Nasdaq’s agreement to purchase the Philadelphia Stock Exchange for $652 million in cash is opening up more competition within the indexing and exchange traded fund (ETF) realm. This gives the biggest U.S. electronic stock market an anchor in the options market, reports Tim Paradis for Associated Press. This is the latest move in the wave of expanding and consolidation of markets, aimed at gaining market share and protecting profits from upstarts. The structure of the Philadelphia exchange will remain the same. Additionally, Nasdaq also launched an ETF market place to keep up with competition as electronic trading takes center stage, and specialists become rare.
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