BEST LITTLE OPTIONS EXCHANGE IN AMERICA?

摘要

For nearly two decades, four exchanges controlled the $650 billion-a-year world of U. S. stock options. A close-knit oligopoly ensured that IBM options traded only on the Chicago Board Options Exchange (CBOE), Dell Computer at the Philadelphia Stock Exchange, Apple Computer on New York's American Stock Exchange, and Microsoft at the Pacific Exchange in San Francisco. The arrangements―and a tacit understanding not to poach each others' most lucrative products―kept fees high and competition low.