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The spectacular end to the long boom in equity trading has made it hard for Europe's wholesale equity brokers to plan ahead. Researchers from McKinsey and J. P. Morgan, offering some pointers, suggest that turnover in the equity-trading market will grow by 8 to 17 percent a year in Europe from 2001 to 2005. But this overall growth will mask big changes in the profitability of the market and in the investing behavior and requirements of its diverse customer segments.
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