Article at a glance:

The equity market of the future

Competitive forces are slowly pushing a reluctant Wall Street to accept the equity markets of the future. In December, the New York Stock Exchange agreed to eliminate Rule 390, which prevented NYSE member firms from trading anywhere but on the Big Board. Meanwhile, the US Securities and Exchange Commission has proposed to widen the access of non-NYSE dealers to NYSE stocks and to allow non-NYSE exchanges to get in on NYSE initial public offerings. So far, so good, but these pro-competitive changes don’t go nearly far enough...