How to Reform Equity 
Market Structure:
Elimin

If you have watched a financial news broadcast from the floor of the New York Stock Exchange (NYSE) recently, you may have noticed something interesting—it is rather quiet these days, and computer and television screens outnumber people. This was not always the case. In the 1970s, the floor of the NYSE was a loud beehive of activity where over 5,000 people met in close contact every day to trade stocks.1 By 1973, more than 80 percent of the dollar volume of exchange-based U.S.

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