71.   Deutsche Boerse AG, which operates the Frankfurt stock exchange, introduced the Xetra trading system today.

72.   Earlier that year, the Board of Trade abandoned a joint venture with the Merc and Reuters PLC to develop an international electronic trading system called Globex.

73.   Doug Atkin, president and CEO of Instinct, has seen other technically advanced trading systems disappear into obscurity for this very reason.

74.   Even so, the stance taken by the U.S. has greatly enhanced the leadership role of the EU in the multilateral trading system, Brittan said.

75.   Electronic trading systems already have displayed their power in the U.S., pushing beyond normal trading hours, for instance.

76.   Eventually, the Nasdaq hopes to replace SOES with a new trading system for small investors called NAqcess.

77.   Fidelity executives see faster and more efficient trading systems as a way to lure active investors, though they say they are not searching out day traders.

78.   Finally, Nasdaq is anxious to ensure that its transition in the United States to a new trading system that will offer investors much more information goes as planned.

79.   Exchange officials also hope to put all three on a common trading system later this year, though the markets will remain legally separate and have slightly different rules.

80.   For no additional charge, they can make changes in their holdings as often as twice a day through what Wallman hopes will become an efficient internal trading system.