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Exchanges Betting On New Business Models

"They're coming up with 'me too' products, such as pan-European trading platforms," says the head of electronic trading at a major investor bank, who spoke on the condition of anonymity. "The multilateral trading facilities (MTFs) that are popping up are doing the same thing at lower costs," the trader adds.

Many of the largest exchanges initially responded to increased competition by product and regional diversification through a number of high-profile mergers and acquisitions. The New York

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