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Competitive Markets
"Taking Stock" (June) was informative and entertaining. One factual error, however, is that I was reported to have predicted the demise of the American Stock Exchange within the next five years. I have never made such a prediction. I pointed out how effectively the American Stock Exchange management had ensured its survival by diversifying into options and other products.
Your conclusion, though, that everyone benefits from competition between markets is certainly right on the mark.
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