Usurping the exchanges


"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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