Title: An dense account of a critical period in NYSE history
Review: A very dense account of the NYSE's evolution leading up to the fall of fixed commissions. It describes the strategies the NYSE and it's members used to (successfully) avoid change and regulatory pressure for a many years. Welles was a bit early in predicting it's demise, and he describes the rise of institutional trading (and decline of retail) in oddly pessimistic terms, but those involved in the exchange business and/or regulation will likely enjoy much here. Probably not easily followed by those outside of the industry.
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