Usurping the exchanges

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"I can't honestly think of anything the exchanges have that we haven't," remarks Ron Levi, chief operating officer of interdealer broker GFI. For years, financial products have followed a predictable trajectory: they start as experimental products, traded by voice brokers over-the-counter to a few leading-edge customers, and as volumes grow (assuming that the product is a success), the product moves to electronic broking.

"If you look at anything that is electronic now, they all started as vo

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