![]() History ordained that the location of the central market would be in lower Manhattan. A central market for stocks is inherently most efficient and the need to gather brokers in one place to communicate their orders meant that the central market had to be a local one. The exchange was once a natural monopoly. After two centuries, the New York Stock Exchange is losing its ancient monopoly position and the extraordinary profits that go with it. ![]() The nation's oldest monopoly is breaking down under the combined forces of federal pressure, new technology and old-fashioned competition.
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