The soft parade

Exchanges

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It's little wonder that predators including broker-dealers, exchanges and private equity funds such as Connecticut-based General Atlantic – which bought a 10% stake in the New York Mercantile Exchange last November – are circling the New York Board of Trade (Nybot). In 2005, futures and options trading volumes on the 135-year-old exchange surged to nearly 38 million tickets – 20% up on its record-breaking performance of 2004.

Harry Falk, Nybot's president and chief executive, tells Risk that

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