Investors drive the Wal-Marting of Wall Street; Upheaval linked to asset managers' clout, pocketbooks.(News)

Investment News, September, 2005

Byline: Gregory Crawford NEW YORK - The NYSE is dead. Long live the NYSE. The same can be said for The Nasdaq Stock Market Inc., the American Stock Exchange and the Philadelphia Stock Exchange, the derivatives exchanges - such as the Chicago Mercantile Exchange and the Chicago Board Options Exchange - and alternative trading venues such as Liquidnet Holdings Inc.

and ITG Inc. This upheaval in U.S. capital markets, which industry executives agree is just beginning, is directly linked to the influence of money managers - and their pocketbooks. "In the last five years, there's been a major shift in terms of institutions' ability to execute orders themselves,'' said Seth Merrin, chief executive of New York-based Liquidnet. "In 2000, their only...

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