A Game of Strategy

ON BALANCE

This issue is all about strategy. How to grow—whether by buying or hiring—how to leverage new technology, how to deal with industry trends.

Let's take the last first. As discussed on page 1, the International Securities Exchange is taking the leap into the market data business. It already delivers its data to the market via the Options Price Reporting Authority, as do all US options exchanges. But the OPRA feed is restricted to "top of the market" data. In addition, the exchanges are limited in

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