Risto Laulajainen

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End of Geography of Exchanges?
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Pages 1 - 14


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Automated trading and electronic communication networks
          (ECNs) challenge the traditional and expensive way of doing business
          at formal exchanges. The situation is particularly acute in Europe where
          financial integration has made much of the exchange capacity superfluous.
          The necessary consolidation is painful, and the time for it is running
          out. With the move of the bund future contract from Liffe in London
          to Eurex in Frankfurt, the forces and the speed become tangible. These
          forces can precipitate the &#147;end of geography&#148; within a major
          timezone.

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