Is Patience a Virtue?

BEFORE THE SPIN

Few would have predicted smooth sailing for the massive changes recently proposed for the New York Stock Exchange (NYSE) and the Nasdaq Stock Market. In fact, before the ink was dry on the two key acquisition announcements—NYSE and the Archipelago Exchange, followed by Nasdaq and Instinet—controversy has erupted.

As reported widely, a rival bid has emerged to undo the NYSE-Arca deal. At press time, investment bank and NYSE representatives have had multiple meetings on the matter with more likely

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