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| New York, NY, USA
September 1, 2004 The US Equity Markets
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| EXECUTIVE SUMMARY | 3 | |
| MAJOR PLAYERS | 4 | |
| Exchanges | 5 | |
| Electronic Communications Networks | 10 | |
| Market Makers and Specialists | 13 | |
| Brokers | 16 | |
| Securities Information Processor | 17 | |
| Market Aggregators | 18 | |
| Block Trading Systems | 18 | |
| FINANCIAL FUNDAMENTALS OF EXCHANGES | 21 | |
| NASDAQ Stock Market | 21 | |
| Archipelago Exchange | 24 | |
| New York Stock Exchange | 26 | |
| MARKET TRENDS | 27 | |
| Sharing of Market Data Revenue | 27 | |
| Downward Pressure on Transaction Prices | 28 | |
| ECNs Partnering With Exchanges | 29 | |
| UPCOMING EVENTS | 29 | |
| Regulation NMS | 29 | |
| NYSE Transition to a Hybrid Market | 29 | |
| LOOKING AHEAD | 35 | |
| OBJECTIVITY & METHODOLOGY | 36 | |
| ABOUT CELENT | 37 | |
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