Stock Exchange was established under a Buttonwood tree in 1792? The market faces fragmentation followed by rapid consolidation. |
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