Stock Markets: Those Other Exchanges

The eyes of most investors were on New York last week, where the long-sluggish Dow-Jones industrials managed a six-point gain for the week. In 13 other cities throughout the nation, however, stock activity was just as spirited and satisfaction just as solid as on the floor of the Big Board. These are the sites of the regional exchanges, a series of smaller but important stock exchanges that serve U.S. companies and investors from Honolulu to Boston.

Though the New York Stock Exchange still dominates U.S. stock trading with 83% of the $72 billion-a-year market, its share has slowly been declining...

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