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May 31, 1995

Taking Stock

The deeper implications for companies and markets of off-exchange trading

Steve Wunsch, CEO of the upstart Arizona Stock Exchange (AZX), likens the spectrum of trading alternatives facing investors to a choice of restaurants. The fare at Nasdaq boasts depth, speed and liquidity at a rather high price; the crossing networks' black bargain boxes offer low transaction costs and sizeable deals, but entail a wait and a degree of uncertainty about what will turn up on the plate; and the traditional exchanges go on serving a reliable meal of meat and potatoes. As the battle

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