The New York Stock Exchange this morning looked to be facing a twin threat to its dominance amid a plan by Wall Street's biggest banks to back a rival and as cross-town competitor Nasdaq said a challenge to the NYSE on its home turf was paying off.
Wall Street heavyweights Citigroup, Bear Stearns, Credit Suisse and Merrill Lynch are reportedly close to buying 50% of the all-electronic National Stock Exchange â formerly known as the Cincinnatti Stock Exchange â in a move that could potentially cut the amount of money they pay to the NYSE for reporting trades in its listed stocks.
