John Thain, chief executive of the New York Stock Exchange (NYSE), speaks admiringly of the sleek organisation of his transatlantic counterparts. Big European bourses, he notes, may be consolidated geographically; offer a vast array of products; and do their own clearing and settlement as well as trading. Despite being the world's largest equity exchange, the NYSE looks flat-footed by comparison. It is stuck in one country (indeed, one city); specialises in equities, to the exclusion of other products such as derivatives; and cannot clear or settle. The exchange also relies on floor traders for handling 90% of share volume. Many other exchanges-in America as well as Europe-have long since gone electronic.
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