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Market Segmentation and the New York Stock Exchange
Jul 1, 1991
A variety of off-exchange trading alternatives have sprung up in the last five years. The most widely used are POSIT and Instinet. Off-exchange trading may well erode the NYSE's market share. But are the new trading systems bad for market participants? We obviously don't think so. POSIT fills a market niche by facilitating confidential portfolio trading, and it is especially popular with passive and quantitative portfolio managers.