How many US stock exchanges are there? Those guessing two, or even three or four, are way off. The answer is 10. By the end of this year it should be at least 13. The NYSE Euronext and Nasdaq OMX compete with upstart alternative platforms, brokerage networks and dark pools for market share – about a third of equities trading occurs off-exchange. But there is now a second layer of fragmentation. Each group wants multiple exchange licences, enabling them to offer different pricing models.
美国有多少家证券交易所？两家，甚至是三家或四家的猜测，都错得很离谱——答案是10家。到今年年底，这个数字至少会上升到13家。纽约证交所-泛欧交易所(NYSE Euronext)和纳斯达克OMX (Nasdaq OMX)现在要与骤然崛起的另类投资平台、经纪网络及暗池争夺市场份额。大约三分之一的股票交易发生在交易所之外。但现在出现了二次细分。每个集团都希望获得复合交易牌照，让它们能够提供不同的定价模型。
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