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The Amex brings a unique dimension to the trading of Nasdaq and other market center stocks: large, well-capitalized specialist firms trading in the sophisticated auction-market environment of an exchange. The Amex also supports automatic execution of orders in the latest implementation of its NETS order book.
The dynamics of the marketplace have changed dramatically, providing an opportunity for an auction market alternative:
- Liquidity is fragmented across markets
- Decimalization has narrowed spreads
- Trading profits have declined
- Appetite for risking capital and providing liquidity has declined
- Trading models have shifted from principal to agency
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