Publisher's Synopsis
New kinds of trading in stock indexes, futures and options, and new markets threaten to make the New York Stock Exchange obsolete.;Drawing upon access to the Exchange's archives, as well as on academic reasearch, this book explains how the Exchange lost its near monopoly on the securities market largely, the authors suggest, through its own shortsightedness. It shows how the Exchange misjudged the factors, such as the growth of institutional investing and computerized trading, that made it less attractive to investors. The result is a cautionary tale of how Wall Street sacrificed long-term growth for short-term profits.
