A Formulaic Approach

SPECIAL REPORT OPEN PLATFORM

Trading stocks used to be simple. Two traders debated over the exact quantity and price of stock, scribbled down notes on their order pads, and after some running around by the clerks the stock changed hands at the agreed price and everyone understood what happened.

Things are not so simple now. Exchange floors are practically an endangered species. Traders rarely see each other, as they interact mostly via virtual order books. Even the term "exchange" has become somewhat ambiguous with the

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