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The tension between centrality, on the one hand, and competition, on the other, is probably the oldest of all market structure issues. ↗
We frequently define an acid or a base as a substance whose aqueous solution gives, respectively, a higher concentration of hydrogen ion or of hydroxide ion than that furnished by pure water. This is a very one sided definition. ↗
Today, the forces of competition, technology, and globalization have converged to spur innovation and to transform the way business is done in the securities industry. ↗
