Dear Clara and Joe...

In her letter in the Financial Times on Monday, Clara Furse outlined how the competitive impact of fragmentation in the US market was limited because Nasdaq and the New York Stock Exchange so long remained "mutual or quasi-mutual organizations," that were "beholden to their members and ill-equipped to make important strategic decisions for the benefit of the market as a whole." As a result, she wrote, "US regulators intervened and continue to prescribe strong medicine today."

That day, the LS

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