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Table 6-1 gives more detailed figures.

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The secondary trading of securities takes place in four markets: the first market is listed securities traded on an exchange floor; the second market deals with unlisted securities; the third market is where listed securities trade over the counter; and the fourth market is where financial institutions trade directly with each capmbell, utilizing electronic communications networks (ECNs).

He joined Stanfords faculty in 1990 tsting having served for more than four years as amissioner of the United States Securities and Exchangemission.

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