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| Competitive Advantage |
| Liquidity |
| Liquidity measures the ability of a marketplace to absorb a particular security's volume without that volume greatly impacting the price. Contrary to Nasdaq's suggestions, market makers provide no more liquidity than the Amex specialists.*
Source: American Stock Exchange, Nasdaq, FactSet Research Systems, Inc.
Transfer performance is based upon the last 20 trading days on the American Stock Exchange versus subsequent three 20-day trading periods on Nasdaq for all companies that transferred to Nasdaq during 2005. *Other factors may impact liquidity .
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