How many US stock exchanges are there? Those guessing two, or even three or four, are way off. The answer is 10. By the end of this year it should be at least 13. The NYSE Euronext and Nasdaq OMX compete with upstart alternative platforms, brokerage networks and dark pools for market share – about a third of equities trading occurs off-exchange. But there is now a second layer of fragmentation. Each group wants multiple exchange licences, enabling them to offer different pricing models.
美國有多少家證券交易所？兩家，甚至是三家或四家的猜測，都錯得很離譜——答案是10家。到今年年底，這個數字至少會上升到13家。紐約證交所-泛歐交易所(NYSE Euronext)和那斯達克OMX (Nasdaq OMX)現在要與驟然崛起的另類投資平臺、經紀網路及暗池爭奪市場份額。大約三分之一的股票交易發生在交易所之外。但現在出現了二次細分。每個集團都希望獲得複合交易牌照，讓它們能夠提供不同的定價模型。
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