STOCK MARKET: Double Blow for the Big Board

For most investors, the big stock market news last week was that the Dow Jones industrial average hit a 22-month high of 920. To the Wall Street establishment, the movements of the average were of only secondary interest. Their attention was riveted on two innovations that moved the New York Stock Exchange into a new era of intensified competition that could reshape the nation's securities business.

At minimum, these changes make the N.Y.S.E. a less secure and lucrative place for a broker. For 179 years, the Big Board has had two major...

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