Technology has fueled the growth of global trading over the past decade, fostering dreams of a single universal
marketplace. Yet, investors who have diversified their portfolios across borders and product lines might not always know how their orders are handled on a multiplicity of exchanges and
market centers around the globe.
Rules and trading technologies differ significantly not only from one country to the other, but often from one exchange to the other. Rules change frequently too, as exchanges continue to evolve from members-owned monopoly utilities into competitive execution businesses.
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